Acquisition Cost Cited as Winn Reports Quarter Loss

Winn Enterprises, a diversified Anaheim-based holding company, said a $3 million charge incurred in its acquisition of Foremost Dairies earlier this year resulted in a net loss of $2.5 million for its fiscal second quarter ended Sept. 30. In the comparable period a year ago, the company reported net income of $835,000.

Revenue for the most recent quarter was $322.1 million, compared with $140.9 million for the same period a year earlier. Winn, through its Los Angeles-based Knudsen Dairies subsidiary, completed the acquisition of Foremost in June. The company said it now has “substantially completed” integration of Foremost into its own food processing operations.

For the first six months, Winn reported a net loss of $2.4 million compared with net income of $2.4 million for the same period a year earlier. Revenue for the latest six months totaled $462.2 million, compared with $279.7 million a year earlier.

In addition to its food operations, Winn also owns MountainWest Savings & Loan, a Salt Lake City-based thrift with branches in Utah and Wyoming.