The day after Aramark Corp. introduced Eric J. Foss as its new CEO, the Philadelphia food-services and faciliites management company released its financial results for its second quarter.
Net income was $9.89 million in the quarter ended March 30, down 52 percent from $20.39 million for the same quarter of 2011. In terms of operating income, Aramark reported a 9.4 percent increase to $133.71 million from $122.27 million.
Saless rose 3.9 percent in the second quarter to $3.35 billion from $3.22 billion a year ago.
In a filing with the Securities and Exchange Commission, the privately held company attributed the increased sales to growth in its higher education business, as well as the sports and entertainment and health-care parts of its North American Food and Support Services unit.
Also, included as part the Wednesday regulatory filing was Foss' employment agreement, which calls for Aramark to pay him an annual salary of $1.35 million. He will also receive a guaranteed six-month pro-rated bonus of $1,012,500 for fiscal 2012 as well as a one-time signing bonus of $500,000.
Under the terms of the agreement, Foss is required to hold Aramark stock worth six times his annual salary and is expected to make his initial investment of $3.75 million in June.
Joseph Neubauer who stepped down as CEO effective May 7, but remains Aramark's chairman, received a salary of $1.35 million and bonus of $2.5 million in fiscal year 2011.