Tasty Baking: reports Q2/2008 results

Philadelphia / PA. (tb) Tasty Baking Company reported net sales of 44,6 million USD for its second quarter ended June 28, 2008; a 1,8 percent increase from the 43,8 million USD reported for the second quarter last year. The company reported net income of 0,1 million USD in the second quarter of 2008 compared to 0,9 million USD in the second quarter of 2007. The results from the second quarter 2008 included 2,4 million USD, pre-tax, in higher ingredient and packaging costs, which drove a gross margin decline of 5,0 percentage points. In addition, net income in the second quarter of 2008 and 2007 included 0,8 million USD and 0,5 million USD, respectively, of accelerated after-tax depreciation expense due to a change in useful lives of assets at the Philadelphia bakery related to the company´s plan to complete the move from its present Philadelphia facilities in 2010. EBITDA for the second quarter 2008 declined to 3,5 million USD versus 3,9 million USD in the second quarter 2007 (press release).