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8-K - FORM 8-K - CONAGRA BRANDS INC. | c60334e8vk.htm |
EX-99.2 - EX-99.2 - CONAGRA BRANDS INC. | c60334exv99w2.htm |
Exhibit 99.1
News Release |
For more information, contact:
Teresa Paulsen MEDIA
Vice President, Corporate Communication
ConAgra Foods, Inc.
tel: 402-240-5210
Teresa Paulsen MEDIA
Vice President, Corporate Communication
ConAgra Foods, Inc.
tel: 402-240-5210
Chris Klinefelter ANALYSTS
Vice President, Investor Relations
ConAgra Foods, Inc.
tel: 402-240-4154
Vice President, Investor Relations
ConAgra Foods, Inc.
tel: 402-240-4154
www.conagrafoods.com
FOR IMMEDIATE RELEASE
CONAGRA FOODS REPORTS FISCAL 2011 FIRST-QUARTER RESULTS; REVISES FISCAL 2011 OUTLOOK TO
5-7% COMPARABLE EPS GROWTH; INCREASES DIVIDEND 15%.
First Quarter Fiscal 2011 Highlights:
| Diluted EPS from continuing operations of $0.32 as reported and $0.34, adjusted for items impacting comparability; diluted EPS from continuing operations declined 14% as reported and 11% on a comparable basis. | ||
| Consumer Foods sales and operating profits declined, reflecting difficult competitive conditions for some categories, a sluggish retail environment, and inflation that outpaced cost savings. Innovation and accelerating productivity are expected to improve this segments results in the back half of the fiscal year. | ||
| Commercial Foods operating profits decreased as expected due to higher costs associated with the prior years potato crop; benefits from the new potato crop are expected to improve results in the back half of the fiscal year. | ||
| Revised Outlook: Fiscal 2011 diluted EPS adjusted for items impacting comparability now expected to grow 5-7% over the fiscal 2010 comparable base of $1.74. | ||
| The company raised the annualized dividend 15% to $0.92 per share from $0.80 per share. The new quarterly rate of $0.23 per share will be effective with the December 2010 payment. |
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CONAGRA FOODS
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OMAHA, Neb., Sept. 21, 2010 ConAgra Foods, Inc., (NYSE: CAG) one of North Americas leading
packaged food companies, today reported results for the fiscal 2011 first quarter ended Aug.
29, 2010. Diluted EPS from continuing operations was $0.32, including $0.02 per diluted share
of net expense from items impacting comparability. Adjusting for those items, diluted EPS from
continuing operations was $0.34, which is below comparable year-ago amounts. For the same
period a year ago, diluted EPS from continuing operations as reported was $0.37, which included
$0.01 of expense from items impacting comparability. Items impacting comparability in the
current year and prior year are summarized toward the end of this release.
Gary Rodkin, ConAgra Foods chief executive officer, said, Our fiscal first-quarter margins
and EPS were lower than planned because of an intense promotional environment and inflation
that outpaced cost savings. There were, however, several signs of strength in terms of market
share and brand sales, demonstrating progress and growth potential for important parts of our
portfolio.
He continued, Our plans are to improve the EPS performance in the back half of the year
through increased contribution from recently introduced new products and recent acquisitions,
productivity initiatives, and more effective promotional strategies. Our initiatives, as well
as lower SG&A expense, are expected to provide meaningful financial offset to the challenges we
face. Furthermore, the positive impacts from a higher-quality potato crop are expected to
provide increased year-over-year profitability for the Commercial Foods segment, particularly
in the back half of the year.
Based on the first-quarter performance and overall business conditions, we have revised our
yearly outlook to 5-7% comparable EPS growth for the full year. We are confident that the
strong foundation we have built over the last few years through innovation, cost savings,
marketing, and sales execution initiatives will allow us to deliver our revised full-year EPS
results.
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CONAGRA FOODS
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page 3
Consumer Foods Segment (65% of first-quarter sales)
Branded and non-branded food sold in retail and foodservice channels.
