Connors Bros. Profit Drops Due to Meat Recall

By

SeafoodSource staff

Published on
March 26, 2008

Connors Bros. Income Fund of Markham, Ontario, yesterday reported a $71.1 million fourth-quarter net loss related to a recall in its canned-meat business.

Connors Bros., whose brands include Bumble Bee, Clover Leaf and Brunswick fish products and Castleberry's and Sweet Sue meat and chicken products, said its fourth-quarter revenues declined 4.8 percent to $227.9 million. The net loss was worth $1.41 per unit.

The company reported $82.2 million in costs and write downs related to a July recall of canned chili and other products from its CastleberryĆ¢??s plant in Augusta, Ga.

However, the company said its pre-tax operating profit rose 3.9 percent from the year prior to $25.2 million, "as strong seafood performance offset lost sales and profit from the meats business," CEO Chris Lischewski said in a press release.

Full-year 2007 revenue was $927.5 million, compared with $938.2 million in 2006.

Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500