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Press release from PR Newswire

/C O R R E C T I O N -- Flowers Foods, Inc./

Tuesday, August 13, 2013

/C O R R E C T I O N -- Flowers Foods, Inc./

06:30 EDT Tuesday, August 13, 2013

In the news release, Flowers Foods Reports Second Quarter 2013 Results, issued 13-Aug-2013 by Flowers Foods, Inc. over PR Newswire, we are advised by the company that the Outlook for 2013 paragraph, last sentence, should read "Capital expenditures for 2013 are expected to be $90.0 million to $100.0 million." rather than "2012" as originally issued inadvertently. The complete, corrected release follows:

Flowers Foods Reports Second Quarter 2013 Results Dollar sales and volume increase across all channels drive a 31.8% increase in sales and a 71.4% increase in earnings per share, excluding acquisition costs

THOMASVILLE, Ga., Aug. 13, 2013 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO), the second-largest producer and marketer of fresh packaged bakery foods in the United States, today reported results for its 12-week second quarter ended July 13, 2013. Sales increased 31.8% to $898.2 million. Diluted EPS, excluding acquisition-related costs, was $0.24, up 71.4% from last year's second quarter. Including the acquisition-related costs of $0.02 per diluted share, diluted EPS was $0.22.

During the quarter, the company's board of directors declared a three-for-two split of the company's stock, effective June 19, 2013. All share information included in this release and the accompanying financial schedules reflect the stock split.

Other highlights include:

  • Volume increased 21.8%, acquisitions contributed 10.9%, and net price/mix was unfavorable 0.9%, driven by a change in product mix;
  • Gross margin was 47.5%, compared to 46.3% for the second quarter of fiscal 2012;
  • EBITDA margin, excluding the acquisition-related costs, was 11.8% for the quarter;
  • Operating margin (EBIT), excluding the acquisition-related costs, was 9.0%;
  • Generated $88.8 million in cash flow from operations;
  • Completed roll out of the Sara Lee and Earthgrains brands for sliced breads, buns, and rolls in the state of California as a result of the February 2013 acquisition of rights to these brands in California from BBU, Inc.; 
  • Completed the acquisition of 20 bakeries; the Wonder, Merita, Home Pride, Butternut, and Nature's Pride brands; and 36 depots from Hostess Brands for $355.0 million.  This occurred subsequent to the end of the second quarter on July 19, 2013;  
  • Offered 2013 guidance for sales of $3.793 billion to $3.824 billion, an increase of 24.5% to 25.5%, and earnings per share of $0.92 to $0.98, excluding acquisitions-related costs, an increase of 34.2% to 43.0%. 

Commenting on second quarter results, President and CEO Allen Shiver said, "Our team's extraordinary efforts to serve customers' needs resulted in another record quarter for Flowers Foods. Similar to the results reported last quarter, sales were up across all channels and earnings were strong.  Margins  improved due to higher volume and capacity utilization.  It is gratifying that our long-term investments in our bakeries, distribution systems, and our team positioned us to take advantage of growth opportunities available in the marketplace.  Our confidence in the current year and long-term outlook is reflected in our guidance.

"The integration of our recent acquisitions?Lepage Bakeries in New England and Sara Lee in California?remains on pace.  Both of these businesses have significant growth potential as Nature's Own, Tastykake, and other Flowers brands gain more acceptance in these markets.     

"We are pleased with the July 2013 acquisition of certain bread assets from Hostess Brands. Our plans to re-introduce these well-known brands across our direct-store-delivery (DSD) markets later this year are taking shape. We expect to continue our methodical market expansion into new regions of the country, using the new brands along with legacy Flowers brands, such as Nature's Own," Shiver said.

