Pinnacle Foods Finance LLC Reports Fourth Quarter Fiscal 2012 Results

    Pinnacle Foods Finance LLC Reports Fourth Quarter Fiscal 2012 Results

PR Newswire

PARSIPPANY, N.J., March 6, 2013

PARSIPPANY, N.J., March6, 2013 /PRNewswire/ --Pinnacle Foods Finance LLC
today announced its financial results for the fourth quarter and fiscal year
ended December30, 2012. Net sales for the quarter increased 3% versus
year-ago to $705 million, and net earnings in the quarter were $44 million,
after giving effect to approximately $10 million of after-tax charges,
primarily related to restructuring. For 2012, net sales of $2.48 billion were
essentially even with year-ago, and net earnings were $53 million, after
giving effect to approximately $51 million of after-tax charges, principally
related to restructuring and refinancing.

Commenting on the results, Pinnacle Foods Chief Executive Officer Bob Gamgort
stated, "We posted solid performance in the fourth quarter by delivering a 3%
increase in adjusted EBITDA. In a food industry environment that is showing
some signs of improving, we generated share growth on more than half of our
portfolio, driving 4% net sales growth on our North America retail business.
Further, we expanded gross margin, excluding restructuring, as inflation
moderated and our productivity initiatives accelerated."

Fourth Quarter 2012

Net sales of $705 million in the fourth quarter of 2012 increased 3%, compared
to net sales of $686 million in the year-ago period. This performance
reflected the benefit of a 53rd week in 2012 which added approximately 4% for
the quarter, as well as favorable mix, partially offset by the impact of the
Company's exit from lower-margin businesses in its Specialty Division.

Net sales in the Company's North America retail businesses increased 4% in the
quarter, largely reflecting the 53rd week in 2012. By brand, the Company
registered sales growth for Birds Eye® Voila!™, Van de Kamp's® and Mrs.
Paul's® frozen seafood, Vlasic® pickles and Log Cabin® syrups, while net sales
of Birds Eye® vegetables, Duncan Hines® baking products and Aunt Jemima®
frozen breakfasts declined.

Adjusted EBITDA, as defined in the Company's borrowing agreements, advanced 3%
to $153 million in the fourth quarter of 2012, compared to Adjusted EBITDA of
$149 million in the year-ago quarter. Adjusted EBITDA is defined below under
"Non-GAAP Financial Measures" and is reconciled to Net Earnings (Loss) in the
tables that accompany this release.

Earnings before interest and taxes (EBIT) were $117 million in the fourth
quarter of 2012, after giving effect to $16 million of pre-tax charges
primarily related to restructuring, compared to a loss at the EBIT line in the
fourth quarter of 2011 of $(26) million, which included $155 million of
pre-tax charges primarily related to goodwill and tradename impairments.
Excluding these charges in both periods, EBIT for the quarter improved 3%
versus year-ago to $133 million. This improved performance resulted from
strong productivity results and moderating inflation. Also, the 53rd week
increased the comparison by approximately 4%. Partially offsetting these
improvements was lower performance-based compensation expense in 2011.
Excluding the two items from both years, adjusted EBIT increased 5%.

The Company reported net earnings of $44 million in the fourth quarter of
2012, after giving effect to approximately $10 million of after-tax charges
primarily related to restructuring, compared to a net loss of $(88) million in
the fourth quarter of 2011, which included $133 million of after-tax charges
primarily related to goodwill and tradename impairments. Excluding these
charges in both periods, net earnings advanced 17% to $54 million in the
fourth quarter of 2012, compared to approximately $46 million in the year-ago
quarter. This improvement reflected the increase in EBIT, as well as lower
interest expense, stemming from the Company's refinancing activities and lower
overall debt levels.

Fiscal Year 2012
Net sales of $2.48 billion in 2012 were essentially even with net sales of
$2.47 billion in 2011. Net sales in the Company's North America retail
businesses increased 1% to $2.08 billion in 2012, compared to net sales of
$2.07 billion in the year-ago period. The 53rd week in 2012 benefited both
the consolidated and the North America retail net sales comparisons by
approximately 1%.

Adjusted EBITDA was $426 million in the fiscal year 2012, compared to Adjusted
EBITDA of $450 million in 2011.

