ANNIES INC 
By BERKELEY, Calif., Nov. 7, 2013 /PRNewswire/ -- Annie's, Inc. (NYSE: BNNY), a leading natural and organic food company, today announced financial results for its second quarter of fiscal 2014, ended September 30, 2013.
Highlights:
-- Net sales were $58.7 million in the second quarter; adjusted net
sales(1) were $57.9 million, an increase of 24.0%
-- Consumption grew an estimated 22% in the second quarter, representing
further acceleration versus prior growth trends(2)
-- Diluted EPS was $0.32 in the second quarter; adjusted diluted EPS(1) was
$0.28, an increase of 19.1%
-- As previously announced, management expects to achieve the upper end of
its net sales guidance range and the lower end of adjusted diluted EPS
guidance range for its fiscal 2014
-- Annie's announces agreement to acquire its primary cookie and cracker
manufacturing plant, positioning its snacks business for long-term
growth
"We experienced accelerated growth in both shipments and consumption during the quarter, as we benefited from continued base business strength and the successful rollout of our new microwavable mac & cheese cups and family-size frozen entrees," commented John Foraker, CEO of Annie's. "Year-to-date consumption growth, which is in excess of 20%, is the strongest since our IPO and gives us increased confidence in our sales outlook.
"While we are very pleased with our top-line performance and strong operating expense leverage, gross margin was impacted by changes in customer mix and, to a lesser extent, higher-than-expected sales of new products and above-normal inventory obsolescence. Nevertheless, we expect to exit the year with more normalized gross margin trends.
"Our ability to generate strong growth across product categories and sales channels gives us confidence in our long-term growth prospects. One of our biggest growth opportunities is in our snacks business, which remains highly under-penetrated relative to its potential. The planned acquisition of Safeway's cookie and cracker manufacturing plant in Joplin, Missouri will provide us with valuable long-term scale benefits, which we expect will enable us to accelerate our pace of innovation and distribution growth in snacks."
Second Quarter Results
For the second quarter, Annie's reported net sales of $58.7 million. Excluding the benefit to net sales from the pizza recall, primarily related to insurance recoveries, adjusted net sales increased 24.0% to $57.9 million, driven by significant increases in conventional sales channels. Net sales growth in the second quarter was led by meals, which benefited from continued strength in mac & cheese and initial shipments of our new family-size frozen entrees. Net sales of snacks and dressings, condiments and other products were also strong, growing double digits on a year-over-year basis.
EBITDA for the quarter was $9.7 million, with adjusted EBITDA increasing 15.6% year-over-year to $8.8 million. Adjusted EBITDA was driven by strong net sales growth and improved selling, general and administrative expenses as a percentage of net sales, partially offset by a lower gross margin percentage year-over-year.
Net income for the quarter was $5.6 million, or $0.32 per diluted share, as compared to $3.8 million, or $0.21 per diluted share, in the second quarter of fiscal 2013. Adjusted net income was $4.9 million, or $0.28 per diluted share, as compared to adjusted net income of $4.2 million, or $0.24 per diluted share, in the second quarter of fiscal 2013.
Fiscal 2014 Outlook
Annie's expects the following financial results for the current fiscal year:
-- Adjusted net sales growth toward the upper end of 18% to 20% guidance
range
-- Adjusted EBITDA of approximately $31 million
-- Adjusted diluted EPS toward the lower end of $0.97 to $1.01 guidance
range
Planned Acquisition of Safeway's Joplin Plant
Annie's also announced that on November 5, 2013, the Company entered into a definitive agreement with Safeway Inc. and Safeway Australia Holdings, Inc. to acquire the snack manufacturing plant in Joplin, Missouri, which has been Annie's primary manufacturer of cookie and cracker products since the inception of its snacks business in 2002. Under the agreement, the purchase price will be $6.0 million, plus the cost of inventory and supplies at closing. Annie's expects to fund the acquisition with cash on hand and, if necessary, by drawing under its revolving credit facility. Including the impact of previously planned efficiency projects, the acquisition is not expected to materially impact net income in fiscal 2015.
