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July 06, 2015 1:00 PM ET

Food Products

Company Overview of Big Heart Pet Brands

Company Overview

Big Heart Pet Brands, together with its subsidiaries, produces, distributes, and markets branded pet food and pet snacks to retail and export markets in the United States. It offers branded and private label dry and wet pet food, and pet snacks under the Meow Mix, Milk-Bone, Kibbles ‘n Bits, 9Lives, Natural Balance, Pup-Peroni, Gravy Train, Nature’s Recipe, Canine Carry Outs, Milo’s Kitchen, and other brand names. Big Heart Pet Brands sells its products through club stores, supercenters, grocery chains, dollar stores, pet specialty stores, and mass merchandisers. The company was formerly known as Del Monte Corporation and changed its name to Big Heart Pet Brands in February 2014. Big Heart P...

One Maritime Plaza

San Francisco, CA 94111

United States

Founded in 1916

2,200 Employees

Phone:

415-247-3000

Key Executives for Big Heart Pet Brands

Chief Executive Officer, President and Director
Age: 52
Chief Financial Officer, Executive Vice President and Treasurer
Age: 52
Senior Vice President of Operations
Age: 56
Chief Growth Officer and Executive Vice President of Marketing
Age: 67
Chief Human Resources Officer and Executive Vice President
Age: 53
Compensation as of Fiscal Year 2015.

Big Heart Pet Brands Key Developments

Three Buildings Up For Sale

Three buildings known as the annex building, the administration building and the research building have been put up for sale. The properties are owned by Big Heart Pet Brands (Del Monte Foods Co.). Dan Sliger and Gerry Dudley of the Pittsburgh office of CBRE are marketing the property. Mike Locke with McKnight Property Management is working with the ownership group of the three former Heinz properties.

Big Heart Pet Brands Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended January 25, 2015

Big Heart Pet Brands reported consolidated unaudited earnings results for the third quarter and nine months ended January 25, 2015. For the quarter, the company reported net sales of $589.7 million compared with $575.7 million for the same period last year. Operating income was $104.5 million compared with $82.4 million for the same period last year. Income from continuing operations before income taxes was $56.6 million compared with income from continuing operations before income taxes of $24.2 million for the same period last year. Income from continuing operations was $33.4 million compared with income from continuing operations of $15.6 million for the same period last year. Net income was $33.0 million compared with $34.2 million for the same period last year. Operating income increased 26.8% to $104.5 million driven by volume from new products sales coupled with year-over-year favorable SG&A due to lower marketing spend and lower operating expenses. Unfavorable price/mix partially offset the increase. EBITDA was $14.7 million against $102.8 million a year ago. Adjusted EBITDA was $133.4 million against $131.3 million a year ago. Adjusted EBITDA increased 1.6% to $133.4 million. Adjusted EBITDA benefited from higher new product volume and lower operating costs. Partially offsetting the increase was the $3.9 million unfavorable impact of cash hedge positions in the quarter largely due to the current decline in energy prices, compared to a $5.2 million favorable impact of cash hedge positions in the prior year period. Operating income increased 26.8% driven by volume from new products sales coupled with year-over-year favorable SG&A due to lower marketing spend and lower operating expenses. Unfavorable price/mix3 partially offset the increase. For the nine months, the company reported net sales of $1,685.1 million compared with $1,608.7 million for the same period last year. Operating income was $228.8 million compared with $220.4 million for the same period last year. Income from continuing operations before income taxes was $103.2 million compared with income from continuing operations before income taxes of $53.4 million for the same period last year. Income from continuing operations was $62.3 million compared with income from continuing operations of $28.4 million for the same period last year. Net income was $62.2 million compared with net loss of $38.6 million for the same period last year. Net cash from operating activities was $93.4 million compared with net cash used in operating activities $76.7 million for the same period last year. Capital expenditures were $38.6 million compared with $64.5 million for the same period last year. Operating income was impacted by drivers similar to those of net sales described above. In addition, marketing spend was higher year-over-year due to significant upfront investments, mostly realized in the first half of fiscal 2015, to support new products. EBITDA was $275.1 million against $288.7 million a year ago. Adjusted EBITDA was $299.7 million against $353.3 million a year ago. Free cash flow was $44.9 million against negative cash flow of $91.0 million a year ago. Adjusted EBITDA decreased 15.2% to $299.7 million. More than half of the year-over-year decrease was attributable to a $23.5 million unfavorable impact of cash hedge positions year-to-date, primarily driven by first quarter activity, compared to a $12.4 million favorable impact of cash hedge positions in the prior year period.

Big Heart Pet Brands to Report Q3, 2015 Results on Mar 03, 2015

Big Heart Pet Brands announced that they will report Q3, 2015 results at 6:00 AM, Pacific Standard Time on Mar 03, 2015

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