Flowers Foods Reports Fourth Quarter And Fiscal 2012 Results

         Flowers Foods Reports Fourth Quarter And Fiscal 2012 Results

PR Newswire

THOMASVILLE, Ga., Feb. 7, 2013

THOMASVILLE, Ga., Feb. 7, 2013 /PRNewswire/ -- Flowers Foods, Inc. (NYSE:
FLO), today reported results for its 12 and 52 weeks ended December 29, 2012.
Sales for the quarter increased 14.7% to $749.4 million and for the year sales
increased 9.8% to $3.05 billion. Diluted EPS for the quarter was $0.28, up
64.7%. For the year, diluted EPS was up 8.9% to $0.98;adjusted for one-time
charges in both years, 2012 dilutedEPS was $1.03, up 7.3% compared to $0.96
in 2011.Other highlights include:

  oEBITDA margin, excluding one-time charges, was 11.5% for the quarter and
    10.9% for the year;
  oOperating margin (EBIT), excluding one-time charges, improved to 8.0% in
    the quarter and was up slightly for the year;
  oGross margin for the quarter and year were 47.9% and 46.9%, respectively;
  oVolume increased 10.3% in the quarter and 2.1% for the year;
  oNet price/mix for the quarter was negative 2.0% and positive 1.5% for the
    year;
  oAcquisitions contributed 6.4% of the quarter's sales and 6.2% of 2012
    total sales;
  oThe Lepage Bakeries acquisition met expectations for sales and earnings;
  oNature's Own brand reached approximately $974 million in annual retail
    sales and became the nation's best-selling bread brand; and
  oSpecific guidance for 2013 is delayed pending the outcome of possible
    acquisitions. However, the company said results for 2013 are expected to
    meet or exceed long-term goals, excluding one-time charges.

(Logo: http://photos.prnewswire.com/prnh/20080530/CLF007LOGO )

George E. Deese, Flowers Foods' chairman and chief executive officer, said,
"The year 2012 was eventful for Flowers Foods and for our industry. We cycled
our acquisition of Tasty Baking in the second quarter, acquired Lepage
Bakeries in the third quarter, and announced an agreement to acquire the
rights to Sara Lee and Earthgrains brands in California in the fourth quarter.
In mid-November, our industry experienced another major change when Hostess
Brands exited the marketplace. Our team rallied to meet the needs of new and
existing customers as they felt the impact of Hostess' sudden departure. Our
fourth quarter results show the benefit to sales and earnings that resulted
from our team's outstanding efforts to serve our customers.

"The marketplace remains in flux as the industry awaits the outcome of
Hostess' bankruptcy proceedings and the resulting auctions of assets. We are
delaying offering specific guidance for 2013 until we have more clarity
regarding the Hostess situation as well as our pending transaction for the
Sara Lee and Earthgrains brands in California," he continued.

"Our team continues to execute well on our operating strategies and we do
anticipate that sales and earnings for 2013 will meet or exceed our long-term
objectives for 5% to 10% sales growth and double-digit earnings per share
growth, excluding one-time charges," Deese said.

On January 11, 2013, the company announced an agreement with Hostess to be the
stalking horse bidder in the bankruptcy process for certain Hostess bread
bakeries and bread brands. A competitive auction is scheduled for February 28,
2013, followed by a sale order hearing on March 5, 2013. If Flowers' bids are
ultimately approved by the court, the transactions will remain subject to
regulatory clearance.

In November 2012, Flowers and Grupo Bimbo, S.A.B. de C.V. announced the U. S.
Department of Justice had approved an agreement whereby Flowers would acquire
certain assets and trademarks from BBU, Bimbo's American subsidiary, primarily
the Sara Lee and Earthgrains brands for sliced breads, buns, and rolls in the
state of California. The transaction is set for completion on February 23,
2013 with respect to Southern California followed by a staged roll-out of the
acquired brands in the remainder of the state. On January 29, 2013, Grupo
Bimbo filed a motion with the U. S. District Court for the District of
Columbia seeking to temporarily suspend the transaction. A hearing on this
matter is scheduled for February 13, 2013.