Annie's products produced in the Joplin plant currently account for over 50% of its overall snacks net sales and represent the majority of the plant's total production volume. In connection with the closing of the acquisition, which is expected to occur in the first quarter of Annie's fiscal 2015 and is subject to the satisfaction of various closing conditions, Annie's expects to enter into a three-year supply agreement to produce products on behalf of an affiliate of Safeway Inc.
"The Joplin plant is of high strategic value to Annie's," said Mr. Foraker. "The planned acquisition of the plant is consistent with our asset-light business model and provides capacity for future growth, a platform for innovation and an opportunity to further control and improve our cost structure."
Added Amanda Martinez, EVP, Operations and Administration of Annie's, "Having overseen the Joplin plant during my tenure with Safeway, I can speak first-hand to the focus on quality at the plant as well as the caliber of its workforce. We look forward to welcoming the plant's employees to the Annie's family."
Conference Call Information for Today, November 7, 2013
Annie's will host a conference call and live webcast today, November 7, 2013 at 2:00 p.m. PT (5:00 p.m. ET). The conference call can be accessed by dialing 1-877-941-8609, or 1-480-629-9692 (outside the U.S. and Canada). A live webcast will be available on the Investor Relations page of Annie's corporate website at www.annies.com and via replay beginning approximately two hours after the completion of the call for 90 days. An audio replay of the call will also be available to all interested parties beginning at approximately 5:00 p.m. Pacific Time on Thursday, November 7, 2013 until 11:59 p.m. Pacific Time on Thursday, November 14, 2013, by dialing 1-800-406-7325 or 1-303-590-3030 (outside the U.S. and Canada) and entering pass code 4643030#.
About Annie's
Annie's (NYSE: BNNY) is a natural and organic food company that offers great-tasting products in large packaged food categories. Annie's products are made without artificial flavors, synthetic colors, and preservatives regularly used in many conventional packaged foods. Additionally, Annie's sources ingredients so as to avoid synthetic growth hormones and genetically modified food ingredients. Today, Annie's offers over 135 products and is present in over 26,500 retail locations in the United States and Canada. Founded in 1989, Annie's is committed to operating in a socially responsible and environmentally sustainable manner. For more information, visit www.annies.com.
Forward-Looking Statements
Certain statements in this press release and the accompanying conference call, including Annie's statements regarding expected full-year and back-half fiscal 2014 results, including adjusted net sales, adjusted EBITDA, adjusted diluted EPS, margins, cash and related drivers; growth prospects; the planned acquisition of the Joplin plant and the timing thereof; the total purchase price and method of funding the planned acquisition; the expected benefits and impact of the planned acquisition, including the expected impact on the Company's fiscal 2015 results, expected scale benefits, expected impact on the Company's snacks business and expected supply agreement; expected growth in the Company's snacks business, including through innovation; innovation and new products, including our single-serve microwavable cup and frozen entrée products; customer mix; anticipated savings from fat rabbit and other initiatives; rapid growth; risk mitigation; and opportunities ahead are "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek" and similar terms or phrases.
The forward-looking statements contained in this press release and the accompanying conference call are based on management's current expectations, are subject to uncertainty and changes in circumstances and are subject to significant risks. We cannot assure you that future developments affecting us will be those that we have anticipated. The timing of the closing of the planned acquisition, if it occurs, is dependent upon the satisfaction of closing conditions, including Safeway's satisfaction that it has fulfilled any collective bargaining obligations that it is required to undertake with the labor organization presently representing employees at the facility. Additionally, our ability to achieve the expected benefits of the acquisition, in the event the acquisition closes, is dependent upon our ability to successfully integrate the Joplin plant, control costs and drive incremental volume. Annie's has not previously operated a manufacturing facility and we may encounter financial and operational difficulties in integrating the Joplin manufacturing plant with our current operations or otherwise not achieve expected benefits.
