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B&G Foods Reports Financial Results For First Quarter 2014

Stocks in this article: BGS

B&G Foods, Inc. (NYSE:BGS) today announced financial results for the first quarter of 2014.

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

  • Net sales increased 15.7% to $198.1 million
  • Net cash provided by operating activities increased 34.2% to $31.0 million
  • Adjusted EBITDA * increased 1.7% to $46.5 million
  • Increased quarterly dividend rate 3.0% to $0.34 per share beginning with the April 30, 2014 quarterly payment
  • Following quarter end, announced an agreement to acquire Specialty Brands of America, which is expected to generate on an annualized basis after being fully integrated into B&G Foods net sales of approximately $85.0 million and adjusted EBITDA of approximately $20.0 million
  • Increased adjusted EBITDA guidance for fiscal year 2014 to a range of approximately $209.0 million to $214.0 million, assuming that the Specialty Brands acquisition closes in April 2014
  • Established an adjusted diluted earnings per share guidance range of approximately $1.59 to $1.65 for fiscal year 2014

______________________________________

* Please see “About Non-GAAP Financial Measures” and Items Affecting Comparability” below for the definition of the terms adjusted net income, adjusted diluted earnings per share, EBITDA and adjusted EBITDA, as well as information concerning certain items affecting comparability and reconciliations of the non-GAAP terms adjusted net income, adjusted diluted earnings per share, EBITDA and adjusted EBITDA to the most comparable GAAP financial measures.

David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “Our very strong cash flow performance in the face of base business volume declines was encouraging and was the result of our recent acquisitions and our Continuous Improvement cost reduction efforts. Our base business net sales for the quarter were negatively impacted by general volume weakness in the industry, unusually severe weather in the Northeast and the late Easter holiday. However, we continue to believe that our base business volume will rebound by year end and we remain focused on growing both our base business and the brands we acquired last year. In addition, we believe that our acquisition of Specialty Brands, which is expected to close later this month, will be immediately accretive to our earnings per share and free cash flow and will help position B&G Foods for continued growth in 2014 and beyond.”

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