flowers foods inc (FLO) Key Developments
Flowers Foods, Inc. Declares Quarterly Dividend, Payable on September 12, 2014
Aug 15 14
The board of directors of Flowers Foods, Inc. announced a quarterly dividend of $0.12 per share. This action renews the annual dividend rate of $0.48. The dividend is payable on September 12, 2014, to shareholders of record on August 29, 2014.
Flowers Foods, Inc. Reports Consolidated Earnings Results for the Twelve Weeks and Twenty Eight Weeks Ended July 12, 2014; Revises Earnings Guidance for the Year 2014; Announces Asset Impairment for the Twelve Weeks Ended July 12, 2014
Aug 12 14
Flowers Foods, Inc. reported consolidated earnings results for the twelve week and twenty eight ended July 12, 2014. For the 12-week second quarter of 2014, sales decreased 2.3% to $877.4 million. In last year's second quarter, sales were $898.2 million. This decrease was attributable to positive net price/mix of 0.6% and decreased volume of 2.9%. Net income was $42.1 million, or $0.20 per diluted share, compared to last year's second quarter of $46.5 million, or $0.22 per diluted share. Adjusted net income per diluted share was $0.21, as compared to $0.24 in last year's second quarter, which was adjusted for acquisition-related costs. EBIT was $65.4 million compared to last year's second quarter of $74.9 million. Adjusted EBIT was $69.9 million, or 8.0% of sales, compared to last year's second quarter of $80.5 million, or 9.0% of sales, adjusted for acquisition-related costs incurred. EBITDA was $95.3 million, or 10.9% of sales, compared to last year's second quarter of $100.6 million, or 11.2% of sales. Adjusted EBITDA was $99.8 million, or 11.4% of sales, compared to last year's second quarter of $106.3 million, or 11.8% of sales adjusted for acquisition-related costs incurred last year. Adjusted net income was $44.960 million against $50.126 million of prior year period. Cash flow from operations was $51.090 million against $88.773 million of prior year period. Purchase of property, plant and equipment was $23.8 million.
For the twenty eight weeks, the company reported net income of $103.130 million or $0.48 net income per diluted common share on sales of $1,037.138 million compared to net income of $158.486 million or $0.75 net income per diluted common share on sales of $2,028.963 million for the corresponding period last year. EBIT was $163.582 million against $224.805 million of prior year period. Income before income taxes (EBT) was $158.676 million against $217.550 million of prior year period. EBITDA was $232.781 million against $284.737 million a year ago. Net cash provided by operating activities was $172.911 million against $175.602 million for the same period a year ago. Purchase of property, plant and equipment was $45.008 million. Adjusted net income per diluted common share was $0.50 against $0.54 of prior year period. Adjusted EBITDA was $237.270 million against $244.928 million of prior year period. Adjusted net income was $106.026 million against $115.025 million of prior year period. Adjusted EBIT was $168.1 million against $185 million of prior year period.
The company gave revised guidance for fiscal 2014. Sales for the year are now expected to be in the range of $3.88 billion to $3.94 billion, an increase of 3.5% to 5.0% over 2013. Adjusted earnings per share for the company's 53-week 2014, excluding the asset impairment, are now expected to be in the range of $0.92 to $0.98, reflecting growth of 1.1% to 7.7% over last year's adjusted results. Previously, guidance was for 2014 sales of $3.976 billion to $4.126 billion, or 6.0% to 10.0% increase, and earnings per share of $0.98 to $1.05, reflecting growth of 7.7% to 15.4%. Capital expenditures for 2014 are forecasted to be from $95.0 million to $100.0 million.
For the twelve weeks, the company recorded asset impairment of $4.489 million.
Flowers Foods Seeks Acquisitions
Aug 12 14
Flowers Foods, Inc. (NYSE:FLO) is looking for acquisition opportunities. Allen Shiver, President and Chief Executive Officer of Flowers Foods said, we also remain interested in acquisition opportunities that fit with our overall growth strategy. We are in contact with companies that offer synergies that support our long term growth objectives.
Flowers Foods, Inc. to Report Q2, 2014 Results on Aug 12, 2014
Aug 5 14
Flowers Foods, Inc. announced that they will report Q2, 2014 results on Aug 12, 2014
Flowers Foods Announces Executive Promotions
Jul 14 14
Flowers Foods announced several appointments in keeping with the company's management succession plan. The following promotions are effective immediately: Bradley K. Alexander named executive vice president and chief operating officer of company. D. Keith Wheeler named president of Flowers Bakeries, the company's direct-store-delivery (DSD) operating segment. Thomas E. Wilson named senior vice president of Flowers Bakeries' West Coast region. Mr. Alexander has held various positions in sales, operations and marketing, including bakery president and vice president of sales and marketing. Mr. Wheeler experience with the company includes operational, accounting, and sales positions, including regional controller, vice president of operations, director of strategic planning, and bakery president. Prior to this appointment, Mr. Wheeler served as senior vice president for the company's West Coast region. Mr. Wilson career in the baking industry began in 1979 and he has held leadership positions in sales and operations, including vice president of sales and marketing, executive vice president, and bakery president, the position he held prior to his current appointment. With the new appointment, Mr. Alexander is responsible for company operations, including the DSD and warehouse segments, as well as supply chain, marketing and product innovation. In his new role, Mr. Wheeler provides direction for Flowers Bakeries' six DSD sales regions.