THOMASVILLE, Ga., May 15, 2019 /PRNewswire/ -- Flowers Foods,
Inc. (NYSE: FLO), producer of Nature's Own, Wonder,
Tastykake, Dave's Killer Bread, and other bakery
foods, today reported financial results for the company's 16-week
first quarter ended April 20,
2019.
First Quarter Summary:
Compared to the prior year first quarter where
applicable
- Sales increased 4.8% to $1.264
billion; net sales increased 3.0% excluding the acquisition
of Canyon Bakehouse.
- Diluted EPS increased $0.07 to
$0.31.
- Adjusted diluted EPS(1) increased $0.02 to $0.32.
(1) Adjusted for items affecting
comparability. See reconciliations of non-GAAP measures in the
financial statements following this release.
CEO's Remarks:
"We achieved record sales in the first quarter and are proud of
the solid start to the year," said Allen
Shiver, Flowers Foods president and CEO. "In our core
business, we benefited from pricing actions taken to mitigate
inflationary headwinds as well as continued growth from key brands
including Dave's Killer Bread, Nature's Own, and
Wonder. The recently acquired Canyon Bakehouse also
drove top-line growth, and we remain on-track with the rollout of
the brand across our distribution network."
Mr. Shiver continued, "While we are pleased with the results of
our growth initiatives and pricing actions to date, inflationary
headwinds from commodities, labor, and transportation continue to
pressure margins. Therefore, in addition to improving price
realizations, the team is focused on our supply chain optimization
initiatives, which are intended to drive productivity and reduce
fixed costs."
Mr. Shiver added, "As announced in February, after 41 years with
the company, I will be retiring next week and Ryals McMullian will
become Flowers' next CEO. Flowers has never been better positioned
for growth and continued success. It has been a privilege to lead
this company and work alongside the best team in the industry. I am
confident in Ryals and the entire Flowers team, and I know they
will continue to execute on our strategic priorities and build
shareholder value."
For the 52-week Fiscal 2019, the Company Reaffirms:
- Sales in the range of approximately $4.030 billion to $4.109
billion, representing growth of approximately 2.0% to
4.0%.
- Adjusted diluted EPS in the range of approximately $0.94 to $1.02,
adjusted for items affecting comparability.
The company's outlook includes the following assumptions:
- Canyon Bakehouse sales of approximately
$70 million to $80 million
- Depreciation and amortization in the range of $150 million to $155
million
- Other pension expense in the range of $2.5 million to $3.0
million
- Net interest expense of approximately $12 million
- An effective tax rate of approximately 24% to 25%
- Weighted average diluted share count for the year of
approximately 212 million shares
- Capital expenditures for the year in the range of $110 to $120
million
Matters Affecting Comparability:
Reconciliation of Earnings per Share to
Adjusted Earnings per Share
|
|
|
|
|
|
For the 16 Weeks
Ended
|
|
Apr. 20,
2019
|
|
Apr. 21,
2018
|
|
|
|
|
Net income per
diluted common share
|
$
0.31
|
|
$
0.24
|
Recovery on inferior
ingredients, restructuring
and related impairment charges, acquisition
costs, and executive retirement agreement
|
0.01
|
|
NM
|
Legal
settlements
|
NM
|
|
0.01
|
Project Centennial
consulting costs
|
-
|
|
0.02
|
Pension plan
settlement loss
|
-
|
|
0.02
|
Multi-employer
pension plan withdrawal costs
|
-
|
|
0.01
|
Adjusted net income
per diluted common share
|
$
0.32
|
|
$
0.30
|
|
|
|
|
NM - Not
Meaningful
|
Certain amounts
may not compute due to rounding.
|
Consolidated First Quarter 2019 Summary
Compared to the prior year first quarter where
applicable
- Sales increased 4.8% to $1.264
billion.
