On to the real meat of the report.

"Excluding the sales from the Post Foods business, net sales increased 9% from last year’s third quarter and 8% for the first nine months."

--For this industry this was an extremely large increase in sales of cereals their main product.

In the Frozen Bakery Products segment, net sales were down (11%) as a result of volume declines partially offset by selling price improvements.
Most of their frozen stuff is sold to restarants so they took a hit here. However, the profit margins increased substantially so their profitability in this segment didn't get hurt. It actually increased by about $3 million.

Snacks. For the three and nine months ended June 30, 2009, net sales for the Snacks segment increased 32% and 15%, respectively, primary due to approximately $46 million of sales from Harvest Manor Farms, acquired at the end of March 2009. Not bad at all..

Sauces. In the Sauces and Spreads segment, net sales grew 10% for the third quarter and 12% for the nine-month period, primarily as a result of the timing of price increases in response to rising costs, partially offset by the effect of a change in product mix through nine months.

Overall absent the Vail noncash valuation book entry stuff, the real earnings were very strong with very strong sales volumes. Company appears to be doing extremely well right now.

Best of Luck...