Actual results may also differ materially from the forward-looking statements contained in this press release and the accompanying conference call due to changes in global, national, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control. We believe that these factors include those disclosed in the section entitled "Risk Factors" in our Annual Report on Form 10-K for fiscal 2013 filed with the U.S. Securities and Exchange Commission on June 14, 2013 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 filed with the U.S. Securities and Exchange Commission today and in our other filings with the SEC, including risks relating to competition; new product introductions; our growth strategy; our brand; reputation; product liability claims; recalls and related insurance proceeds; economic disruptions; changes in consumer preferences; ingredient and packaging costs and availability; reliance on a limited number of distributors, retailers, contract manufacturers and third-party suppliers and on an outside warehouse facility; efficiency projects; intellectual property and related disputes; regulatory compliance; transportation; supply-chain; inventory levels; seasonality; and our planned acquisition of the Joplin plant. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.
Any forward-looking statement made by us in this press release or the accompanying conference call speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Non-GAAP Financial Measures
Adjusted net sales, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS are not financial measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP. As used in this press release: (1) adjusted net sales represents net sales adjusted for impact on net sales due to product recall; (2) adjusted operating income represents income from operations adjusted for the impact on net sales, cost of sales, and selling, general and administrative expenses due to product recall, costs associated with planned acquisition of Joplin plant, and shelf registration and secondary offering costs; (3) adjusted net income represents net income adjusted for impact on net sales, cost of sales, selling, general and administrative expenses and provision for income taxes due to product recall; costs associated with planned acquisition of Joplin plant; shelf registration and secondary offering costs; and the change in fair value of convertible preferred stock warrant liability; (4) EBITDA represents net income plus interest expense, provision for income taxes, and depreciation and amortization; (5) adjusted EBITDA represents EBITDA adjusted for impact on net sales, cost of sales, and selling, general and administrative expenses due to product recall; costs associated with the planned acquisition of Joplin plant; shelf registration and secondary offering costs; stock-based compensation; and the change in fair value of convertible preferred stock warrant liability; and (6) adjusted diluted EPS represents adjusted net income divided by weighted average diluted shares of common stock.
We present adjusted net sales, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS because we believe these measures provide additional metrics to evaluate our operations and, when considered with both our GAAP results and the related reconciliation to the most directly comparable GAAP measure, provide a more complete understanding of our business than could be obtained absent this disclosure. We use adjusted net sales, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS together with financial measures prepared in accordance with GAAP to assess our operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our core operating performance and to compare our performance to that of our peers and competitors. We also believe that these non-GAAP financial measures are useful to investors in assessing the operating performance of our business without the effect of the items described above. Adjusted net sales, adjusted operating income, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS are subject to inherent limitation as they reflect the exercise of judgment by management in determining how they are formulated. Further, our computation of these non-GAAP measures is likely to differ from methods used by other companies in computing similarly titled or defined terms, limiting the usefulness of these measures. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures and do not purport to be alternatives to either net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.
1 Adjusted net sales,
EBITDA, adjusted EBITDA,
adjusted operating
income, adjusted net
income and adjusted
diluted EPS are non-
GAAP financial measures
and must be read in
conjunction with the
important information
about these measures and
the full reconciliation
to the most comparable
GAAP measures set forth
below.
2 Source: Syndicated and
proprietary retail sales
data for most applicable
12-week period.
Annie's, Inc.
Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended Six Months Ended
September 30, September 30,
------------- -------------
2013 2012 2013 2012
---- ---- ---- ----
Net
sales and
(including six
product months
recall ended
benefit September
of 30,
$751 2013)
during
the
three $58,650 $46,686 $97,690 $80,979
Cost
of during respectively)
sales the
(including three
product and
recall six
benefit months
of ended
$490 September
and 30,
$273 36,749 28,786 61,027 49,272
------ ------ ------ ------
Gross
profit 21,901 17,900 36,663 31,707
Operating expenses:
Selling,
general and ended
and expense September
administrative of 30,
expenses $11 2013,
(including during respectively)
product the
recall three
benefit and
of six
$32 12,538 11,539 23,865 21,750
------ ------ ------ ------
Income
from
operations 9,363 6,361 12,798 9,957
Interest
expense (104) (40) (175) (80)
Other
income
(expense),
net 32 36 58 85
--- --- --- ---
Income
before
provision
for
income
taxes 9,291 6,357 12,681 9,962
Provision
for
income
taxes 3,739 2,572 5,100 4,046
----- ----- ----- -----
Net
income $5,552 $3,785 $7,581 $5,916
====== ====== ====== ======
Net
income
per
share $0.33 $0.22 $0.45 $0.35
-Basic
-Diluted $0.32 $0.21 $0.44 $0.34
===== ===== ===== =====
Weighted
average income
shares per
of share
common
stock
outstanding
used
in
computing
net 16,896,227 17,070,327 16,882,965 17,003,534
-Basic
===
-Diluted 17,392,447 17,702,516 17,376,646 17,656,356
========== ========== ========== ==========
Non-GAAP results:
Adjusted
operating
income $8,304 $7,065 $12,033 $10,661
====== ====== ======= =======
Adjusted
net
income $4,919 $4,204 $7,124 $6,347
====== ====== ====== ======
Adjusted
diluted
net
income
per
share $0.28 $0.24 $0.41 $0.36
===== ===== ===== =====
Adjusted
EBITDA $8,780 $7,595 $13,137 $11,669
====== ====== ======= =======
Annie's, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
September 30, March 31,
2013 2013
---- ----
ASSETS
CURRENT ASSETS:
Cash $11,090 $4,930
Accounts receivable, net
of allowance 19,100 20,015
Inventory 17,333 15,147
Deferred tax assets 2,558 2,558
Income tax receivable - 588
Prepaid expenses and
other current assets 5,411 5,050
----- -----
Total current assets 55,492 48,288
Property and equipment,
net 6,192 6,138
Goodwill 30,809 30,809
Intangible assets, net 1,086 1,116
Deferred tax assets,
long-term 3,617 3,704
Other non-current assets 147 157
--- ---
Total assets $97,343 $90,212
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $7,512 $4,342
Accrued liabilities 13,652 12,021
------ ------
Total current
liabilities 21,164 16,363
Credit facility - 7,007
Other non-current
liabilities 984 913
--- ---
Total liabilities 22,148 24,283
------ ------
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock 17 17
Additional paid-in
capital 94,875 93,190
Accumulated deficit (19,697) (27,278)
------- ------
Total stockholders'
equity 75,195 65,929
------ ------
Total liabilities and
stockholders' equity $97,343 $90,212
======= =======
Annie's, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Six Months
Ended
September
30,
-----------
2013 2012
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $7,581 $5,916
Adjustments to reconcile net income to net
cash provided by operating
activities:
Depreciation and
amortization 637 463
Stock-based compensation 409 447
Provision for doubtful
accounts 21 -
Inventory reserves 430 (80)
Excess tax benefit from
stock-based compensation (643) (5,266)
Accretion of imputed
interest on purchase of
intangible asset 72 71
Change in fair value of
convertible preferred
stock warrant liability - 13
Amortization of deferred
financing costs 6 9
Deferred taxes 87 217
Changes in operating assets and
liabilities:
Accounts receivable, net 894 162
Inventory (2,616) (2,119)
Income tax receivable 588 (149)
Prepaid expenses, other
current and non-current
assets (174) 4,092
Accounts payable 3,158 1,359
Related-party payable - (1,305)
Accrued expenses and other
non-current liabilities 2,273 5,426
----- -----
Net cash provided by
operating activities 12,723 9,256
------ -----
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and
equipment (649) (1,009)
---- ------
Net cash used in investing
activities (649) (1,009)
---- ------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit
facility 7,720 2,663
Payments to credit facility (14,727) (15,459)
Proceeds from common shares
issued in initial public
offering, - 11,146
net of issuance costs
Excess tax benefit from
stock-based compensation 643 5,266
Proceeds from exercises of
stock options 450 2,204
--- -----
Net cash provided by (used
in) financing activities (5,914) 5,820
------ -----
NET INCREASE IN CASH 6,160 14,067
CASH-Beginning of period 4,930 562
----- ---
CASH-End of period $11,090 $14,629
======= =======
NONCASH INVESTING AND FINANCING
ACTIVITIES:
Purchase of property and
equipment funded through
accounts payable $12 $13
Conversion of convertible
preferred stock into
common stock $ - $81,373
Annie's, Inc.
