Wild Oats Reports Nearly 100 Percent Profit Drop

AP:

Natural and organic grocer Wild Oats Markets Inc. on Thursday reported a 97 percent drop in second-quarter net income largely due to higher costs and a jump in expenses related to its planned $565 million buyout by rival Whole Foods Inc.

For the quarter ending June 30, net income fell to $127,000, or less than 1 cent per share, from $4.9 million, or 16 cents per share in the second quarter of 2006. Revenue rose 5 percent to $311.8 million from $296.6 million in the year-ago quarter.

Selling, general and administrative expenses totaled $16.4 million, up from $11.4 million, while restructuring and asset impairment charges climbed from $295,000 to $372,000.

Read the whole story: AP