Fourth Quarter 2012 Results
Fourth quarter sales increased 14.7% to $749.4 million from $653.6 million in
last year's fourth quarter. This increase was attributable to volume increases
of 10.3%, partially offset by unfavorable net price/mix of 2.0%. Additionally,
the Lepage Bakeries acquisition contributed 6.4% to sales. Dollar sales and
volume increased across all channels. The largest volume increases were in the
branded soft variety, branded white bread, branded buns and rolls, and
foodservice categories.

Net income for the quarter was $38.6 million compared to $23.0 million in the
fourth quarter of fiscal 2011. For the quarter, diluted earnings per share
were $0.28, an increase of 64.7%, compared to $0.17 in last year's fourth
quarter.

Gross margin as a percentage of sales for the quarter was 47.9%, up 200 basis
points compared to 45.9% in the fourth quarter of 2011. This increase was due
primarily to higher sales volumes and improved manufacturing efficiencies.

For the quarter, selling, distribution, and administrative costs as a percent
of sales were 36.5%, compared to 36.8% in the prior year. This decrease as a
percent of sales was primarily attributable to our ability to leverage costs
on increased sales.

Depreciation and amortization expenses for the quarter remained relatively
stable as a percent of sales compared to last year's fourth quarter. Net
interest expense was incurred during the quarter due to higher interest
expense resulting from the issuance in the first quarter of this year of
$400.0 million of senior notes. The majority of the proceeds from the notes
were used for the Lepage transaction. The effective tax rate for the quarter
was 31.1% compared to 37.7% in last year's fourth quarter. This decrease was
primarily due to positive discrete items in this year's fourth quarter.

Operating income, also referred to as earnings before interest and taxes
(EBIT), for the fourth quarter was $59.2 million, or 7.9% of sales compared to
$36.6 million, or 5.6% of sales in last year's fourth quarter. Earnings before
interest, taxes, depreciation, and amortization (EBITDA) for the fourth
quarter was $85.1 million, or 11.4% of sales compared $59.6 million, or 9.1%
of sales for the fourth quarter of 2011. One-time costs related to
acquisitions affected EBIT and EBITDA by $1.1 million, or 10 basis points as a
percent of sales in the fourth quarter.

Segment Results
DSD (82% of Sales): During the quarter, the company's direct store delivery
(DSD) sales increased 13.9%, reflecting volume increases of 6.2% as well as a
contribution of 7.7% from the Lepage acquisition. Net price/mix was relatively
flat, quarter over quarter. Dollar sales and volume increased across all
channels. The volume increases were primarily in the branded soft variety,
branded white bread, branded buns and rolls, and fast food categories.

Operating income for the DSD segment was $59.2 million, or 9.6% of sales for
the fourth quarter compared to $40.7 million, or 7.5% of sales in last year's
fourth quarter. This increase was due to the Lepage acquisition, increased
sales volumes, and improved manufacturing efficiencies.

Warehouse (18% of Sales): Sales through warehouse delivery increased 18.5%,
reflecting increased volume of 22.6% and negative net price/mix of 4.1%. The
increased volume was primarily the result of increases in branded cake,
foodservice, and vending.

Operating income for the warehouse segment was $12.8 million, or 9.5% of sales
for the fourth quarter compared to $3.6 million, or 3.2% of sales in last
year's fourth quarter. This increase was due primarily to increased sales
volume.

Cash Flow
During the fourth quarter, cash flow from operating activities was $34.7
million. The company invested $18.1 million in capital improvements and paid
dividends of $22.1 million to shareholders during the quarter. The company
also acquired 265,000 shares of its common stock under its share repurchase
plan for $5.1 million.

Fiscal 2012 Results
Sales for fiscal 2012 increased 9.8% to $3.05 billion from the $2.77 billion
reported for fiscal 2011. This increase consisted of increased volume of 2.1%
and positive net price/mix of 1.5%. Additionally, the Tasty and Lepage
acquisitions contributed 6.2% to sales. Price/mix and volume increased across
all channels. The volume increase was driven by branded soft variety bread,
branded cake, store brand bread, buns and rolls, and foodservice. These
increases were partially offset by volume decreases in store brand cake.

