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Pro-Fac posts first-quarter loss

Pro-Fac Cooperative Inc. reported a first-quarter net loss Friday.

The Perinton-based agricultural cooperative posted a $378,000 loss compared with a loss of $189,000 a year ago.

Sales decreased to $132,000, from $331,000 in last year’s quarter, due to fewer sales transactions, a filing with the Securities and Exchange Commission shows. Selling, administrative and general expenses totaled $455,000.

The cooperative listed total assets at $40.6 million, up from $39.1 million a year ago. Investment income was $8,000, down from $200,000, due to lower invested balances and interest rates, management reported in the filings.

Pro-Fac is an agricultural cooperative that markets crops grown by its member-growers, including fruits, vegetables and popcorn. The coop also owns 40 percent of Birds Eye Foods Inc., which announced in October plans for an initial public offering.

Shares of Pro-Fac (Nasdaq: PFACP) were trading midday at $24.15, down 3 cents from Thursday’s close of $24.18.

(c) 2009 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

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