Net cash used in financing activities for the first quarter of 2009 was $25.5m compared with $27m for the first quarter of 2008. Net cash used in financing activities for the first quarter of 2009 consisted primarily of net repayments on long-term debt of $24.3m. Net cash used in financing activities for the first quarter of 2008 consisted primarily of net repayments of long-term debt of $41.6m, partially offset by $16.5m of proceeds from stock options exercised.
As of 27 March 2009, the company had $493.1m of long-term debt and capital lease obligations, including the current portion, consisting of $471.8m outstanding under the Credit Facility (including the Term Loan), $9.5m of capital lease obligations and $11.8m of other long-term debt.
Net sales for the first quarter of 2009 were $879.7m compared with $894.9m for the first quarter of 2008. The decrease in net sales of $15.2m was principally attributable to lower net sales in the prepared food and the other products and services segments, partially offset by higher net sales of bananas. Net sales of prepared food decreased by $25.1m principally as a result of lower sales volumes of canned pineapples and beverage products due to poor market conditions principally in the UK.
Gross profit was $83.8m for the first quarter of 2009 compared with $96.9m for the first quarter of 2008, a decrease of $13.1m. The decrease in gross profit was attributable to lower gross profit in the other fresh produce segment of $25.5m and lower gross profit in the other products and services segment of $2.1m, partially offset by higher gross profit on bananas of $13.5m and higher gross profit on prepared food of $1m.
Source: Fresh Del Monte Produce
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