International Multifoods Reports Third Quarter Profit

MINNEAPOLIS - Jan 6/04 - SNS -- International Multifoods Corp. reported third-quarter fiscal 2004 net earnings of $14.2 million, a solid improvement on the $10.6 million earned the previous year. Net sales in the current quarter were $273.7 million, down from $301.2 million in the prior year.

Excluding unusual and one-time items, earnings from continuing operations for the three months ended Nov. 29, 2003, were $14.8 million compared with $15.8 million in the same period a year earlier. The year-over-year decline in earnings was primarily attributable to lower sales volumes and lower pension income.

Net earnings for the nine months ended Nov. 29, 2003, were $14.8 million, or 76 cents per diluted share, compared with a net loss of $53.9 million, or $2.78 per share, for the same period a year ago. Excluding unusual and one-time items, earnings from continuing operations were $20.8 million, or $1.07 per diluted share, compared with $23.4 million, or $1.20 per share, for the first nine months of the prior year.

Net sales through the first nine months of fiscal 2004 were $696 million, down 3.6% from $721.7 million in fiscal 2003.

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