2013 Q2 Form 10-Q Financial Statement

#000110465913056717 Filed on July 25, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $160.9M $148.6M
YoY Change 8.26% 13.09%
Cost Of Revenue $105.2M $96.86M
YoY Change 8.6% 11.97%
Gross Profit $55.70M $51.76M
YoY Change 7.61% 15.35%
Gross Profit Margin 34.62% 34.83%
Selling, General & Admin $17.32M $14.63M
YoY Change 18.38% 3.02%
% of Gross Profit 31.09% 28.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.600M $4.500M
YoY Change 24.44% 12.5%
% of Gross Profit 10.05% 8.69%
Operating Expenses $17.32M $14.63M
YoY Change 18.38% -7.41%
Operating Profit $36.22M $35.10M
YoY Change 3.19% 20.77%
Interest Expense $10.03M $11.86M
YoY Change -15.44% -244.66%
% of Operating Profit 27.69% 33.79%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.285M $23.24M
YoY Change -109.83% 11.21%
Income Tax -$852.0K $7.216M
% Of Pretax Income 31.05%
Net Earnings -$1.400M $16.00M
YoY Change -108.75% 20.3%
Net Earnings / Revenue -0.87% 10.77%
Basic Earnings Per Share $0.33
Diluted Earnings Per Share -$26.47K $0.33
COMMON SHARES
Basic Shares Outstanding 52.86M shares 48.38M shares
Diluted Shares Outstanding 52.86M shares 48.72M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.4M $21.40M
YoY Change 845.79% -78.51%
Cash & Equivalents $202.4M $21.44M
Short-Term Investments
Other Short-Term Assets $8.400M $3.800M
YoY Change 121.05% 80.95%
Inventory $103.9M $100.9M
Prepaid Expenses $2.093M
Receivables $44.89M $34.65M
Other Receivables $6.500M $6.000M
Total Short-Term Assets $366.1M $166.8M
YoY Change 119.5% -21.25%
LONG-TERM ASSETS
Property, Plant & Equipment $107.1M $62.38M
YoY Change 71.63% 3.97%
Goodwill $268.0M $263.0M
YoY Change 1.91%
Intangibles $641.9M $630.5M
YoY Change 1.81%
Long-Term Investments
YoY Change
Other Assets $20.19M $21.44M
YoY Change -5.8% 116.55%
Total Long-Term Assets $1.037B $977.3M
YoY Change 6.13% 49.43%
TOTAL ASSETS
Total Short-Term Assets $366.1M $166.8M
Total Long-Term Assets $1.037B $977.3M
Total Assets $1.403B $1.144B
YoY Change 22.66% 32.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.24M $28.53M
YoY Change -1.04% 35.87%
Accrued Expenses $14.74M $24.14M
YoY Change -38.95% 35.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $43.20M $13.50M
YoY Change 220.0%
Total Short-Term Liabilities $101.5M $79.24M
YoY Change 28.11% 62.03%
LONG-TERM LIABILITIES
Long-Term Debt $821.4M $702.1M
YoY Change 16.99% 46.95%
Other Long-Term Liabilities $4.406M $8.323M
YoY Change -47.06% 168.48%
Total Long-Term Liabilities $825.8M $710.5M
YoY Change 16.24% 47.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.5M $79.24M
Total Long-Term Liabilities $825.8M $710.5M
Total Liabilities $1.055B $902.3M
YoY Change 16.9% 42.75%
SHAREHOLDERS EQUITY
Retained Earnings $163.0M $118.4M
YoY Change 37.72%
Common Stock $529.0K $484.0K
YoY Change 9.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $348.5M $241.8M
YoY Change
Total Liabilities & Shareholders Equity $1.403B $1.144B
YoY Change 22.66% 32.14%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$1.400M $16.00M
YoY Change -108.75% 20.3%
Depreciation, Depletion And Amortization $5.600M $4.500M
YoY Change 24.44% 12.5%
Cash From Operating Activities $18.60M $20.80M
YoY Change -10.58% 77.78%
INVESTING ACTIVITIES
Capital Expenditures -$2.900M -$3.500M
YoY Change -17.14% 133.33%
Acquisitions
YoY Change
Other Investing Activities -$14.50M -$200.0K
YoY Change 7150.0%
Cash From Investing Activities -$17.40M -$3.700M
YoY Change 370.27% 146.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 185.1M -15.60M
YoY Change -1286.54% 69.57%
NET CHANGE
Cash From Operating Activities 18.60M 20.80M
Cash From Investing Activities -17.40M -3.700M
Cash From Financing Activities 185.1M -15.60M
Net Change In Cash 186.3M 1.500M
YoY Change 12320.0% 50.0%
FREE CASH FLOW
Cash From Operating Activities $18.60M $20.80M
Capital Expenditures -$2.900M -$3.500M
Free Cash Flow $21.50M $24.30M
YoY Change -11.52% 84.09%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Current Reporting Status
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us-gaap Fiscal Period
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Fiscal Year</font></i></b></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Typically, our fiscal quarters and fiscal year consist of 13 and 52 weeks, respectively, with our fiscal year ending on the Saturday closest to December&#160;31.&#160; As a result, a 53rd week is added to our fiscal year every five or six years.&#160; In a 53-week fiscal year our fourth fiscal quarter contains 14 weeks.&#160; Our fiscal years ending December&#160;28, 2013 (fiscal 2013) and December&#160;29, 2012 (fiscal 2012) each contain 52 weeks.&#160; Each quarter of fiscal 2013 and 2012 contains 13 weeks.</font></p> </div>
us-gaap Use Of Estimates
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Use of Estimates</font></i></b></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires our management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.&#160; Some of the more significant estimates and assumptions made by management involve trade and consumer promotion expenses; allowances for excess, obsolete and unsaleable inventories; pension benefits; acquisition accounting allocations; the recoverability of goodwill, other intangible assets, property, plant and equipment and deferred tax assets;</font> <font style="FONT-SIZE: 10pt;" size="2">the determination of the useful life of customer relationship and amortizable trademark intangibles; and the accounting for share-based compensation expense.&#160; Actual results could differ significantly from these estimates and assumptions.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 36.75pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment.&#160; We adjust such estimates and assumptions when facts and circumstances dictate.&#160; Volatility in the credit and equity markets can increase the uncertainty inherent in such estimates and assumptions.</font></p> </div>
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dei Entity Registrant Name
EntityRegistrantName
B&G Foods, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001278027
dei Document Type
DocumentType
10-Q
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2013-06-29
dei Amendment Flag
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bgs Number Of Top Customers
NumberOfTopCustomers
10 item
CY2013Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
-577000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
165340000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
174240000 USD
CY2012 us-gaap Multiemployer Plan Period Contributions
MultiemployerPlanPeriodContributions
1000000 USD
CY2013Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-28478000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-28478000 USD
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.33
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.34
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.68
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
12249000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
45000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
20000000 USD

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