Financial News

PLEASANTON, Calif. — Safeway has announced its stores raised $14.5 million in October for breast cancer research. The company thanked its customers and employees for their commitment to finding a cure for the most common form of cancer for women.

"We continue to be humbled by the generosity of our customers and the commitment our employees have for the cause," said Larree Renda, Safeway EVP and chair of the Safeway Foundation. "This kind of fundraising outcome will have a real and measurable impact on the science of finding a cure."

ELMSFORD, N.Y. — Specialty pharmacy provider BioScrip reported $454 million in sales and $500,000 in profits in third quarter 2011, according to an earnings statement released Tuesday.

The sales figure represented a 2.9% increase over third quarter 2010's $441.2 million, while the profits compared with profits of $2 million during the same period a year ago.

ST. LOUIS — In an amendment dated Nov. 7 and filed to the Securities Exchange Commission on Tuesday, Express Scripts reduced its termination fee by 32% to $650 million. The termination fee is paid to one company when the other terminates the merger agreement.

SCHAUMBURG, Ill. — Third-quarter net revenue for Sagent Pharmaceuticals jumped 94% to $41.3 million, thanks to several new product launches during the period.

Gross profit for the quarter ended Sept. 30 was $6.9 million, or 16.8% of net revenues, compared with $2.7 million, or 12.9% of net revenues, in the year-ago period.

The economy has caused consumers to eat at home more frequently. Products that make food prep easier are more popular than ever with consumers.

A recent study from Mintel International revealed that U.S. retail sales of cooking sauces and marinades saw a 20% spike between 2005 and 2010. Sales of the products are expected to increase by another 19% by 2015.

Ethnic sauces, barbecue sauces and refrigerated/frozen sauces are among the most popular.

NEW YORK — Sentinel Capital Partners has acquired Sarasota, Fla.-based WellSpring Pharmaceutical, the private equity firm said Monday.

Sentinel, which describes itself as investing in lower middle-market companies, said it bought the manufacturer of prescription and OTC drugs, which manufactures its products in Ontario, alongside Ancor Capital Partners. Financial terms of the deal were not disclosed.

The heat is on in the snack food aisle. “A lot of growth in the category is coming from more flavorful offerings, particularly in the chip category,” said Chris Clark, a spokesman for the Snack Food Association. “Manufacturers have been expanding their offerings in the area so that one manufacturer has not just one, but ten barbecue chip flavors.”

The fourth quarter is always the busiest season for As Seen on TV products. Products in the $9.99 to $19.99 range are expected to generate the most movement in the drug channel.

Jordan Pine, president of SciMark Corp. anticipated solid sales in comfort products (Ahh Bra, Miracle Socks), restoration products (Furniture Fix repair system, Flex Seal liquid rubber) and trend products (Snap-On Feathers).