As described in the Note below, for the fourth quarter of 2013, these results, prepared in accordance with U.S. generally accepted accounting principles (GAAP), included pre-tax charges of $10.9 million or $0.04 per share-diluted. These charges included $5.5 million, or $0.02 per share-diluted, primarily related to the Project Next Century program, $3.0 million, or $0.02 per share-diluted, of acquisition and integration costs and non-service-related pension expense (NSRPE) of $2.4 million. Reported gross margin of 43.8 percent increased 70 basis points versus last year, while reported income before interest and income taxes (EBIT) increased 22.0 percent, generating EBIT margin of 15.8 percent, an increase of 140 basis points versus 2012. For the fourth quarter of 2012, results included net pre-tax charges of $24.3 million or $0.08 per share-diluted. These charges included $7.9 million, or $0.03 per share-diluted, related to the Project Next Century program, NSRPE of $7.6 million, or $0.02 per share-diluted, and acquisition and integration costs related to Brookside Foods Ltd. (Brookside) of $1.3 million. Additionally, in the fourth quarter of 2012, the Company recorded a non-cash impairment charge of $7.5 million, or $0.03 per share-diluted, related to its 69 percent investment in Tri-US, Inc. of Boulder, Colorado, a company that manufactured nutritional beverages under the “ Mix1” brand name.
For the full year 2013, consolidated net sales were $7,146,079,000, compared with $6,644,252,000 in 2012, an increase of 7.6 percent. Reported net income for 2013 was $820,470,000, or $3.61 per share-diluted, compared with $660,931,000 or $2.89 per share-diluted, for 2012. As described in the Note, for the full years 2013 and 2012, these results, prepared in accordance with GAAP, included net pre-tax charges of $34.0 million and $117.7 million, or $0.11 and $0.35 per share-diluted, respectively. Charges associated with the Project Next Century program for 2013 and 2012 were $19.1 million and $76.3 million, or $0.05 and $0.22 per share-diluted. NSRPE for 2013 and 2012 was $10.9 million and $20.6 million, or $0.03 and $0.06 per share-diluted, respectively.
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