H.J. Heinz 3Q Profit Declines 24 Percent

AP ^ | 2/28/6

[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

[SmithL]

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[zerosix]

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

[Eagle of Liberty]

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.

[pikachu]

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

[theDentist]

Downsizing: Moving more and more positions to overseas facilities.

[butternut_squash_bisque]

Awwwwwwwwwwwwwwwwwwwwwwwwwwwwwww, gee willikers.

[sure_fine]

guess they will be beefing up their over seas operations now

[Gay State Conservative]

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.