2013 Q2 Form 10-Q Financial Statement

#000095012313003640 Filed on May 16, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q4 2012 Q2
Revenue $1.131B $749.4M $681.6M
YoY Change 65.91% 14.67% 6.06%
Cost Of Revenue $585.3M $390.7M $365.7M
YoY Change 60.07% 10.56% 6.95%
Gross Profit $545.5M $358.8M $315.9M
YoY Change 72.68% 19.51% 5.05%
Gross Profit Margin 48.24% 47.87% 46.35%
Selling, General & Admin $409.9M $257.3M $330.2M
YoY Change 24.14% 7.63% 10.03%
% of Gross Profit 75.14% 71.72% 104.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.20M $24.76M $29.70M
YoY Change 15.15% 8.51% 6.07%
% of Gross Profit 6.27% 6.9% 9.4%
Operating Expenses $444.2M $257.3M $359.9M
YoY Change 23.42% 7.63% 9.73%
Operating Profit $101.3M $52.69M -$44.00M
YoY Change -330.24% 10.32% 61.21%
Interest Expense -$4.600M $6.708M $0.00
YoY Change 136.36% -100.0%
% of Operating Profit -4.54% 12.73%
Other Income/Expense, Net
YoY Change
Pretax Income $145.4M $49.12M $59.20M
YoY Change 145.61% 2.28% -6.48%
Income Tax $33.40M $17.89M $21.30M
% Of Pretax Income 22.97% 36.42% 35.98%
Net Earnings $112.0M $38.57M $28.38M
YoY Change 294.64% 67.41% 0.6%
Net Earnings / Revenue 9.9% 5.15% 4.16%
Basic Earnings Per Share $0.18 $0.21
Diluted Earnings Per Share $531.1K $0.18 $0.21
COMMON SHARES
Basic Shares Outstanding 138.2M shares 207.0M shares
Diluted Shares Outstanding 209.6M shares

Balance Sheet

Concept 2013 Q2 2012 Q4 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.20M $14.10M $186.1M
YoY Change -92.37% 71.95% 2039.08%
Cash & Equivalents $14.25M $13.28M $186.1M
Short-Term Investments
Other Short-Term Assets $30.13M $29.49M $54.90M
YoY Change -45.12% -16.21% 36.57%
Inventory $94.94M $91.01M $120.8M
Prepaid Expenses $14.54M
Receivables $267.5M $221.6M $200.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $504.6M $464.5M $562.7M
YoY Change -10.33% 22.69% 70.93%
LONG-TERM ASSETS
Property, Plant & Equipment $720.3M $725.8M $676.8M
YoY Change 6.43% 5.89% 12.74%
Goodwill $270.2M $269.9M
YoY Change 22.83%
Intangibles $476.0M $388.4M
YoY Change 175.0%
Long-Term Investments
YoY Change
Other Assets $14.95M $14.44M $30.10M
YoY Change -50.33% 3.66% 62.7%
Total Long-Term Assets $1.656B $1.531B $1.167B
YoY Change 41.88% 30.28% 15.95%
TOTAL ASSETS
Total Short-Term Assets $504.6M $464.5M $562.7M
Total Long-Term Assets $1.656B $1.531B $1.167B
Total Assets $2.161B $1.996B $1.730B
YoY Change 24.9% 28.43% 29.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.2M $154.0M $115.4M
YoY Change 31.91% 33.71% -5.33%
Accrued Expenses $142.0M $129.4M $109.2M
YoY Change 30.04% -13.91% -0.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $38.15M $72.00M $53.60M
YoY Change -28.83% 114.27% 84.19%
Total Short-Term Liabilities $332.3M $355.0M $278.2M
YoY Change 19.46% 32.24% 6.84%
LONG-TERM LIABILITIES
Long-Term Debt $600.5M $531.9M $443.0M
YoY Change 35.55% 74.34% 388.96%
Other Long-Term Liabilities $50.67M $48.89M $191.7M
YoY Change -73.57% -6.99% 57.52%
Total Long-Term Liabilities $281.5M $247.3M $634.7M
YoY Change -55.65% 1.67% 198.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $332.3M $355.0M $278.2M
Total Long-Term Liabilities $281.5M $247.3M $634.7M
Total Liabilities $613.8M $602.2M $948.2M
YoY Change -35.26% 17.71% 76.38%
SHAREHOLDERS EQUITY
Retained Earnings $688.8M $597.6M
YoY Change 9.06%
Common Stock $577.7M $572.1M
YoY Change 5.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $198.9M $196.5M
YoY Change -11.2%
Treasury Stock Shares 14.26M shares 14.21M shares
Shareholders Equity $946.2M $858.6M $781.6M
YoY Change
Total Liabilities & Shareholders Equity $2.161B $1.996B $1.730B
YoY Change 24.9% 28.43% 29.5%