Net income for the year was $136.1 million, compared to $123.4 million for
fiscal 2011. Diluted earnings per share were $0.98 for fiscal 2012, compared
to $0.90 reported for fiscal 2011. Excluding one-time costs of $6.2 million,
net of tax, during fiscal 2012, diluted earnings per share were $1.03. This
compares to diluted earnings per share of $0.96 in fiscal 2011, excluding
one-time costs of $7.5 million, net of tax.

Gross margin as a percent of sales for the full year was 46.9%, relatively
flat compared to last year. Higher ingredient costs as a percent of sales were
offset by lower workforce-related costs as a percent of sales, production
volume increases, and increased manufacturing efficiencies.

For the year, selling, distribution, and administrative costs as a percent of
sales were 36.4%, compared to 36.7% in the prior year. One-time
acquisition-related costs of $9.6 million negatively impacted selling,
distribution and administrative costs 30 basis points as a percent of sales
during 2012. During 2011, selling, distribution and administrative costs were
negatively affected by one-time plant closure and acquisition-related costs of
$8.3 million, or 30 basis points as a percent of sales. The company continues
to effectively leverage its costs on increased sales volume.

Depreciation and amortization expenses for the year remained relatively stable
as a percent of sales compared to last year. We incurred net interest expense
for the year of $9.7 million, compared to net interest income of $2.9 million
last year due to interest expense incurred on the $400.0 million senior notes.
The effective tax rate for the year was 34.8%, compared to 35.7% last year.
This decrease was due primarily to favorable discrete items in 2012.

EBIT for the year was $218.5 million, or 7.2% of sales compared to $189.0
million, or 6.8% of sales last year. During 2012, EBIT was negatively affected
by one-time costs related to acquisitions of $9.6 million, or 30 basis points
as a percent of sales. During 2011, EBIT was negatively affected by one-time
plant closure and acquisition-related costs of $11.2 million, or 40 basis
points as a percent of sales.

EBITDA for the year was $321.2 million, or 10.5% of sales as compared
to$283.7 million, or 10.2% of sales last year. During 2012, EBITDA was
negatively affected by one-time costs related to acquisitions of $9.6 million,
or 30 basis points as a percent of sales. During 2011, EBITDA was negatively
affected by one-time plant closure andacquisition-related costs of $10.6
million, or 40 basis points as a percent of sales.

Conference Call
Flowers Foods will broadcast its fourth quarter and full year 2012 conference
call over the Internet at 8:30 a.m. (Eastern) on February 7, 2013. The call
will be broadcast live on Flowers' Web site, www.flowersfoods.com, and can be
accessed by clicking on the webcast link on the home page. The call also will
be archived on the company's Web site.

About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is the
second-largest producer and marketer of packaged bakery foods for retail and
foodservice customers in the United States with 2012 sales of $3.05 billion.
Flowers operates 44 bakeries that produce a wide range of bakery products.
These products are sold through a direct-store-delivery network with access to
approximately 70% of the U.S. population in the East, Northeast, South, and
Southwest, as well as in certain markets in California. Select Flowers
products are sold nationwide through customers' delivery systems. Among the
company's top brands are Nature's Own and Tastykake. For more information,
visit 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.

