Fourth Quarter Net Income of $33 million; Adjusted Net Income
of $42 million; Adjusted EBITDA of $81 million
Full Year Net Income of $136 million; Adjusted Net Income of
$124 million; Adjusted EBITDA of $300 million
Expects full year 2017 Adjusted EBITDA of $315 to $325
million
AdvancePierre Foods Holdings, Inc. (NYSE:APFH) (“AdvancePierre”
or the “Company”), a leading national producer and distributor of
sandwiches, sandwich components and other entrées and snacks, today
reported financial results for the fourth quarter and full year
ended December 31, 2016.
Fourth Quarter
Highlights
- GAAP net income of $33.1 million, or
$0.42 per diluted share, and Adjusted Net Income1 of $42.0 million,
or $0.53 per diluted share.
- Net sales of $409.4 million included
organic core volume growth2 of 5.7%.
- Adjusted EBITDA1 of $81.2 million.
- Reduced net leverage to 3.3 times
trailing twelve month Adjusted EBITDA.
- Paid quarterly dividend of $0.14 per
share in the fourth quarter.
Full Year 2016
Highlights
- GAAP net income of $136.3 million, or
$1.90 per diluted share, and Adjusted Net Income1 of $124.4
million, or $1.73 per diluted share.
- Net sales of $1.568 billion included
organic core volume growth of 2.5%.
- Adjusted EBITDA1 of $300.2
million.
Full Year 2017 Outlook
- Net sales in the range of $1.640
billion to $1.670 billion, including organic core volume growth of
2.0-3.0%.
- Adjusted EBITDA in the range of $315
million to $325 million.
- Adjusted Diluted Net Income per Share
in the range of $1.30 to $1.37.
“Our fourth quarter results were highlighted by profitable
growth in each of our three core segments, strong cash flow
generation, and the completion of another strategic business
acquisition,” said AdvancePierre Chief Executive Officer, John
Simons. “In 2016 we delivered on our commitments to achieve solid
organic growth, increase earnings, and deploy cash flow to reward
our shareholders with an attractive dividend.”
“We plan to continue to invest in highly accretive acquisitions
and reduce leverage,” added AdvancePierre’s President, Chris Sliva.
“Our growth trajectory sets us apart from the broader food industry
and we are well positioned to continue our momentum driven by
execution of our continuous improvement process, ‘the APF Way’, in
2017 and beyond.”
1 See “About Non-GAAP Financial Measures” 2“Core organic
volume growth” refers to the period-to-period change in volume
generated by the Company’s three core segments, excluding volume
from acquisitions and the industrial segment.
Consolidated Financial Results for the
Fourth Quarter
Net sales for the fourth quarter of 2016 were $409.4 million
compared to $386.1 million for the fourth quarter of 2015. The
increase was primarily attributable to the Allied Specialty Foods
business acquisition and organic core volume growth, partially
offset by strategic price and trade spending investments to reflect
lower raw material costs which reduced net sales.
Gross profit for the fourth quarter of 2016 increased by $20.8
million to $116.5 million, or 28.5% of net sales, compared to $95.7
million, or 24.8% of net sales, for the fourth quarter of 2015,
reflecting an increase of 370 basis points of margin. Gross profit
increased primarily due to positive price realization net of raw
material cost movements, volume growth, productivity savings and
other cost reductions.
Selling, general and administrative expenses for the fourth
quarter of 2016 were $58.8 million, or 14.3% of net sales, compared
to $53.7 million, or 13.9% of net sales for the fourth quarter of
2015.
Interest expense for the fourth quarter of 2016 was $22.2
million, a decrease of $3.5 million compared to $25.7 million for
the fourth quarter of 2015. This decrease resulted from $12.0
million of interest savings from refinancing of the Company’s
credit facilities and lower average borrowings, offset by $8.5
million of charges associated with the refinancing transaction.
Income tax provision was $1.2 million for the fourth quarter of
2016, as compared to an income tax provision of $2.9 million for
the fourth quarter of 2015.