EBIT in 2012 was $284 million, after giving effect to $66 million in pre-tax
charges principally related to restructuring and refinancing, compared to EBIT
in the year-ago period of $183 million, which included $192 million in pre-tax
charges primarily related to impairments, restructuring and a legal
settlement.

Net earnings in 2012 were $53 million, after giving effect to $51 million in
after-tax charges, primarily related to restructuring and refinancing compared
to a net loss in 2011 of $(47) million, which included $156 million of
after-tax charges, primarily related to impairments, restructuring and a legal
settlement.

Net cash provided by operating activities in 2012 was $203 million, compared
to net cash provided by operating activities of $204 million in the year-ago
period. Total capital expenditures, including footprint consolidation, were
$78 million in 2012 compared to $117 million in 2011. Ongoing capital
expenditures, excluding footprint consolidation, were $70 million in 2012 and
$88 million in 2011.

Conference Call Information
The Company will host a conference call on Wednesday, March6, 2013 at 10:00AM
(ET) to discuss its results, although the call this quarter will not include
the usual question and answer session due to the Pinnacle Foods Inc.
Registration Statement filing on December 19, 2012.

To access the call, interested parties can dial (866) 835-8903 and reference
conference name: Pinnacle Foods Q4 Earnings Call. A replay of the call will
be available, beginning March 6, 2013 at 1:00 PM (ET) until March 20, 2013, by
dialing 1-888-266-2081 and referencing Access Code 1606400.

About Pinnacle Foods Finance LLC
Millions of times a day in more than 85% of American households, consumers
reach for Pinnacle Foods brands. Pinnacle Foods is a Top 1000 Company ranked
on Fortune Magazine's 2011 Top 1000 companies list. We are a leading producer,
marketer and distributor of high-quality branded food products, which have
been trusted household names for decades. Headquartered in Parsippany, NJ, our
business employs an average of 4,400 employees. We are a leader in the shelf
stable and frozen foods segments and our brands hold the #1 or #2 market
position in 10 out of 12 major category segments in which they compete. Our
Duncan Hines Grocery Division manages Leadership brands such as Duncan Hines®
baking mixes and frostings, Vlasic® shelf-stable pickles and Mrs.
Butterworth's® and Log Cabin® table syrups and Foundation brands such as
Armour® canned meats, Brooks® and Nalley® chili and chili ingredients,
Comstock® and Wilderness® pie and pastry fruit fillings and Open Pit® barbecue
sauces. Our Birds Eye Frozen Division manages Leadership brands such as Birds
Eye®, Birds Eye Steamfresh®, C&W®, McKenzie's®, and Fresh like® vegetables,
Birds Eye Voila!® complete bagged meals and Van de Kamp's® and Mrs. Paul's®
seafood and Foundation brands such as Hungry-Man® dinners and entrées, Aunt
Jemima® frozen breakfasts, Lender's® bagels, and Celeste® pizza. Our Specialty
Foods Division manages Tim's Cascade Snacks®, Hawaiian® Kettle Style Potato
Chips, Erin's® Popcorn, Snyder of Berlin® and Husman's® in addition to our
food service and private label businesses. Further information is available at
http://www.pinnaclefoods.com.

Forward Looking Statements
This release may contain statements that predict or forecast future events or
results, depend on future events for their accuracy or otherwise contain
"forward-looking information." The words "estimates," "expects,"
"contemplates," "anticipates," "projects," "plans," "intends," "believes,"
"forecasts," "may," "should," and variations of such words or similar
expressions are intended to identify forward-looking statements. These
statements are made based on management's current expectations and beliefs
concerning future events and various assumptions and are not guarantees of
future performance. Actual results may differ materially as a result of
various factors, some of which are beyond our control, including but not
limited to: general economic and business conditions, deterioration of the
credit and capital markets, industry trends, our substantial leverage and
changes in our leverage, interest rate changes, changes in our ownership
structure, competition, the loss of any of our major customers or suppliers,
changes in demand for our products, changes in distribution channels or
competitive conditions in the markets where we operate, costs of integrating
acquisitions, the successful integration and achievement of estimated future
cost savings related to the Birds Eye Foods acquisition, loss of our
intellectual property rights, fluctuations in price and supply of raw
materials, seasonality, our reliance on co-packers to meet our manufacturing
needs, availability of qualified personnel, changes in the cost of compliance
with laws and regulations, including environmental laws and regulations, and
the other risks and uncertainties detailed in our Annual Report on Form 10-K
for the year ended December30, 2012 and subsequent reports filed with the
Securities and Exchange Commission. There may be other factors that may cause
our actual results to differ materially from the forward-looking statements.
We assume no obligation to update the information contained in the
presentation.

