The increase in net sales compared to the prior year was driven by volume growth in both the route and non-route components as well as higher net product prices as compared to the prior year period.
For the second quarter of 2009, the company reported net income of $2.3m compared to net income of $0.1m in the second quarter of 2008.
The results from the second quarter 2009 included $2.1m in after-tax income related to the termination of the company’s postretirement life insurance plan.
Net income for both the second quarter of 2009 and 2008 included after tax accelerated depreciation of $0.8m.
Charles P Pizzi, president and chief executive officer of Tasty Baking Company, said: “This is the third consecutive quarter in which we drove sales growth in both the route and non-route components of our business. We continued to expand market share in our core markets and generated favourable margin improvements compared to the prior year period. While commodity costs remain at relatively high levels, we were pleased to see some improvement in key ingredients and packaging costs in the second quarter of 2009 versus the second quarter of last year.”
Source: Tasty Baking Company
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