AdvancePierre’s reported GAAP net income was $33.1 million, or
$0.42 per diluted share, for the fourth quarter of 2016, compared
to $11.7 million, or $0.18 per diluted share, for the fourth
quarter of 2015. Adjusted Net Income for the fourth quarter of 2016
was $42.0 million, or $0.53 per diluted share compared to $15.3
million, or $0.23 per diluted share, for the fourth quarter of
2015.
For the fourth quarter of 2016, Adjusted EBITDA increased 17.9%
to $81.2 million from $68.9 million for the fourth quarter of
2015.
Segment Financial Results for the
Fourth Quarter
Foodservice
Net sales for the Foodservice segment increased 2.4% to $219.9
million in the fourth quarter of 2016, compared to $214.7 million
for the fourth quarter of 2015, reflecting the acquired volume
(5.4%) and higher organic volume growth (2.0%), partially offset by
unfavorable mix (1.2%) and a reduction in net pricing (3.8%). The
Foodservice segment achieved growth across the majority of its
product categories in both its Street and Schools customer
sub-channels.
Operating income for the Foodservice segment increased 28.6% to
$46.7 million in the fourth quarter of 2016, compared to $36.3
million for the fourth quarter of 2015, reflecting positive price
realization net of raw material deflation, higher volume, and
productivity savings.
Retail
Net sales for the Retail segment increased 8.1% to $106.4
million in the fourth quarter of 2016, compared to $98.4 million
for the fourth quarter of 2015, reflecting organic volume (7.2%),
acquired volume (0.1%), and favorable mix (5.0%), partially offset
by a reduction in net pricing (4.2%). The increase in volume was
primarily from increased consumption of stuffed entrées, and
increased distribution of breakfast sandwiches, partially offset by
the rationalization of certain private label lower margin fully
cooked breaded poultry SKUs.
Operating income for the Retail segment increased 30.0% to $9.1
million in the fourth quarter of 2016, compared to $7.0 million for
the fourth quarter of 2015, favorable net price realization of raw
material deflation, volume growth, and productivity savings.
Convenience
Net sales for the Convenience segment increased 20.7% to $62.2
million in the fourth quarter of 2016, compared to $51.5 million
for the fourth quarter of 2015, reflecting organic volume growth
(19.8%), acquired volume (0.5%), and favorable mix (1.5%) partially
offset by a reduction in net pricing (1.1%). Volume growth was
driven by new product introductions and increased distribution to
convenience stores.
Operating income for the Convenience segment increased 43.4% to
$11.6 million in the fourth quarter of 2016, compared to $8.1
million for the fourth quarter of 2015, reflecting productivity
savings and positive price realization net of raw material
deflation.
Industrial
Net sales for the Industrial segment decreased 1.9% to $21.0
million in the fourth quarter of 2016, compared to $21.4 million
for the fourth quarter of 2015, reflecting lower volume (8.8%), a
reduction in net pricing (2.1%), and unfavorable mix (0.1%),
partially offset by the benefit of acquired volume (9.1%). The
volume decline reflects changes in order patterns for certain key
customers in the segment.
Operating income for the Industrial segment declined to $1.5
million in the fourth quarter of 2016 from $1.9 million for the
fourth quarter of 2015, primarily the result of lower volumes.
Unallocated Corporate Expenses
Unallocated corporate expenses decreased to $12.3 million in the
fourth quarter of 2016 from $13.0 million for the fourth quarter of
2015.
Outlook
For full year 2017, AdvancePierre expects net sales in the range
of $1.640 billion to $1.670 billion, including organic volume
growth of 2.0-3.0% in AdvancePierre’s three core segments and a
full year of the Allied Specialty Foods business acquired in
October 2016. The Company expects Adjusted EBITDA in the range of
$315 million to $325 million. AdvancePierre expects Adjusted
Diluted Net Income per Share in the range of $1.30 to $1.37 which
includes an effective income tax rate of approximately 39%.