Non-GAAP Financial Measures

Adjusted EBITDA

The Company's metric of Adjusted EBITDA, which is used in creating targets for
the bonus and equity portions of our compensation plans, is equivalent to
Covenant Compliance EBITDA under our debt agreements.

Pinnacle believes that the presentation of Adjusted EBITDA provides investors
with useful information, as it is important in measuring covenant compliance
in accordance with the financial covenants and determining our ability to
engage in certain transactions in compliance with our debt facilities and it
is a metric used internally by our Board of Directors and senior management.

Adjusted EBITDA is a non-GAAP measure and may not be comparable to similarly
named measures used by other companies. You should not consider Adjusted
EBITDA as an alternative to operating or net earnings (loss), determined in
accordance with GAAP, as an indicator of Pinnacle's operating performance, or
as an alternative to cash flows from operating activities, determined in
accordance with GAAP, as an indicator of cash flows, or as a measure of
liquidity.

Adjusted EBITDA is defined as earnings (loss) before interest expense, taxes,
depreciation and amortization ("EBITDA"), further adjusted to exclude non-cash
items, non-recurring items and other adjustment items permitted in calculating
Adjusted EBITDA under the Senior Secured Credit Facility and the indentures
governing the Senior Notes.

EBITDA and Adjusted EBITDA do not represent net earnings or (loss) or cash
flow from operations as those terms are defined by Generally Accepted
Accounting Principles ("GAAP") and do not necessarily indicate whether cash
flows will be sufficient to fund cash needs. In particular, the definitions of
Adjusted EBITDA in the Senior Secured Credit Facility and the indentures allow
us to add back certain non-cash, extraordinary, unusual or non-recurring
charges that are deducted in calculating net earnings or loss. However, these
are expenses that may recur, vary greatly and are difficult to predict. While
EBITDA and Adjusted EBITDA and similar measures are frequently used as
measures of operations and the ability to meet debt service requirements, they
are not necessarily comparable to other similarly titled captions of other
companies due to the potential inconsistencies in the method of calculation.

Our ability to comply with the financial covenants and engage in certain
transactions in compliance with our debt agreements in future periods will
depend on events beyond our control, and we cannot assure you that we will
meet those ratios. A breach of any of these covenants in the future could
result in a default under, or an inability to undertake certain activities in
compliance with, the Senior Secured Credit Facility and the indentures
governing the Senior Notes, at which time the lenders could elect to declare
all amounts outstanding under the Senior Secured Credit Facility to be
immediately due and payable. Any such acceleration would also result in a
default under the indentures governing the Senior Notes.

The following table provides a reconciliation from our net earnings (loss) to
EBITDA and Adjusted EBITDA for the three months and fiscal years ended
December30, 2012 and December25, 2011. The terms and related calculations
are defined in the Senior Secured Credit Facility and the indentures governing
the 8.25% Senior Notes and the 9.25% Senior Notes.



(thousands of dollars)  Three Months Ended          Fiscal year
                        December30,  December25,  December30,  December25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Net earnings (loss)     $  43,662     $  (87,524)   $  52,519     $  (46,914)
Interest expense, net   43,878        52,693        198,374       208,078
Income tax expense      29,000        9,096         32,701        22,103
(benefit)
Depreciation and        29,581        23,411        98,123        88,476
amortization expense
EBITDA                  $  146,121    $  (2,324)    $  381,717    $  271,743
Non-cash items (a)      1,431         145,954       63            152,245
Acquisition, merger and
other restructuring     5,403         3,134         23,276        20,264
charges (as defined)
(b)
Other adjustment items  21            2,294         21,040        5,440
(c)
Adjusted EBITDA         152,976       149,058       426,096       449,692
(unaudited)

(a) Non-cash items are comprised of the following:

(thousands of dollars)  Three Months Ended          Fiscal year
                        December30,  December25,  December30,  December25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Non-cash equity-related $   125       $  251        $    850      $  1,151
compensation charges
Unrealized
mark-to-market losses   786           (2,497)       (1,307)       1,608
resulting from hedging
activities
Goodwill impairment     —             122,900       —             122,900
charge (1)
Other impairment charge 520           25,300        520           26,586
(2)
Total non-cash items    $   1,431     $  145,954    $    63       $  152,245

 _________________

(1) For fiscal 2011, represents goodwill impairments on the Breakfast
($51,700), Private Label ($49,700) and Food Service ($21,500) reporting Units.