- Percentage point change in sales attributed to:
-
- Pricing/mix: 3.2%
- Volume: -0.2%
- Acquisition: 1.8%
- On a consolidated basis, branded retail sales increased
$43.8 million, or 6.2% to
$755.6 million, store branded retail
sales increased $21.3 million, or
12.4% to $193.1 million, while
non-retail and other sales decreased $7.7
million, or 2.4% to $315.1
million.
- Branded retail sales were driven by continued sales growth from
DKB organic products, growth in our expansion markets and
store branded breads and buns, the introduction of Nature's Own
Perfectly Crafted breads in the second quarter of 2018 and
Sun-Maid breakfast bread late in the third quarter of 2018,
pricing actions, and the acquisition of Canyon Bakehouse in
the fourth quarter of 2018. Partially offsetting the increase were
volume declines in white breads and miscellaneous specialty
breads.
- Store branded retail sales increased primarily due to
store-branded items produced by Canyon Bakehouse, positive
price/mix, and volume growth in store branded breads and buns,
partially offset by volume declines in store branded cake.
- Foodservice and vending volume declines primarily drove the
decrease in non-retail and other sales, partly because of lost
business due to the receipt of inferior ingredients in 2018.
- Operating income increased 18.2% to $90.6 million. Excluding matters affecting
comparability, adjusted operating income increased 5.0% to
$92.4 million.
- Adjusted EBITDA increased 3.8% to $137.2
million, representing 10.9% of sales, a 10-basis point
decrease.
- Materials, supplies, labor and other production costs
(exclusive of depreciation and amortization) were 51.6% of sales, a
20-basis point decrease. These costs were lower as a percentage of
sales due to improved sales and increased production volumes,
partially offset by increases in outside purchases of product.
Rising commodity prices, and higher labor costs were mostly offset
by improved pricing/mix.
- Selling, distribution and administrative (SD&A) expenses
were 37.7% of sales, unchanged to the prior year. A larger portion
of sales through independent distributors and a shift in product
mix resulted in higher distributor distribution fees. These fees,
combined with higher selling costs and increased marketing
investments offset prior year Project Centennial-related consulting
costs and lower legal fees and litigation settlements.
- Depreciation and amortization (D&A) expenses were
$44.8 million, 3.5% of sales, a
20-basis point decrease.
Following the organizational restructuring under Project
Centennial, the company has consolidated its operations into one
operating segment. Beginning with the first quarter of 2019, the
comparative periods are presented on a consolidated basis due to
this change.
Cash Flow, Capital Allocation, and Capital Return
In
the first quarter of fiscal 2019, cash flow from operating
activities was $96.2 million, capital
expenditures were $20.8 million, and
dividends paid were $39.3 million.
During the quarter, the company made cash debt repayments of
$40.5 million.
There are 6.2 million shares authorized for repurchase under the
company's current share repurchase plan. The company expects to
continue to make opportunistic share repurchases from time to time
under this plan.
Conference Call
Flowers Foods will hold a conference
call to discuss its first quarter 2019 results at 8:30 a.m. (Eastern) on May
16, 2019. The call can be accessed by following the webcast
link on flowersfoods.com. The call also will be archived on the
company's website.
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 2018
sales of $4.0 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, Wonder, Tastykake, and Dave's Killer
Bread. Learn more at www.flowersfoods.com.
