— Narrows Fiscal 2012 Guidance —
PARSIPPANY, N.J.--(BUSINESS WIRE)--Oct. 18, 2012--
B&G Foods, Inc. (NYSE: BGS) today announced financial results for the
third quarter and first three quarters of 2012.
Highlights (vs. year-ago quarter where applicable):
-
Net sales increased 15.9% to $154.2 million
-
Net income increased 39.8% to $16.9 million
-
Diluted earnings per share increased 40.0% to $0.35
-
EBITDA1 increased 37.7% to $42.8 million
-
EBITDA guidance has been narrowed to a range of $168.0 million to
$170.0 million for the full year, the higher end of the Company’s
prior guidance
David L. Wenner, President and Chief Executive Officer of B&G Foods,
stated, “The strong improvement in key metrics – net sales, net income,
earnings per share and EBITDA – reflects the continued success of the
Culver Specialty Brands acquisition and improving sales trends in our
base business. Margins in the base business improved as we realized
strong pricing and increased sales of higher-margin products. At the end
of the quarter we announced an agreement to acquire the New York Style
and Old London brands, which we expect to complete by year end.
We are very excited to add these brands to the B&G Foods family as they
mark our entry into the fast growing snack category. We expect this
acquisition to be immediately accretive to our earnings per share and
free cash flow.”
Financial Results for the Third Quarter of 2012
Net sales for the third quarter of 2012 increased 15.9% to $154.2
million from $133.0 million for the third quarter of 2011. The Culver
Specialty Brands, which B&G Foods acquired at the end of November 2011,
contributed $20.2 million to net sales for the quarter. For B&G Foods’
base business, a sales price increase of $3.5 million partially offset
by a $2.6 million unit volume decrease resulted in a net sales increase
of $0.9 million.
Gross profit for the third quarter of 2012 increased 33.4% to $55.3
million from $41.5 million in the third quarter of 2011. Gross profit
expressed as a percentage of net sales increased 4.7 percentage points
to 35.9% for the third quarter of 2012 from 31.2% in the third quarter
of 2011. The increase in gross profit expressed as a percentage of net
sales was primarily attributable to pricing gains of $3.5 million and a
sales mix shift to higher margin products (primarily due to the Culver
Specialty Brands acquisition), partially offset by commodity cost
increases. Operating income increased 41.5% to $38.3 million for the
third quarter of 2012, from $27.1 million in the third quarter of 2011.
Net interest expense for the third quarter of 2012 increased $3.7
million or 44.1% to $12.0 million from $8.3 million for the third
quarter of 2011. The increase in net interest expense for the third
quarter was primarily attributable to an increase in the Company’s
indebtedness to finance the Culver Specialty Brands acquisition, and an
additional $0.8 million of amortization of deferred debt financing costs
and bond discount relating to the acquisition financing.
The Company’s reported net income under U.S. generally accepted
accounting principles (GAAP) was $16.9 million, or $0.35 per diluted
share, for the third quarter of 2012, as compared to reported net income
of $12.1 million, or $0.25 per diluted share, for the third quarter of
2011. The Company’s adjusted net income for the third quarter of 2011
was $12.4 million.
For the third quarter of 2012, EBITDA increased 37.7% to $42.8 million
from $31.1 million for the third quarter of 2011.
Financial Results for the First Three Quarters of 2012
Net sales for the first three quarters of 2012 increased 16.8% to $460.1
million from $393.9 million for the first three quarters of 2011. Net
sales of the Culver Specialty Brands contributed $65.3 million to the
Company’s net sales for the first three quarters of 2012. Net sales for
the base business increased $0.9 million, with a sales price increase of
$10.3 million offset by a $9.4 million unit volume decline.
Gross profit for the first three quarters of 2012 increased 27.5% to
$163.9 million from $128.5 million in the first three quarters of 2011.
Gross profit expressed as a percentage of net sales increased 3.0
percentage points to 35.6% in the first three quarters of 2012 from
32.6% in the first three quarters of 2011. The increase in gross profit
expressed as a percentage of net sales was primarily attributable to
pricing gains of $10.3 million and a sales mix shift to higher margin
products (primarily due to the Culver Specialty Brands acquisition),
partially offset by commodity cost increases. Operating income increased
35.3% to $111.6 million in the first three quarters of 2012, from $82.5
million in the first three quarters of 2011.