(2) For fiscal 2012, represents tradename impairments on Bernstein's ($0.5
million). For fiscal 2011, represents tradename impairments on Aunt Jemima
($23,700), Lenders ($1,200) and Bernstein's ($400). For fiscal 2011, this
also includes a plant asset impairment on the previously announced closure of
the Tacoma, WA facility ($1,286).



(b) Acquisition, merger and other restructuring charges are comprised of
the following:

(thousands of dollars)  Three Months Ended          Fiscal year
                        December30,  December25,  December30,  December25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Expenses in connection
with an acquisition     $   729       $   (268)     $  2,349      $  8,771
or other non-recurring
merger costs
Restructuring charges,
integration costs and
other business          4,622         2,366         19,911        9,485
optimization expenses
(1)
Employee severance      52            1,036         1,016         2,008
Total non-recurring     $   5,403     $   3,134     $  23,276     $  20,264
items



(1) For fiscal 2012, primarily represents restructuring charges,
consulting and business optimization expenses related to the closings of the
Tacoma, Washington, Fulton, New York, Green Bay, Wisconsin and Millsboro,
Delaware facilities. For fiscal 2011, primarily represents restructuring
charges, consulting and business optimization expenses related to the closings
of the Tacoma, Washington and Fulton, New York facilities.



(c) Other adjustment items are comprised of the following:

(thousands of dollars)  Three Months Ended          Fiscal year
                        December30,  December25,  December30,  December25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Management, monitoring,
consulting and          $   1,173     $   1,150     $  4,707      $   4,572
advisory fees paid to
Blackstone
Other (1)               (1,152)       1,144         16,333        868
Total other adjustments $   21        $   2,294     $  21,040     $   5,440



(1) For fiscal 2012, primarily represents $14.3 million of the premiums paid
on the redemption of $150.0 million of 9.25% Senior Notes due 2015, the
redemption of $199.0 million of 10.625% Senior Subordinated Notes due 2017 and
the repurchase and retirement of $10.0 million of 9.25% Senior Notes due 2015.
Also, for fiscal 2012 and fiscal 2011, represents costs for the recall of Aunt
Jemima product net of insurance recoveries of $2.1 million in 2012 and $1.1
million in 2011. For fiscal 2011, also includes a gain on the sale of the
Watsonville, CA property of $0.4 million.



Earnings before interest and taxes, excluding charges

The following table reconciles GAAP Earnings before interest and taxes
("EBIT"), to Earnings before interest and taxes, excluding charges.





(thousands of dollars)  Three Months Ended          Fiscal year ended
                        December 30,  December 25,  December 30,  December 25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
EBIT                    $  116,540    $  (25,736)   $  283,594    $  183,266
Non-cash items (a)      1,431         145,954       63            152,245
Acquisitions, merger or
other restructuring     5,403         3,134         23,276        20,264
charges (b)
Accelerated             9,637         3,330         21,867        14,077
depreciation (1)
Other adjustment items  21            2,294         21,040        5,440
(c)
EBIT, excluding charges $  133,032    $  128,976    $  349,840    $  375,292

_________________

1. Related to footprint consolidation projects.



(a) Non-cash items are comprised of the following:

(thousands of dollars)  Three Months Ended          Fiscal year ended
                        December 30,  December 25,  December 30,  December 25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Non-cash compensation   $   125       $  251        $    850      $  1,151
charges
Unrealized losses
(gains) resulting from  786           (2,497)       (1,307)       1,608
hedging activities
Goodwill impairment     —             122,900       —             122,900
charges (1)
Other impairment        520           25,300        520           26,586
charges (2)
Total non-cash items    $   1,431     $  145,954    $    63       $  152,245

_________________



(1) For fiscal 2011, represents goodwill impairments on the Breakfast
($51,700), Private Label ($49,700) and Food Service ($21,500) reporting Units.

