Penford reports net income up 12% for Q1 ended May 31
22 Jun '05
5 min read
Third quarter gross margin as a percent of sales declined to 13% from 15% last year. Key productivity and manufacturing unit cost benchmarks recovered to prior year levels during the quarter, reversing the impact of the strike that ended last October.
President and CEO Thomas Malkoski said, “Performance in our North American Industrial and Food businesses is stepping up, with Industrial Ingredients production metrics back on track and Food Ingredients commercializing several new product opportunities. We continue to focus on programs in Australia that will improve our product mix, operating efficiencies and returns.”
Penford will host a conference call to discuss third quarter financial and operational results today, June 21, 2005 at 9:00 a.m. Mountain time (11:00 a.m. Eastern time).
Penford Corporation develops manufactures and markets specialty natural-based ingredient systems for various applications, including papermaking, textiles and food products. Penford has nine locations in the United States, Australia and New Zealand.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
