For the quarter ended April 3, 2010, net sales of $395.38 million were attained (down from $401.25 million in 2009) with egg products representing 67% of the total. The egg products division contributed $48.47 million to the total EBITDA of $56.51 million. Egg products represented $422.63 million of the company’s net earnings. Corporate expenses amounted to $8.48 million for the quarter.
“Our first quarter EBITDA results were driven by improved performance by our eggs product division due to stronger volumes of higher-value-added precooked products in the food service channel,” said James E. Dwyer Jr., CEO and president of Michael Foods.
The company also announced that Thomas Lee Partners sold the enterprise to G. S. Capital Partners, the investment arm of Goldman Sachs, for $1.7 billion.