Ocean Spray posts record sales
Nov 20, 2012 (Menafn - Boston Herald - McClatchy-Tribune Information Services via COMTEX) --Agricultural cooperative Ocean Spray Cranberries Inc. reported the highest net sales in the company's history and strong growth in net proceeds paid to its growers.
For the 2012 fiscal year ending Aug. 31, the company saw net sales of 1.66 billion, up 3.2 percent from 2011's 1.61 billion, while operating profits grew 9 percent.
The company's net proceeds rose 5.3 percent to 338.7 million from 2011's 321.7 million, officials said. Ocean Spray also reported record-high returns for grapefruit growers of 1.71 per fruit solid pound, marking the seventh consecutive year of above cash-market returns.
"For the past decade, Ocean Spray has been pursuing business initiatives against two goals -- increasing the value of our members' farms and increasing the value of the company itself," said CEO Randy Papadellis, in a statement. "I'm pleased to say that, while we've faced many roadblocks, we've been able to achieve both goals while meeting consumer preferences for high quality food and beverage products."
During the year, the company formed business partnership with PepsiCo to bring Ocean Spray beverages to Latin America. It also started constructing a 135 million beverage manufacturing facility in Pennsylvania; and adding a new dried cranberry manufacturing line at the company's facility in Middleboro.
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