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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV