While sales were consistent with last year, at $1.3 million, the loss included a $48.1 million non-cash pre-tax adjustment. The company remains optimistic, however. "The rapid rise in raw material costs in both grains and meat proteins is the story for 2010," said President and CEO Michael H. McCain. "Notwithstanding this significant inflation, we realized our sixth consecutive quarter of earnings growth, continued margin expansion in the protein segment and double-digit earnings per share improvement over last year."
The company expects to deliver "significant return" to shareholders through 2015.