Menu Foods Income Fund reported this week that it lost $62 million and sales dropped 31 per cent in 2007.
The company said its annual loss was worth $3.24 cents per share compared to a profit of $6.4 million or 35 cents per share in 2006.
“It would not be an overstatement to say that 2007 was the most unsettling time in Menu’s 37 year history,” Menu Foods said in a release.
Sales in the year ended Dec. 31 were $244.8 million compared to sales of $356.2 million in 2006.
In the fourth quarter, the company lost $21.7 million or $1.11 per share on sales of $55 million compared to a profit of $1.8 million or 9.4 cents per share on sales of $87.9 million for the same quarter last year.
Source: Canada East Online