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Annie's CEO Discusses F1Q13 Results - Earnings Call Transcript

We achieved 20% top line growth to $34.3 million in net sales, and net income of $2.1 million or adjusted EPS of $0.12. Shipment growth was led by particularly strong performance in both the natural and grocery channel. Consumption growth remained very strong in all three of our key channels natural, grocery and mass this quarter following in aggregate range of approximately 16% to 18%. The acceleration of consumption trends that we saw in our Q3 and Q4 timeframe last fiscal year continued unabated in Q1.

Our meals category was the real star in Q1 showing 40% growth driven by macaroni and cheese, which is benefiting from execution of our mainline distribution initiative. While Mac & Cheese was the predominant driver of meal growth in Q1, sales also benefited from our initial Organic Rising Crust Pizza launch.

Our four strategic growth drivers are: number one expanding mainstream distribution. Number two, improving placement locations in stores. Three, increasing our brand awareness and household penetration, and four, continuing to deliver exciting innovation that our consumers love.

In the first quarter, we saw continued progress in both building deeper distribution and in our efforts to move our best selling items out of standalone natural section, and into mainline grocery aisles. When we are located in the main aisle, we know we have a much better growth and share opportunities in our category. Retailers continue to embrace the initiative understanding that it results in greater customer satisfaction, store loyalty and profit potential.

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