Branded and non-branded food sold in retail and foodservice channels.
Lapping a strong quarter in the year-ago period, the Consumer Foods segment posted sales of
$1,824 million and operating profit of $214 million for the first quarter. Sales decreased 2%
as reported, reflecting a 3% organic volume decline, a 1% decline in overall price/mix, and a
2% benefit from acquisitions (net of divestitures).
Due to an intensely competitive environment, sales results reflect higher-than-planned
promotional spending for some categories, particularly frozen foods, table spreads, and
popcorn. In general, promotional programs did not drive increased consumer purchase to the
extent expected, reflecting the prolonged economic challenges consumers have faced and the
difficult retail environment. Despite the overall challenges, a number of brands posted sales
gains and the companys overall unit market share improved. The company also notes good
progress in sales to non-measured channels. Increased contributions from recently introduced
and planned new products, as well as revised promotional strategies, are expected to improve
year-over-year sales performance in the back half of the year.
| Brands posting sales growth for the quarter included Banquet, Marie Callenders, Peter Pan, Ro*Tel, Slim Jim, Snack Pack, Wolf, and others. |
| More brand details can be found in the Q&A document accompanying this release. |
Operating profit of $214 million was 14% below last years $250 million, as reported.
Excluding $8 million of restructuring costs in the current year, comparable current-quarter
operating profit of $222 million was 11% below the comparable year-ago amount of $250 million.
The lower profitability reflects the sales challenges discussed above, new product introduction
costs, inflation that outpaced cost savings, and a difficult comparison given last years
strong performance. The company generated strong cost savings during the quarter; consistent
with original expectations, cost savings are expected to accelerate and result in $275 million
of benefit for the full fiscal year.
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CONAGRA FOODS
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The company expects the year-over-year profit performance for this segment to be much stronger
in the back half of the year given the timing of cost savings as well as increased contribution
from recent innovation and recently acquired businesses.
Commercial Foods Segment (35% of first-quarter sales)
Specialty potato, seasonings, blends, flavors, and milled grain products sold to foodservice
and commercial channels worldwide.
Specialty potato, seasonings, blends, flavors, and milled grain products sold to foodservice
and commercial channels worldwide.
Sales for the Commercial Foods segment were $993 million, 3% below last years $1,026 million.
Segment operating profit was $112 million, 17% below last years $134 million. Lamb Weston
specialty potato operations posted increased sales and unit volume despite continued weak
restaurant industry conditions; but as expected, the impact of last years poor-quality potato
crop resulted in a decline in operating profit for those operations. The company begins
processing a new potato crop during the second fiscal quarter of fiscal 2011, which is expected
to significantly improve results in the back half of the fiscal year. Flour milling sales
declined due to the pass-through impact of lower wheat prices; operating profits for those
operations were slightly below last years very strong levels.
For the full fiscal year, profits for this segment are expected to increase year-over-year,
with the progress occurring in the back half of the year. The company notes that its new sweet
potato plant, which will support high growth in the sweet potato category, will be operational
in the second fiscal quarter of the year as planned.
Hedging Activities This language primarily relates to operations other than the
companys milling operations.
The company recorded $6 million of net hedging loss as unallocated Corporate expense in the
current quarter, and $7 million of net hedging loss as unallocated Corporate expense in the
year-ago period. The company identifies both of these amounts as items impacting comparability. Those
amounts are reclassified from unallocated Corporate expense to the operating segments when the
underlying commodity or foreign currency being hedged is expensed in segment cost of goods
sold.
