$FLO
FLOWERS FOODS INC

2014 Q4 Form 10-Q Financial Statement

#000119312514407677 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $844.9M $874.1M
YoY Change -3.34% 16.64%
Cost Of Revenue $443.0M $467.8M
YoY Change -5.31% 19.74%
Gross Profit $402.0M $406.3M
YoY Change -1.08% 13.25%
Gross Profit Margin 47.57% 46.48%
Selling, General & Admin $302.1M $323.2M
YoY Change -6.52% 25.59%
% of Gross Profit 75.15% 79.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.49M $29.84M
YoY Change -1.17% 20.52%
% of Gross Profit 7.34% 7.34%
Operating Expenses $302.1M $323.2M
YoY Change -6.52% 25.59%
Operating Profit $70.38M $53.33M
YoY Change 31.98% 1.21%
Interest Expense $6.285M $7.077M
YoY Change -11.19% 5.5%
% of Operating Profit 8.93% 13.27%
Other Income/Expense, Net
YoY Change
Pretax Income $68.97M $50.16M
YoY Change 37.51% 2.1%
Income Tax $24.37M $16.27M
% Of Pretax Income 35.34% 32.44%
Net Earnings $44.60M $33.89M
YoY Change 31.61% -12.13%
Net Earnings / Revenue 5.28% 3.88%
Basic Earnings Per Share $0.21 $0.16
Diluted Earnings Per Share $0.21 $0.16
COMMON SHARES
Basic Shares Outstanding 210.1M 208.4M shares
Diluted Shares Outstanding 213.2M 212.4M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.100M $10.70M
YoY Change -24.3% -24.11%
Cash & Equivalents $8.075M $8.530M
Short-Term Investments
Other Short-Term Assets $56.75M $44.31M
YoY Change 28.08% 50.24%
Inventory $97.85M $100.9M
Prepaid Expenses $17.18M
Receivables $251.3M $266.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $505.1M $487.4M
YoY Change 3.62% 4.94%
LONG-TERM ASSETS
Property, Plant & Equipment $822.0M $867.0M
YoY Change -5.2% 19.45%
Goodwill $283.0M $282.4M
YoY Change 0.2% 4.63%
Intangibles $647.7M $656.7M
YoY Change -1.38% 69.09%
Long-Term Investments
YoY Change
Other Assets $12.30M $12.89M
YoY Change -4.63% -10.72%
Total Long-Term Assets $1.972B $2.017B
YoY Change -2.21% 31.68%
TOTAL ASSETS
Total Short-Term Assets $505.1M $487.4M
Total Long-Term Assets $1.972B $2.017B
Total Assets $2.477B $2.504B
YoY Change -1.07% 25.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $147.7M $151.9M
YoY Change -2.79% -1.31%
Accrued Expenses $130.3M $136.8M
YoY Change -4.75% 5.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $35.70M $23.20M
YoY Change 53.88% -67.78%
Total Short-Term Liabilities $336.1M $327.8M
YoY Change 2.53% -7.66%
LONG-TERM LIABILITIES
Long-Term Debt $781.0M $903.5M
YoY Change -13.56% 69.86%
Other Long-Term Liabilities $55.84M $51.20M
YoY Change 9.05% 4.72%
Total Long-Term Liabilities $199.0M $207.6M
YoY Change -4.15% -16.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $336.1M $327.8M
Total Long-Term Liabilities $199.0M $207.6M
Total Liabilities $535.0M $535.3M
YoY Change -0.06% -11.1%
SHAREHOLDERS EQUITY
Retained Earnings $808.9M $735.6M
YoY Change 9.96% 23.09%
Common Stock $609.4M $593.6M
YoY Change 2.66% 3.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $187.3M $190.5M
YoY Change -1.69% -3.05%
Treasury Stock Shares 18.80M shares 20.17M shares
Shareholders Equity $1.161B $1.076B
YoY Change
Total Liabilities & Shareholders Equity $2.477B $2.504B
YoY Change -1.07% 25.46%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $44.60M $33.89M
YoY Change 31.61% -12.13%
Depreciation, Depletion And Amortization $29.49M $29.84M
YoY Change -1.17% 20.52%
Cash From Operating Activities $47.30M $44.70M
YoY Change 5.82% -19.31%
INVESTING ACTIVITIES
Capital Expenditures -$13.60M -$25.50M
YoY Change -46.67% 27.5%
Acquisitions
YoY Change
Other Investing Activities $14.20M -$337.3M
YoY Change -104.21% 6.1%
Cash From Investing Activities $600.0K -$362.9M
YoY Change -100.17% 7.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.40M 316.8M
YoY Change -115.28% 326.95%
NET CHANGE
Cash From Operating Activities 47.30M 44.70M
Cash From Investing Activities 600.0K -362.9M
Cash From Financing Activities -48.40M 316.8M
Net Change In Cash -500.0K -1.400M
YoY Change -64.29% -99.33%
FREE CASH FLOW
Cash From Operating Activities $47.30M $44.70M
Capital Expenditures -$13.60M -$25.50M
Free Cash Flow $60.90M $70.20M
YoY Change -13.25% -6.9%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
FLOWERS FOODS INC
dei Trading Symbol
TradingSymbol
FLO
us-gaap Additional Information About Entitys Reportable Segments
AdditionalInformationAboutEntitysReportableSegments
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 (84% of total year to date sales) operates 38 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 (16% of total year to date sales) operates eights 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. Effective the first day of fiscal 2014, we reclassified our tortilla operation from a warehouse segment bakery to the DSD segment. This reclassification was made to better align their sales with the delivery method primarily used to serve their customers. All prior period information has been recasted to reflect this change.
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In May 2014, the FASB issued guidance for recognizing revenue in contracts with customers. This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. There are five steps outlined in the guidance to achieve this core principle. 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 2017 which begins on January&#xA0;1, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In August 2014, the FASB issued guidance related to management&#x2019;s responsibility to evaluate whether there is substantial doubt about an entity&#x2019;s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards and to provide related footnote disclosures. This guidance is effective for the annual period ending after December&#xA0;15, 2016, and for annual periods and interim periods thereafter. The requirements of this guidance are not expected to have a significant impact on the condensed consolidated financial statements.</p> </div>
dei Entity Filer Category
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Large Accelerated Filer
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dei Document Period End Date
DocumentPeriodEndDate
2014-10-04
us-gaap Common Stock Dividends Per Share Cash Paid
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dei Amendment Flag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Debt Instrument Covenant Compliance
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As of October 4, 2014 and December 28, 2013, the company was in compliance with all restrictive financial covenants under the facility.
dei Entity Central Index Key
EntityCentralIndexKey
0001128928
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Loss Contingency Disclosures
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<div> <p style="margin-top:18pt; 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"> 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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IncomeTaxExpenseBenefit
24372000
CY2014Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
1181000
CY2014Q4 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
442978000
CY2014Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-125000
CY2014Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-191000

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