Tasty Baking Company Reports 2005 First Quarter Financial Results; Company Reports Highest Quarterly Growth in Net Sales since T
03 Mayo 2005 - 6:50AM
Business Wire
Tasty Baking Company (NYSE: TBC) today announced financial results
for the first quarter ended March 26, 2005. -0- *T FINANCIAL
HIGHLIGHTS FIRST QUARTER 2005
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$ in millions, except per share data (a) Percentages may not
calculate due to rounding 2005 2004 %Change(a) Q1 Q1 -----------
---------- ----------- Gross Sales $65.9 $68.4 -3.5% Volume -3.6%
Net Sales $41.2 $40.5 1.7% Route Net Sales 1.1% Non-Route Net Sales
3.8% Gross Margin % 32.4% 30.7% 1.7% pts Net Earnings per Share
$0.06 $0.06
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*T RESULTS OF OPERATIONS - FIRST QUARTER Net sales for the first
quarter 2005 were $41.2 million, compared to $40.5 million in the
same period last year, an increase of 1.7%. Gross sales decreased
3.5% in the first quarter versus the same quarter a year ago driven
by a 3.6% sales volume decline. The decline in gross sales was
offset by a decrease of 11.1% in discounts and allowances for the
first quarter 2005 versus 2004. The decline in discounts and
allowances was driven by lower promotional expense year-over-year
due to higher promoted price points in the route geographies. In
addition, the cost of product returns in the routes decreased in
the first quarter 2005 versus 2004. Route net sales were up 1.1% in
the first quarter 2005 versus the first quarter 2004, driven
primarily by the lower promotional expense and an increase in sales
of the Tastykake Sensables product line, which was launched in the
third quarter 2004. These improvements were partially offset by a
decline in Family Pack sales volume as a result of higher promoted
price points year over year. Non-route net sales were up 3.8% for
the first quarter 2005 compared to the same period 2004 due to
increased sales to certain existing direct sales customers. Cost of
sales, excluding depreciation, for the first quarter of 2005
decreased by 1.1%. This decrease in cost of sales dollars was
driven by the 3.6% sales volume decline in the first quarter 2005
compared to 2004. This decrease was partially offset by significant
increases in utility expenses in the first quarter 2005 compared to
the same quarter a year ago. Gross margin was 32.4% of net sales
for the first quarter of 2005 compared to 30.7% in the first
quarter 2004. The 1.7 percentage point improvement resulted from
the improved price realization on net sales, partially offset by
the cost of sales increases. Selling, general and administrative
(S,G&A) expenses for the first quarter of 2005 increased 9.3%
compared to the first quarter 2004. This change is attributed to
increased investment in the sales and information technology
organizations, as well as increased marketing expense compared to
last year. The increase was also driven by incremental costs for
consulting services related to compliance with Section 404 of the
Sarbanes-Oxley Act and additional support in January 2005 related
to the implementation of the company's new enterprise resource
planning (ERP) system. These increases were partially offset by a
first quarter reduction in pension expense during the conversion of
the defined benefit pension plan to a defined contribution pension
plan. Net income of $0.5 million and diluted net income per share
of $0.06 in the first quarter 2005 were equal to net income and
diluted net income per share in the first quarter 2004. David S.
Marberger, senior vice president and chief financial officer,
commented, "The net sales growth on lower sales volume demonstrates
the effectiveness of our pricing and promotional strategy. We also
continue to see improvement in the company's gross margins, despite
increases in gas and fuel oil expense, which are currently
affecting the entire industry. The increase in S,G&A in the
first quarter 2005 reflects the transitional costs of the ERP
implementation and Sarbanes-Oxley compliance, as well as the
ongoing investments in marketing and the sales and information
technology organizations. These investments in our business are
necessary and will position the company for sustainable sales and
profit growth." Charles P. Pizzi, president and chief executive
officer of Tasty Baking Company, concluded, "We are seeing
improvement in the financial results of the business as we execute
our Strategic Transformation Plan. The net sales growth of 1.7% in
the first quarter is the best quarter of net sales growth since the
third quarter of 2001. We are encouraged to see this net sales
growth in both our route and non-route businesses and believe the
effective execution of our Plan will enable this trend to
continue." CONFERENCE CALL INFORMATION Tasty Baking Company
management will host a conference call Tuesday morning, May 3,
2005, at 11:00 a.m. EDT to discuss the company's financial results.
