Net sales increase 20% from 2010
Michael Foods Group, Inc. reported a net loss of $5.2 million for its 13-week second quarter ended July 2, compared to a net loss of $49.3 million in 2010.
Net sales for the second quarter were $420 million, a 20% increase from $348.7 million in 2010.
Net loss for the six months ended July 2 was $5.6 million. Net sales for the six-month period were $837.1 million.
Earnings before interest, taxes, depreciation, amortization and other adjustments (Adjusted EBITDA) for the quarter ended July 2 were $47.4 million. Adjusted EBITDA for the six-month period ended July 2 was $103.8 million.
The company says its merger into MFI Acquisition Corp. significantly impacted earnings in both periods, with transaction-related costs impacting the 2010 period and higher depreciation, amortization of intangibles and interest expense impacting the 2011 period.