| Abstrakt: |
Pinnacle Foods Finance LLC (“Pinnacle”, “we”, or “our”), a leading manufacturer, marketer and distributor of branded, high-quality food products in North America, announced its financial results for the fourth quarter and year ended December 26, 2010. Net sales were $662 million compared to $412 million in last year’s fourth quarter. This increase was principally due to the acquisition of Birds Eye Foods, Inc. late in 2009. Net earnings were $16 million compared to net earnings of $292 million in the fourth quarter of last year, which is an increase of $40 million excluding the one-time $316 million reversal of deferred tax valuation reserves in the fourth quarter of last year. For fiscal year 2010, net sales were $2.44 billion compared with $1.64 billion last year, again principally due to the acquisition of Birds Eye Foods, Inc. On a proforma basis, net sales in the North American retail business, excluding the Birds Eye® Steamfresh® and the U.S. Swanson® frozen meals businesses which we have exited, were down 1.2% for the year. Net earnings were $22 million compared to $303 million a year ago, also impacted by the one-time $316 million reversal of deferred tax valuation reserves in the fourth quarter of last year. Net cash provided by operating activities was $257 million in 2010 compared to $116 million last year primarily driven by a significant improvement in working capital and the earnings of Birds Eye Foods. Consolidated EBITDA, as defined in our Senior Secured Credit Facility and the Indentures governing our Senior Notes and Senior Subordinated Notes, was $475 million in 2010 compared to $472 million last year, an increase of approximately 1%. Consolidated EBITDA is defined below under “Non-GAAP Financial Matters”. [ABSTRACT FROM PUBLISHER] |
