$FLO
FLOWERS FOODS INC

2012 Q4 Form 10-Q Financial Statement

#000119312513430967 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2012 Q4
Revenue $749.4M
YoY Change 14.67%
Cost Of Revenue $390.7M
YoY Change 10.56%
Gross Profit $358.8M
YoY Change 19.51%
Gross Profit Margin 47.87%
Selling, General & Admin $257.3M
YoY Change 7.63%
% of Gross Profit 71.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.76M
YoY Change 8.51%
% of Gross Profit 6.9%
Operating Expenses $257.3M
YoY Change 7.63%
Operating Profit $52.69M
YoY Change 10.32%
Interest Expense $6.708M
YoY Change 136.36%
% of Operating Profit 12.73%
Other Income/Expense, Net
YoY Change
Pretax Income $49.12M
YoY Change 2.28%
Income Tax $17.89M
% Of Pretax Income 36.42%
Net Earnings $38.57M
YoY Change 67.41%
Net Earnings / Revenue 5.15%
Basic Earnings Per Share $0.18
Diluted Earnings Per Share $0.18
COMMON SHARES
Basic Shares Outstanding 207.0M shares
Diluted Shares Outstanding 209.6M shares

Balance Sheet

Concept 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.10M
YoY Change 71.95%
Cash & Equivalents $13.28M
Short-Term Investments
Other Short-Term Assets $29.49M
YoY Change -16.21%
Inventory $91.01M
Prepaid Expenses $14.54M
Receivables $221.6M
Other Receivables $0.00
Total Short-Term Assets $464.5M
YoY Change 22.69%
LONG-TERM ASSETS
Property, Plant & Equipment $725.8M
YoY Change 5.89%
Goodwill $269.9M
YoY Change 22.83%
Intangibles $388.4M
YoY Change 175.0%
Long-Term Investments
YoY Change
Other Assets $14.44M
YoY Change 3.66%
Total Long-Term Assets $1.531B
YoY Change 30.28%
TOTAL ASSETS
Total Short-Term Assets $464.5M
Total Long-Term Assets $1.531B
Total Assets $1.996B
YoY Change 28.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.0M
YoY Change 33.71%
Accrued Expenses $129.4M
YoY Change -13.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $72.00M
YoY Change 114.27%
Total Short-Term Liabilities $355.0M
YoY Change 32.24%
LONG-TERM LIABILITIES
Long-Term Debt $531.9M
YoY Change 74.34%
Other Long-Term Liabilities $48.89M
YoY Change -6.99%
Total Long-Term Liabilities $247.3M
YoY Change 1.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $355.0M
Total Long-Term Liabilities $247.3M
Total Liabilities $602.2M
YoY Change 17.71%
SHAREHOLDERS EQUITY
Retained Earnings $597.6M
YoY Change 9.06%
Common Stock $572.1M
YoY Change 5.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $196.5M
YoY Change -11.2%
Treasury Stock Shares 14.21M shares
Shareholders Equity $858.6M
YoY Change
Total Liabilities & Shareholders Equity $1.996B
YoY Change 28.43%

Cashflow Statement

Concept 2012 Q4
OPERATING ACTIVITIES
Net Income $38.57M
YoY Change 67.41%
Depreciation, Depletion And Amortization $24.76M
YoY Change 8.51%
Cash From Operating Activities $55.40M
YoY Change 93.71%
INVESTING ACTIVITIES
Capital Expenditures -$20.00M
YoY Change -8.68%
Acquisitions
YoY Change
Other Investing Activities -$317.9M
YoY Change -106066.67%
Cash From Investing Activities -$337.8M
YoY Change 1463.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 74.20M
YoY Change -688.89%
NET CHANGE
Cash From Operating Activities 55.40M
Cash From Investing Activities -337.8M
Cash From Financing Activities 74.20M
Net Change In Cash -208.2M
YoY Change 3617.86%
FREE CASH FLOW
Cash From Operating Activities $55.40M
Capital Expenditures -$20.00M
Free Cash Flow $75.40M
YoY Change 49.31%

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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
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-10-05
dei Entity Central Index Key
EntityCentralIndexKey
0001128928
dei Current Fiscal Year End Date
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--12-28
dei Document Fiscal Period Focus
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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 36 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, 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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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>2. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> </div>
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<div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>10. LITIGATION</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 alleged that Hostess infringed 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 asserted 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 sought actual damages, an accounting of Hostess&#x2019;s profits from its sales of <i>Nature&#x2019;s Pride</i> products, and injunctive relief. This lawsuit was settled at the closing of the Acquired Hostess Assets acquisition as described in Note 4, <i>Acquisitions</i>.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> </div>
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CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
208428000 shares
CY2013Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-36000
CY2013Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
3906000
CY2013Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
38936000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-3697000
CY2013Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
878492000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
1181000
CY2013Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-60000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
50157000
CY2013Q4 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-1585000
CY2013Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3171000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
53328000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
727000
CY2013Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
4321000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
33888000
CY2013Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5048000
CY2013Q4 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
1400000
CY2013Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-6633000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
454000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-763000
CY2013Q4 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
467798000
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
327529000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16269000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-9603000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-5906000
CY2013Q4 us-gaap Interest Expense
InterestExpense
7077000
CY2013Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29837000
CY2013Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2772000
CY2013Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3008000
CY2013Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-727000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-1241000

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