AdvancePierre provides earnings guidance only on a non-GAAP
basis and does not provide a reconciliation of forward-looking
Adjusted EBITDA and Adjusted Diluted Net Income per Share guidance
to the most directly comparable GAAP financial measures because of
the inherent difficulty in forecasting and quantifying certain
amounts that are necessary for such reconciliations, including
adjustments that could be made for deferred taxes; merger and
acquisition-related expenses; non-cash stock based compensation;
and other charges reflected in the Company’s reconciliation of
historic non-GAAP financial measures, the amounts of which, based
on past experience, could be material. For additional information
regarding AdvancePierre’s non-GAAP financial measures, see “About
Non-GAAP Financial Measures” below.
About Non-GAAP Financial
Measures
“Adjusted Net Income” (which excludes income tax credits related
to reversal of valuation allowances on deferred tax assets, charges
related to the refinancing of AdvancePierre’s credit facilities,
restructuring expenses, sponsor fees and expenses, merger and
acquisition expenses, public filing expenses and other items),
“Adjusted Diluted Net Income per Share,” “EBITDA” (net income
before net interest expense, income taxes, depreciation and
amortization, and loss on modification and extinguishment of term
loans), and “Adjusted EBITDA” (EBITDA as adjusted for restructuring
expenses, non-cash stock-based compensation expense, sponsor fees
and expenses, merger and acquisition expenses and public filing
expenses, and other items) are “non-GAAP financial measures.” A
non-GAAP financial measure is a numerical measure of financial
performance that excludes or includes amounts that are different
from the most directly comparable measure calculated and presented
in accordance with GAAP in AdvancePierre’s consolidated balance
sheets and related consolidated statements of operations,
comprehensive income, changes in stockholders’ equity and cash
flows.
AdvancePierre presents Adjusted Net Income, Adjusted Diluted Net
Income per Share, EBITDA and Adjusted EBITDA as performance
measures because it believes these measures facilitate a comparison
of its operating performance on a consistent basis from
period-to-period and provide for a more complete understanding of
factors and trends affecting its business than measures under GAAP
can provide alone. AdvancePierre also believes these non-GAAP
financial measures are useful tools because they are frequently
used by securities analysts, investors and other interested parties
in their evaluation of the operating performance of companies in
industries similar to AdvancePierre’s. However, AdvancePierre’s
definition of these non-GAAP financial measures may not be the same
as similarly titled measures used by other companies.
AdvancePierre also believes that Adjusted EBITDA is useful to
investors in evaluating its operating performance because it
provides a means to evaluate the operating performance of its
business on an ongoing basis using criteria that management uses
for evaluation and planning purposes. Because Adjusted EBITDA
facilitates internal comparisons of AdvancePierre’s historical
financial position and operating performance on a more consistent
basis, management also uses Adjusted EBITDA in measuring
AdvancePierre’s performance relative to that of its competitors, in
communications with its board of directors concerning its operating
performance and in evaluating acquisition opportunities. In
addition, targets for Adjusted EBITDA are among the measures
AdvancePierre uses to evaluate management's performance for
purposes of determining their compensation.
Non-GAAP financial measures have limitations as analytical tools
and should not be considered in isolation from, or as an
alternative to, or more meaningful than, the most directly
comparable measure calculated and presented in accordance with
GAAP. Because of these limitations, investors should rely primarily
on the most directly comparable measure calculated and presented in
accordance with GAAP and use non-GAAP financial measures only as a
supplement. In evaluating non-GAAP financial measures, investors
should be aware that in the future AdvancePierre may incur expenses
similar to those for which adjustments are made in calculating
Adjusted Net Income, Adjusted Diluted Net Income per Share, EBITDA
and Adjusted EBITDA. These non-GAAP financial measures should not
be considered as a measure of discretionary cash available to
AdvancePierre to invest in the growth of its business.
