An Improving Picture:
The middle of November was a rosy time for Penford's (PENX) investors. The company reported a blowout quarter after an extremely rocky past two years. The company's most recent fourth quarter earnings release and fiscal year end financial results included some compelling results.
The company's recent results are compelling, almost too good to be true. With full year sales up 8% and operating cash flow up $22.1 million over last year, the results are a stunning turn around for a previously faltering company. Annual diluted EPS of $0.32 was compared to a loss in the prior year of ($0.78). On a top line basis, Penford's revenue expanded 6.5% in the fourth quarter...
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