(2) For fiscal 2012, represents tradename impairments on Bernstein's ($520).
For fiscal 2011, represents tradename impairments on Aunt Jemima ($23,700),
Lenders ($1,200) and Bernstein's ($400). For fiscal 2011, this also includes
a plant asset impairment on the previously announced closure of the Tacoma, WA
facility ($1,286).



(b) Acquisition, merger and other restructuring charges are comprised of the
following:

(thousands of dollars)  Three Months Ended          Fiscal year ended
                        December 30,  December 25,  December 30,  December 25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Expenses in connection
with an acquisition or  $   729       $   (268)     $  2,349      $  8,771
other non-recurring
merger costs
Restructuring charges,
integration costs and
other business          4,622         2,366         19,911        9,485
optimization expenses
(1)
Employee severance and  52            1,036         1,016         2,008
recruiting
Total acquisition,
merger and other
restructuring charges   $   5,403     $   3,134     $  23,276     $  20,264



(1) For fiscal 2012, primarily represents restructuring charges, consulting
and business optimization expenses related to the closings of the Tacoma,
Washington, Fulton, New York, Green Bay, Wisconsin and Millsboro, Delaware
facilities. For fiscal 2011, primarily represents restructuring charges,
consulting and business optimization expenses related to the closings of the
Tacoma, Washington and Fulton, New York facilities.



(c) Other adjustment items are comprised of the following:

(thousands of dollars)  Three Months Ended          Fiscal year ended
                        December 30,  December 25,  December 30,  December 25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Management, monitoring,
consulting, and         $   1,173     $   1,150     $  4,707      $   4,572
advisory fees
Other (1)               (1,152)       1,144         16,333        868
Total other adjustments
                        $   21        $   2,294     $  21,040     $   5,440


_________________

(1) For fiscal 2012, primarily represents $14.3 million of the premiums paid
on the redemption of $150.0 million of 9.25% Senior Notes due 2015, the
redemption of $199.0 million of 10.625% Senior Subordinated Notes due 2017 and
the repurchase and retirement of $10.0 million of 9.25% Senior Notes due 2015.
Also, for fiscal 2012 and fiscal 2011, represents costs for the recall of Aunt
Jemima product net of insurance recoveries of $2.1 million in 2012 and $1.1
million in 2011. For fiscal 2011, also includes a gain on the sale of the
Watsonville, CA property of $0.4 million.



PINNACLE FOODS FINANCE LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(thousands of dollars)

                        Three months ended          Fiscal year
                        December30,  December25,  December30,  December25,
                        2012          2011          2012          2011
                        14 weeks      13 weeks      53 weeks      52 weeks
Net sales               $  705,060    $  686,482    $ 2,478,485   $ 2,469,562
Cost of products sold   517,685       500,938       1,893,936     1,854,696
Gross profit            187,375       185,544       584,549       614,866
Operating expenses
Marketing and selling   39,196        39,877        169,736       171,641
expenses
Administrative          23,325        17,820        89,414        80,460
expenses
Research and            3,820         1,678         12,031        8,021
development expenses
Goodwill impairment     —             122,900       —             122,900
charge
Other expense           4,494         29,005        29,774        48,578
(income), net
Total operating         70,835        211,280       300,955       431,600
expenses
Earnings before         116,540       (25,736)      283,594       183,266
interest and taxes
Interest expense        43,883        52,695        198,484       208,319
Interest income         5             3             110           242
Earnings (loss) before  72,662        (78,428)      85,220        (24,811)
income taxes
Provision for income    29,000        9,096         32,701        22,103
taxes
Net earnings (loss)     $  43,662     $  (87,524)   $ 52,519      $ (46,914)



PINNACLE FOODS FINANCE LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(thousands of dollars)

