Flowers Foods Inc. (FLO) reported that its first-quarter of fiscal 2013 net income was $113.3 million or $0.81 per share, up from $37.9 million or $0.28 per share in the first quarter of fiscal 2012.
Net income for the latest-quarter, adjusted for a bargain purchase accounting gain and acquisition-related costs, was $64.9 million, or $0.46 per diluted share. During the first quarter this year, the company recorded a benefit of $51.3 million, net of tax, or $0.37 per share reflecting a bargain purchase accounting gain related to the Sara Lee/California acquisition. Also during the first quarter, Flowers incurred acquisition-related costs of $2.9 million, net of tax, or $0.02 per diluted share.
Sales for the quarter increased 25.9% to $1.13 billion from $898.2 million in last year's first quarter. This increase was attributable to increased volumes of 19.3% and contributions from the Lepage Bakeries and Sara Lee/California acquisitions of 7.7%, partially offset by unfavorable net price/mix of 1.1%.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share on revenues of $1.09 billion for the quarter. Analysts' estimates typically exclude special items.
The company stated that the board of directors will consider the dividend at its next regularly scheduled meeting. Any action taken will be announced following that meeting.
Steve Kinsey, executive vice president and chief financial officer, said, "We continue to be very optimistic about the outlook for fiscal 2013 and, in the second quarter, we are continuing to see very good sales growth. Second quarter operating earnings also are expected to be strong, although we are experiencing start-up costs related to the integration of the Sara Lee business in California. Given that the Hostess transaction is currently under regulatory review, we are delaying full year 2013 guidance until the review is completed."
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