Net interest expense for the first three quarters of 2012 increased
$11.0 million or 44.2% to $35.8 million from $24.9 million in the first
three quarters of 2011. The increase in net interest expense for the
first three quarters was primarily attributable to an increase in
indebtedness to finance the Culver Specialty Brands acquisition, and an
additional $2.3 million of amortization of deferred debt financing costs
and bond discount relating to the acquisition financing.
The Company’s reported net income under U.S. GAAP was $49.7 million, or
$1.02 per diluted share, for the first three quarters of 2012, as
compared to reported net income of $38.0 million, or $0.78 per diluted
share, for the first three quarters of 2011. The Company’s adjusted net
income for the first three quarters of 2011 was $38.4 million, and
adjusted diluted earnings per share was $0.79.
For the first three quarters of 2012, EBITDA increased 32.4% to $125.0
million from $94.5 million for the first three quarters of 2011.
Guidance
B&G Foods now expects that EBITDA for fiscal 2012 will be at the higher
end of its prior guidance and range from approximately $168.0 million to
$170.0 million. This guidance excludes the impact of the pending
acquisition described below.
New York Style and Old London Acquisition
On September 19, 2012, B&G Foods announced an agreement to acquire the
New York Style and Old London brands from
Chipita America, Inc. for approximately $62.5 million in cash. The
acquisition includes a manufacturing facility in Yadkinville, North
Carolina. Subject to the satisfaction of customary closing conditions.
B&G Foods expects the acquisition to close during the fourth quarter of
2012.
Common Stock Offering
On October 9, 2012, B&G Foods completed an underwritten public offering
of 4,173,540 shares of its common stock. The proceeds of the offering
were approximately $120.3 million, after deducting underwriting
discounts and commissions and other estimated offering expenses. The
offering was made by means of a prospectus and the related prospectus
supplement included as part of an effective shelf registration statement
previously filed with the SEC. B&G Foods expects to use the net proceeds
of the offering for general corporate purposes, which may include among
other things, the payment of all or a portion of the purchase price and
related transaction costs for the New York Style and Old London
brands acquisition or any future acquisitions, and the repayment or
retirement of a portion of B&G Foods’ long-term debt.
Increase in Quarterly Dividend Rate
On October 16, 2012, the Company announced that its Board of Directors
has increased the Company’s quarterly dividend rate from $0.27 per share
of common stock to $0.29 per share of common stock. On an annualized
basis, the dividend increases from $1.08 per share to $1.16 per share.
The first quarterly dividend at the new rate is payable on January 30,
2013 to shareholders of record as of December 31, 2012. At the closing
market price of the common stock on October 16, 2012, the new dividend
represents an annualized yield of 4.1%.
Conference Call
B&G Foods will hold a conference call at 4:30 p.m. ET today, October 18,
2012. The call will be webcast live from B&G Foods’ website at www.bgfoods.com
under “Investor Relations—Company Overview.” The call can also be
accessed live over the phone by dialing (888) 337-8192 for U.S. callers
or (719) 325-2207 for international callers.
A replay of the call will be available one hour after the call and can
be accessed by dialing (877) 870-5176 or (858) 384-5517 for
international callers; the password is 4769596. The replay will be
available from October 18, 2012 through November 1, 2012. Investors may
also access a web-based replay of the call at the Investor Relations
section of B&G Foods’ website, www.bgfoods.com.
__________________________________________
1 Please see “About Non-GAAP Financial Measures and Items
Affecting Comparability” below for the definition of the term EBITDA and
a reconciliation of EBITDA to the most comparable GAAP financial
measures.
