Bobs Candies rebounds from near-bankruptcy to share profits with employees

<p>After teetering on bankruptcy last year, Bobs Candies has rebounded to post strong earnings in 2003 _ enough to distribute profit-sharing checks to its employees for the first time in five years.</p><p>Some of the checks handed out during a company luncheon last week were worth more than $1,000.</p><p>President Greg McCormack told more than 250 employees that the company had saved about $2 million this year. Streamlining operations, enhancing communications and improving management skills enabled the company to turn a healthy profit this year, he said.</p><p>Bobs Candies, the worlds largest candy cane manufacturer and a mainstay of the Albany economy for 84 years, made the surprise announcement in May 2002 that financial troubles would force the company to close. But state and local officials, including then-Gov. Roy Barnes and Lt. Gov. Mark Taylor, an Albany native, rallied to help the company secure the financing it needed to save 550 jobs in Albany and Reynosa, Mexico.</p><p>A total of $240,912 was distributed to the employees Thursday, comprising about 25 percent of the profit-sharing account.</p><p>Mary Helen Dykes, secretary-treasurer of Bobs Candies, said the plans assets add up to about $5 million, but much of that is earmarked for retirement benefits.</p><p>Once the company is financially ready, Bobs Candies even plans to resume its philanthropic activity, such as sponsoring the annual Peppermint Pops concert.</p><p>When its right, were going to do it, McCormack said.</p><p>Company officials said the profit-sharing distribution not only served to reward employees hard work but also assure the community that Bobs Candies is on a solid financial footing.</p><p>Last year at this time there were still rumors around town that Bobs Candies was not going to make it, Dykes said. I think the incredible year we just completed and this celebration today should put those rumors to rest for good.</p><p>___</p><p>On the Net:</p><p>HASH(0x28656bc)</p><p>Information from: The Albany Herald</p>

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