Aurora Foods sees net sales sag in 2002

Aurora Foods Inc, producer and marketer of food brands including Lender's bagels, Van de Kamp's and Mrs Paul's frozen seafood, Aunt Jemima frozen breakfast products, and Celeste frozen pizza, announced results for the fourth quarter and year ended Dec 31, 2002.

Net sales for the fourth quarter were $212.4 million, compared with $229.6 million in the same period in 2001. Net sales declined as a result of reduced volume, unfavorable product mix, and increased trade allowances.

Primarily as a result of non-cash charges, the company reported a net loss of $271.2 million for the quarter, compared with net income of $2.4 million for the fourth quarter of 2001.

For the full year 2002, Aurora reported net sales of $771.9 million compared with net sales of $842.1 million for 2001. The company's net loss for 2002 was $483.2 million, versus a net loss of $17.6 million for 2001.

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