Information Regarding Non-GAAP Financial Measures

The company prepares its consolidated financial statements in accordance with
U.S. Generally Accepted Accounting Principles (GAAP). However, from time to
time, the company may present in its public statements, press releases and SEC
filings, non-gaap financial measures such as, EBITDA and gross margin
excluding depreciation and amortization to measure the performance of the
company and its operating divisions. EBITDA is used as the primary performance
measure in the company's Annual Executive Bonus Plan. The company defines
EBITDA as earnings from continuing operations before interest, income taxes,
depreciation, amortization and income attributable to non-controlling
interest. The company believes that EBITDA is a useful tool for managing the
operations of its business and is an indicator of the company's ability to
incur and service indebtedness and generate free cash flow. Furthermore,
pursuant to the terms of our credit facility, EBITDA is used to determine the
company's compliance with certain financial covenants. The company also
believes that EBITDA measures are commonly reported and widely used by
investors and other interested parties as measures of a company's operating
performance and debt servicing ability because EBITDA measures assist in
comparing performance on a consistent basis without regard to depreciation or
amortization, which can vary significantly depending upon accounting methods
and non-operating factors (such as historical cost). EBITDA is also a
widely-accepted financial indicator of a company's ability to incur and
service indebtedness. Adjusted EBITDA excludes additional costs that we
consider important to present to investors. These include, but are not limited
to, the costs of closing a plant or costs associated with merger-related
activities. We believe that financial information excluding certain
transactions not considered to be part of the ongoing business improves the
comparability of earnings results. We believe investors will be able to better
understand our earnings results if these transactions are excluded from the
results. These non-gaap financial measures are measures of performance not
defined by accounting principles generally accepted in the Unites States and
should be considered in addition to, not in lieu of, GAAP reported measures.
EBITDA should not be considered an alternative to (a) income from operations
or net income (loss) as a measure of operating performance; (b) cash flows
provided by operating, investing and financing activities (as determined in
accordance with GAAP) as a measure of the company's ability to meet its cash
needs; or (c) any other indicator of performance or liquidity that has been
determined in accordance with GAAP. Our method of calculating EBITDA and
adjusted EBITDA may differ from the methods used by other companies, and,
accordingly, our measures of EBITDA and adjusted EBITDA may not be comparable
to similarly titled measures used by other companies. Gross margin excluding
depreciation and amortization is used as a performance measure to provide
additional transparent information regarding our results of operations on a
consolidated and segment basis. Changes in depreciation and amortization are
separately discussed and include depreciation and amortization for materials,
supplies, labor and other production costs and operating activities.
Presentation of gross margin includes depreciation and amortization in the
materials, supplies, labor and other production costs according to GAAP. Our
method of presenting gross margin excludes the depreciation and amortization
components, as discussed above. This presentation may differ from the methods
used by other companies and may not be comparable to similarly titled measures
used by other companies. The reconciliations attached provide a reconciliation
of our net income, the most comparable GAAP financial measure to adjusted
EBITDA from continuing operations, a reconciliation of adjusted EBITDA to cash
flow from operations, a reconciliation of our gross margin excluding
depreciation and amortization to GAAP gross margin and a reconciliation of
adjusted earnings per share.



Flowers Foods, Inc.
Consolidated Statement of Income
(000's omitted, except per share data)
                             For the 12   For the 12   For the 52   For the 52
                             Week         Week         Week         Week
                             Period       Period       Period       Period
                             Ended        Ended        Ended        Ended
                             12/29/12     12/31/11     12/29/12     12/31/11
Sales                      $ 749,442    $ 653,566    $ 3,046,491  $ 2,773,356
Materials, supplies, labor
and other production costs
(exclusive of depreciation   390,666      353,350      1,617,810    1,473,201
and amortization shown
separately below)
Selling, distribution and    273,651      240,650      1,107,480    1,016,491
administrative expenses
Depreciation and             25,939       22,932       102,690      94,638
amortization
Income from operations       59,186       36,634       218,511      189,026
(EBIT)
Interest (expense) income,   (3,212)      317          (9,739)      2,940
net
Income before income taxes   55,974       36,951       208,772      191,966
(EBT)
Income tax expense           17,407       13,913       72,651       68,538
Net income                 $ 38,567     $ 23,038     $ 136,121    $ 123,428
Net income per diluted     $ 0.28       $ 0.17       $ 0.98       $ 0.90
common share
Diluted weighted average     139,605      137,056      138,449      136,881
shares outstanding



Flowers Foods, Inc.
Segment Reporting
(000's omitted)
                             For the 12   For the 12   For the 52   For the 52
                             Week         Week         Week         Week
                             Period       Period       Period       Period
                             Ended        Ended        Ended        Ended
                             12/29/12     12/31/11     12/29/12     12/31/11
Sales:
 Direct-Store-Delivery   $ 614,899    $ 540,046    $ 2,508,856  $ 2,265,244
 Warehouse Delivery        134,543      113,520      537,635      508,112
                           $ 749,442    $ 653,566    $ 3,046,491  $ 2,773,356
EBITDA:
 Direct-Store-Delivery   $ 80,840     $ 59,010     $ 317,486    $ 277,626
 Warehouse Delivery        16,877       8,117        54,497       47,119
 Flowers Foods             (12,592)     (7,561)      (50,782)     (41,081)
                           $ 85,125     $ 59,566     $ 321,201    $ 283,664
Depreciation and
Amortization:
 Direct-Store-Delivery   $ 21,606     $ 18,275     $ 84,290     $ 74,378
 Warehouse Delivery        4,127        4,519        18,267       19,768
 Flowers Foods             206          138          133          492
                           $ 25,939     $ 22,932     $ 102,690    $ 94,638
EBIT:
 Direct-Store-Delivery   $ 59,234     $ 40,735     $ 233,196    $ 203,248
 Warehouse Delivery        12,750       3,598        36,230       27,351
 Flowers Foods             (12,798)     (7,699)      (50,915)     (41,573)
                           $ 59,186     $ 36,634     $ 218,511    $ 189,026



