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B&G Foods, Inc. (NYSE: BGS) today announced financial results for the second quarter and first two quarters of 2012.
Highlights (vs. year-ago quarter where applicable):
Net sales increased 14.8% to $148.6 million
Net income increased 27.2% to $16.0 million
Diluted earnings per share increased 26.9% to $0.33
EBITDA* increased 30.6% to $39.6 million
EBITDA guidance remains at $166.0 million to $170.0 million for the full year
David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “The significant increases in our net sales, net income, earnings per share and EBITDA during the second quarter reflect our continued success with the Culver Specialty Brands acquisition and our ability to achieve pricing gains in our base business to offset higher costs and volume weakness for the quarter in certain of our brands. We remain confident that we will deliver full-year results within our previously announced EBITDA guidance, which at the mid-point of the range reflects a 28% increase over fiscal 2011.”
Financial Results for the Second Quarter of 2012
Net sales for the second quarter of 2012 increased 14.8% to $148.6 million from $129.4 million for the second quarter of 2011. The Culver Specialty Brands, which B&G Foods acquired at the end of November 2011, contributed $19.5 million to our net sales for the quarter. For our base business, a sales price increase of $4.3 million offset by a $4.6 million unit volume decrease resulted in a $0.3 million net sales decline.
Gross profit for the second quarter of 2012 increased 22.7% to $51.8 million from $42.2 million in the second quarter of 2011. Gross profit expressed as a percentage of net sales increased 2.2 percentage points to 34.8% for the second quarter of 2012 from 32.6% in the second quarter of 2011. The increase in gross profit expressed as a percentage of net sales was primarily attributable to pricing gains of $4.3 million and a sales mix shift to higher margin products (primarily due to the Culver Specialty Brands acquisition), partially offset by commodity cost increases. Operating income increased 33.3% to $35.1 million for the second quarter of 2012, from $26.3 million in the second quarter of 2011.