Penford swings to 4th-quarter loss

On a per-share basis, Penford lost of $1.87 for the period ended Aug. 31. A year ago, the company reported a profit of $4.3 million, or 45 cents per share.

Analysts polled by Thomson Financial forecast a loss of 51 cents for the most recent quarter.

Revenue declined 38 percent to $60 million, as a flood shut down production and hurt sales. It still beat Wall Street expectations of $50.1 million in revenue.

The company said lower volume offset higher prices, and gross margin declined as input costs rose.

Operating expenses rose to $70.5 million from $40.6 million a year ago, which includes $27.6 million of charges directly related to flood recovery at its Cedar Rapids, Iowa, facility.

Sales in the company's food ingredients business rose to $17.4 million from $16.1 million last year.

Its shares rose 24 cents, or 2.2 percent, to $10.99 in afternoon trading.