Cashflow Statement

Concept 2013 Q2 2012 Q4 2012 Q2
OPERATING ACTIVITIES
Net Income $112.0M $38.57M $28.38M
YoY Change 294.64% 67.41% 0.6%
Depreciation, Depletion And Amortization $34.20M $24.76M $29.70M
YoY Change 15.15% 8.51% 6.07%
Cash From Operating Activities $86.80M $55.40M $60.10M
YoY Change 44.43% 93.71% -17.22%
INVESTING ACTIVITIES
Capital Expenditures -$22.60M -$20.00M -$14.30M
YoY Change 58.04% -8.68% -35.29%
Acquisitions
YoY Change
Other Investing Activities -$69.80M -$317.9M $900.0K
YoY Change -7855.56% -106066.67% -123.08%
Cash From Investing Activities -$92.30M -$337.8M -$13.40M
YoY Change 588.81% 1463.89% -48.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.500M 74.20M 131.7M
YoY Change -95.06% -688.89% -394.63%
NET CHANGE
Cash From Operating Activities 86.80M 55.40M 60.10M
Cash From Investing Activities -92.30M -337.8M -13.40M
Cash From Financing Activities 6.500M 74.20M 131.7M
Net Change In Cash 1.000M -208.2M 178.4M
YoY Change -99.44% 3617.86% 9289.47%
FREE CASH FLOW
Cash From Operating Activities $86.80M $55.40M $60.10M
Capital Expenditures -$22.60M -$20.00M -$14.30M
Free Cash Flow $109.4M $75.40M $74.40M
YoY Change 47.04% 49.31% -21.44%

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dei Trading Symbol
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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>2. ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In December 2011, the FASB issued guidance for offsetting (netting) assets and liabilities. This guidance requires entities to disclose both gross information and net information about both instruments and transactions subject to an agreement similar to a master netting agreement. This includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. These disclosures allow users of the financial statements to understand the effect of those arrangements on its financial position. In January 2013 an amendment was issued for this guidance. This amendment clarifies that the scope applies to derivative accounting including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. This guidance is effective for annual reporting periods beginning on or after January&#xA0;1, 2013 and interim periods within those annual periods. These requirements are retrospective for all comparative periods. The company is still analyzing the potential impact of this guidance on the company&#x2019;s consolidated financial statements. This guidance will be effective for our fiscal 2014 which begins on December&#xA0;29, 2013. Our fiscal 2013 began on December&#xA0;30, 2012 which was before the effective date of this new guidance.</font></p> </div>
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>10. LITIGATION</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The company and its subsidiaries from time to time are parties to, or targets of, lawsuits, claims, investigations and proceedings, which are being handled and defended in the ordinary course of business. While the company is unable to predict the outcome of these matters, it believes, based upon currently available facts, that it is remote that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations or cash flows in the future. However, adverse developments could negatively impact earnings in a particular future fiscal period.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On July&#xA0;23, 2008, a wholly-owned subsidiary of the company filed a lawsuit against Hostess in the United States District Court for the Northern District of Georgia. The complaint alleges that Hostess is infringing upon Flowers Foods&#x2019; <i>Nature&#x2019;s Own</i> trademarks by using or intending to use the <i>Nature&#x2019;s Pride</i> trademark. Flowers Foods asserts that Hostess&#x2019;s sale or intended sale of baked goods under the <i>Nature&#x2019;s Pride</i> trademark is likely to cause confusion with, and likely to dilute the distinctiveness of, the <i>Nature&#x2019;s Own</i> mark and constitutes unfair competition and deceptive trade practices. Flowers Foods is seeking actual damages, an accounting of Hostess&#x2019;s profits from its sales of <i>Nature&#x2019;s Pride</i> products, and injunctive relief. Flowers Foods sought summary judgment for its claims, which was denied by the court. On January&#xA0;11, 2012, Hostess filed a voluntary petition for relief in the United States Bankruptcy Court for the Southern District of New York under Chapter 11, Title 11, United States Code. The bankruptcy filing automatically stayed the trademark lawsuit. The asset purchase agreements that Flowers Foods entered into with Hostess on January&#xA0;11, 2013, discussed in Note 1, <i>Basis of Presentation</i>, include the transfer of the ownership of the <i>Nature&#x2019;s Pride</i> brand to Flowers Foods and a settlement and release agreement among the parties. In the event that the transaction is not ultimately approved or is otherwise terminated, Flowers Foods&#x2019; rights with respect to the current litigation will be preserved.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The company&#x2019;s facilities are subject to various federal, state and local laws and regulations regarding the discharge of material into the environment and the protection of the environment in other ways. The company is not a party to any material proceedings arising under these regulations. The company believes that compliance with existing environmental laws and regulations will not materially affect the consolidated financial condition, results of operations, cash flows or the competitive position of the company. The company believes it is currently in substantial compliance with all material environmental regulations affecting the company and its properties.</font></p> </div>
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us-gaap Additional Information About Entitys Reportable Segments
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SEGMENTS — Flowers Foods currently operates two business segments: a direct-store-delivery segment (“DSD segment”) and a warehouse delivery segment (“warehouse segment”). The DSD segment (82% of total sales) operates 35 bakeries that market a wide variety of fresh bakery foods, including fresh breads, buns, rolls, tortillas, and snack cakes. These products are sold through a DSD route delivery system to retail and foodservice customers in the Southeast, Mid-Atlantic, New England, and Southwest as well as in select markets in California and Nevada. The warehouse segment (18% of total sales) operates 9 bakeries that produce snack cakes and breads and rolls for national retail, foodservice, vending, and co-pack customers and deliver through customers’ warehouse channels. The warehouse segment also operates one mix facility.
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CY2012Q3 us-gaap Debt Instrument Payment Terms
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The $17.7 million obligation for the deferred payments represents the fair value of the fixed payments of $1,250,000 beginning on the first business day of each of the sixteen calendar quarters following the fourth anniversary of the closing of the acquisition (total of $20.0 million in gross payments). The first payment will be made by Flowers on October 1, 2016 and the final payment will be made on July 1, 2020. The difference between the fair value and the gross payments of $2.3 million is recorded as a reduction to the liability and is being amortized to interest expense over eight years.
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0.0020 pure

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