Net sales for the fiscal year ended September 30, 2011 were $188.1 million compared to $180.1 million for the same period in fiscal 2010. For the fiscal year ended September 30, 2011, net income was $15.7 million, compared to net income of $16.4 million for the same period of fiscal 2010.
Operating cash flow for the fiscal year ended September 30, 2011 was $26.3 million compared to $17.9 million for the same period of fiscal 2010. This operating cash flow, combined with net borrowings of $4.0 million, was primarily used to invest $14.8 million in acquisitions of branded natural product businesses, $12.4 million in purchases of property and equipment and $4.7 million in repurchases of common stock.
Bill Gay, chairman and chief executive officer, commented, "We are pleased that our fiscal 2011 net sales and net income remained strong and provide the foundation for ongoing synergies. Fourth quarter net sales growth came from our existing customer base as well as through acquisitions. Cash flow and EBITDA remained solid as we continue to invest in expanding our manufacturing and distribution capabilities for recently acquired brands. Small to medium acquisitions that leverage our operational infrastructure over several years will remain our focus."
Gay continued, "There has not been any fundamentally uplifting economic news in the last quarter or year to remove the uncertainties faced by most of our domestic and international customers. However, we have seen and are encouraged by the ongoing store expansion of several large footprint natural food retailers in the western U.S. marketplace. We are hopeful that these new stores will drive younger consumers to our market while retaining the existing base of health-conscious shoppers. We will continue to focus on leveraging operating costs with technology enhancements and capital improvements and, on buying smarter and building more efficiently. Management is excited about continuing to pursue acquisitions that add additional unique branded products to our portfolio to further support our customers' needs as well as maximize usage of our capacities. Both the Board and our management team appreciate the opportunities we have to grow this business and provide opportunities for the employees and stakeholders we work with."
From the December 19, 2011, Prepared Foods' Daily News.