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TheStreet Open House

Flowers Foods' CEO Hosts Analyst Day (Transcript)

I'm happy to be in Philadelphia, home of Tastykake and as you know in past years when we have had a new company that’s come into the company or when we build new facilities we have tried to have our Analyst Day at those locations. So it's great today to be in Philadelphia, the home of Tasty Baking. As I think back to this time last year, I think about the Analyst Day in New York. We had just came out of our strategic planning meeting with our Board of Directors and at the analyst meeting last year, we laid out after approval from our Board of Directors a new five-year plan for Flowers Foods.

And it was amazing that and that was in I believe late March and by the end of May, we came back to the market and said here is evidence of our growth plan, Tasty Baking has joined our company, some $185 million-$200 million in sales and we are happy as we can be to have that iconic brand in the portfolio of stable brands with the company and that was a real evidence to our shareholders and people who have followed us that we are very serious about our five-year plan.

As I stated that Tasty brought this iconic brand to state-of-the-art bakeries in Pennsylvania and access to the market in the mid-Atlantic and of course to the northeast. And so there is really two reasons why we felt like Tastykake was going to be a great addition to this company; one why is that brand iconic brand, that we felt like we could take nationwide on our distribution system to give us that big uplift in cake sales that we had been underdeveloped in all of our careers at Flowers. And I will tell you that so far we are meeting and beating those expectations that we knew could happen on the cake side. The second part of the Tastykake acquisition was we wanted to be throughout the mid-Atlantic with our Nature’s Own brand and other brands of bread, bun and rolls that were produced by Flowers Foods and not too long after that, but about the same time I guess, the acquisition of Sara Lee by Bimbo came about and we are patient and said we think there might be some opportunities out of those divestitures that would help us get to this part of the world a lot quicker.

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