Flowers Foods (NYSE: FLO) yesterday reported results for its first quarter of fiscal year 2001.
Sales for the 16-week quarter ended April 21, 2001 were $467.2 million, an increase of 3.8% over the $450.1 million recorded for the same quarter a year ago. Including all non-recurring items, net loss for the first quarter was $20.7 million, or $1.04 per share, compared to net income of $16.8 million, or $.83 per share, for the same period a year ago.
Go deeper with GlobalData
Flowers Industries’ spin off of Flowers Foods and Kellogg Company’s acquisition of Keebler Foods Company through the merger of Flowers Industries with a wholly owned subsidiary of Kellogg were completed March 26, 2001.
Flowers Bakeries, the company’s fresh baked foods unit, recorded sales of $321.6 million, a 4.4% increase over first quarter sales last year. Flowers Bakeries’ EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter was $33 million, a decline of 6.4% from last year’s first quarter. “Higher operating and information system implementation costs impacted Flowers Bakeries’ results for the quarter,” said Amos R. McMullian, chairman of the board and chief executive officer of Flowers Foods. “Flowers Bakeries generates strong cash flow and the fundamentals are in place at Flowers Bakeries to continue that performance.”
Mrs. Smith’s Bakeries reported sales of $145.7 million, an increase of 2.5% from last year’s first quarter. Mrs. Smith’s EBITDA for the quarter was $1.3 million, compared to a loss of $1.7 million in the first quarter of 2000. “Mrs. Smith’s continues to make progress. We expect Mrs. Smith’s to continue to report positive EBITDA for the remainder of the year,” McMullian said.
With the Kellogg transaction completed, Flowers Foods’ historical financial data presents Keebler as a discontinued operation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHeadquartered in Thomasville, Ga., Flowers Foods is one of the nation’s leading producers and marketers of packaged bakery foods for retail, foodservice, in-store bakery, institutional and vend customers. These products are sold under such brands as Mrs. Smith’s, Nature’s Own, and Cobblestone Mill.
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 statement contained in this release and that may affect the company’s prospects in general include, but are not limited to, changes in general economic and business conditions (including the baked foods markets), and such other factors as are described in the company’s filings with the Securities and Exchange Commission.
Flowers Foods
Consolidated Statement of Income
(000’s omitted, except per share data)
For the 16 – Week Period Ended
April 21, 2001 April 22, 2000
Sales $467,239 100.0 % $450,101 100.0 %
Materials, supplies, labor and other
production costs 253,492 54.3 244,345 54.3
Gross margin 213,747 45.7 205,756 45.7
Selling, marketing and
administrative expenses 188,688 40.4 177,787 39.5
Depreciation and amortization 21,022 4.5 19,541 4.3
Insurance proceeds, net (6,789) (1.5) 0 0.0
Separation and other contractual
payments 27,952 6.0 0 0.0
(Loss) Income before interest,
taxes, extraordinary gain and
discontinued operations (17,126) (3.7) 8,428 1.9
Interest expense, net 17,578 3.8 19,255 4.3
(Loss) before taxes, extraordinary
gain and discontinued operations (34,704) (7.4) (10,827) (2.4)
Income tax benefit (9,023) (1.9) (3,531) (0.8)
(Loss) before extraordinary gain and
discontinued operations (25,681) (5.5) (7,296) (1.6)
Extraordinary gain on early
extinguishment of debt 5,000 1.1 0 0.0
Net income from discontinued
operations 0 0.0 24,053 5.3
Net (loss) income $(20,681) (4.4)% $16,757 3.7 %
EBITDA from Continuing Operations $25,059 5.4 % $27,969 6.2 %
Net (loss) income per common share $(1.04) $0.83
Weighted average shares
outstanding 19,866 20,079
Flowers Foods
Segment Data
(000’s omitted)
For the 16 – Week Period Ended
April 21, 2001 April 22, 2000
Sales:
Flowers Bakeries $321,565 $307,957
Mrs. Smith’s Bakeries 145,674 142,144
$467,239 $450,101
EBITDA from Continuing Operations:
Flowers Bakeries $32,985 $35,246
Mrs. Smith’s Bakeries 1,321 (1,687)
Flowers Foods (9,247) (5,590)
$25,059 $27,969
Flowers Foods
Condensed Consolidated Balance Sheet
(000’s omitted)
April 21, 2001 December 30, 2000
Assets
Current Assets $296,570 $267,300
Property, Plant & Equipment, net 621,836 569,474
Other Assets 113,588 33,063
Net Assets of Discontinued
Operations 567,449
Cost in Excess of Net Tangible
Assets, net 124,608 125,360
Total Assets $1,156,602 $1,562,646
Liabilities and Stockholders’ Equity
Current Liabilities $181,967 $182,367
Long-Term Debt 311,798 247,847
Other Liabilities 46,549 45,774
Liabilities to be Settled by
Others 584,198
Common Stockholders’ Equity 616,288 502,460
Total Liabilities and
Stockholders’ Equity $1,156,602 $1,562,646
