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B&G Foods Reports Second Quarter 2013 Financial Results

Stocks in this article: BGS

B&G Foods, Inc. (NYSE: BGS) today announced financial results for the second quarter and first two quarters of 2013.

Highlights (vs. year-ago quarter where applicable):

  • Net sales increased 8.3% to $160.9 million
  • Operating income increased 3.2% to $36.2 million
  • Net loss was $1.4 million, after giving effect to $18.7 million of after-tax charges related to debt refinancing and acquisition-related transaction costs
  • Adjusted net income* increased 8.0% to $17.3 million
  • Loss per share was $0.03, after giving effect to $0.36 per share of after-tax charges related to debt refinancing and acquisition-related transaction costs
  • Adjusted diluted earnings per share* remained consistent at $0.33
  • Adjusted EBITDA * increased 7.0% to $42.4 million
  • Adjusted EBITDA guidance increased to a range of $187.0 million to $191.0 million for the full year based primarily on the recent Pirate Brands acquisition

Commenting on the results, David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “The second quarter was a very successful quarter for B&G Foods. In May we completed the acquisition of the TrueNorth brand and in June we entered into an agreement to buy Pirate Brands, a leader in the all-natural snack foods category. During the second quarter we also issued $700 million of senior notes at the very favorable interest rate of 4.625% and early in the third quarter increased our revolver capacity by $100.0 million. We used the proceeds from the refinancing to retire our 7.625% senior notes, repay our tranche B term loans and to fund the Pirate Brands acquisition, which closed early in the third quarter. We believe that by improving our debt profile, we are in a very strong position to continue to pursue accretive acquisitions.”

Mr. Wenner continued, “The quarter left our net sales volumes for our base business slightly positive for the first half of the year. We continue to grow the brands most important to us; Tier I brands were up for both the quarter and the first half. Declines in other areas centered primarily on weak second quarter foodservice sales and continued weakness in certain Northeast retail customers.”

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