                                                    December30,  December25,
                                                    2012          2011
Current assets:
Cash and cash equivalents                           $ 92,281      $ 151,031
Accounts receivable, net of allowances of $5,149    143,884       159,981
and $5,440, respectively
Inventories                                         358,051       335,812
Other current assets                                11,862        7,549
Deferred tax assets                                 99,199        71,109
Total current assets                                705,277       725,482
Plant assets, net of accumulated depreciation of    493,666       501,283
$244,694 and $205,281, respectively
Tradenames                                          1,603,992     1,604,512
Other assets, net                                   155,558       178,849
Goodwill                                            1,441,495     1,441,495
Total assets                                        $ 4,399,988   $ 4,451,621
Current liabilities:
Short-term borrowings                               $ 2,139       $ 1,708
Current portion of long-term obligations            30,419        15,661
Accounts payable                                    137,326       152,869
Accrued trade marketing expense                     44,571        35,125
Accrued liabilities                                 119,269       128,785
Total current liabilities                           333,724       334,148
Long-term debt (includes $63,097 and $121,992 owed  2,576,386     2,738,650
to related parties, respectively)
Pension and other postretirement benefits           100,918       93,406
Other long-term liabilities                         28,705        22,099
Deferred tax liabilities                            471,529       417,966
Total liabilities                                   3,511,262     3,606,269
Commitments and contingencies
Member's equity:
Limited liability company interests                 —             —
Additional paid-in-capital                          697,324       697,352
Retained earnings                                   252,955       200,436
Accumulated other comprehensive loss                (61,553)      (52,436)
Total member's equity                               888,726       845,352
Total liabilities and member's equity               $ 4,399,988   $ 4,451,621



PINNACLE FOODS FINANCE LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of dollars)

                                                    Fiscal year
                                                    December30,  December25,
                                                    2012          2011
                                                    53 weeks      52 weeks
Cash flows from operating activities
Net earnings (loss)                                 $  52,519     $  (46,914)
Non-cash charges (credits) to net earnings (loss)
Depreciation and amortization                       98,123        88,476
Goodwill and intangible asset impairment charge     520           148,200
Plant asset impairment charge                       —             1,286
Amortization of discount on term loan               994           1,205
Amortization of debt acquisition costs              8,585         11,062
Call premium on note redemptions                    14,255        —
Refinancing costs and write off of debt issuance    17,482        —
costs
Amortization of deferred mark-to-market adjustment  444           2,119
on terminated swaps
Change in value of financial instruments            (1,185)       1,617
Equity-based compensation charge                    850           1,151
Pension expense, net of contributions               (10,391)      (13,543)
Other long-term liabilities                         2,799         113
Other long-term assets                              —             169
Deferred income taxes                               30,929        20,524
Changes in working capital
Accounts receivable                                 16,259        (10,952)
Inventories                                         (22,027)      (5,785)
Accrued trade marketing expense                     9,383         (12,111)
Accounts payable                                    (16,333)      38,201
Accrued liabilities                                 (1,432)       (23,490)
Other current assets                                1,079         2,884
Net cash provided by operating activities           202,853       204,212
Cash flows from investing activities
Capital expenditures                                (78,279)      (117,306)
Proceeds from sale of plant assets                  570           7,900
Net cash used in investing activities               (77,709)      (109,406)
Cash flows from financing activities
Proceeds from bond offerings                        —             —
Proceeds from bank term loans                       842,625       —
Repayments of long-term obligations                 (632,025)     (57,547)
Repurchase of notes                                 (373,255)     —
Proceeds from short-term borrowings                 4,294         3,070
Repayments of short-term borrowings                 (3,863)       (2,954)
Borrowings under revolving credit facility          40,000        —
Repayments of revolving credit facility             (40,000)      —
Repayment of capital lease obligations              (3,511)       (2,543)
Equity contributions                                —             558
Repurchases of equity                               (878)         (1,624)
Collection of notes receivable from officers        —             —
Debt acquisition costs                              (17,498)      (721)
Change in bank overdrafts                           —             —
Other financing                                     —             2,730
Net cash used in financing activities               (184,111)     (59,031)
Effect of exchange rate changes on cash             217           (30)
Net change in cash and cash equivalents             (58,750)      35,745
Cash and cash equivalents - beginning of period     151,031       115,286
Cash and cash equivalents - end of period           $  92,281     $  151,031
Supplemental disclosures of cash flow information:
Interest paid                                       $  179,427    $  196,339
Interest received                                   110           241
Income taxes paid (refunded)                        1,981         (1,954)
Non-cash investing and financing activities:
New capital leases                                  1,548         11,240



SOURCE Pinnacle Foods Finance LLC

Website: http://www.pinnaclefoods.com
Contact: Maria Sceppaguercio, SVP, Investor Relations, Pinnacle Foods Finance
LLC, +1-973-541-8629
 
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