Flowers Foods Inc. Reports Second-Quarter 2016 Results: Sales Increase 5.2%

by Flowers Foods Press Release
Posted On: 8/26/2016

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TAGS: Mrs Freshley's for vending, Flowers Foods Inc., FLO, Tastykake, Flowers Foods 2016 second, Allen Shiver


Source: Flowers Foods Inc. | Released Aug. 10, 2016

THOMASVILLE, Ga., Aug. 10, 2016 /PRNewswire/-- Flowers Foods Inc. (NYSE: FLO), producer of Nature's Own, Wonder, Tastykake, and other bakery foods, today reported financial results for the company's 12-week second quarter ended July 16, 2016.

Summary (compared to the prior year second quarter where applicable)

» Sales increased 5.2% to $935.0 million. Acquisitions of Dave's Killer Bread (DKB) and Alpine Valley Bread (Alpine) contributed 5.6% to the overall sales increase.

» Diluted EPS remained unchanged at $0.24.

» Adjusted diluted EPS increased 4.0% to $0.26. (1)

» Net income decreased 1.2% to $51.2 million, adjusted net income (1) increased 1.5%.

» Adjusted EBITDA (2) increased 5.2% to $118.7 million.

Revised guidance for the year ending Dec. 31, 2016:

» Sales range of $3.930 billion to $3.986 billion.

» Diluted EPS range of $0.88 to $0.93.

» Adjusted diluted EPS (1) range of $0.90 to $0.95.

» Launched Project Centennial, a comprehensive business and operational review.

1. See reconciliations of non-GAAP measures in the financial statements following this release.
2.Earnings before Interest, Taxes, Depreciation and Amortization. See reconciliations of non-GAAP measures in the financial statements following this release.

CEO's Remarks

"Benefiting from strong consumer demand for organic breads, our two recent acquisitions, DKB and Alpine, along with expansion markets, drove sales growth in the second quarter, offsetting sales declines in our core markets due to competitive pressures," said Allen Shiver, Flowers Foods president and chief executive. "Over the past five years, we have built a strong competitive position in the marketplace, as we made strategic acquisitions to extend our geographic reach and enhance our portfolio of brands. I am confident that with Project Centennial, an in-depth review of our operations, we can enhance shareholder value by identifying new avenues for growth, as well as focusing on ways to become a more efficient and profitable organization better able to deliver long-term value for shareholders."

Click here to read Flowers Foods Inc.'s full second-quarter 2016 results and its consolidated statement of income.

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