About Non-GAAP Financial Measures and Items Affecting Comparability
“Adjusted net income,” “adjusted diluted earnings per share” and
“EBITDA” (net income before net interest expense, income taxes,
depreciation and amortization and loss on extinguishment of debt) are
“non-GAAP financial measures.” A non-GAAP financial measure is a
numerical measure of financial performance that excludes or includes
amounts so as to be different than the most directly comparable measure
calculated and presented in accordance with GAAP in B&G Foods’
consolidated balance sheets and related consolidated statements of
operations, comprehensive income, changes in stockholder’s equity and
cash flows. Non-GAAP financial measures should not be considered in
isolation or as a substitute for the most directly comparable GAAP
measures. The Company’s non-GAAP financial measures may be different
from non-GAAP financial measures used by other companies.
The Company uses “adjusted net income” and “adjusted diluted earnings
per share,” which are calculated as reported net income and reported
diluted earnings per share adjusted for certain items that affect
comparability. These non-GAAP financial measures reflect adjustments to
reported net income and diluted earnings per share to eliminate the
items identified below. This information is provided in order to allow
investors to make meaningful comparisons of the Company’s operating
performance between periods and to view the Company’s business from the
same perspective as the Company’s management. Because the Company cannot
predict the timing and amount of charges associated with unrealized
gains or losses on the Company’s interest rate swap and gains or losses
on extinguishment of debt, management does not consider these costs when
evaluating the Company’s performance or when making decisions regarding
allocation of resources.
Additional information regarding EBITDA, and a reconciliation of EBITDA
to net income and to net cash provided by operating activities is
included below for the third quarter and first three quarters of 2012
and 2011, along with the components of EBITDA. Also included below are
reconciliations of the non-GAAP terms adjusted net income and adjusted
diluted earnings per share to reported net income and reported diluted
earnings per share.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and distribute a
diversified portfolio of high-quality, shelf-stable foods across the
United States, Canada and Puerto Rico. B&G Foods’ products include hot
cereals, fruit spreads, canned meats and beans, spices, seasonings,
marinades hot sauces, wine vinegar, maple syrup, molasses, salad
dressings, Mexican-style sauces, taco shells and kits, salsas, pickles,
peppers and other specialty food products. B&G Foods competes in the
retail grocery, food service, specialty, private label, club and mass
merchandiser channels of distribution. Based in Parsippany, New Jersey,
B&G Foods’ products are marketed under many recognized brands, including Ac’cent,
B&G, B&M, Baker’s Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Don
Pepino, Emeril’s, Grandma’s Molasses, Joan of Arc, Las Palmas,
Maple Grove Farms of Vermont, Molly McButter, Mrs. Dash, Ortega,
Polaner, Red Devil, Regina, Sa-són, Sclafani, Sugar Twin, Trappey’s,
Underwood, Vermont Maid and Wright’s. B&G Foods also
sells and distributes two branded household products, Static Guard
and Kleen Guard.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.” The
forward-looking statements contained in this press release include,
without limitation, statements related to B&G Foods’ EBITDA expectations
for fiscal 2012; the planned acquisition of the New York Style and Old
London brands and the timing thereof; the expected impact of the planned
acquisition, including without limitation the expected impact on
B&G Foods’ earnings per share and free cash flow; and the use of
proceeds of the common stock offering. Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause the actual results of B&G Foods to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements. In
addition to statements that explicitly describe such risks and
uncertainties readers are urged to consider statements labeled with the
terms “believes,” “belief,” “expects,” “projects,” “intends,”
“anticipates” or “plans” to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject generally
to other risks and uncertainties that are described from time to time in
B&G Foods’ filings with the Securities and Exchange Commission,
including under Item 1A, “Risk Factors” in the Company’s most recent
Annual Report on Form 10-K for fiscal 2011 filed on February 28, 2012
and in its subsequent reports on Form 10-Q and 8-K. Investors are
cautioned not to place undue reliance on any such forward looking
statements, which speak only as of the date they are made. B&G Foods
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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B&G Foods, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
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Assets
|
|
|
September 29, 2012
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December 31, 2011
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Current assets:
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|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
15,350
|
|
|
|
$
|
16,738
|
|
|
Trade accounts receivable, net
|
|
|
|
41,124
|
|
|
|
|
39,476
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|
|
Inventories
|
|
|
|
107,236
|
|
|
|
|
85,234
|
|
|
Prepaid expenses
|
|
|
|
2,723
|
|
|
|
|
4,551
|
|
|
Income tax receivable
|
|
|
|
3,383
|
|
|
|
|
2,529
|
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|
Deferred income taxes
|
|
|
|
1,855
|
