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Flowers Foods, Inc. (NYSE: FLO), producer of Nature’s OwnWonderTastykake, Dave’s Killer Bread, and other bakery foods, recently stated financial results for the company’s fourth quarter and year ended December 31, 2016. The company also offered an update on Project Centennial.

Fiscal 2016 Summary:

Contrast to the prior year where applicable

  • Sales raised 3.9% to $3.927 billion. Acquisitions of Dave’s Killer Bread (DKB), until cycled September 12, 2016, and Alpine Valley Bread (Alpine), until cycled October 13, 2016, contributed 4.0% to the overall sales increase.
  • Diluted EPS reduced 12.4% to $0.78.
  • Adjusted diluted EPS reduced 1.1% to $0.91.
  • Net income reduced 13.4% to $163.8 million.
  • Adjusted net income reduced 3.0% to $190.8 million.
  • Adjusted EBITDA raised 1.4% to $446.8 million.
  • Costs associated with Project Centennial were $6.3 million, or $0.02 per share

Fourth Quarter Summary:

Contrast to the prior year fourth quarter where applicable

    • Sales raised 1.2% to $868.7 million.
    • Diluted EPS reduced 60.0% to $0.06.
    • Adjusted diluted EPS was unchanged at $0.16.
    • Net income reduced 59.6% to $13.0 million.
    • Adjusted net income raised 0.5% to $34.1 million.
    • Adjusted EBITDA raised 1.2% to $87.7 million.
    • Costs associated with Project Centennial were $3.8 million, or $0.01 per share.
  • Disposed of idle assets, reducing annual carrying costs going forward by about $3 to $4 million.

 

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