Acquisitions drive B&G Foods earnings higher in year
Feb. 17, 2012
PARSIPPANY, N.J. — Profit from acquisitions contributed to a 55% increase in income during 2011 at B&G Foods, Inc.
For the year ended Dec. 31, 2011, the company had income of $50,243,000, equal to $1.05 per share on the common stock, which compared with income of $32,379,000, or 68c per share, during the previous year. Sales for the year were $543,866,000, up 6% from $513,337,000 during fiscal 2010.
“2011 was the third consecutive year of strong results for our business, producing solid organic and acquisition sales growth, and strong earnings and adjusted EBITDA growth,” said David L. Wenner, president and chief executive officer. “We believe our acquisition of the Culver Specialty Brands on Nov. 30 sets the stage for another year of strong top- and bottom-line growth in 2012.
“We continue to believe that returning cash to our shareholders is a key component of B&G Foods’ approach to generating total return for shareholders, and consistent with that our board of directors yesterday increased our quarterly dividend, the third increase since the start of 2011.”
For the fourth quarter the company had income of $12,255,000, or 26c per share, down 14% from $14,278,000, or 30c per share, during the same quarter of the previous year. Sales for the quarter were $149,998,000, up 6% from $141,866,000.