Second Quarter 2013 Results For the 12-week second quarter of 2013, sales increased 31.8% to $898.2 million compared to $681.6 million in last year's second quarter. This increase was attributable to increased volumes of 21.8% and contributions from the Lepage Bakeries and Sara Lee/California acquisitions of 10.9%, partially offset by unfavorable net price/mix of 0.9%.  Dollar sales and volume increased across all channels. Increases in the soft variety, white bread, buns and rolls, and single-serve cake categories primarily drove volume increases in the branded retail channel. Volume increases in the store brand channel were driven by increases in the buns and rolls, white bread, and variety bread categories. The non-retail channel volume increases were primarily in the foodservice, restaurant, and vending categories. The unfavorable net price/mix was driven primarily by a mix shift in the cake business to more single-serve snack cakes.

Net income for the quarter, adjusted for acquisition-related costs, was $50.1 million, or $0.24 per diluted share compared to $29.8 million (excluding acquisition-related costs), or $0.14 per diluted share in the second quarter of fiscal 2012.  During the second quarter this year, the company incurred acquisition-related costs of $3.7 million, net of tax, or $0.02 per diluted share. Including these items, net income was $46.5 million, or $0.22 per diluted share. During the second quarter of last year, the company incurred acquisition-related costs of $1.4 million, net of tax. Including these items, net income was $28.4 million, or $0.14 per diluted share.

Gross margin as a percentage of sales for the quarter was 47.5%, up 120 basis points from 46.3% in the second quarter of 2012. This increase was due primarily to higher sales volumes and decreased ingredient and workforce-related costs as a percent of sales, partially offset by increased outside purchases as a percent of sales.

Selling, distribution, and administrative costs as a percent of sales for the quarter were 36.3%, up 20 basis points from 36.1% of sales in the second quarter of fiscal 2012. Acquisition-related costs negatively impacted selling, distribution, and administrative costs by $5.7 million, or 60 basis points as a percent of sales in the second quarter of this year, and $2.3 million, or 30 basis points as a percent of sales in the second quarter last year.

Depreciation and amortization expenses for the quarter remained relatively stable as a percent of sales compared to last year's second quarter. Net interest expense decreased slightly in this year's second quarter compared to last year's second quarter primarily because of increased interest income. The effective tax rate for the quarter was 35.6% compared to 36.2% in last year's second quarter, due in part to legislative extensions of certain tax benefits. The full-year tax rate is expected to be approximately 35.5% to 36.0%, excluding the effect of the bargain purchase accounting gain recorded in the first quarter this year.

Income from operations, defined as earnings before interest and taxes (EBIT) adjusted for the acquisition-related costs, was $80.5 million, or 9.0% of sales, compared to $49.7 million (adjusted for acquisition-related costs), or 7.3% of sales, in last year's second quarter. Including the costs, EBIT was $74.9 million, or 8.3% of sales in the second quarter this year, as compared to $47.4 million, or 7.0% of sales in the second quarter last year. 

Adjusted for the acquisition-related costs, earnings before interest, taxes, depreciation, and amortization (EBITDA) for the second quarter was $106.3 million, or 11.8% of sales, compared to $71.9 million (adjusted for acquisition-related costs), or 10.6% of sales in last year's second quarter. Including the costs, EBITDA was $100.6 million, or 11.2% of sales in the second quarter this year, compared to $69.7 million, or 10.2% of sales in the second quarter last year.

Segment Results DSD (82% of sales): During the quarter, the company's DSD sales increased 31.2%, reflecting volume gains of 15.5%, contributions from the acquisitions of 13.2%, and positive net price/mix of 2.5%. Dollar sales and volume increased across all channels. Increases in the soft variety, white bread, buns and rolls, and cake categories primarily drove volume increases in the branded retail channel. Increases in the store brand channel were driven primarily by increases in the white bread and buns and rolls categories. The non-retail channel volume increases were primarily in the quick serve and other restaurant categories. The positive net price/mix was primarily driven by the branded retail channel.

Income from operations for the DSD segment was $76.4 million, or 10.3% of sales for the second quarter compared to $51.6 million, or 9.1% of sales in last year's second quarter. Increased sales volumes and acquisitions were the primary drivers of the increase.

Warehouse (18% of sales): Sales through warehouse delivery increased 34.6%, reflecting volume increases of 43.0%, partially offset by negative net pricing/mix of 8.4%. Dollar sales and volume increased across all channels. Branded cake (primarily single-serve items) and store brand cake, foodservice, and vending were the primary drivers of the volume increases. The unfavorable net price/mix was driven primarily by a mix shift in the cake business to more single-serve snack cakes.

