THOMASVILLE, Ga., Oct. 4 /PRNewswire-FirstCall/ -- At an event hosted for financial analysts today, executives of Flowers Foods FLO outlined the company's growth strategies and reiterated previous guidance for fiscal 2007 of $2.020 billion to $2.040 billion in sales, an increase of 7.0% to 8.0% over 2006; net income from continuing operations of $84.8 million to $93.8 million; and earnings per share from continuing operations of $.92 to $1.02, an increase of 13.6% to 25.9% over 2006 results.
"Our company is achieving solid sales and earnings growth," George E. Deese, chairman of the board, chief executive officer, and president, told those attending the event and listening to the live Internet webcast. "We continue to offer bakery products that meet consumers' needs, to execute well in the marketplace, and to improve efficiencies throughout our company. In the face of higher input costs for ingredients and other items, our team focuses on taking costs out of our business before increasing our prices to retail and foodservice customers. I am always impressed by the determination of our team in the face of challenges, such as the current high cost of wheat flour and other ingredients. I have confidence in this team's ability to continue growing our business, delivering good results, and building value for our shareholders over the long term," Deese said.
The analysts' event was held at Flowers' newest bakery in Newton, N.C., which adds needed production capacity to support the company's strong sales growth in its established markets and expansion direct-store-delivery territories.
Participating in the event were Deese; R. Steve Kinsey, senior vice president and chief financial officer; Gene D. Lord, president and chief operating officer of Flowers Foods Bakeries Group; Allen L. Shiver, president and chief operating officer of Flowers Foods Specialty Group; Michael A. Beaty, senior vice president of supply chain; and Joe Tashie, Regional Vice President of Flowers Foods Bakeries Group. Other members of senior management and operations management also participated in the event. Following the company's presentation, which included financial, operations, and marketing updates as well as a review of the new bakery, analysts toured the bakery and the local marketplace.
Flowers Foods broadcast the event live over the Internet on October 4, 2007. The archived presentation can be accessed on the company's Web site www.flowersfoods.com.
Company Information
Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's leading producers and marketers of packaged bakery foods for retail and foodservice customers. Flowers operates 36 bakeries that produce a wide range of bakery products marketed throughout the Southeastern, Southwestern, and mid-Atlantic states via an extensive direct-store-delivery network and nationwide through other delivery systems. Among the company's top brands are Nature's Own, Cobblestone Mill, Sunbeam, Blue Bird, and Mrs. Freshley's. 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 and (f) 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.
Source: Flowers Foods
