Your Wavy Gravy Is Going To Cost A Dime More Soon
Be prepared to spoon out a little more money for Ben & Jerry’s ice cream.
The company said it is raising prices by about a dime a pint starting April 15 partly because of higher dairy prices. The company also said slack sales would contribute to a loss in the current quarter.
“When we saw an upturn in dairy prices expected in March, we concluded we had no choice but to raise our prices,” said Alan Parker, investor relations chief.
Parker said a dime increase would cause retail prices to range from $2.89 to $3.19 a pint. The last price increase came last summer, also a dime.
Ben & Jerry’s said it expects to lose somewhere between 12 and 15 cents for each share of stock in the first quarter - which works out to as much as $1 million overall.
Ben & Jerry’s stock fell $1.62-1/2 Friday to finish the week at $11.62-1.2 on the Nasdaq Stock Market.
The company said sales would probably be down 5 to 7 percent in the quarter from a year earlier. Parker said the company hoped to make a profit for the rest of the year.
Some of the stocks that moved substantially or traded heavily Friday:
NYSE
Eastman Kodak, down $9.25 at $79.
The Rochester, N.Y.-based company said its sales for January and February were “essentially flat” with the same months a year ago. Kodak said the year started more slowly than it expected, with modest growth in unit sales offset by lower prices and the negative impact of foreign exchange.
Capmac Holdings, down $3 at $26.50.
Capmac, which provides financial guarantee insurance, said late Thursday that it expects first quarter operating net of 30 cents to 33 cents a diluted share, which is less than some expectations and less than a year ago.
Ikon Office Solutions, up $1.50 at $35.75.
The Valley Forge, Pa.-based office technology company said late Thursday that it expects financial performance for the second quarter and year to be “within our expectations.”
NASDAQ
Outback Steakhouse, down $4.50 at $19.12-1/2.
The Tampa, Fla.-based restaurant chain said late Thursday that it it expects first quarter earnings to fall 10 percent to 12 percent short of analysts’ expectations. The company attributed the projected shortfall to soft sales in February and March.
Novell, up 6-1/4 cents at $10.31-1/2 and Netscape Communications, down $1.25 at $29.75.
Oren, Utah-based Novell and Mountain View, Calif.-based Netscape confirmed their plans to form an Internet software company. The jointly owned company, to be called Novonyx, will adapt Netscape’s software for World Wide Web servers to run on Novell’s operating system for managing computer networks.
Geoworks, down $4.75 at $7.25.
The Alameda, Calif.-based provider of cell-phone operating systems said late Thursday its fourth-quarter revenue would be below expectations.
Right Management, down $6.50 at $9.50.
The Philadelphia-based provider of career transition services said expenses tied to cutting its workforce by 6.6 percent will drive first-quarter profits below expectations.
AMEX
Ivax, down $1.75 at $10.62-1/2.
Bergen Brunswig said late Thursday it terminated its planned $1.65 billion buyout of Miami-based Ivax, the troubled generic drug maker. Bergen, based in Orange, Calif., also said it will sue Ivax for allegedly breaking terms of their merger agreement.