Michael Foods, one of the largest producers of egg products in the US, reported a 1.48% drop in first quarter net sales to US$395.38 million from its 2009 levels.

The privately-held company is divided into three segments dealing with egg products, potato products and distribution of dairy items.

Egg products represent 67% of the company's total sales, contributing US$48.47 million to the total EBITDA of US$56.51 million. The division represented US$422.63 million of the company's net earnings. Corporate expenses amounted to US$8.48 million for the quarter.

"Our first quarter EBITDA results were driven by improved performance by our eggs product division due to stronger volumes of higher-value-added precooked products in the food service channel," said James E. Dwyer Jr., CEO and president of Michael Foods.

The company also announced that Thomas Lee Partners sold the enterprise to G.S. Capital Partners, the investment arm of Goldman Sachs, for US$1.7 billion.