This increase was principally due to the acquisition of Birds Eye Foods late in 2009. Net earnings were $14.2m compared to $2.5m in the second quarter of last year.
For the first six months of 2010, net sales were $1.233bn compared with $836.2m in last year’s first six months, and net earnings were $18.1m compared to $0.4m a year ago. Consolidated Ebitda, as defined in the company’s senior secured credit facility and the indentures governing its senior notes and senior subordinated notes, was $243.4m in the first six months of 2010 compared to $231.7m for the first six months of 2009, an increase of 5.0%.
For the last 12 months ended 27 June 2010, consolidated Ebitda was $483.8m.
Pinnacle’s CEO Robert J Gamgort said: “Operating in a challenging marketplace, we’re pleased with our ability to deliver strong earnings and cash performance.”
Source: Pinnacle Foods
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