Penford reports gains in sales, earnings for the first quarter

Penford Corp. (Centennial, CO), an ingredient systems provider for industrial and food applications, reported a rise in sales and earnings for its first quarter 2013, ended 30 November. Net income nearly doubled compared to the year-ago quarter, to $1.7 million, or 14 cts/share, beating analyst estimates of a loss of 7 cts/share, according to Thomson Reuters (New York). Sales increased 4%, to $94.9 million. The food ingredients division had a 10% decrease in operating income, to $5.3 million year-over-year (YOY), because of higher investment spending in R&D...

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