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Campbell Reports Fourth-Quarter And Full-Year Results

Operating earnings declined to $134 million from $182 million in the year-ago period, primarily due to cost inflation, particularly juice concentrates and packaging materials, increased promotional spending and higher advertising expenses, partly offset by productivity improvements.

North America Foodservice

Sales for North America Foodservice were $121 million for the fourth quarter, a decrease of 3 percent compared with a year ago. A breakdown of the change in sales follows:

  • Volume and mix added 1 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 5 percent
  • Currency subtracted 1 percent

The decrease was primarily due to declines in canned soup sales.

Operating earnings decreased $6 million to $10 million due to higher promotional spending and cost inflation, partly offset by productivity improvements and higher selling prices.

For the full year, sales increased 3 percent to $610 million. A breakdown of the change in sales follows:

  • Volume and mix added 2 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 1 percent

Operating earnings were $85 million compared with $82 million in the year-ago period, an increase of 4 percent. The increase in operating earnings was primarily driven by higher selling prices and productivity improvements, partially offset by cost inflation.

Unallocated Corporate Expenses

Unallocated corporate expenses for the quarter were $33 million compared with $31 million a year ago. Unallocated expenses for the full year were $123 million versus $119 million in the prior year. Both the current fourth quarter and full year reflect $5 million of transaction costs related to the Bolthouse Farms acquisition.

Bolthouse Farms Acquisition

On Aug. 6, 2012, Campbell completed the acquisition of Bolthouse Farms for $1.55 billion, subject to customary purchase price adjustments. In the fourth quarter, Campbell recorded pre-tax transaction costs of $5 million, $3 million after-tax, or $0.01 per share, related to the acquisition. Beginning in the first quarter of fiscal 2013, Campbell’s results will include the Bolthouse Farms business.

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