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B&G Foods Reports Financial Results For Fourth Quarter And Full-Year 2013

B&G Foods, Inc. (NYSE:BGS) today announced financial results for the fourth quarter and full-year 2013.

Highlights (vs. prior year quarter and full year where applicable):
  • Net sales increased 21.8% to $211.5 million for the quarter and 14.4% to $725.0 million for the year
  • Net income increased 96.6% to $18.8 million for the quarter due in part to a loss on extinguishment of debt experienced in the prior year quarter
  • Net income decreased 11.7% to $52.3 million for the year primarily due to 2013 loss on extinguishment of debt and acquisition related transaction costs of $23.9 million, net of tax
  • Adjusted net income 1 increased 21.8% to $20.7 million for the quarter and 14.3% to $76.3 million for the year
  • Diluted earnings per share increased 94.4% to $0.35 for the quarter and decreased 18.3% to $0.98 for the year
  • Adjusted diluted earnings per share * increased 21.9% to $0.39 for the quarter and 5.9% to $1.43 for the year
  • Adjusted EBITDA * increased 13.7% to $50.0 million for the quarter and 8.9% to $184.0 million for the year
  • The Company expects to deliver 2014 adjusted EBITDA of $198.0 million to $203.0 million

David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “2013 was an exciting and dynamic year for our Company. We completed three strategic acquisitions during the year and once again set Company records in net sales, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA. Despite industry wide volume weakness, our base business remained relatively stable, with net sales declining less than one percent for the year, while acquisitions brought overall net sales growth for the year to a 14.4% increase.”

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