Thomasville / GA. (ff) Flowers Foods Inc. reported results for its 13-week fourth quarter and 53-week fiscal year ended January 03, 2009 and updated guidance for 2009. Summary:
- Increased fourth quarter sales 31,2 percent and full year sales 18,6 percent.
- Improved net income 49,7 percent for the fourth quarter and 26,0 percent for the year, including a pre-tax asset impairment charge of 3,1 million USD related to closed bakeries.
- Delivered diluted earnings per share of 0,34 USD for the quarter and 1,28 USD for fiscal 2008.
- Achieved branded retail sales increases of 28,6 percent in the fourth quarter and 19,3 percent for the year.
- Expects sales growth in fiscal 2009 of 12,6 percent to 14,5 percent and earnings per share increase of 7,0 percent to 15.6 percent.
For the 13-week fourth quarter of 2008, sales increased 31.2 percent to 621,6 million USD over the 473,7 million USD reported for last year´s twelve-week fourth quarter. Net income for the quarter was 32,1 million USD, or 0,34 USD per diluted share, an increase of 49,7 percent over the 21,4 million USD, or 0,23 USD per diluted share, reported for the fourth quarter of fiscal 2007. Net income for the quarter includes a pre-tax asset impairment charge of 3,1 million USD related to two previously closed facilities and one bakery that was closed in Q4/2008 to take advantage of more efficient and better located production capacity provided by the recent acquisitions of Holsum and ButterKrust.
For fiscal 2008, sales increased 18,6 percent to 2,41 billion USD over the 2,04 billion USD reported for fiscal 2007. Net income for the year was 119,2 million USD, or 1,28 USD per diluted share, an increase of 26,0 percent over the 94,6 million USD, or 1,02 USD per diluted share, reported last year. Net income for the year includes a pre-tax gain on the sale of a manufacturing facility of 2,3 million USD (0,3 million USD net of closing expenses) and a pre-tax asset impairment charge of 3,1 million USD as previously discussed.
For 2009, Flowers Foods expects another year of sustainable and dependable performance. Pointing out that the company´s fiscal year 2009 will be a 52-week year compared to 53 weeks in fiscal 2008, chairman and CEO George E. Deese said the company anticipates sales growth of 12,6 percent to 14,5 percent in the year ahead, with recent acquisitions accounting for 7,0 percent to 7,5 percent of the increase. Therefore, sales for fiscal 2009 are expected to be 2,720 billion USD to 2,765 billion USD. For 2009, net income is expected to be 4,7 percent to 5,0 percent of sales, or 127,8 million USD to 138,3 million USD. With approximately 93,3 million USD average shares outstanding, earnings per share are expected to be 1,37 USD to 1,48 USD, an increase of 7,0 percent to 15,6 percent over fiscal 2008. Capital spending in fiscal 2009 is expected to be 75,0 million USD to 85,0 million USD, an amount that includes the completion of the bread line at the new bakery in Kentucky as well as maintaining and improving efficiencies in the company´s 38 existing bakeries.
Info: The complete press release is available here.
