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Hillshire Brands Management Discusses Q4 2012 Results - Earnings Call Transcript

Stocks in this article: HSH

I'd like to remind you that in our financial slides, we will only be talking about results through operating segment income from continuing operations. In connection with the June 28, 2012, spin-off of the company's international coffee and tea business into an independent public company named D.E MASTER BLENDERS 1753, Hillshire Brands has classified that historic results of its spun off international coffee and tea operation as discontinued operation. We issued a press release on August 1, reporting that accounting irregularities involving the previously reported financial results for the Brazilian operation of D.E MASTER BLENDERS were discovered. And as a result, D.E MASTER BLENDERS will restate its previously issued financial statement.

Hillshire Brands also reported that it will restate its previously issued financial statements to reflect the impact on its results from discontinued operation. There is not expected to be a meaningful impact on the results of operating segment income from continuing ops, and the restatement is not expected to impact Hillshire Brands' fiscal 2013 results. An investigation is being conducted by D.E MASTER BLENDERS. And as the investigation is still ongoing, we will not be providing additional commentary on this matter during today's call.

Our results were released at 6:30 a.m. Central Time this morning, and you can find that release along with the slides that we'll be reviewing today posted to our website. We expect our 10-K to be filed by the end of August pending the completion of the investigation in Brazil.

I'd now like to refer you to the forward-looking statement currently displayed and remind you that during today's call, we may make forward-looking statements about future operations, financial performance, business conditions and our outlook for 2013. Actual results may differ from those expressed or implied in these statements, and all explanations of non-GAAP financial measures are included in our release.

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