By: Janice Meehan
Revenues for the third quarter of 2010 were $120.1 million compared to $115.4 million in the same quarter of 2009 Their ongoing antitrust investigation and litigation against one of it’s insurance carriers was settled during the third quarter and Reddy Ice received $5.0 million. Net income per diluted shares was $0.30 per share in the third quarter of 2010 compared to $0.44 in the same quarter last year.
Reddy Ice Holdings manufacture and distribute packaged ice in the United States. Their products are found in supermarket chains, convenience stores, wholesale ice and food distributors, commercial and industrial users, bars, restaurants, sporting events, agricultural buyers, wholesale ice and food distributors. Their product includes various ice forms, such as block, cube, cylindrical, crushed and half-moon.
Judging from their client base and the increase in distribution, their only concern is competitive pressures. “The current trend is a result of a more stable economic environment, commented CEO and President Gillbert M. Cassagne. Our margins continue to be impacted by cost increases for certain items, higher costs in connection with initiatives that were begun in the second quarter and competitive pressures”. However, he is optimistic the upward trend of the last two quarters will continue due to operational initiatives, some of which were just recently launched, that will provide meaningful benefits in the coming quarters.
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