Delaware
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20-2311383
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(State or Other Jurisdiction of Incorporation)
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(IRS Employer Identification No.)
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2021 Spring Road
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Suite 600
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Oak Brook, IL
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60523
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(Address of Principal Executive Offices)
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(Zip Code)
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q
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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q
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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q
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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q
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit
Number
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Exhibit
Description
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99.1
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Press Release dated May 5, 2011, announcing financial results for the fiscal quarter ended March 31, 2011
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TreeHouse Foods, Inc.
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Date: May 5, 2011
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By:
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/s/ Thomas E. O’Neill
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Thomas E. O’Neill
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General Counsel, Senior Vice President, Chief Administrative Officer and officer duly authorized to sign on behalf of the registrant
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Exhibit
Number
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Exhibit
Description
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99.1
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Press Release dated May 5, 2011, announcing financial results for the fiscal quarter ended March 31, 2011
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Exhibit 99.1
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NEWS RELEASE
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Contact:
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Investor Relations
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708-483-1300 Ext 1331
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·
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Net sales grew 24.3%
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·
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North American Retail unit volume increased 2.9%, excluding acquisitions and infant feeding
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·
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Direct operating income improved in all three segments
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·
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2011 Adjusted EPS guidance revised to a range of $3.00 to $3.08 due to acceleration of IT systems rollout
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ITEMS AFFECTING DILUTED EPS COMPARABILITY:
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||||||||
Three Months Ended
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March 31
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||||||||
2011
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2010
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|||||||
(unaudited)
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||||||||
Diluted EPS as reported
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$ | 0.54 | $ | 0.47 | ||||
Acquisition and integration costs
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- | 0.17 | ||||||
Curtailment of post retirement benefits plan
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- | (0.05 | ) | |||||
Mark-to-market gain on interest rate swap
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(0.01 | ) | (0.01 | ) | ||||
Plant closing costs
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0.05 | - | ||||||
Loss on intercompany note translation
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0.01 | 0.01 | ||||||
Adjusted diluted EPS
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$ | 0.59 | $ | 0.59 | ||||
1.
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North American Retail Grocery – This segment sells private label and branded products to customers within the United States and Canada. These products include pickles, peppers, relishes, condensed and ready to serve soups, broths, gravies, jams, spreads, salad dressings, sauces, non-dairy powdered creamers, salsa, aseptic products, powdered drinks, hot cereals, macaroni and cheese and skillet dinners.
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2.
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Food Away From Home – This segment sells primarily pickle products, non-dairy powdered creamers, Mexican sauces, aseptic products, hot cereals and refrigerated products and sauces to foodservice customers, including restaurant chains and food distribution companies, within the United States and Canada.
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3.
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Industrial and Export – This segment includes the Company’s co-pack business and non-dairy powdered creamer sales to industrial customers. These customers either repackage it into single serve packages for the foodservice industry or use it as an ingredient in other foodservice applications. Export sales are primarily to industrial customers outside North America.
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TREEHOUSE FOODS, INC.
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||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(In thousands, except per share data)
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||||||||
Three Months Ended
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March 31
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||||||||
2011
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2010
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(unaudited)
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Net sales
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$ | 493,513 | $ | 397,124 | ||||
Cost of sales
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372,587 | 308,346 | ||||||
Gross profit
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120,926 | 88,778 | ||||||
Operating expenses:
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||||||||
Selling and distribution
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36,260 | 26,796 | ||||||
General and administrative
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29,243 | 28,478 | ||||||
Other operating expense (income), net
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2,650 | (2,261 | ) | |||||
Amortization expense
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8,049 | 4,447 | ||||||
Total operating expenses
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76,202 | 57,460 | ||||||
Operating income
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44,724 | 31,318 | ||||||
Other (income) expense:
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Interest expense, net
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13,851 | 6,827 | ||||||
Loss on currency exchange
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1,430 | 100 | ||||||
Other, net
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(492 | ) | (213 | ) | ||||
Total other expense
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14,789 | 6,714 | ||||||
Income before income taxes
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29,935 | 24,604 | ||||||
Income taxes
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10,127 | 8,285 | ||||||
Net income
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$ | 19,808 | $ | 16,319 | ||||
Weighted average common shares:
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||||||||
Basic
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35,534 | 33,553 | ||||||
Diluted
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36,785 | 34,614 | ||||||
Net earnings per common share:
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Basic
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$ | 0.56 | $ | 0.49 | ||||
Diluted
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$ | 0.54 | $ | 0.47 | ||||
Supplemental Information:
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Depreciation and Amortization
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$ | 19,836 | $ | 14,117 | ||||
Stock-based compensation expense, before tax
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$ | 4,774 | $ | 3,354 | ||||
Segment Information:
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North American Retail Grocery
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Net Sales
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$ | 353,463 | $ | 261,800 | ||||
Direct Operating Income
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$ | 65,521 | $ | 42,122 | ||||
Direct Operating Income Percent
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18.5 | % | 16.1 | % | ||||
Food Away From Home
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Net Sales
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$ | 74,227 | $ | 73,427 | ||||
Direct Operating Income
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$ | 10,762 | $ | 9,461 | ||||
Direct Operating Income Percent
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14.5 | % | 12.9 | % | ||||
Industrial and Export
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Net Sales
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$ | 65,823 | $ | 61,897 | ||||
Direct Operating Income
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$ | 12,830 | $ | 11,662 | ||||
Direct Operating Income Percent
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19.5 | % | 18.8 | % |
TREEHOUSE FOODS, INC.
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RECONCILIATION OF REPORTED EARNINGS TO ADJUSTED EBITDA
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||||||||
(In thousands)
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||||||||
Three Months Ended
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March 31
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||||||||
2011
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2010
|
|||||||
(unaudited)
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Net income as reported
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$ | 19,808 | $ | 16,319 | ||||
Interest expense, net
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13,851 | 6,827 | ||||||
Income taxes
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10,127 | 8,285 | ||||||
Depreciation and amortization
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19,836 | 14,117 | ||||||
Equity-based compensation
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4,774 | 3,354 | ||||||
Acquisition and integration costs
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240 | 9,277 | ||||||
Loss on intercompany note translation
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800 | 764 | ||||||
Adjustment on interest rate swap mark-to-market
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(575 | ) | (691 | ) | ||||
Curtailment of post retirement benefits plan
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- | (2,357 | ) | |||||
Plant closing costs
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2,597 | 138 | ||||||
Adjusted EBITDA
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$ | 71,458 | $ | 56,033 | ||||