|
|
|
|
1,696
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|
Total current assets
|
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|
|
171,671
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|
|
|
|
150,224
|
|
|
|
|
|
|
|
|
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|
Property, plant and equipment, net of accumulated depreciation of
$97,299 and $89,856
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62,241
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|
61,930
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Goodwill
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|
262,977
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|
|
|
|
262,827
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Other intangibles, net
|
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|
|
628,455
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|
|
|
|
634,522
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Other assets
|
|
|
|
20,386
|
|
|
|
|
23,420
|
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Total assets
|
|
|
$
|
1,145,730
|
|
|
|
$
|
1,132,923
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|
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|
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Liabilities and Stockholders’ Equity
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Current liabilities:
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Trade accounts payable
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$
|
29,308
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|
$
|
24,427
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Accrued expenses
|
|
|
|
19,174
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|
|
|
|
26,719
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|
|
Current portion of long-term debt
|
|
|
|
15,375
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|
|
|
|
9,750
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|
|
Dividends payable
|
|
|
|
13,065
|
|
|
|
|
10,971
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Total current liabilities
|
|
|
|
76,922
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|
|
|
|
71,867
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|
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|
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|
|
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Long-term debt
|
|
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|
698,019
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|
|
|
|
710,357
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Other liabilities
|
|
|
|
6,890
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|
|
|
|
9,409
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|
|
Deferred income taxes
|
|
|
|
117,180
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|
|
|
|
105,743
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Total liabilities
|
|
|
|
899,011
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|
|
|
|
897,376
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Commitments and contingencies
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Stockholders’ equity:
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Preferred stock, $0.01 par value per share. Authorized 1,000,000
shares; no shares issued or outstanding
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—
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—
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Common stock, $0.01 par value per share. Authorized 125,000,000
shares; 48,387,225 and 47,700,132 shares issued and outstanding as
of September 29, 2012 and December 31, 2011
|
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|
|
484
|
|
|
|
|
477
|
|
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Additional paid-in capital
|
|
|
|
120,953
|
|
|
|
|
159,916
|
|
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Accumulated other comprehensive loss
|
|
|
|
(10,003
|
)
|
|
|
|
(10,430
|
)
|
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Retained earnings
|
|
|
|
135,285
|
|
|
|
|
85,584
|
|
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Total stockholders’ equity
|
|
|
|
246,719
|
|
|
|
|
235,547
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
1,145,730
|
|
|
|
$
|
1,132,923
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B&G Foods, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
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Thirteen Weeks Ended
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Thirty-nine Weeks Ended
|
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|
|
September 29,
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October 1,
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September 29,
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|
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October 1,
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|
|
|
|
2012
|
|
|
2011
|
|
|
2012
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|
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2011
|
|
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|
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Net sales
|
|
|
$
|
154,155
|
|
|
$
|
133,010
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|
|
$
|
460,106
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|
|
$
|
393,868
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Cost of goods sold
|
|
|
|
98,876
|
|
|
|
91,560
|
|
|
|
296,246
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|
|
|
265,382
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Gross profit
|
|
|
|
55,279
|
|
|
|
41,450
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|
|
|
163,860