Additional information regarding EBITDA and Adjusted EBITDA, and
a reconciliation of EBITDA and Adjusted EBITDA to net income is
included in the tables below for the fourth quarter and full year
of 2016 and 2015, along with the components of EBITDA and Adjusted
EBITDA. Also included below are reconciliations of Adjusted Net
Income to net income for the fourth quarter and full year of 2016
and 2015.
Conference Call
A conference call will be webcast on Thursday, March 9, 2016 at
8 AM ET. Access is available on AdvancePierre’s investor relations
website at http://investors.advancepierre.com. Alternatively,
participants may access the call by dialing 1-877-201-0168 or
1-647-788-4901 (outside the U.S. and Canada) and referencing the
conference ID: 69520771. An archive of the webcast and presentation
materials will be available on the Company’s investor relations
website approximately two hours after the call.
About AdvancePierre
Foods
AdvancePierre Foods Holdings, Inc., headquartered
in Cincinnati, Ohio, is a leading national producer and
distributor of value-added, convenient, ready-to-eat sandwiches,
sandwich components and other entrées and snacks to a wide variety
of distribution outlets including foodservice, retail and
convenience store providers. With revenues of $1.6
billion in 2016 and approximately 4,500 employees, the Company
offers a broad line of products across all day parts including:
ready-to-eat sandwiches, such as breakfast sandwiches, peanut
butter and jelly sandwiches and hamburgers; sandwich components,
such as fully cooked hamburger and chicken patties, and Philly
steaks; and other entrées and snacks, such as country-fried steak,
stuffed entrées, chicken tenders and cinnamon dough bites.
Forward-Looking
Statements
This report contains “forward-looking statements.” The words
“estimates,” “expects,” “contemplates”, “anticipates,” “projects,”
“plans,” “intends,” “believes,” “forecasts,” “may,” “should” and
variations of such words or similar expressions are intended to
identify forward-looking statements and not historical facts. The
forward-looking statements are based upon the Company’s current
expectations, beliefs and projections, and various assumptions,
many of which, by their nature, are inherently uncertain and beyond
the Company’s control. Actual results may vary materially from what
is expressed in or indicated by the forward-looking statements as a
result of various factors, some of which are beyond the Company’s
control, including but not limited to: competition, disruption of
the Company’s supply chain, the loss of or reduced purchasing by
any of the Company’s major customers, increases in the prices of
raw materials, deterioration of general economic conditions,
changes in consumer eating habits, potential product liability
claims and inadequacy of insurance and indemnification agreements
in covering any successful claims, adverse publicity, exposure to
legal proceedings or other claims, claims regarding the Company’s
intellectual property rights or termination of the Company’s
material licenses, failure to comply with government contracts or
applicable laws and regulations, failure to comply with
governmental and environmental regulations, labor disruptions,
failure to retain members of the Company’s senior management team,
inability to identify, complete and integrate acquired businesses,
inability to realize anticipated cost savings or incurrence of
additional costs in efforts to realize such cost savings, breaches
of data security, disruptions in the Company’s information
technology systems, the impact of the Company’s high level of
indebtedness, and Oaktree’s control of the Company, and the other
risks and uncertainties detailed in the Company’s Registration
Statement on
Form S-1 (Reg. No. 333-215441) initially
filed with the Securities and Exchange Commission on
January 5, 2017 and declared effective on January 18, 2017.
There may be other factors that may cause the Company’s actual
results to differ materially from the forward-looking statements.
Other than as required by law, the Company undertakes no obligation
to publicly update or revise any forward-looking statements to
reflect subsequent events or circumstances.
