Tasty Baking: Reports Net Sales and Volume Growth

Philadelphia / PA. (tb) Tasty Baking Company reported net sales of 46,2 million USD for its first quarter ended March 28, 2009 – a 7,8 percent increase from the 42,8 million USD reported for the first quarter last year. The increase in net sales compared to the prior year was driven by balanced growth in both the Route and Non-Route components of the business in addition to the impact of the timing of the Easter holiday.

For the first quarter of 2009, the company reported a net loss of 0,1 million USD compared to a net loss of 1,0 million USD in the first quarter of 2008. Net loss for both the first quarter of 2009 and 2008 included after tax accelerated depreciation of 0,8 million USD. Adjusted EBITDA for the first quarter 2009 increased 70,9 percent to 3,6 million USD from 2,1 million USD in the first quarter 2008.

Charles P. Pizzi, president and chief executive officer, said in a statement: «In the first quarter of 2009, we generated strong top-line growth in both the Route and Non-Route portions of our business, and continued to expand market share in our core markets. In addition, we benefited from our risk management and cost containment programs, which helped to offset the year-over-year impact of increased packaging and ingredient costs.

With regards to the new bakery project, it remains on-time and within budget. We are pleased with our progress and continue to expect that we will begin our methodical line-by-line production transition at the end of 2009. In addition, we moved into our new corporate headquarters and administrative offices in mid-April and expect to reap the benefits associated with a more efficient and open office space that is just a mile from the site of our new bakery».