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Flowers Foods' CEO Hosts Analyst Day (Transcript)

Well that has not happened and so we are at the point and we will have an announcement sometimes in the near future about our plans on future growth of bread and rolls in this market. But today I am not prepared to say that because it will be more than likely building of a new facility or using one of our present facilities to expand, so more news coming on that later. And Tastykake discussion is all about growth and as I sat and talked to you last night and I have told everyone since that day I thought it would be a watershed in the company because I felt saying year after year, after year, that we will have continued growth on Tastykake, not particularly in Philadelphia, we already have a great share here even though I think it will be great. I think the big growth in the cake business will come in the rest of the Flowers territory where Tastykake is new and I think that will be year-after-year-after-year-after-year until we reach a mature stage in the cake business throughout the rest of the company.

So two big reasons for Tasty that acquisition, one is already paying off exceeding expectations and number two being able to go to the rest of this market, well it is yet to come. But also we feel like that will also meet and beat expectations when we get there. The whole focus of our presentation today is about long-term growth. I think that Allen and his team will be looking into that, but before we get to that long-term growth, I would like to talk just briefly about the operating environment today that we see and first one I would like to mention is the input cost which we all know has been volatile for the past three or four years, stable for years. You might have a [peep] because of some crisis, but in truth and I have told you many times, the average price of wheat in most of my career has always been in that 350 to 360 neighborhood is exactly twice as the roughly $7 if you went out and bought wheat today.

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