FLO-IR FLO-CORP
Forward-Looking Statements
Statements contained in
this press release that are not historical facts are
forward-looking statements. Forward-looking statements relate to
current expectations regarding our future financial condition,
performance and results of operations, planned capital
expenditures, long-term objectives of management, supply and
demand, pricing trends and market forces, and integration plans and
expected benefits of transactions and are often identified by the
use of words and phrases such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "should," "will," "would," "is likely to,"
"is expected to" or "will continue," or the negative of these terms
or other comparable terminology. 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) general economic and business
conditions and the competitive conditions in the baked foods
industry, including promotional and price competition, (b) changes
in consumer demand for our products, including changes in consumer
behavior, trends and preferences, including health and whole grain
trends, and the movement toward more inexpensive store-branded
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) energy and raw material costs and
availability and hedging and counterparty risk, (g) our ability to
fully integrate recent acquisitions into our business, (h) our
ability to achieve cash flow from capital expenditures and
acquisitions and the availability of new acquisitions that build
shareholder value, (i) our ability to successfully implement our
business strategies, including those strategies the company has
initiated under Project Centennial, which may involve, among other
things, the integration of recent acquisitions or the acquisition
or disposition of assets at presently targeted values, the
deployment of new systems and technology and an enhanced
organizational structure, (j) consolidation within the baking
industry and related industries, (k) disruptions in our
direct-store delivery system, including litigation or an adverse
ruling from a court or regulatory or government body that could
affect the independent contractor classification of our independent
distributors, (l) increasing legal complexity and legal proceedings
that we are or may become subject to, (m) product recalls or safety
concerns related to our products, and (n) the failure of our
information technology systems to perform adequately, including any
interruptions, intrusions or security breaches of such systems. The
foregoing list of important factors does not include all such
factors, nor necessarily present them in order of importance. In
addition, you should consult other public disclosures made by the
company, including the risk factors included in our most recently
filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission ("SEC") and
disclosures made in other filings with the SEC and company press
releases, for other factors that may cause actual results to differ
materially from those projected by the company. We caution you not
to place undue reliance on forward-looking statements, as they
speak only as of the date made and are inherently uncertain. The
company undertakes no obligation to publicly revise or update such
statements, except as required by law.
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, adjusted EBITDA, adjusted EBIT,
EBITDA margin, adjusted EBITDA margin, adjusted net income,
adjusted operating income, adjusted EPS, adjusted income tax
expense, adjusted selling, distribution and administrative expenses
(SD&A), gross margin excluding depreciation and amortization
and the ratio of net debt to adjusted EBITDA. The reconciliations
attached provide reconciliations of the non-GAAP measures used in
this presentation or release to the most comparable GAAP financial
measure. The company's definitions of these non-GAAP measures may
differ from similarly titled measures used by others. These
non-GAAP measures should be considered supplemental to, and not a
substitute for, financial information prepared in accordance with
GAAP.
The company defines EBITDA as income from operations adjusted
for depreciation and amortization. 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. EBITDA is used as the
primary performance measure in the company's 2014 Omnibus Equity
and Incentive Compensation Plan. 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.
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.
The company defines adjusted EBITDA, adjusted EBIT, EBITDA
margin, adjusted EBITDA margin, adjusted net income, adjusted
operating income, adjusted EPS, adjusted income tax expense,
adjusted selling, distribution and administrative expenses
(SD&A), respectively, excluding the impact of asset impairment
charges, Project Centennial consulting costs, lease terminations
and legal settlements, acquisition-related costs, and pension plan
settlements. Adjusted income tax expense also excludes the impact
of tax reform. The company believes that these measures, when
considered together with its GAAP financial results, provides
management and investors with a more complete understanding of its
business operating results, including underlying trends, by
excluding the effects of certain charges.
Net debt to EBITDA is used as a measure of financial leverage
employed by the company. 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.
The reconciliations attached provide reconciliations of the
non-GAAP measures used in this presentation or release to the most
comparable GAAP financial measure.
