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Gardenburger on Net Profit Roll
January 6, 2003
1 Min Read
Gardenburger on Net Profit Roll
PORTLAND, Ore.--Gardenburger Inc. (OTCBB:GBUR)reported that for its fiscal year (FY02), ended Sept. 30 and released Nov. 18,the company delivered its fourth consecutive quarter of profitability at theoperating income level.
Revenues rose to $54.6 million from $50.8 million, with grossmargin also improving to 42 percent of sales from 36 percent. Total operatingexpenses improved to $17.4 million from $18.6 million, and earnings were on theplus side: $1.1 million compared to FY01's net loss of $2.8 million.
Scott Wallace, president and chief executive officer, statedthat now that Gardenburger is generating positive cash flow, the company canmove to the task of addressing its capital structure.
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