AdvancePierre Foods
Holdings, Inc. Condensed Consolidated Statements of
Operations (In thousands, except per share amounts)
Fourth Quarter Ended Fiscal Year Ended December
31, January 2, December 31, January 2,
2016 2016 2016
2016 Net sales $ 409,423 $ 386,054 $ 1,568,259
$ 1,611,611 Cost of goods sold 268,050 266,759 1,051,590 1,158,218
Distribution expenses 24,829 23,474 93,573 96,527 Restructuring
expenses - 132 - 2,492 Gross
profit 116,544 95,689 423,096 354,374 Selling, general and
administrative expenses 58,781 53,725 224,221 196,169 Restructuring
expenses - 828 120 2,248 Other expense, net 1,207 859
14,762 5,550 Operating income 56,556 40,277
183,993 150,407 Interest expense: Cash interest 13,169 23,197
71,367 94,311 Refinancing charges 8,531 - 27,567 - Amortization and
write-off of debt issuance costs and original issue discount
535 2,530 5,761 10,066 Income before
income tax provision 34,321 14,550 79,298 46,030 Income tax
provision (benefit) 1,176 2,862 (56,990 )
8,919 Net income $ 33,145 $ 11,688 $ 136,288 $ 37,111
Net income per common share Weighted average common shares
outstanding—basic 77,665 65,654 71,101 65,350 Net income per common
share—basic $ 0.42 $ 0.18 $ 1.90 $ 0.57 Weighted average common
shares outstanding—diluted 77,667 66,557 71,102 66,182 Net income
per common share—diluted $ 0.42 $ 0.18 $ 1.90 $ 0.56
Adjusted EBITDA $ 81,183 $ 68,875 $ 300,205 $ 260,198 Adjusted net
income $ 41,956 $ 15,273 $ 124,443 $ 66,847 Adjusted net income per
common share - diluted $ 0.53 $ 0.23 $ 1.73 $ 1.01
AdvancePierre Foods Holdings, Inc.
Condensed Consolidated Balance Sheets (In thousands,
except per share amounts) December 31, January 2,
2016 2016 Assets
Current Assets: Cash and cash equivalents $ 104,440 $ 4,505
Accounts receivable, net of allowances of $291 and $15 at December
31, 2016 and January 2, 2016, respectively 82,458 82,618
Inventories 165,626 183,536 Donated food value of USDA commodity
inventory 45,022 31,590 Prepaid expenses and other current assets
12,111 11,201 Total current assets
409,657 313,450 Property, plant and equipment, net 257,300
237,922 Other Assets: Goodwill 330,393 299,708
Other intangibles, net 242,537 242,110 Deferred tax asset 2,707 -
Other 4,417 2,969 Total other assets
580,054 544,787 Total assets $
1,247,011 $ 1,096,159
Liabilities and
Shareholders’ Deficit Current Liabilities: Current maturities
of long-term debt $ 274 $ 24,721 Current liabilities under tax
receivable agreement 35,793 - Trade accounts payable 57,374 43,896
Accrued payroll and payroll taxes 27,539 24,235 Accrued interest
1,791 20,028 Accrued promotion and marketing 33,212 25,289 Accrued
obligations under USDA commodity program 44,937 30,541 Other
accrued liabilities 23,773 37,548 Total
current liabilities 224,693 206,258 Noncurrent liabilities:
Long-term debt, net of current maturities (including related party
debt) 1,078,657 1,233,837 Long-term liabilities under tax
receivable agreement 218,362 - Deferred tax liability - 42,750
Other long-term liabilities 26,501 40,541
Total liabilities 1,548,213 1,523,386
Stockholders’ Deficit: Common stock—$0.01 par value, 500,000
shares authorized; 78,079 and 66,058 issued at December 31, 2016
and January 2, 2016, respectively 781 651 Additional paid-in
capital 12,323 3,549 Stockholder notes receivable (902 ) (3,884 )
Accumulated deficit (313,404 ) (427,543 ) Total
stockholders’ deficit (301,202 ) (427,227 ) Total
liabilities and stockholders’ deficit $ 1,247,011 $
1,096,159
AdvancePierre Foods
Holdings, Inc. Condensed Consolidated Statements of Cash
Flows (In thousands) Fiscal Year Ended
December 31, January 2, 2016
2016 Cash flows from operating
activities Net income $ 136,288 $ 37,111 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization charges 64,723 62,857 Deferred income