Flowers Foods,
Inc.
|
Condensed
Consolidated Statements of Income
|
(000's omitted,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 16
Week
Period Ended
|
|
For the 16 Week
Period Ended
|
|
|
|
|
April 20,
2019
|
|
April 21,
2018
|
Sales
|
$
|
1,263,895
|
$
|
1,206,453
|
Materials, supplies,
labor and other production costs (exclusive
of depreciation and amortization shown separately below)
|
|
652,141
|
|
625,122
|
Selling, distribution
and administrative expenses
|
|
476,049
|
|
454,463
|
Loss (recovery) on
inferior ingredients
|
|
(413)
|
|
-
|
Restructuring and
related impairment charges
|
|
718
|
|
1,259
|
Impairment of
assets
|
|
-
|
|
2,483
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
2,322
|
Depreciation and
amortization expense
|
|
44,819
|
|
44,189
|
Income from
operations
|
|
90,581
|
|
76,615
|
Other pension cost
(benefit)
|
|
692
|
|
(735)
|
Pension plan
settlement loss
|
|
-
|
|
4,668
|
Interest expense,
net
|
|
3,824
|
|
2,901
|
Income before income
taxes
|
|
86,065
|
|
69,781
|
Income tax
expense
|
|
20,199
|
|
18,534
|
Net
income
|
$
|
65,866
|
$
|
51,247
|
|
|
|
|
|
|
|
Net income per
diluted common share
|
$
|
0.31
|
$
|
0.24
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
211,884
|
|
211,311
|
Flowers Foods,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(000's
omitted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 20,
2019
|
|
|
December 29,
2018
|
Assets
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
11,584
|
|
$
|
25,306
|
|
|
|
|
|
|
|
Other Current
Assets
|
|
|
539,003
|
|
|
492,073
|
|
|
|
|
|
|
|
Property, Plant &
Equipment, net
|
|
|
711,765
|
|
|
743,847
|
|
|
|
|
|
|
|
Right of Use Leases,
net
|
|
|
402,382
|
|
|
-
|
|
|
|
|
|
|
|
Distributor Notes Receivable
(1)
|
|
|
229,884
|
|
|
230,470
|
|
|
|
|
|
|
|
Other Assets
|
|
|
13,565
|
|
|
13,533
|
|
|
|
|
|
|
|
Cost in Excess of Net
Tangible Assets, net
|
|
|
1,331,150
|
|
|
1,340,308
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
3,239,333
|
|
$
|
2,845,537
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
Liabilities
|
|
$
|
432,883
|
|
$
|
389,443
|
|
|
|
|
|
|
|
Long-term Debt and Capital
Lease Liabilities (2)
|
|
|
939,463
|
|
|
1,001,536
|
|
|
|
|
|
|
|
Right-of-Use Lease
Liabilities (3)
|
|
|
409,988
|
|
|
-
|
|
|
|
|
|
|
|
Other Liabilities
|
|
|
189,073
|
|
|
196,291
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
1,267,926
|
|
|
1,258,267
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
3,239,333
|
|
$
|
2,845,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes current
portion of $26,801 and $26,345, respectively.
|
|
|
|
(2) Includes current
portion of $5,000 and $10,896, respectively.
|
|
|
|
(3) Includes current
portion of $57,262.
|
|
|
|
|
|
|
Flowers Foods,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(000's
omitted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 16
Week
Period Ended
|
|
For the 16 Week
Period Ended
|
|
|
|
|
April 20,
2019
|
|
April 21,
2018
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net
income
|
|
$
|
65,866
|
$
|
51,247
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
from operating
activities:
|
|
|
|
|
|
|
Total non-cash
adjustments
|
|
|
54,777
|
|
62,184
|
|
Changes in assets and
liabilities and pension contributions
|
|
|
(24,465)
|
|
(16,319)
|
Net cash provided
by operating activities
|
|
|
96,178
|
|
97,112
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
|
(20,761)
|
|
(26,550)
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
235
|
|
499
|
|
Other
|
|
|
136
|
|
(1,378)
|
Net cash disbursed
for investing activities
|
|
|
(20,390)
|
|
(27,429)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Dividends
paid
|
|
|
(39,296)
|
|
(36,243)
|
|
Exercise of stock
options
|
|
|
-
|
|
791
|
|
Stock
repurchases
|
|
|
(7,054)
|
|
(2,489)
|
|
Net change in debt
borrowings
|
|
|
(40,500)
|
|
(1,250)
|
|
Payments on financing
leases
|
|
|
(1,872)
|
|
-
|
|
Other
|
|
|
(788)
|
|
(1,405)
|
Net cash disbursed
for financing activities
|
|
|
(89,510)
|
|
(40,596)
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(13,722)
|
|
29,087
|
Cash and cash
equivalents at beginning of period
|
|
|
25,306
|
|
5,129
|
Cash and cash
equivalents at end of period
|
|
$
|
11,584
|
$
|
34,216
|
Flowers Foods,
Inc.
