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B&G Foods Reports Strong Net Sales And Earnings Growth For Fourth Quarter And Full-Year 2012

EBITDA and adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to operating income or net income as an indicator of operating performance or any other GAAP measure. EBITDA and adjusted EBITDA are not complete net cash flow measures because EBITDA and adjusted EBITDA are measures of liquidity that do not include reductions for cash payments for an entity’s obligation to service its debt, fund its working capital, capital expenditures and acquisitions and pay its income taxes and dividends. Rather, EBITDA and adjusted EBITDA are two potential indicators of an entity’s ability to fund these cash requirements. EBITDA and adjusted EBITDA are not complete measures of an entity’s profitability because they do not include costs and expenses for depreciation and amortization, interest and related expenses, loss on extinguishment of debt, acquisition-related transaction costs and income taxes. Because not all companies use identical calculations, this presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. However, EBITDA and adjusted EBITDA can still be useful in evaluating our performance against our peer companies because management believes these measures provide users with valuable insight into key components of GAAP amounts.

B&G Foods, Inc. and Subsidiaries

Items Affecting Comparability — Reconciliation of Adjusted Information to GAAP Information

(In thousands, except per share data)

  Fourth Quarter Ended   Year Ended
December 29, 2012   December 31, 2011 December 29, 2012   December 31, 2011
Reported net income $ 9,559 $ 12,255 $ 59,260 $ 50,243
Loss on extinguishment of debt, net of tax (1) 6,707 6,707
Acquisition-related transaction costs, net of tax 745 906 745 906
Non-cash adjustments on interest rate swap,net of tax (2)     1,533     1,953
Adjusted net income $ 17,011 $ 14,694 $ 66,712 $ 53,102
Adjusted diluted earnings per share $ 0.32 $ 0.30 $ 1.35 $ 1.09

(1) Loss on extinguishment of debt for the fourth quarter and full-year fiscal 2012 includes costs relating to our partial redemption of $101.5 million aggregate principal amount of our 7.625% senior notes, including the repurchase premium and other expenses of $7.7 million, the write-off of deferred debt financing costs of $1.5 million and the write-off of unamortized discount of $0.5 million. Loss on extinguishment during fiscal 2012 also includes costs related to the amendment and restatement of our credit agreement, including the write-off of deferred debt financing costs of $0.4 million, unamortized discount of $0.1 million and other expenses of $0.2 million. During fiscal 2011 B&G Foods did not have any loss on extinguishment of debt.

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