Aurora Foods Inc, a St Louis MO-based producer and marketer of frozen food brands, has announced results for the first quarter ended March 31, 2003.
Net sales in first-quarter 2003 were $190.2 million versus $194.1 million in first-quarter 2002. The first-quarter 2002 net sales included a charge of $17.7 million (of the total $19.8 million charge affecting EBITDA, or earnings before interest, taxes, depreciation, and amortization), mainly related to trade promotion expenses.
Aurora's net loss in first-quarter 2003 was $4.3 million, compared with a prior-year loss, before the cumulative effect of accounting changes, of $12.9 million, which also included the effect of the previously mentioned charge.
“We believe we are getting Aurora's business stabilized,” said Dale F Morrison, Aurora's chairman and chief executive officer. “The initiatives we have implemented to increase productivity and reduce complexity have begun to make a positive impact. For example, we reduced inventories by more than $22 million during the first quarter.”
