$FLO
FLOWERS FOODS INC

2012 Q3 Form 10-Q Financial Statement

#000119312512353766 Filed on August 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $681.6M $675.4M
YoY Change 0.92% 11.14%
Cost Of Revenue $365.7M $365.7M
YoY Change -0.01% 14.79%
Gross Profit $315.9M $309.7M
YoY Change 2.02% 7.08%
Gross Profit Margin 46.35% 45.85%
Selling, General & Admin $246.2M $236.7M
YoY Change 4.03% 8.63%
% of Gross Profit 77.95% 76.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.26M $20.90M
YoY Change 6.49% 3.97%
% of Gross Profit 7.04% 6.75%
Operating Expenses $246.2M $236.7M
YoY Change 4.03% -0.5%
Operating Profit $47.42M $43.11M
YoY Change 9.99% -15.96%
Interest Expense $6.078M $2.372M
YoY Change 156.24% 137.2%
% of Operating Profit 12.82% 5.5%
Other Income/Expense, Net
YoY Change
Pretax Income $44.48M $43.71M
YoY Change 1.77% -16.27%
Income Tax $16.10M $15.50M
% Of Pretax Income 36.2% 35.46%
Net Earnings $28.38M $31.02M
YoY Change -8.51% -8.23%
Net Earnings / Revenue 4.16% 4.59%
Basic Earnings Per Share $0.14 $0.23
Diluted Earnings Per Share $0.14 $0.23
COMMON SHARES
Basic Shares Outstanding 203.7M shares 135.3M shares
Diluted Shares Outstanding 206.6M shares 137.2M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $222.3M $13.70M
YoY Change 1522.63% 110.77%
Cash & Equivalents $222.3M $13.74M
Short-Term Investments
Other Short-Term Assets $25.79M $64.60M
YoY Change -60.08% 65.22%
Inventory $78.74M $115.3M
Prepaid Expenses
Receivables $203.2M $197.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $594.9M $390.9M
YoY Change 52.19% 18.92%
LONG-TERM ASSETS
Property, Plant & Equipment $671.0M $701.3M
YoY Change -4.33% 17.49%
Goodwill $219.9M
YoY Change
Intangibles $137.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.03M $31.30M
YoY Change -48.8% 107.28%
Total Long-Term Assets $1.160B $1.199B
YoY Change -3.27% 19.33%
TOTAL ASSETS
Total Short-Term Assets $594.9M $390.9M
Total Long-Term Assets $1.160B $1.199B
Total Assets $1.755B $1.590B
YoY Change 10.37% 19.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $115.6M $130.4M
YoY Change -11.32% 27.47%
Accrued Expenses $116.3M $124.4M
YoY Change -6.51% 7.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $62.70M $31.70M
YoY Change 97.79% 25.3%
Total Short-Term Liabilities $294.7M $297.9M
YoY Change -1.08% 22.59%
LONG-TERM LIABILITIES
Long-Term Debt $425.3M $287.2M
YoY Change 48.08% 109.33%
Other Long-Term Liabilities $48.65M $154.3M
YoY Change -68.47% 38.39%
Total Long-Term Liabilities $220.8M $441.5M
YoY Change -49.99% 77.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $294.7M $297.9M
Total Long-Term Liabilities $220.8M $441.5M
Total Liabilities $515.5M $791.7M
YoY Change -34.89% 42.75%
SHAREHOLDERS EQUITY
Retained Earnings $572.0M
YoY Change
Common Stock $549.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $214.4M
YoY Change
Treasury Stock Shares 15.97M shares
Shareholders Equity $813.7M $798.0M
YoY Change
Total Liabilities & Shareholders Equity $1.755B $1.590B
YoY Change 10.37% 19.23%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $28.38M $31.02M
YoY Change -8.51% -8.23%
Depreciation, Depletion And Amortization $22.26M $20.90M
YoY Change 6.49% 3.97%
Cash From Operating Activities $66.70M -$6.400M
YoY Change -1142.19% -108.79%
INVESTING ACTIVITIES
Capital Expenditures -$14.90M -$21.30M
YoY Change -30.05% -17.44%
Acquisitions
YoY Change
Other Investing Activities $1.100M -$164.0M
YoY Change -100.67% -164100.0%
Cash From Investing Activities -$13.90M -$185.4M
YoY Change -92.5% 624.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.70M 196.9M
YoY Change -108.48% -501.84%
NET CHANGE
Cash From Operating Activities 66.70M -6.400M
Cash From Investing Activities -13.90M -185.4M
Cash From Financing Activities -16.70M 196.9M
Net Change In Cash 36.10M 5.100M
YoY Change 607.84% -383.33%
FREE CASH FLOW
Cash From Operating Activities $66.70M -$6.400M
Capital Expenditures -$14.90M -$21.30M
Free Cash Flow $81.60M $14.90M
YoY Change 447.65% -84.89%

Facts In Submission

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dei Trading Symbol
TradingSymbol
FLO
dei Entity Registrant Name
EntityRegistrantName
FLOWERS FOODS INC
dei Amendment Flag
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dei Entity Filer Category
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Large Accelerated Filer
dei Document Fiscal Period Focus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-07-14
dei Entity Central Index Key
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0001128928
dei Document Fiscal Year Focus
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dei Current Fiscal Year End Date
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <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 a company&#x2019;s financial position. 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.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In July 2012, the FASB issued guidance on testing indefinite-lived intangible assets for impairment. The guidance allows an entity the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September&#xA0;15, 2012. Early adoption is permitted under certain circumstances. The company is analyzing the potential impact of this guidance on the company&#x2019;s consolidated financial statements.</font></p> </div>
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<div> <p style="MARGIN-TOP: 18px; 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: 8%; 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: 8%; 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 Brands, Inc. (formerly Interstate Bakeries Corporation) in the United States District Court for the Northern District of Georgia. The complaint alleges that Hostess is infringing upon Flowers&#x2019; <i>Nature&#x2019;s Own</i> trademarks by using or intending to use the <i>Nature&#x2019;s Pride</i> trademark. Flowers asserts that Hostess&#x2019; 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 is seeking actual damages, an accounting of Hostess&#x2019; profits from its sales of <i>Nature&#x2019;s Pride</i> products, and injunctive relief. Flowers 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.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; 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 is currently in substantial compliance with all material environmental regulations affecting the company and its properties.</font></p> </div>
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SEGMENTS - The company is one of the largest producers and marketers of bakery products in the United States. The company consists of two business segments direct-store-delivery ("DSD segment") and warehouse delivery segment ("warehouse segment"). The DSD segment focuses on the production and marketing of bakery products to U.S. customers in the Southeast, Mid- Atlantic, and Southwest as well as select markets in the Northeast, California and Nevada primarily through its DSD system. The warehouse segment produces snack cakes and breads and rolls that are shipped both fresh and frozen to national retail, foodservice, vending, and co-pack customers through their warehouse channels.
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InvestmentIncomeInterest
3143000
CY2012Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
4024000
CY2012Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-643000
CY2012Q3 us-gaap Other Comprehensive Income Loss Amortization Pension And Other Postretirement Benefit Plans Net Prior Service Cost Recognized In Net Periodic Pension Cost Net Of Tax
OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicPensionCostNetOfTax
36000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137716000 shares
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
44482000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
14625000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2012Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2935000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
135807000 shares
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.160
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1830000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
28380000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
246231000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16102000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
43005000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1752000
CY2012Q3 us-gaap Interest Expense
InterestExpense
6078000
CY2012Q3 flo Weighted Average Number Of Shares Outstanding Basic Excluding Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicExcludingParticipatingSecurities
135807000 shares

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