PARSIPPANY, N.J. – Base business volume gains and acquisition growth lifted net income 17% for B&G Foods, Inc., in the first quarter of fiscal 2013.
For the quarter ended March 30, net income was $19,634,000, equal to 37c per share on the common stock, compared with $16,778,000, or 35c per share, during the same quarter of the previous year. Net sales were $171,194,000, up 9% from $157,339,000 from the same quarter of the previous year.
While October-acquired New York Style and Old London businesses performed to expectations, contributing $11.3 million to the quarter’s net sales, the company plans to overhaul the snack brands with a focus on all-natural, said David Wenner, president and chief executive officer.
“We are rapidly redoing packaging and reformulating some of the products in the line, as well as creating new display pieces to better compete in the deli section,” Mr. Wenner said in an April 18 call with financial analysts to discuss first-quarter earnings.
The company also is rolling out a full pipeline from its top-tier brands, including a relaunch of Mrs. Dash marinades, an extension of Mrs. Dash seasoning packets, new Cream of Wheat and Ortega products and more Emeril’s pasta sauce offerings.
“While it is difficult to predict the ultimate performance of these products, we believe they represent the strongest new products pipeline we have had for several years,” Mr. Wenner said.
Growth in the base business during the quarter came from the top two tiers of brands, boosted by gains from Cream of Wheat and Ortega and modest, steady growth from maple syrup and salad dressing businesses.