Philadelphia / PA. (bw) Tasty Baking Company, founded in 1914 and headquartered in Pennsylvania, is one of the United States´ leading bakers of snacks cakes, pies, cookies, and donuts with manufacturing facilities in Philadelphia and Oxford, Pennsylvania. Tasty Baking Company offers more than 100 products under the Tastykake brand name.
This week the company reported net sales of 42,5 million USD for its 13-week third quarter ended on September 29, 2007; a 2,9 percent increase over the 41,3 million USD reported for the third quarter last year. Net income was 0,2 million USD in the third quarter of 2007 compared to 0,5 million USD in the third quarter of 2006. Net income included 0,9 million USD of after-tax incremental depreciation due to a change in useful lives of assets at the Philadelphia bakery related to the company´s plan to move from its present facility in 2010. EBITDA for the third quarter 2007 increased 24,7 percent to 3,6 million USD versus 2,9 million USD in the third quarter last year.
Charles P. Pizzi, president and chief executive officer of Tasty Baking Company: «During the third quarter we delivered healthy net sales and EBITDA growth in the face of significant commodity cost pressures. We were able to offset these cost increases through a variety of cost containment measures and selective pricing actions. We remain committed to profitable sales growth as we work diligently toward constructing our new bakery facility. Our focus on product innovation and brand building efforts are important components of delivering solid financial results on a consistent basis».
The detailed statement «Tasty Baking Company Reports Net Sales and Volume Growth in the Third Quarter 2007» includes tables about «Financial Highlights», «Consolidated Highlights of Operating Results» and «Consolidated Highlights of Balace Sheet».