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H.J. Heinz 3Q Profit Declines 24 Percent
AP ^ | 2/28/6

Posted on 02/28/2006 8:11:04 AM PST by SmithL

Pittsburgh -- H.J. Heinz Co., one of the world's largest food producers, said on Tuesday that its fiscal third-quarter earnings fell 24 percent because of high costs related to downsizing and divestitures.

Quarterly net income fell to $116.6 million, or 35 cents per share, for the three months ended Jan. 25 from $152.4 million, or 43 cents per share, in the year-ago quarter. Revenue rose 6 percent to $2.19 billion from $2.07 billion the previous year.

Earnings from continuing operations totaled 39 cents per share. Earnings from continuing operations, excluding reorganization, impairment costs and other items, was 50 cents per share.

Heinz said special items in the third quarter for downsizing, integration, separation and preparation for sale totaled $27.9 million. The company also recorded a loss of $19.5 million related to potential sales.

In addition to its flagship ketchup brand, Heinz owns Ore-Ida french fries, Boston Market and Smart Ones

(Excerpt) Read more at sfgate.com ...


TOPICS: Business/Economy
KEYWORDS: heinz; hjheinz
a w w w w w w w w w w w w w w w w w w
1 posted on 02/28/2006 8:11:06 AM PST by SmithL
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To: SmithL

How many a's are in WAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!
Thanks to Terezzzzzzzzzzzzzzzzzzzzah!


2 posted on 02/28/2006 8:12:32 AM PST by zerosix (Native Sunflower and avid ironer)
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To: SmithL
its fiscal third-quarter earnings fell 24 percent because of high costs related to downsizing and divestitures.

High costs related to downsizing? I thought that the point of downsizing was to SAVE money. There I go rationalizing again.
3 posted on 02/28/2006 8:16:30 AM PST by Eagle of Liberty (The Democrat Party is engulfed in a Culture of Hypocrisy)
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To: SmithL

Must have spent too much money on the new product line of vodka soaked raisens.


4 posted on 02/28/2006 8:17:50 AM PST by pikachu (Be alert --we need more lerts!)
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To: Kerretarded

Downsizing: Moving more and more positions to overseas facilities.


5 posted on 02/28/2006 8:18:53 AM PST by theDentist (Qwerty ergo typo : I type, therefore I misspelll.)
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To: SmithL; sure_fine

Awwwwwwwwwwwwwwwwwwwwwwwwwwwwwww, gee willikers.


6 posted on 02/28/2006 8:35:59 AM PST by butternut_squash_bisque (Borders, Language, Culture™)
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To: butternut_squash_bisque

guess they will be beefing up their over seas operations now


7 posted on 02/28/2006 8:45:02 AM PST by sure_fine (*not one to over kill the thought process*)
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To: SmithL

I know at least one fella who's gonna be yachting off the coast of Martha's Vineyard next summer in a 10' rowboat rather than a 57' sloop.


8 posted on 02/28/2006 10:00:19 AM PST by Gay State Conservative
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