Moark parent company posts strong results

Minnesota-based Land O'Lakes, which operates the Moark egg facility in Neosho, posted strong fourth quarter and 2007 results, and for once, the egg layer division did not drag down the profits. Following is the release posted with the Securities and Exchange Commission Wednesday:

Land O’Lakes, Inc., today reported its fourth-quarter and full-year financial results, while also commenting on the company’s balance sheet and individual business unit performance. The company reported significant increases in both sales and net earnings, with net sales up 26 percent and net earnings up 83 percent.
Full-year sales totaled $8.9 billion with net earnings of $162.1 million, compared to net sales of $7.1 billion and net earnings of $88.7 million for 2006. For the fourth quarter, the company is reporting $2.6 billion in net sales and net earnings of $5.5 million, compared to $1.9 billion in net sales and net earnings of $44.5 million in the fourth quarter of 2006.
Total EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $46.0 million for the quarter and $332.1 million for the year, compared to $95.4 million and $250.1 million for the same periods one year ago.
The company also reports Normalized EBITDA (which excludes the effects of unrealized hedging, significant asset sales or impairments, legal settlements, debt extinguishment costs and other special items). Normalized EBITDA for the quarter was $66.4 million, compared to $87.3 million for the fourth quarter of 2006. For the year, Normalized EBITDA was $319.0 million, compared to $240.7 million for 2006.
“The past year was highlighted by improved performance nearly across the board, continued balance sheet strength and strategic progress in positioning for the future,”
Land O’Lakes President and Chief Executive Officer Chris Policinski said today. “Clearly, strong markets, particularly in dairy and eggs, helped boost both dollar sales and earnings. However, our organization-wide commitment to leveraging our brand strength, aggressive portfolio management and effective cost control put us in a position to translate market strength into improved business performance and financial results.