|
Reconciliation of
GAAP to Non-GAAP Measures
|
(000's omitted,
except per share data)
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Earnings per Share to Adjusted
Earnings per Share
|
|
|
|
For the 16
Week
Period Ended
|
|
For the 16 Week
Period Ended
|
|
|
|
April 20,
2019
|
|
April 21,
2018
|
|
|
|
|
|
|
Net income per
diluted common share
|
|
$
0.31
|
|
$
0.24
|
Loss (recovery) on
inferior ingredients
|
|
NM
|
|
-
|
Restructuring and
related impairment charges
|
|
NM
|
|
NM
|
Project Centennial
consulting costs
|
|
-
|
|
0.02
|
Legal
settlements
|
|
NM
|
|
0.01
|
Executive retirement
agreement
|
|
NM
|
|
-
|
Canyon acquisition
costs
|
|
NM
|
|
-
|
Pension plan
settlement loss
|
|
-
|
|
0.02
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
0.01
|
Adjusted net income
per diluted common share
|
|
$
0.32
|
|
$
0.30
|
NM - not
meaningful.
|
|
|
|
|
Certain amounts
may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Gross Margin
|
|
|
|
For the 16
Week
Period Ended
|
|
For the 16 Week
Period Ended
|
|
|
|
April 20,
2019
|
|
April 21,
2018
|
Sales
|
|
$
1,263,895
|
|
$
1,206,453
|
Materials, supplies,
labor and other production costs (exclusive
of depreciation and amortization)
|
|
652,141
|
|
625,122
|
Gross Margin
excluding depreciation and amortization
|
|
611,754
|
|
581,331
|
Less depreciation and
amortization for production activities
|
|
24,978
|
|
25,285
|
Gross
Margin
|
|
$
586,776
|
|
$
556,046
|
|
|
|
|
|
|
Depreciation and
amortization for production activities
|
|
$
24,978
|
|
$
25,285
|
Depreciation and
amortization for selling, distribution and administrative
activities
|
|
19,841
|
|
18,904
|
Total depreciation
and amortization
|
|
$
44,819
|
|
$
44,189
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted EBIT and
Adjusted EBITDA
|
|
|
|
For the 16
Week
Period Ended
|
|
For the 16 Week
Period Ended
|
|
|
|
April 20,
2019
|
|
April 21,
2018
|
|
|
|
|
|
|
Net
income
|
|
$
65,866
|
|
$
51,247
|
Income tax
expense
|
|
20,199
|
|
18,534
|
Interest expense,
net
|
|
3,824
|
|
2,901
|
Other pension cost
(benefit)
|
|
692
|
|
(735)
|
Pension plan
settlement loss
|
|
-
|
|
4,668
|
Earnings before
interest and income taxes
|
|
90,581
|
|
76,615
|
Loss (recovery) on
inferior ingredients
|
|
(413)
|
|
-
|
Restructuring and
related impairment charges
|
|
718
|
|
1,259
|
Project Centennial
consulting costs
|
|
-
|
|
6,432
|
Legal
settlements
|
|
150
|
|
1,350
|
Executive retirement
agreement
|
|
1,331
|
|
-
|
Canyon acquisition
costs
|
|
22
|
|
-
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
2,322
|
Adjusted
EBIT
|
|
92,389
|
|
87,978
|
Depreciation and
amortization
|
|
44,819
|
|
44,189
|
Adjusted
EBITDA
|
|
$
137,208
|
|
$
132,167
|
|
|
|
|
|
|
Sales
|
|
$
1,263,895
|
|
$
1,206,453
|