tax (benefit ) provision (59,415 ) 7,458 Stock-based compensation
expense 31,485 17,198 Amortization of loan origination fees and
original issue discount 5,761 10,066 Amounts related to debt
refinancing (4,664 ) - Forgiveness of notes receivable from
stockholders 32 87 Changes in operating assets and liabilities
(excluding amounts from acquisitions) 26,870 21,179 Other
(2,668 ) 1,290 Net cash provided by operating
activities 198,412 157,246
Cash
flows used in investing activities Purchases of property, plant
and equipment (38,392 ) (35,861 ) Net cash used in acquisitions,
net of cash acquired (62,319 ) (72,483 ) Proceeds from sale of
property, plant and equipment 83 42 Net
cash used in investing activities (100,628 ) (108,302
)
Cash flows provided by (used in) financing activities
Proceeds from issuance of term loans, net of debt issuance costs
1,683,970 - Repayments of term loans and capital leases (1,865,188
) (13,466 ) Borrowings on revolving line of credit, net - (28,700 )
Repayments of other long-term liabilities (11,477 ) - Proceeds from
issuance of shares 216,451 - Dividends paid (22,163 ) - Other, net
558 (2,370 ) Net cash provided by (used in)
financing activities 2,151 (44,536 ) Net
increase in cash and cash equivalents 99,935 4,408 Cash and cash
equivalents, beginning of period 4,505 97
Cash and cash equivalents, end of period $ 104,440 $
4,505
AdvancePierre Foods Holdings, Inc.
Segment
Data (Unaudited) (In thousands, except for percent
amounts) Fourth Quarter Ended Fiscal Year Ended
December 31, January 2, December 31,
January 2, 2016 2016
2016 2016 Net
sales Foodservice $ 219,851 $ 214,719 $ 849,933 $ 886,095
Retail 106,373 98,390 409,612 395,941 Convenience 62,200 51,545
229,837 201,845 Industrial 20,999 21,400
78,877 127,730 $ 409,423
$ 386,054 $ 1,568,259 $ 1,611,611
Operating income Foodservice $ 46,687 $ 36,299 $ 168,266 $
134,287 Retail 9,064 6,973 38,331 28,543 Convenience 11,606 8,093
38,925 29,776 Industrial 1,495 1,879 3,080 2,767 Unallocated
corporate expenses, net (12,296 ) (12,967 )
(64,609 ) (44,966 ) $ 56,556 $ 40,277 $
183,993 $ 150,407
Change in Net Sales for
Fourth Quarter Due to Changes in: ended December 31,
2016 Acquisitions Volume Mix
Pricing Total Foodservice 5.4 % 2.0 % -1.2 %
-3.8 % 2.4 % Retail 0.1 % 7.2 % 5.0 % -4.2 % 8.1 % Convenience 0.5
% 19.8 % 1.5 % -1.1 % 20.7 % Industrial 9.1 % -8.8 %
-0.1 % -2.1 % -1.9 % 3.6 % 4.9 %
1.0 % -3.4 % 6.1 % Memo: Core Segments 3.3 % 5.7 %
1.0 % -3.5 % 6.5 %
Change in Net Sales for Fiscal
Year Due to Changes in: ended December 31, 2016
Acquisitions Volume Mix Pricing
Total Foodservice 1.3 % -0.6 % -2.3 % -2.5 % -4.1 %
Retail 0.7 % 3.6 % 3.0 % -3.9 % 3.4 % Convenience 1.6 % 14.2 % 1.6
% -3.5 % 13.9 % Industrial 1.5 % -34.2 % -3.7
% -1.8 % -38.2 % 1.2 % -0.4 % -0.6 %
-2.9 % -2.7 % Memo: Core Segments 1.2 % 2.5 % -0.3 %
-3.0 % 0.4 %
AdvancePierre Foods Holdings, Inc. Reconciliation of
EBITDA and Adjusted EBITDA to Net Income (In thousands)
Fourth Quarter Ended Fiscal Year Ended
December 31,2016
January 2,2016
December 31,2016
January 2,2016
Net income $ 33,145 $ 11,688 $ 136,288 $ 37,111 Interest
expense 22,235 25,727 104,695 104,377 Income tax provision
(benefit) 1,176 2,862 (56,990 ) 8,919 Depreciation and amortization
expense 16,772 16,484 64,723
62,857
EBITDA 73,328 56,761 248,716 213,264 Restructuring
expenses (a) - 960 120 4,740 Non-cash stock based compensation
expense (b) 6,333 8,529 31,485 17,198 Sponsor fees and expenses (c)
- 810 14,214 11,883 Merger and acquisition expenses and public
filing expenses (d) 776 1,282 4,988 6,246 Other (e) 746
533 682 6,867
Adjusted EBITDA $
81,183 $ 68,875 $ 300,205 $ 260,198
(a)
Costs associated with reorganization and
restructuring activities, business acquisitions,
integration of acquired businesses and implementation of the APF
Way.
