Posted on Mon, Nov. 2, 2009
Tasty Baking Co. said net sales rose 1.8 percent in the third quarter ended Sept. 26 from the comparable quarter in 2008, thanks to a combination of higher volume and price increases.
The Philadelphia company reported a net loss for the quarter of $0.5 million on net sales of $43.6 million, compared with a net loss of $1.4 million on $42.8 million in net sales in the third quarter of 2008.
The company said the recent quarter's results reflected a $400,000 reduction in "accrued postemployment costs," funds set aside for severance and other expenses related to Tasty's ongoing transition from its Hunting Park plant to a new, state-of-the-art bakery at the Philadelphia Navy Yard.
Over time, the new facility will allow Tasty to reduce its workforce by about 210 people, mostly hourly employees.
Tasty said today, in a separate announcement, that it had begun baking pies at the new bakery, which is near its new corporate headquarters, and that it expected to complete the move from its Hunting Park facility, which opened in 1922, by next summer. - Jeff Gelles
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