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|
|
|
128,486
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Operating expenses:
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Selling, general and administrative expenses
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|
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14,937
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|
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|
12,725
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|
|
|
46,206
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|
|
|
41,069
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Amortization expense
|
|
|
|
2,022
|
|
|
|
1,637
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|
|
|
6,067
|
|
|
|
4,913
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Operating income
|
|
|
|
38,320
|
|
|
|
27,088
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|
|
|
111,587
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|
82,504
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Other expenses:
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Interest expense, net
|
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|
11,994
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|
|
|
8,323
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|
|
|
35,845
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|
|
|
24,854
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Income before income tax expense
|
|
|
|
26,326
|
|
|
|
18,765
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|
|
|
75,742
|
|
|
|
57,650
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Income tax expense
|
|
|
|
9,429
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|
|
|
6,681
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|
|
|
26,041
|
|
|
|
19,662
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Net income
|
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|
$
|
16,897
|
|
|
$
|
12,084
|
|
|
|
49,701
|
|
|
|
37,988
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Weighted average shares outstanding:
|
|
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Basic
|
|
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|
48,387
|
|
|
|
47,822
|
|
|
|
48,267
|
|
|
|
47,903
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Diluted
|
|
|
|
48,743
|
|
|
|
48,479
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|
|
|
48,597
|
|
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|
48,574
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Earnings per share:
|
|
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Basic
|
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$
|
0.35
|
|
|
$
|
0.25
|
|
|
$
|
1.03
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|
|
$
|
0.79
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Diluted
|
|
|
$
|
0.35
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|
|
$
|
0.25
|
|
|
$
|
1.02
|
|
|
$
|
0.78
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Cash dividends declared per share
|
|
|
$
|
0.27
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|
|
$
|
0.21
|
|
|
$
|
0.81
|
|
|
$
|
0.63
|
|
|
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|
|
|
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B&G Foods, Inc. and Subsidiaries
Reconciliation of EBITDA to Net Income and to Net Cash Provided
by Operating Activities
(In thousands)
(Unaudited)
|
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|
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|
|
Thirteen Weeks Ended
|
|
|
Thirty-nine Weeks Ended
|
|
|
|
|
September 29,
|
|
|
October 1,
|
|
|
September 29,
|
|
|
October 1,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
16,897
|
|
|
|
$
|
12,084
|
|
|
|
$
|
49,701
|
|
|
|
$
|
37,988
|
|
|
Income tax expense
|
|
|
|
9,429
|
|
|
|
|
6,681
|
|
|
|
|
26,041
|
|
|
|
|
19,662
|
|
|
Interest expense, net(1)
|
|
|
|
11,994
|
|
|
|
|
8,323
|
|
|
|
|
35,845
|
|
|
|
|
24,854
|
|
|
Depreciation and amortization
|
|
|
|
4,529
|
|
|
|
|
4,038
|
|
|
|
|
13,443
|
|
|
|
|
11,964
|
|
|
Loss on extinguishment of debt
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
EBITDA(2)
|
|
|
|
42,849
|
|
|
|
|
31,126
|
|
|
|
|
125,030
|
|
|
|
|
94,468
|
|
|
Income tax expense
|
|
|
|
(9,429
|
)
|
|
|
|
(6,681
|
)
|
|
|
|
(26,041
|
)
|
|
|
|
(19,662
|
)
|
|
Interest expense, net
|
|
|
|
(11,994
|
)
|
|
|
|
(8,323
|
)
|
|
|
|
(35,845
|
)
|
|
|
|
(24,854
|
)
|
|
Deferred income taxes
|
|
|
|
4,345
|
|
|
|
|
2,527
|
|
|
|
|
10,967
|
|
|
|
|
12,647
|
|
|
Amortization of deferred financing costs and bond discount
|
|
|
|
1,257
|
|
|
|
|
500
|
|
|
|
|
3,771
|
|
|
|
|
1,500
|
|
|
Realized gain on interest rate swap
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(612
|
)
|
|
Reclassification to net interest expense for interest rate swap
|
|
|
|
—
|
|
|
|
|
423
|
|
|
|
|
—
|
|
|
|
|
1,270
|
|
|
Share-based compensation expense
|
|
|
|
871
|
|
|
|
|
825
|
|
|
|
|
2,900
|
|
|
|
|
2,697
|
|
|
Excess tax benefits from share-based compensation
|
|
|
|
(43
|
)
|
|
|
|
—
|
|
|
|
|
(8,031
|
)
|
|
|
|
(1,117
|
)
|
|
Changes in assets and liabilities
|
|
|
|
(16,160
|
)
|
|
|
|
(7,285
|
)
|
|
|
|
(19,255
|
)
|
|
|
|
(27,044
|
)
|
|
Net cash provided by operating activities
|
|
|
$
|
11,696
|
|
|
|
$
|
13,112
|
|
|
|
$
|
53,496
|
|
|
|
$
|
39,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Net interest expense in the first three quarters of 2011 includes
a benefit of $0.6 million relating to the realized gain on an
interest rate swap, and in the third quarter and first three
quarters of 2011, a charge for the reclassification of the amount
recorded in accumulated other comprehensive loss related to the
swap of $0.4 million and $1.3 million, respectively.