(b)
Employee stock and option grants, which we
expense over the vesting period, based on
the fair value of the award on the date of the grant or any
subsequent modification date.
(c)
Quarterly management fees and expense
reimbursements paid to affiliates of Oaktree and certain
of our other existing stockholders. Amounts in fiscal 2016 also
include a $9.0 million success fee paid to Oaktree.
(d)
Expenses related to the acquisitions of
Landshire, Better Bakery and Allied and costs associated with
other unconsummated transactions along with certain public filing
expenses.
(e)
Amount primarily relates to disposal of
assets, acquisition step-up effects and, in fiscal 2015, product
recall costs.
AdvancePierre Foods Holdings, Inc. Reconciliation of
Adjusted Net Income to Net income (In thousands, except per
share amounts) Fourth Quarter Ended Fiscal Year
Ended
December 31,2016
January 2,2016
December 31,2016
January 2,2016
Net income $ 33,145 $ 11,688 $ 136,288 $ 37,111 Reversal of
deferred tax asset valuation allowance (a) (1,242 ) - (59,416 ) -
Charges related to refinancing and prepayment of credit facilities
(b) 8,531 - 27,567 - Restructuring expenses (c) - 960 120 4,740
Sponsor fees and expenses (d) - 810 14,214 11,883 Merger and
acquisition expenses and public filing expenses (e) 776 1,282 4,988
6,246 Other (f) 746 533 682
6,867
Adjusted net income $ 41,956 $ 15,273 $
124,443 $ 66,847
Adjusted diluted net income per
share $ 0.53 $ 0.23 $ 1.73 $ 1.01
(a)
Reversal of a portion of existing
valuation allowances on net operating loss and other deferred tax
benefits.
(b)
Charges related to refinancings of the
Company’s credit facilities in June and December 2016, and
partial
prepayment of term loan in July 2016.
(c)
Costs associated with reorganization and
restructuring activities, business acquisitions, integration of
acquired
businesses and the implementation of the APF Way.
(d)
Quarterly management fees and expense
reimbursements paid to affiliates of Oaktree and certain of our
other
existing stockholders. Amounts in fiscal 2016 also include a $9.0
million IPO success fee paid to Oaktree.
(e)
Expenses related to the acquisitions of
Landshire, Better Bakery and Allied, and costs associated with
other
unconsummated transactions along with certain public filing
expenses.
(f)
Amount primarily relates to disposal of
assets, acquisition step-up effects and, in fiscal 2015, product
recall costs.
(g)
The estimated tax effects of the items
marked (b) to (f) above were determined to be de minimus, based
on a comparison of the expected tax liability with and without such
items.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170309005581/en/
InvestorsAdvancePierre Foods Holdings, Inc.John W.
Morgan, 513-372-9338Vice President, Investor
RelationsJohn.Morgan@advancepierre.comorMediaVehr
CommunicationsLaura Phillips,
513-381-8347lphillips@vehrcommunications.com
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