Flowers Foods' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Now I will turn the call to Steve Kinsey for more information on the financial details. Steve?

Steve Kinsey



Thank you, George, and good morning everyone. Just a quick reminder that the results of Tasty Baking are reported in the direct store delivery, our DSD segment of the business.

As George said, we did meet consensus expectations from an earnings perspective in the quarter. Earnings for the quarter were also roughly in line with our internal forecasts. Input costs in the quarter, excluding the effect of the Tasty acquisition, were up approximately 12% with all major categories of cost, with the exception of natural gas being up quarter-over-quarter. The category continues to be very competitive, as Allen will discuss in a moment, and in the quarter we did absorb approximately $700,000 of unplanned interest expense related to the issuance of the 400 million 10-year senior notes, which I will discuss more fully in a moment.

Our integration of Tasty is going well and results are tracking within the ranges that we announced at the time of the acquisition. For the quarter, the Tasty EBITDA contribution was in line and they contributed approximately $0.01 to the quarter earnings. Full-year earnings are tracking on target with our full-year expectation of earnings per share of $0.04 to $0.06 that we provided earlier, and we are scheduled to have Tasty fully integrated into our ERP systems by the end of the second quarter.

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