Flowers Foods, Inc.
Condensed Consolidated Balance Sheet
(000's omitted)
                                                                     12/29/12
Assets
 Cash and Cash Equivalents                                     $ 13,275
 Other Current Assets                                            442,389
 Property, Plant & Equipment, net                                725,836
 Distributor Notes Receivable (includes $15,758 current          118,481
portion)
 Other Assets                                                    44,558
 Cost in Excess of Net Tangible Assets, net                      658,281
 Total Assets                                                  $ 2,002,820
Liabilities and Stockholders' Equity
 Current Liabilities                                           $ 289,933
 Bank Debt (includes $67,500 current portion)                    178,000
 Senior Notes due 2022                                           399,111
 Other Debt and Capital Leases (includes $4,496 current          29,901
portion)
 Other Liabilities                                               247,255
 Stockholders' Equity                                            858,620
 Total Liabilities and Stockholders' Equity                    $ 2,002,820



Flowers Foods, Inc.
Condensed Consolidated Statement of Cash Flows
(000's omitted)
                                             For the 12 Week   For the 52 Week
                                             Period Ended      Period Ended
                                             12/29/12          12/29/12
Cash flows from operating activities:
Net income                                $ 38,567          $ 136,121
Adjustments to reconcile net income to net
cash
 from operating activities:
  Total non-cash adjustments                 30,409            144,854
  Changes in assets and liabilities          (34,325)          (64,095)
Net cash provided by operating activities    34,651            216,880
Cash flows from investing activities:
  Purchase of property, plant and            (18,071)          (67,259)
  equipment
  Acquisitions net of cash acquired          (50)              (318,476)
  Other                                      (2,221)           298
Net cash disbursed for investing             (20,342)          (385,437)
activities
Cash flows from financing activities:
  Dividends paid                             (22,063)          (86,489)
  Exercise of stock options                 4,769             13,881
  Excess windfall tax benefit related to     774               2,318
  share-based payment awards
  Payments for debt issuance costs           (5)               (3,882)
  Payments of financing fees                 (558)             (558)
  Stock repurchases                          (5,139)           (18,726)
  Change in bank overdraft                   3,397             6,684
  Proceeds from debt borrowings              303,300           1,482,481
  Debt and capital lease obligation          (299,646)         (1,221,660)
  payments
Net cash (disbursed for) provided by         (15,171)          174,049
financing activities
Net (decrease) increase in cash and cash     (862)             5,492
equivalents
Cash and cash equivalents at beginning of    14,137            7,783
period
Cash and cash equivalents at end of period $ 13,275          $ 13,275