Investors will have the opportunity to listen to the call over the
Internet at Tasty Baking Company's web site,
http://www.tastykake.com. On the company's homepage, click on
"Corporate Info" and then "Investor Relations." For those who
cannot listen to the live broadcast, a replay will be available
shortly after the call and will remain available for ninety days on
the company's website. To access the telephone replay, please call
1-800-283-4595. There is no access code or password. The telephone
replay will be available from 1:00 p.m. on May 3, 2005, until
Tuesday, May 10, 2005, at 11:59 p.m. EDT. ABOUT TASTY BAKING
COMPANY Tasty Baking Company (NYSE: TBC), founded in 1914 and
headquartered in Philadelphia, Pennsylvania, is one of the
country's leading bakers of snack cakes, pies, cookies, and donuts
with manufacturing facilities in Philadelphia and Oxford,
Pennsylvania. Tasty Baking Company offers more than 100 products
under the Tastykake brand name. For more information on Tasty
Baking Company, visit www.tastykake.com. In addition, consumers can
send Tastykake products throughout the United States from the
company's website or by calling 1-800-33-TASTY. "Safe Harbor
Statement" Under the Private Securities Litigation Reform Act of
1995 Except for historical information contained herein, the
matters discussed herein are forward-looking statements (as such
term is defined in the Securities Act of 1933, as amended) that are
subject to risks and uncertainties that could cause actual results
to differ materially. There are a number of factors that may cause
actual results to differ from these forward-looking statements,
including the success of marketing and sales strategies and new
product development, the price of raw materials, and general
economic and business conditions. Other risks and uncertainties
that may materially affect the company are provided in the
company's annual reports to shareholders and the company's periodic
reports filed with the Securities and Exchange Commission from time
to time, including reports on Forms 10-K and 10-Q. Please refer to
these documents for a more thorough description of these and other
risk factors. -0- *T TASTY BAKING COMPANY AND SUBSIDIARIES
CONSOLIDATED HIGHLIGHTS OF OPERATING RESULTS (Unaudited) (000's,
except per share amounts) 13 Weeks Ended -------------------------
3/26/2005 3/27/2004(a) ---------- ------------ Gross sales $ 65,946
$ 68,360 Less discounts and allowances (24,792) (27,882) ----------
------------ Net sales 41,154 40,478 Cost of sales 26,024 26,325
Depreciation 1,801 1,730 Selling, general and administrative 12,654
11,577 Interest expense 321 303 Other income, net (238) (226)
---------- ------------ Income before provision for income taxes
592 769 Provision for income taxes 113 286 ---------- ------------
Net income $ 479 $ 483 ========== ============ Average number of
shares outstanding: Basic 8,064 8,096 Diluted 8,167 8,113 Per share
of common stock: Net income: Basic $ 0.06 $ 0.06 ==========
============ Diluted $ 0.06 $ 0.06 ========== ============ Cash
Dividend $ 0.05 $ 0.05 ========== ============ (a)Amounts have been
reclassified for comparative purposes. TASTY BAKING COMPANY AND
SUBSIDIARIES CONSOLIDATED HIGHLIGHTS OF BALANCE SHEET (Unaudited)
(000's) 3/26/2005 12/25/2004 ----------- ----------- Current Assets
$ 33,120 $ 30,153 Property, Plant, and Equipment, Net 63,498 65,035
Other Assets 23,618 23,314 ----------- ----------- Total Assets $
120,236 $ 118,502 ----------- ----------- Reserve for Restructure,
Current Portion $ 568 $ 436 Current Liabilities 24,020 22,948 Long
Term Debt 13,974 13,159 Reserve for Restructure, Less Current
Portion 283 601 Accrued Pension and Other Liabilities 23,893 23,824
Postretirement Benefits Other than Pensions 16,674 16,747
Shareholders' Equity 40,824 40,787 ----------- ----------- Total
Liabilities and Shareholders' Equity $ 120,236 $ 118,502
----------- ----------- Total Debt $ 21,494 $ 16,572 -----------
----------- *T
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