Adjusted EBITDA
margin
|
|
10.9%
|
|
11.0%
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Income Tax Expense to Adjusted
Income Tax Expense
|
|
|
|
For the 16
Week
Period Ended
|
|
For the 16 Week
Period Ended
|
|
|
|
April 20,
2019
|
|
April 21,
2018
|
|
|
|
|
|
|
Income tax
expense
|
|
$
20,199
|
|
$
18,534
|
Tax impact
of:
|
|
|
|
|
|
Loss (recovery) on
inferior ingredients
|
|
(104)
|
|
-
|
|
Restructuring and
related impairment charges
|
|
181
|
|
318
|
|
Project Centennial
consulting costs
|
|
-
|
|
1,624
|
|
Legal
settlements
|
|
38
|
|
341
|
|
Executive retirement
agreement
|
|
336
|
|
-
|
|
Canyon acquisition
costs
|
|
6
|
|
-
|
|
Pension plan
settlement loss
|
|
-
|
|
1,179
|
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
586
|
Adjusted income tax
expense
|
|
$
20,656
|
|
$
22,582
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted Net
Income
|
|
|
|
For the 16
Week
Period Ended
|
|
For the 16 Week
Period Ended
|
|
|
|
April 20,
2019
|
|
April 21,
2018
|
|
|
|
|
|
|
Net
income
|
|
$
65,866
|
|
$
51,247
|
Loss (recovery) on
inferior ingredients
|
|
(309)
|
|
-
|
Restructuring and
related impairment charges
|
|
537
|
|
941
|
Project Centennial
consulting costs
|
|
-
|
|
4,808
|
Legal
settlements
|
|
112
|
|
1,009
|
Executive retirement
agreement
|
|
995
|
|
-
|
Canyon acquisition
costs
|
|
16
|
|
-
|
Pension plan
settlement loss
|
|
-
|
|
3,489
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
1,736
|
Adjusted net
income
|
|
$
67,217
|
|
$
63,230
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Earnings per Share - Full Year
Fiscal 2019 Guidance
|
|
|
|
Range
Estimate
|
|
|
|
|
|
|
Net income per
diluted common share
|
|
$
0.93
|
to
|
$
1.01
|
Matters affecting
comparability
|
|
0.01
|
|
0.01
|
Adjusted net income
per diluted common share
|
|
$
0.94
|
to
|
$
1.02
|
Flowers Foods,
Inc.
|
Sales
Bridge
|
(000's
omitted)
|
|
|
|
|
|
|
|
|
Sales by Sales
Class
|
For the 16
Week
Period Ended
|
For the 16 Week
Period Ended
|
|
|
|
|
|
|
April 20,
2019
|
April 21,
2018
|
$ Change
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
Branded
Retail
|
755,630
|
711,818
|
43,812
|
6.2%
|
|
|
|
Store Branded
Retail
|
193,147
|
171,828
|
21,319
|
12.4%
|
|
|
|
Non-Retail and
Other
|
315,118
|
322,807
|
(7,689)
|
-2.4%
|
|
|
|
Total
Sales
|
1,263,895
|
1,206,453
|
57,442
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
Change
|
|
|
|
|
|
|
Net
|
excluding
|
Acquisition
|
Total
|
|
|
For the 16 Week
Period Ended April 20, 2019
|
Volume
|
Price/Mix
|
Acquisition
|
Contribution
|
Sales
Change
|
|
|
|
|
|
|
|
|
|
|
Flowers
Foods
|
-0.2%
|
3.2%
|
3.0%
|
1.8%
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/flowers-foods-inc-reports-first-quarter-2019-results-300850948.html
SOURCE Flowers Foods, Inc.