Chino, CA - Provena Foods Inc. had net earnings of $2,241,779 on sales of $24,502,571 for the year 1998 compared to net earnings of $1,254,619 on sales of $30,966,339 for 1997. Net earnings for the 4th quarter of 1998 were $1,296,074 compared to $628,675 for the 4th quarter of 1997. An August 1, 1998 fire destroyed the Company's main meat plant. A new meat plant under construction is expected to be completed in the 1st half of 1999. The meat division was experiencing increased profits before the fire, but operated at a loss for the year, realizing a substantial pre-tax profit only because of insurance proceeds. The pasta division realized record profits, but sales declined. The results for 1998 are disparate, complicated by material casualty losses and insurance proceeds.
Meat Industry Insights News Service
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Phone: 631-757-4010
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