SOUTHFIELD, Mich - Thorn Apple Valley Inc said Thursday it sees factors that signal improvement in its performance starting in the latter part of fiscal 1998.
``Although results for the first quarter were disappointing ...market dynamics and the benefits of (our) strategic initiatives should combine for improved performance starting in the second half of fiscal 1998,'' said Joel Dorfman, president and chief executive officer, in an earnings statement.
He cited a rise in hog breeding intentions, changes in the company's sales approach for processed products, operational efficiencies, and ``continued momentum'' in its export business.
The meat processor lost $0.51 a share in the first fiscal quarter 1998 versus a $0.29 loss in the year-ago period.
Dorfman said although processed meat sales volume rose two percent in the quarter, ``our product mix was not satisfactory.'' But he called ``promising'' the holiday sales commitments and initial orders from two promotions running with Toys R Us (TOY) and H.J. Heinz Co(HNZ)
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