Income from operations for the warehouse segment was $15.2 million, or 9.6% of sales for the second quarter compared to $6.3 million, or 5.4% of sales in last year's second quarter. This increase was due primarily to increased sales volumes.

Cash Flow During the second quarter, cash flow from operating activities was $88.8 million. The company invested $23.8 million in capital improvements and paid dividends of $23.4 million to shareholders. The company did not acquire any shares of its common stock during the quarter.  Giving effect for the three-for-two stock split, the company has acquired 58.3 million shares of its common stock under its 67.5 million share repurchase plan.

Other Matters of Importance In April of this year, the company entered into a senior unsecured delayed-draw term loan facility with a commitment of up to $300.0 million, which was fully drawn following the end of the second quarter to finance the Hostess transaction and to pay certain acquisition-related costs and expenses.  Following the second quarter of 2013, the company also entered into a two-year, $150.0 million receivables loan, security, and servicing agreement, partial proceeds from which were drawn to finance the Hostess transaction.  

Outlook for 2013 R. Steve Kinsey, executive vice president and chief financial officer, said the company expects 2013 sales of $3.793 billion to $3.824 billion, an increase of 24.5% to 25.5% over 2012.  The Lepage and Sara Lee/California acquisitions are expected to contribute approximately 7.0% of the sales increase. Including the impact of financing and carrying costs of the acquired assets, earnings per share are now forecast to be $0.92 to $0.98, excluding acquisition-related costs, an increase of 34.2% to 43.0% over the 2012 adjusted earnings per share of $0.69. Capital expenditures for 2013 are expected to be $90.0 million to $100.0 million. 

Dividend The board of directors will consider the dividend at its next regularly scheduled meeting. Any action taken will be announced following that meeting.

Conference Call Flowers Foods will broadcast its second quarter 2013 earnings conference call over the Internet at 8:30 a.m. (Eastern) on August 13, 2013. The call will be broadcast live on Flowers' Web site, www.flowersfoods.com, and can be accessed by clicking on the webcast link on the home page.  The call also will be archived on the company's Web site.

About Flowers Foods Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of fresh packaged bakery foods in the United States with 2012 sales of $3.1 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own and Tastykake. Learn more at www.flowersfoods.com.

Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) competitive conditions in the baked foods industry, including promotional and price competition, (b) changes in consumer demand for our products, (c) the success of productivity improvements and new product introductions, (d) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (e) fluctuations in commodity pricing, (f) our ability to fully integrate recent acquisitions into our business,  and (g) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value.  In addition, our results may also be affected by general factors such as economic and business conditions (including the baked foods markets), interest and inflation rates and such other factors as are described in the company's filings with the Securities and Exchange Commission.

