Vaughan Foods has reported net sales of $20.8 million for the first quarter of 2008, a 66% increase, compared to $12.5 million for the same period of 2007.
The company reported that gross profit increased by $659,000 to $2 million, or 9.8% of net sales, in the first quarter of 2008, from $1.4 million or 11.1% of net sales, for the same period of pervious year.
The company has incurred a net loss of $418,000 or $0.09 per share, for first quarter of 2008, compared to a net loss of $111,000 or $0.05 per share, in the first quarter of 2007.
Herb Grimes, chairman and CEO of Vaughan Foods, said: "The escalation of costs outpaced our pricing adjustments. Although, our gross margins came in at 9.8%, which is below the 10-12% guidance range we have provided for the year, we still believe we are on track to deliver the margins we anticipated at the beginning of 2008."