US refrigerated foods group Vaughan Foods has swung to a profit in the first quarter helped by efficiencies in production labour and ingredient costs.
For the quarter ended 31 March, Vaughan earned US$0.1m compared to a net loss of $0.3m in the prior year period.
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Revenues however, were lower by 2.8% in the quarter, dropping to $21.69m. The firm said it has been focusing on operational and margin improvement and less on top line revenues over the past year.
EBITDA improved to $1.1m for the period compared with $0.2m in the year-ago quarter.
“Our first quarter profit reflects improvements in cost structure, systems and overall efficiencies in the operations of our company,” said Herb Grimes, chairman and CEO of Vaughan Foods.
“As we enter our seasonal peak volume period, we have the ability to make informed and timely decisions that allow us to balance our pricing, costs and the needs of our customers. Accordingly, we expect that our positive trends will continue.”
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By GlobalDataEarlier this year, Vaughan Foods closed a private placement financing to raise US$1.9m.
