THOMASVILLE, Ga., Dec. 2 /PRNewswire-FirstCall/ -- At an event hosted in New York today for financial analysts and broadcast live over the Internet, executives of Flowers Foods provided insight into the company's core strategies and reiterated previously issued guidance for 2008 and 2009.
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George E. Deese, chairman of the board, chief executive officer, and president, led the presenters, which included R. Steve Kinsey, executive vice president and chief financial officer; Allen L. Shiver, executive vice president and chief marketing officer; Michael A. Beaty, executive vice president/supply chain, and Bradley K. Alexander, president/Flowers Bakeries.
"Our business continues to be strong in spite of the economic slowdown," Deese noted in his remarks. "We remain focused on growing sales and on managing our costs better than ever. Our commitment to investing in our business will not waiver because we must keep our products, our process, our information, and our people performing at peak efficiency. We are focused on maintaining the value of our shareholders' investment as well as on building future value."
Highlights of the presentation included: -- Details of Flowers' current and historical financial performance;
-- A look at Flowers' three-pronged growth strategy that includes core market expansion, territory growth, and acquisitions;
-- Discussion of Flowers' ongoing focus on process improvements in production, packaging, logistics, and sustainability;
-- Information on the company's marketing and branding strategy and the recent introduction of Nature's Own breads into Arizona, Nevada, and southern California; and
-- Insight into the company's culture, called "The Flowers Way."
Kinsey reiterated guidance for 53-week fiscal 2008 of $2.420 billion to $2.430 billion in sales, an increase of 18.8% to 19.3% over 2007; net income of $113.6 million to $117.3 million; and earnings per share of $1.22 to $1.26, an increase of 19.6% to 23.5% over 2007 results. He also reiterated preliminary guidance for 52-week fiscal 2009, noting that the company expects sales of $2.720 billion to $2.765 billion, an increase of 12.2% to 14.0%, net income of $124.1 million to $135.3 million, and earnings per share of $1.33 to $1.45, an increase of 9.0% to 15.1%.
An archive of the presentation and podcast can be accessed on the company's Web site http://www.flowersfoods.com/. Archived with the presentation is a PDF of the slides presented and links to videos shown at the event.
Company Information
Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's leading producers and marketers of packaged bakery foods for retail and foodservice customers. Among the company's top brands are Nature's Own, Whitewheat, Cobblestone Mill, Blue Bird, and Mrs. Freshley's. Flowers operates 39 bakeries that are among the most efficient in the baking industry. Flowers Foods produces, markets, and distributes fresh bakery products that are delivered to customers daily through a direct-store-delivery system serving the Southeast, Southwest, and Mid-Atlantic. The company also produces and distributes fresh snack cakes and frozen breads and rolls nationally through warehouse distribution. For more information, visit http://www.flowersfoods.com/.
Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) competitive conditions in the baked foods industry, including promotional and price competition, (b) changes in consumer demand for our products, (c) the success of productivity improvements and new product introductions, (d) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (e) fluctuations in commodity pricing, (f) our ability to fully integrate recent acquisitions into our business, and (g) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value. In addition, our results may also be affected by general factors such as economic and business conditions (including the baked foods markets), interest and inflation rates and such other factors as are described in the company's filings with the Securities and Exchange Commission.
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