Penford Q1 Profit Rises - Quick Facts

(RTTNews) - Penford Corp. (PENX) reported first-quarter net income of $2.1 million, or $0.16 per share, compared to $0.5 million, or $0.04 per share, a year before. Adjusted earnings for the latest first quarter were $0.26 per share.

Reported operating income rose to $4.4 million in the first quarter, an increase of $2.8 million from last year's comparable quarter. Reported operating income includes merger-related costs, as well as increased overhead expenses for the internal controls program that were partially offset by the accrual freeze of a Company pension plan. Adjusted operating income, excluding merger-related costs, increased to $6.4 million.

Consolidated sales for the latest first quarter were $103.64 million, down from $109.25 million in the comparable quarter last year, reflecting lower corn prices that were passed through to customers, which reduced industrial starch and by-product revenues.