|
|
|
|
|
|
(2)
|
|
EBITDA is a non-GAAP financial measure used by management to
measure operating performance. A non-GAAP financial measure is
defined as a numerical measure of our financial performance that
excludes or includes amounts so as to be different than the most
directly comparable measure calculated and presented in accordance
with GAAP in our consolidated balance sheets and related
consolidated statements of operations, comprehensive income,
changes in stockholders’ equity and cash flows. We define EBITDA
as net income before net interest expense, income taxes,
depreciation and amortization and loss on extinguishment of debt.
Management believes that it is useful to eliminate net interest
expense, income taxes, depreciation and amortization and loss on
extinguishment of debt because it allows management to focus on
what it deems to be a more reliable indicator of ongoing operating
performance and our ability to generate cash flow from operations.
We use EBITDA in our business operations, among other things, to
evaluate our operating performance, develop budgets and measure
our performance against those budgets, determine employee bonuses
and evaluate our cash flows in terms of cash needs. We also
present EBITDA because we believe it is a useful indicator of our
historical debt capacity and ability to service debt and because
covenants in our credit agreement and our senior notes indenture
contain ratios based on this measure. As a result, internal
management reports used during monthly operating reviews feature
the EBITDA metric. However, management uses this metric in
conjunction with traditional GAAP operating performance and
liquidity measures as part of its overall assessment of company
performance and liquidity and therefore does not place undue
reliance on this measure as its only measure of operating
performance and liquidity.
|
|
|
|
|
|
|
|
EBITDA is not a recognized term under GAAP and does not purport to
be an alternative to operating income or net income as an indicator
of operating performance or any other GAAP measure. EBITDA is not a
complete net cash flow measure because EBITDA is a measure of
liquidity that does not include reductions for cash payments for an
entity’s obligation to service its debt, fund its working capital,
capital expenditures and acquisitions and pay its income taxes and
dividends. Rather, EBITDA is a potential indicator of an entity’s
ability to fund these cash requirements. EBITDA is not a complete
measure of an entity’s profitability because it does not include
costs and expenses for depreciation and amortization, interest and
related expenses, loss on extinguishment of debt and income taxes.
Because not all companies use identical calculations, this
presentation of EBITDA may not be comparable to other similarly
titled measures of other companies. However, EBITDA can still be
useful in evaluating our performance against our peer companies
because management believes this measure provides users with
valuable insight into key components of GAAP amounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B&G Foods, Inc. and Subsidiaries
Items Affecting Comparability — Reconciliation of Adjusted
Information to GAAP Information
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
Thirty-nine Weeks Ended
|
|
|
|
|
September 29,
|
|
|
October 1,
|
|
|
September 29,
|
|
|
October 1,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
Reported net income
|
|
|
$
|
16,897
|
|
|
$
|
12,084
|
|
|
$
|
49,701
|
|
|
$
|
37,988
|
|
Non-cash adjustments on interest rate swap, net of tax(1)
|
|
|
|
—
|
|
|
|
270
|
|
|
|
—
|
|
|
|
420
|
|
Adjusted net income
|
|
|
$
|
16,897
|
|
|
$
|
12,354
|
|
|
$
|
49,701
|
|
|
$
|
38,408
|
|
Adjusted diluted earnings per share
|
|
|
$
|
0.35
|
|
|
$
|
0.25
|
|
|
$
|
1.02
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________
|
(1)
|
|
The first three quarters of 2011 includes a realized gain on
interest rate swap of $0.6 million and in the third quarter and
first three quarters of 2011, a reclassification from accumulated
other comprehensive loss to interest expense, net on interest rate
swap of $0.4 million and $1.3 million, respectively.
|
Source: B&G Foods, Inc.
ICR, Inc.
Investor Relations:
Don Duffy, 866-211-8151
or
Media
Relations:
Matt Lindberg, 203-682-8214
|
