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Results of Operations (in thousands except percentages)
Fiscal Year Ended October 30, 2009 (52 weeks) Compared to Fiscal Year Ended October 31, 2008 (52 weeks)
Net Sales-Consolidated
Net sales in fiscal 2009 increased $1,675 (1.4%) when compared to the prior year. The primary reason for the increase was higher unit volume. The impact of selling price changes was insignificant. Promotional allowances as a percentage of consolidated sales decreased 0.1%.
Net Sales-Frozen Food Products Segment
Net sales in the Frozen Food Products segment in fiscal 2009 increased $1,872 (3.5%) compared to the prior year. A unit volume decrease of 5.1% was offset by price increases of 8.6% contributing to the change. Promotional allowances were unchanged compared to the prior year.
Net Sales-Refrigerated and Snack Food Products Segment
Net sales in the Refrigerated and Snack Food Products segment in fiscal 2009 decreased $197 (0.3%) compared to the prior year. Unit volume increases of 3.9% in fiscal 2009 were more than off-set by selling price decreases.
Cost of Products Sold-Consolidated
Cost of products sold in fiscal 2009 decreased $9,153 (11.4%) compared to the prior year primarily due to lower flour and meat commodity costs. Utilities, employee benefit costs and operating supplies decreased significantly compared to the prior fiscal year. Favorable changes in product mix also contributed to the decline in cost of sales.
Cost of Products Sold–Frozen Food Products Segment
Cost of products sold in the Frozen Food Products segment in fiscal 2009 decreased $3,911 (11.2%) compared to the prior year. Lower flour commodity costs in fiscal 2009 were the primary contributing factor causing this decrease. Utilities and employee benefit costs decreased significantly compared to the prior fiscal year. Favorable changes in product mix also contributed to the decline in cost of sales.
Cost of Products Sold–Refrigerated and Snack Food Products Segment
Cost of products sold in the Refrigerated and Snack Food Products segment in fiscal 2009 decreased $5,827 (12.4%) compared to the prior year. Lower meat commodity costs and producing products previously purchased from outside suppliers in fiscal 2009 were the primary factors causing this change. Utilities, employee benefit costs, property taxes and operating supplies decreased significantly compared to the prior fiscal year.
Gross Margin-Consolidated
The gross margin before depreciation increased from 33.6% to 42.0%, in fiscal 2009, primarily due to lower flour and meat commodity costs when compared to the prior fiscal year. Promotional allowances declined 0.1% as a percentage of consolidated sales and had no measurable impact on the gross margin.
Gross Margin–Frozen Food Products Segment
The gross margin before depreciation in the Frozen Food Products segment in fiscal 2009 increased from 33.8% to 43.2%, in fiscal 2009, primarily due to lower flour commodity costs when compared to the prior fiscal year. Lower promotional allowances also increased net selling prices contributing to the gross margin increase. Favorable changes in product mix also contributed to the improvement in gross margin.
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