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EARNINGS ROUNDUP

Sysco's Net Income Falls 12% on Higher Expenses

January 31, 2006|From Bloomberg News

Restaurant food distributor Sysco Corp. said fiscal second-quarter profit fell 12% on higher fuel and stock option expenses.

Net income at the Houston-based company dropped to $204.2 million, or 33 cents, from $232.6 million, or 36 cents. That was short of the average 35 cents that analysts polled by Thomson Financial expected.

Revenue climbed 8.7% to $7.97 billion. Sysco's stock climbed $1.90, or 6.2%, $32.47.

Sysco had $13 million in additional costs for fuel and $14 million in expenses to centralize its distribution.

The company also incurred stock option expenses of $29.3 million, or 4 cents a share.

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