Information Regarding Non-GAAP Financial Measures  The company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, from time to time, the company may present in its public statements, press releases and SEC filings, non-GAAP financial measures such as, EBITDA and gross margin excluding depreciation and amortization to measure the performance of the company and its operating divisions. EBITDA is used as the primary performance measure in the company's Annual Executive Bonus Plan. The company defines EBITDA as earnings from continuing operations before interest, income taxes, depreciation, amortization and income attributable to non-controlling interest. The company believes that EBITDA is a useful tool for managing the operations of its business and is an indicator of the company's ability to incur and service indebtedness and generate free cash flow. Furthermore, pursuant to the terms of our credit facility, EBITDA is used to determine the company's compliance with certain financial covenants. The company also believes that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company's operating performance and debt servicing ability because EBITDA measures assist in comparing performance on a consistent basis without regard to depreciation or amortization, which can vary significantly depending upon accounting methods and non-operating factors (such as historical cost). EBITDA is also a widely-accepted financial indicator of a company's ability to incur and service indebtedness. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income per diluted common share, adjusted EBIT, and adjusted EBIT margin excludes additional costs that we consider important to present to investors. These include, but are not limited to, the costs of closing a plant or costs associated with merger-related activities. We believe that financial information excluding certain transactions not considered to be part of the ongoing business improves the comparability of earnings results. We believe investors will be able to better understand our earnings results if these transactions are excluded from the results. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the Unites States and should be considered in addition to, not in lieu of, GAAP reported measures. EBITDA should not be considered an alternative to (a) income from operations or net income (loss) as a measure of operating performance; (b) cash flows provided by operating, investing and financing activities (as determined in accordance with GAAP) as a measure of the company's ability to meet its cash needs; or (c) any other indicator of performance or liquidity that has been determined in accordance with GAAP. Our method of calculating EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income per diluted common share, adjusted EBIT, and adjusted EBIT margin may differ from the methods used by other companies, and, accordingly, may not be comparable to similarly titled measures used by other companies. Gross margin excluding depreciation and amortization is used as a performance measure to provide additional transparent information regarding our results of operations on a consolidated and segment basis. Changes in depreciation and amortization are separately discussed and include depreciation and amortization for materials, supplies, labor and other production costs and operating activities. Presentation of gross margin includes depreciation and amortization in the materials, supplies, labor and other production costs according to GAAP. Our method of presenting gross margin excludes the depreciation and amortization components, as discussed above. This presentation may differ from the methods used by other companies and may not be comparable to similarly titled measures used by other companies. The reconciliations attached provide a reconciliation of our net income, the most comparable GAAP financial measure to EBITDA and adjusted EBITDA, a reconciliation of adjusted EBITDA to cash flow from operations, a reconciliation of our gross margin to GAAP gross margin excluding depreciation and amortization, a reconciliation of EBIT to adjusted EBIT, and a reconciliation of adjusted net income per diluted common share.

 

 

 

Flowers Foods, Inc.

Consolidated Statement of Income

(000's omitted, except per share data)

For the 12 Week Period

Ended

For the 12 Week Period

Ended

For the 28 Week Period

Ended

For the 28 Week Period

Ended

07/13/13

07/14/12

07/13/13

07/14/12

Sales

$

898,153

$

681,561

$

2,028,963

$

1,579,767

Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately below)

471,614

365,658

1,056,912

844,636

Selling, distribution and administrative expenses

325,946

246,231

737,385

576,503

Depreciation and amortization

25,743

22,255

59,932

51,994

Gain on acquisition

0

0

(51,320)

0

Income from operations (EBIT)

74,850

47,417

226,054

106,634

Interest expense, net

(2,700)

(2,935)

(7,255)

(2,959)

Income before income taxes (EBT)

72,150

44,482

218,799

103,675

Income tax expense

25,690

16,102

59,064

37,352

Net income

$

46,460

$

28,380

$

159,735

$

66,323

Net income per diluted common share

$

0.22

$

0.14

$

0.76

$

0.32

Diluted weighted average shares outstanding

211,892

206,574

211,444

206,150

 

 

 

Flowers Foods, Inc.

Segment Reporting

(000's omitted)

For the 12 Week Period

Ended

For the 12 Week Period

Ended

For the 28 Week Period

Ended

For the 28 Week Period

Ended

07/13/13

07/14/12

07/13/13

07/14/12

Sales:

   Direct-Store-Delivery

$

740,470

$

564,409

$

1,662,874

$

1,301,707

   Warehouse Delivery

157,683

117,152

366,089

278,060

$

898,153

$

681,561

$

2,028,963

$

1,579,767

EBITDA:

   Direct-Store-Delivery (1)

$

98,171

$

69,717

$

279,354

$

157,359

   Warehouse Delivery

19,040

10,467

43,015

25,987

   Unallocated Corporate

(16,618)

(10,512)

(36,383)

(24,718)

$

100,593

$

69,672

$

285,986

$

158,628

Depreciation and Amortization:

   Direct-Store-Delivery

$

21,729

$

18,148

$

50,424

$

41,968

   Warehouse Delivery

3,882

4,147

9,197

10,073

   Unallocated Corporate

132

(40)

311

(47)

$

25,743

$

22,255

$

59,932

$

51,994

EBIT:

   Direct-Store-Delivery (1)

$

76,442

$

51,569

$

228,930

$

115,391

   Warehouse Delivery

15,158

6,320

33,818

15,914

   Unallocated Corporate

(16,750)

(10,472)

(36,694)

(24,671)

$

74,850

$

47,417

$

226,054

$

106,634

(1) The 28 week period ended July 13, 2013 includes a bargain purchase gain on acquisition of $51.3 million.

