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Heinz Net Income Falls 10% After Spinoffs

IN BRIEF / EARNINGS

November 26, 2003|From Bloomberg News

H.J. Heinz Co., the world's biggest ketchup maker, said its second-quarter profit fell 10% after it spun off some businesses. Sales of some of its frozen foods brands, such as Ore-Ida potatoes, also declined, hurt by the growing popularity of low-carbohydrate diets.

Net income fell to $191.5 million, or 54 cents a share, from $212.1 million, or 60 cents, a year earlier. Sales declined less than 1% to $2.09 billion for the Pittsburgh-based company.

Shares of Heinz rose 52 cents to $36.19 on the NYSE.

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