Reconciliation of Adjusted Operating Income to Operating Income; Adjusted Net Income to Net Income; and Adjusted Diluted EPS to Diluted EPS
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended September 30, 2013 Three Months Ended September 30,
2012
------------------------------------- ---------------------------------
As Reported Voluntary As Adjusted As Reported As Adjusted
Product Recall Adjustments Adjustments
---
Net sales $58,650 $(751) $ - $57,899 $46,686 $ - $46,686
Cost of
sales 36,749 490 - 37,239 28,786 - 28,786
------ --- --- ------ ------ --- ------
Gross
profit 21,901 (1,241) - 20,660 17,900 - 17,900
Operating expenses:
Selling,
general
and
administrative
expenses 12,538 32 (214) (1) 12,356 11,539 (704) (2) 10,835
------ --- ---- ------ ------ ---- ------
Income from
operations 9,363 (1,273) 214 8,304 6,361 704 7,065
Interest
expense (104) - - (104) (40) - (40)
Other
income
(expense),
net 32 - - 32 36 - 36
--- --- --- --- --- --- ---
Income
before
provision
for income
taxes 9,291 (1,273) 214 8,232 6,357 704 7,061
Provision
for income
taxes 3,739 (512) 86 (4) 3,313 2,572 285 (3) 2,857
----- ---- --- ----- ----- --- -----
Net income $5,552 $(761) $128 $4,919 $3,785 $419 $4,204
====== ===== ==== ====== ====== ==== ======
Net income
per share
attributable
to common
stockholders $0.33 $0.22
-Basic
-Diluted $0.32 $(0.04) $0.01 $0.28 $0.21 $0.02 $0.24
===== ====== ===== ===== ===== ===== =====
Weighted
average
shares of
common
stock
outstanding
used in
computing
net income
per share 16,896,227 17,070,327
-Basic
-Diluted 17,392,447 17,392,447 17,392,447 17,392,447 17,702,516 17,702,516 17,702,516
========== ========== ========== ========== ========== ========== ==========
(1) Includes $52 for
costs associated with
the Shelf
Registration
Statement filed on
July 16, 2013 on
Solera's behalf and
$162 for costs
associated with our
planned acquisition
of the Joplin Plant
during the three
months ended
September 30, 2013.
(2) Includes $704 for
secondary offering
costs during the
three months ended
September 30, 2012.
(3) Represents impact
on provision for
income taxes related
to secondary offering
costs.
(4) Represents impact
on provision for
income taxes related
to costs associated
with the Shelf
Registration
Statement and our
planned acquisition
of the Joplin Plant.
Annie's, Inc.
Reconciliation of Adjusted Operating Income to Operating Income; Adjusted Net Income to Net Income; and Adjusted Diluted EPS to Diluted EPS
(unaudited)
(in thousands, except share and per share amounts)
Six Months Ended September 30, 2013 Six Months Ended September 30,
2012
----------------------------------- -------------------------------
As Reported Voluntary As Adjusted As Reported As Adjusted
Product Recall Adjustments Adjustments
---
Net sales $97,690 $(751) $ - $96,939 $80,979 $ - $80,979
Cost of
sales 61,027 273 - 61,300 49,272 - 49,272
------ --- --- ------ ------ --- ------
Gross
profit 36,663 (1,024) - 35,639 31,707 - 31,707
Operating expenses:
Selling,
general
and
administrative
expenses 23,865 (11) (248) (1) 23,606 21,750 (704) (2) 21,046
------ --- ---- ------ ------ ---- ------
Income from
operations 12,798 (1,013) 248 12,033 9,957 704 10,661
Interest
expense (175) - - (175) (80) - (80)
Other
income
(expense),
net 58 - - 58 85 13 (3) 98
--- --- --- --- --- --- ---
Income
before
provision
for income
taxes 12,681 (1,013) 248 11,916 9,962 717 10,679
Provision
for income
taxes 5,100 (407) 99 (5) 4,792 4,046 286 (4) 4,332
----- ---- --- ----- ----- --- -----
Net income $7,581 $(606) $149 $7,124 $5,916 $431 $6,347
====== ===== ==== ====== ====== ==== ======
Net income
per share
attributable
to common
stockholders $0.45 $0.35
-Basic
-Diluted $0.44 $(0.03) $0.01 $0.41 $0.34 $0.02 $0.36
===== ====== ===== ===== ===== ===== =====
Weighted
average
shares of
common
stock
outstanding
used in
computing
net income
per share 16,882,965 17,003,534
-Basic
-Diluted 17,376,646 17,376,646 17,376,646 17,376,646 17,656,356 17,656,356 17,656,356
========== ========== ========== ========== ========== ========== ==========
(1) Includes $86 for
costs associated with
the Shelf
Registration
Statement filed on
July 16, 2013 on
Solera's behalf and
$162 for costs
associated with our
planned acquisition
of the Joplin Plant
during the six months
ended September 30,
2013.
