September 29, 2016 10:07 PM ET

Food Products

Company Overview of Post Holdings, Inc.

Company Overview

Post Holdings, Inc. manufactures, markets, and sells branded and private label ready-to-eat cereal products primarily in the United States, Puerto Rico, Canada, Mexico, and the Caribbean. It operates in four segments: Post Consumer Brands, Michael Foods Group, Active Nutrition, and Private Brands. The company also produces and/or distributes egg products, refrigerated potato products, cheese, and other dairy case products, as well as pasta products. In addition, it markets and distributes protein beverages, bars, powders, and gels, as well as ready-to-drink beverages and other liquid-based solutions. Further, the company manufactures and distributes organic and conventional private label pea...

2503 South Hanley Road

St. Louis, MO 63144

United States

Founded in 1895

8,500 Employees

Phone:

314-644-7600

Key Executives for Post Holdings, Inc.

Chief Executive Officer, President, Director, Member of Executive Committee and Member of Strategy & Financial Oversight Committee
Age: 50
Total Annual Compensation: $775.0K
Chief Financial Officer, Senior Vice President and Corporate Controller
Age: 51
Total Annual Compensation: $367.5K
Executive Vice President, Chief Executive Officer of Michael Foods Group and President of Michael Foods Group
Age: 57
Total Annual Compensation: $640.4K
Executive Vice President, Chief Executive Officer of Private Brands and President of Private Brands
Age: 60
Total Annual Compensation: $372.1K
Chief Administrative Officer, Senior Vice President, General Counsel and Corporate Secretary
Age: 38
Total Annual Compensation: $347.1K
Compensation as of Fiscal Year 2015.

Post Holdings, Inc. Key Developments

Post Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2016; Reaffirms Earnings Guidance for the Fiscal 2016

Post Holdings, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2016. For the quarter, the company reported net sales were $1,246.1 million against $1,211.8 million a year ago. On a comparable basis, net sales declined 4.1% when compared to the same period in fiscal 2015 primarily resulting from an anticipated decline in sales within the Michael Foods Group segment. Operating profit was $142 million against $81.3 million a year ago. Income before income taxes was $2.1 million against $58.2 million a year ago. Net earnings available to common shareholders was nil against $19.8 million a year ago. Diluted earnings per share were nil against $0.33 a year ago. Adjusted net earnings available to common shareholders were $49.7 million against $16.3 million a year ago. Adjusted diluted earnings per share were $0.62 against $0.27 a year ago. Adjusted EBITDA was $231 million against $187.5 million a year ago. For the nine months, the company reported net sales were $3,766 million against $3,338.4 million a year ago. Operating profit was $437.4 million against $171.9 million a year ago. Income before income taxes was $35.7 million against loss of $54.5 million a year ago. Net earnings available to common shareholders were $12 million against loss of $55.5 million a year ago. Diluted earnings per share were $0.17 against loss of $1.02 a year ago. Net cash provided by operating activities was $367.5 million against $261.7 million a year ago. Capital expenditures was $81.1 million against $74.3 million a year ago. Adjusted net earnings available to common shareholders were $156.6 million against $37.1 million a year ago. Adjusted diluted earnings per share were $1.98 against $0.66 a year ago. Adjusted EBITDA was $714.4 million against $464.3 million a year ago. The management of company reaffirmed its fiscal 2016 Adjusted EBITDA guidance range of $915-$925 million. The company has updated its fiscal 2016 capital expenditures expectations to range between $135-$145 million, including approximately $15 million related to growth activities and approximately $15 million related to integration activities. Maintenance capital expenditures for fiscal 2016 are expected to range between $105-$115 million.

Post Holdings, Inc. Issues 5.00% Senior Notes Due 2026

On August 3, 2016, Post Holdings, Inc. issued 5.00% senior notes due 2026 at par in an aggregate principal amount of $1,750.0 million to certain qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The Notes were issued pursuant to an Indenture, dated as of August 3, 2016, among the company, the guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as trustee. The Notes bear interest at a rate of 5.00% per year. Interest payments are due semi-annually each February 15 and August 15, with the first interest payment due on February 15, 2017. The maturity date of the Notes is August 15, 2026.

Post Holdings Announces Results of Cash Tender Offer for 7.375% Senior Notes Due 2022

Post Holdings, Inc. announced the results of its previously announced cash tender offer for its 7.375% senior notes due 2022 having an aggregate outstanding principal amount of $1,375.0 million. The tender offer expired at 5:00 p.m., New York City time, on July 29, 2016. Post has accepted for purchase approximately $1,241.3 million (or approximately 90.3%) of the 2022 Notes, which excludes $9.448 million (or approximately 0.7%) of the 2022 Notes that remain subject to guaranteed delivery procedures. Holders who indicated prior to the Expiration Time that they will deliver their 2022 Notes through the guaranteed delivery procedures set in the Offer to Purchase, dated July 25, 2016 (the Offer to Purchase), must deliver their 2022 Notes by the close of business on August 2, 2016 in accordance with the Offer to Purchase. Post will pay all holders of 2022 Notes accepted for purchase in the tender offer $1,070.83 per $1,000 principal amount of 2022 Notes tendered plus accrued and unpaid interest to, but not including, the settlement date, which is expected to be August 3, 2016. Post expects to fund the payment for the tendered and accepted 2022 Notes with the net proceeds from its previously announced senior notes offering of $1,750.0 million aggregate principal amount of 5.00% senior notes due 2026, which is expected to close on August 3, 2016, subject to customary closing conditions.

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Recent Private Companies Transactions

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Date
Target
Merger/Acquisition
February 17, 2016
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Buyback
February 4, 2016
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