Pinnacle Foods returns to profitability in year
March 7, 2013
PARSIPPANY, N.J. — Pinnacle Foods returned to profitability during fiscal 2012 as the company experienced less in charges than during the previous year.
Net earnings for the year ended Dec. 30, 2012, were $52,519,000, which compared with a loss of $46,914,000 during the previous year. Sales for the year were $2,478,485,000, nearly flat compared with $2,469,562,000 during fiscal 2011.
During the year the company faced $66 million in pre-tax charges on restructuring and refinancing. In fiscal 2011, the company faced $156 million in after-tax charges related to impairments, restructuring and a legal settlement.
“We posted solid performance in the fourth quarter by delivering a 3% increase in adjusted EBITDA,” said Bob Gamgort, chief executive officer. “In a food industry environment that is showing some signs of improving, we generated share growth on more than half of our portfolio, driving 4% net sales growth on our North America retail business. Further, we expanded gross margin, excluding restructuring, as inflation moderated and our productivity initiatives accelerated.”
Earnings for the fourth quarter ended Dec. 30 were $43,662,000, which compared with a loss of $87,524,000 during the same quarter of the previous year. Sales for the quarter were $705,060,000, up 3% from $666,482,000 during the same quarter of the previous year.