Performance Food Group nets solid sales

Performance Food Group announced results for the first quarter ended April 2, 2005. Consolidated net sales from continuing operations in the first quarter increased to about $1.4 billion, a 16% increase compared with the same period a year earlier. Net earnings from continuing operations amounted to approximately $4.7 million versus about $2.2 million in the year earlier period. Net earnings per share for continuing operations were approximately $0.10 per share diluted, compared with $0.05 per share diluted in the prior year period.

The food distribution company signed a definitive agreement Feb 22, 2005, to sell all of its stock in the subsidiaries that comprise the Fresh-cut produce segment to Chiquita Brands International Inc. As of that date, Performance Food Group met the criteria required to account for the Fresh-cut segment as a discontinued operation.