Flowers Foods, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(000's omitted, except per share data)
                          Reconciliation of Earnings per Share
                          For the 12   For the 12   For the 52    For the 52
                          Week         Week         Week          Week
                          Period       Period       Period Ended  Period Ended
                          Ended        Ended
                          December     December     December 29,  December 31,
                          29, 2012     31, 2011     2012          2011
Net income per diluted    $       $       $        $     
common share                 0.28      0.17      0.98       0.90
Acquisition costs and     -            -            0.05          0.06
plant closure costs
Adjusted net income per   $       $       $        $     
diluted common share         0.28     0.17      1.03       0.96
                          Reconciliation of Gross Margin
                          For the 12   For the 12   For the 52    For the 52
                          Week         Week         Week          Week
                          Period       Period       Period Ended  Period Ended
                          Ended        Ended
                          December     December     December 29,  December 31,
                          29, 2012     31, 2011     2012          2011
Sales                     $        $        $           $  
                          749,442     653,566     3,046,491    2,773,356
Materials, supplies,
labor and other
production costs          390,666      353,350      1,617,810     1,473,201
(exclusive of
depreciation and
amortization)
Gross Margin excluding
depreciation and          358,776      300,216      1,428,681     1,300,155
amortization
Less depreciation and
amortization for          17,614       15,781       69,912        65,271
production activities
Gross Margin              $        $        $           $  
                          341,162     284,435     1,358,769    1,234,884
Depreciation and          $       $       $        $     
amortization for          17,614      15,781      69,912       65,271
production activities
Depreciation and
amortization for
selling, distribution     8,325        7,151        32,778        29,367
and administrative
activities
Total depreciation and    $       $       $         $     
amortization              25,939      22,932      102,690      94,638
                          Reconciliation of Net Income to Adjusted EBITDA
                          For the 12   For the 12   For the 52    For the 52
                          Week         Week         Week          Week
                          Period       Period       Period Ended  Period Ended
                          Ended        Ended
                          December     December     December 29,  December 31,
                          29, 2012     31, 2011     2012          2011
Net income                $       $       $         $    
                          38,567      23,038      136,121      123,428
Income tax expense        17,407       13,913       72,651        68,538
Interest expense          3,212        (317)        9,739         (2,940)
(income), net
Depreciation and          25,939       22,932       102,690       94,638
amortization
EBITDA                    85,125       59,566       321,201       283,664
Acquisition costs and     1,085        (541)        9,560         10,654
plant closure costs
Adjusted EBITDA           $       $       $         $    
                          86,210      59,025      330,761      294,318
                          Reconciliation of Adjusted EBITDA to Cash Flow from
                          Operations
                          For the 12   For the 12   For the 52    For the 52
                          Week         Week         Week          Week
                          Period       Period       Period Ended  Period Ended
                          Ended        Ended
                          December     December     December 29,  December 31,
                          29, 2012     31, 2011     2012          2011
Adjusted EBITDA          $       $       $         $    
                          86,210      59,025      330,761      294,318
Adjustments to reconcile
net income to net cash    4,470        13,254       42,164        (24,861)
provided by operating
activities
Changes in assets and
liabilities and pension   (34,325)     (19,719)     (64,095)      (58,915)
contributions
Income taxes              (17,407)     (13,913)     (72,651)      (68,538)
Interest (expense)        (3,212)      317          (9,739)       2,940
income, net
Acquisition costs and     (1,085)      541          (9,560)       (10,654)
plant closure costs
Cash Flow From            $       $       $         $     
Operations                34,651       39,505     216,880      134,290
                          Reconciliation of EBIT to Adjusted EBIT
                          For the 12   For the 12   For the 52    For the 52
                          Week         Week         Week          Week
                          Period       Period       Period Ended  Period Ended
                          Ended        Ended
                          December     December     December 29,  December 31,
                          29, 2012     31, 2011     2012          2011
EBIT                      $       $       $        $    
                          59,186       36,634     218,511       189,026
Acquisition costs and     1,085        (541)        9,560         11,220
plant closure costs
Adjusted EBIT             $       $       $         $    
                          60,271      36,093      228,071      200,246



Flowers Foods, Inc.
Sales Bridge
                                            Net                   Total Sales
For the 12 Week Period Ended         Volume Price/Mix Acquisition Change
12/29/12
Direct-Store-Delivery                6.2%   0.0%      7.7%        13.9%
Warehouse Delivery                   22.6%  -4.1%     0.0%        18.5%
Total Flowers Foods                  10.3%  -2.0%     6.4%        14.7%
                                            Net                   Total Sales
For the 52 Week Period Ended         Volume Price/Mix Acquisition Change
12/29/12
Direct-Store-Delivery                1.5%   1.6%      7.7%        10.8%
Warehouse Delivery                   3.6%   2.2%      0.0%        5.8%
Total Flowers Foods                  2.1%   1.5%      6.2%        9.8%



SOURCE Flowers Foods, Inc.

Website: http://www.flowersfoods.com
Contact: Investor, Marta J. Turner, +1-229-227-2348, or Media, Keith Hancock,
+1-229-227-2380
 
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