(2) Includes $704 for
secondary offering
costs during the six
months ended
September 30, 2012.
(3) Includes $13 for
change in fair value
of convertible
preferred stock
warrant liability
during the six months
ended September 30,
2012
(4) Represents impact
on provision for
income taxes related
to secondary offering
costs.
(5) Represents impact
on provision for
income taxes related
to costs associated
with the Shelf
Registration
Statement and our
planned acquisition
of the Joplin Plant.
Annie's, Inc.
Reconciliation of EBITDA and Adjusted EBITDA to Net Income
(unaudited)
(in thousands)
Three Six
Months Months
Ended Ended
September September
30, 30,
--------- ---------
2013 2012 2013 2012
---- ---- ---- ----
Net income $5,552 $3,785 $7,581 $5,916
Interest expense 104 40 175 80
Provision for income
taxes 3,739 2,572 5,100 4,046
Depreciation and
amortization 328 263 637 463
--- --- --- ---
EBITDA 9,723 6,660 13,493 10,505
Benefit to net sales
related to product
recall (751) - (751) -
Benefit to cost of
sales related to
product recall (490) - (273) -
(Benefit
to)/incremental
administrative costs
related to product
recall (32) - 11 -
Shelf registration
filing costs 52 - 86 -
Secondary offering
costs - 704 - 704
Costs associated with
planned acquisition
of Joplin Plant 162 162
Stock-based
compensation 116 231 409 447
Change in fair value
of convertible
preferred stock
warrant liability - - - 13
--- --- --- ---
Adjusted EBITDA $8,780 $7,595 $13,137 $11,669
==== ====== ==== =====
Annie's, Inc.
Reconciliation of Adjusted Net Sales to Net Sales by Product Category
(unaudited)
(in thousands)
Three Months Ended September 30,
2013 Three Months
---------------------------------
As Reported Voluntary As Adjusted Ended
Product Recall September 30, 2012
------------------
Product Categories:
Meals $29,739 $(751) $28,988 $21,869
Snacks 22,057 - 22,057 19,146
Dressings,
condiments
and
other 6,854 - 6,854 5,671
----- --- ----- -----
$58,650 $(751) $57,899 $46,686
======= ===== ======= =======
Annie's, Inc.
Reconciliation of Adjusted Net Sales to Net Sales by Product Category
(unaudited)
(in thousands)
Six Months Ended September 30,
2013 Six Months
-------------------------------
As Reported Voluntary As Adjusted Ended
Product Recall September 30, 2012
------------------
Product Categories:
Meals $46,293 $(751) $45,542 $36,536
Snacks 37,878 - 37,878 32,609
Dressings,
condiments
and
other 13,519 - 13,519 11,834
------ --- ------ ------
$97,690 $(751) $96,939 $80,979
======= ===== ======= =======
CONTACT:
Ed Aaron
510-558-7574
303-868-5551
ir@annies.com
SOURCE Annie's, Inc.
