$45 million damage for Menu Foods
Menu Foods says the massive pet food recall was the result of a “terrible fraud” against the company and several other US pet food makers and is therefore doing everything they can to stay in business.
“Menu Foods has been in business in various sizes and different scales and
the intent will be that we will continue to be around,” Paul Henderson, the
company’s president and chief executive officer commented.
Poor
1st quarter results
The pet food crisis that has been tossing the company
around since March 16 is expected to cost Menu Foods at least $45 million. The
recall crushed Menu Foods’ first-quarter results, as it reported a loss of
$17.5-million on sales of $64.5-million, compared with a profit of $1.3-million
on $93.9-million in sales in the first three months of 2006.
In addition, the
company has been confronted with a number of lawsuits against it, as well as a
probe by the FDA.
Related websites:
FDA
Menu Foods
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