 

 

 

Flowers Foods, Inc.

Condensed Consolidated Balance Sheet

(000's omitted)

07/13/13

Assets

     Cash and Cash Equivalents

$

12,057

     Other Current Assets

476,163

     Property, Plant & Equipment, net

718,716

     Distributor Notes Receivable (includes $16,992 current portion)

134,171

     Other Assets

69,860

     Cost in Excess of Net Tangible Assets, net

744,499

     Total Assets

$

2,155,466

Liabilities and Stockholders' Equity

     Current Liabilities

$

305,178

     Bank Debt (includes $16,875 current portion)

155,575

     Senior Notes due 2022

399,163

     Other Debt and Capital Leases (includes $3,402 current portion)

27,365

     Other Liabilities

282,123

     Stockholders' Equity

986,062

     Total Liabilities and Stockholders' Equity

$

2,155,466

 

 

 

Flowers Foods, Inc.

Condensed Consolidated Statement of Cash Flows

(000's omitted)

For the 12 Week Period

Ended

For the 28 Week Period

Ended

07/13/13

07/13/13

Cash flows from operating activities:

Net income 

$

46,460

$

159,735

Adjustments to reconcile net income to net cash

  from operating activities:

Total non-cash adjustments

40,264

27,453

Pension contributions and changes in assets and liabilities

2,049

(11,586)

Net cash provided by operating activities

88,773

175,602

Cash flows from investing activities:

Purchase of property, plant and equipment 

(23,777)

(46,335)

Acquisitions net of cash acquired

(179)

(50,129)

Other

1,429

(18,383)

Net cash disbursed for investing activities

(22,527)

(114,847)

Cash flows from financing activities:

Dividends paid

(23,416)

(45,919)

Exercise of stock options, including windfall tax benefit

12,894

15,277

Stock repurchases

0

(3,790)

Proceeds from debt borrowings

429,100

1,024,300

Debt and capital lease obligation payments

(485,045)

(1,048,115)

Other

(1,968)

(3,726)

Net cash disbursed for financing activities

(68,435)

(61,973)

Net decrease in cash and cash equivalents

(2,189)

(1,218)

Cash and cash equivalents at beginning of period

14,246

13,275

Cash and cash equivalents at end of period

$

12,057

$

12,057

 

 

 

Flowers Foods, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(000's omitted, except per share data)

Reconciliation of Earnings per Share

For the 12 Week Period Ended

For the 12 Week Period Ended

For the 28 Week Period Ended

For the 28 Week Period Ended

July 13, 2013

July 14, 2012

July 13, 2013

July 14, 2012

Net income per diluted common share

$                                 0.22

$                                 0.14

$                                 0.76

$                                 0.32

Gain on acquisition

-

-

(0.25)

-

Acquisition costs

0.02

-

0.03

0.01

Adjusted net income per diluted common share

$                                 0.24

$                                 0.14

$                                 0.54

$                                 0.33

Reconciliation of Gross Margin

For the 12 Week Period Ended

For the 12 Week Period Ended

For the 28 Week Period Ended

For the 28 Week Period Ended

July 13, 2013

July 14, 2012

July 13, 2013

July 14, 2012

Sales

$                          898,153

$                          681,561

$                      2,028,963

$                      1,579,767

Materials, supplies, labor and other production costs (exclusive of depreciation and amortization)

471,614

365,658

1,056,912

844,636

Gross Margin excluding depreciation and amortization

426,539

315,903

972,051

735,131

Less depreciation and amortization for production activities

17,452

15,360

40,933

36,131

Gross Margin

$                          409,087

$                          300,543

$                          931,118

$                          699,000

Depreciation and amortization for production activities

$                            17,452

$                            15,360

$                            40,933

$                            36,131

Depreciation and amortization for selling, distribution and administrative activities

8,291

6,895

18,999

15,863

Total depreciation and amortization

$                            25,743

$                            22,255

$                            59,932

$                            51,994

Reconciliation of Net Income to Adjusted EBITDA

For the 12 Week Period Ended

For the 12 Week Period Ended

For the 28 Week Period Ended

For the 28 Week Period Ended

July 13, 2013

July 14, 2012

July 13, 2013

July 14, 2012

Net income

$                            46,460

$                            28,380

$                          159,735

$                            66,323

Income tax expense

25,690

16,102

59,064

37,352

Interest expense, net

2,700

2,935

7,255

2,959

Depreciation and amortization

25,743

22,255

59,932

51,994

EBITDA

100,593

69,672

285,986

158,628

Gain on acquisition

-

-

(51,320)

-

Acquisition costs

5,698

2,256

10,262

3,389

Adjusted EBITDA

$                          106,291

$                            71,928

$                          244,928

$                          162,017

Reconciliation of Adjusted EBITDA to Cash Flow from Operations

For the 12 Week Period Ended

For the 12 Week Period Ended

For the 28 Week Period Ended

For the 28 Week Period Ended

July 13, 2013

July 14, 2012

July 13, 2013

July 14, 2012

Adjusted EBITDA

$                          106,291

$                            71,928

$                          244,928

$                          162,017

Adjustments to reconcile net income to net cash provided by operating activities

14,521

8,300

18,841

28,353

Pension contributions and changes in assets and liabilities

2,049

7,754

(11,586)

(19,868)

Income taxes

(25,690)

(16,102)

(59,064)

(37,352)

Interest expense, net

(2,700)

(2,935)

(7,255)

(2,959)

Acquisition costs

(5,698)

(2,256)

(10,262)

(3,389)

Cash Flow From Operations

$                            88,773

$                            66,689

$                          175,602

$                          126,802

Reconciliation of EBIT to Adjusted EBIT

For the 12 Week Period Ended

For the 12 Week Period Ended

For the 28 Week Period Ended

For the 28 Week Period Ended

July 13, 2013

July 14, 2012

July 13, 2013

July 14, 2012

EBIT

$                            74,850

$                            47,417

$                          226,054

$                          106,634

Gain on acquisition

-

-

(51,320)

-

Acquisition costs

5,698

2,256

10,262

3,389

Adjusted EBIT

$                            80,548

$                            49,673

$                          184,996

$                          110,023

Reconciliation of Net Income to Adjusted Net Income

For the 12 Week Period Ended

For the 12 Week Period Ended

For the 28 Week Period Ended

For the 28 Week Period Ended

July 13, 2013

July 14, 2012

July 13, 2013

July 14, 2012

Net income

$                            46,460

$                            28,380

$                          159,735

$                            66,323

Gain on acquisition

-

-

(51,320)

-

Acquisition costs

3,666

1,439

6,610

2,168

Adjusted net income

$                            50,126

$                            29,819

$                          115,025

$                            68,491

 

 

 

Flowers Foods, Inc.

Sales Bridge

Net

Total Sales

For the 12 Week Period Ended 07/13/13

Volume

Price/Mix

Acquisitions

Change

Direct-Store-Delivery

15.5%

2.5%

13.2%

31.2%

Warehouse Delivery

43.0%

-8.4%

0.0%

34.6%

Total Flowers Foods

21.8%

-0.9%

10.9%

31.8%

Net

Total Sales

For the 28 Week Period Ended 07/13/13

Volume

Price/Mix

Acquisitions

Change

Direct-Store-Delivery

15.2%

1.5%

11.0%

27.7%

Warehouse Delivery

37.1%

-5.4%

0.0%

31.7%

Total Flowers Foods

20.4%

-1.0%

9.0%

28.4%

 

SOURCE Flowers Foods, Inc.

For further information: Investor Contact: Marta Jones Turner (229) 227-2348; Media Contact: Keith Hancock (229) 227-2380

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