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CONAGRA FOODS
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Other Items
| Corporate expense was $84 million for the quarter and $100 million in the year-ago period. Current-quarter amounts include $6 million due to hedge losses, and prior-year amounts include $7 million of hedge losses. Excluding these amounts, Corporate expense was $78 million for the quarter and $93 million in the year-ago period; the decrease largely reflects lower incentive compensation expense. For the full fiscal year, the company expects incentive compensation expense to be significantly lower year-over-year, which will favorably impact EPS growth. |
| Equity method investment earnings were $6 million for the first quarter, down from $9 million in the year-ago period. |
| Net interest expense was $37 million in the current quarter, compared with $41 million in the year-ago period; interest income from the notes receivable held in connection with the divestiture of the Trading & Merchandising operations benefited the current quarter and the year-ago period by $18 million and $20 million, respectively. |
| The effective tax rate for continuing operations for the quarter was 32%. The company continues to expect the continuing operations effective tax rate for the full fiscal year 2011 to be in the range of 34%, excluding items impacting comparability. |
Capital Items
| Dividends for the quarter totaled $88 million versus $85 million last year. |
| The Board of Directors authorized an increase in the quarterly dividend to $0.23 per share starting with the Dec. 1, 2010 payment. This 15% increase reflects confidence in the companys ability to generate strong cash flows and a capital allocation discipline that places a high priority on dividends. |
| During the quarter, the company repurchased approximately 4.2 million shares for a total of $100 million. The company has approximately $300 million remaining on its current share repurchase authorization. |
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CONAGRA FOODS
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| For the quarter, capital expenditures from continuing operations for property, plant, and equipment were $129 million, compared with $117 million in the year-ago period. Depreciation and amortization expense from continuing operations was approximately $87 million for the quarter; this compares with a total of $79 million in the year-ago period. |
| The company completed the acquisition of assets of American Pie, LLC, for approximately $130 million. |
| The company completed the divestiture of Gilroy Foods & Flavors dehydrated vegetable operations for approximately $250 million. |
| The company contributed approximately $110 million to its pension plans. |
Revised Outlook for Fiscal 2011
The company now expects fiscal 2011 full-year diluted EPS, adjusted for items impacting
comparability, to grow 5-7% over the base of $1.74 earned in fiscal 2010, although a modest
year-over-year EPS decline is expected in the fiscal second quarter. Accordingly, the company
expects the years EPS growth versus year-ago amounts to occur entirely in the third and fourth
fiscal quarters.
The company remains committed to its long-term financial goals, which include comparable EPS
growth of 8-10% annually.
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CONAGRA FOODS
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Major Items Impacting First-quarter Fiscal 2011 EPS Comparability
Included in the $0.32 diluted EPS from continuing operations for the first quarter of fiscal
2011 (EPS amounts rounded and after tax):
| Approximately $0.01 of expense, or $8 million pretax, related to restructuring plans; this expense is classified within the Consumer Foods segment ($4 million COGS, $4 million SG&A). |
| Approximately $0.01 per diluted share of net expense, or $6 million pretax, related to the mark-to-market impact of derivatives used to hedge input costs, temporarily classified in unallocated Corporate expense. This expense will later be reclassified to the operating segments when underlying hedged items are expensed in segment cost of goods sold. |
Included in the $0.37 diluted EPS from continuing operations for the first quarter of fiscal
2010 (EPS amounts rounded and after tax):
| Approximately $0.01 per diluted share of net expense, or $7 million pretax, related to the mark-to-market impact of derivatives used to hedge input costs, temporarily classified in unallocated Corporate expense. This expense will later be reclassified to the operating segments when underlying hedged items are expensed in segment cost of goods sold. |
| NOTE: Prior-year amounts included EPS contribution from the Gilroy Foods & Flavors dehydrated vegetable operations; given the recent divestiture of those operations, this contribution has been reclassified to discontinued operations and rounds to less than $0.01 per diluted share. |
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CONAGRA FOODS
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Discussion of Results
ConAgra Foods will host a conference call at 9:30 a.m. EDT today to discuss the results.
Following the companys remarks, the call will include a question-and-answer session
with the investment community. Domestic and international participants may access the
conference call toll-free by dialing 1-888-312-3047 and 1-719-325-2199, respectively.
No confirmation or pass code is needed. This conference call also can be accessed live
on the Internet at http://investor.conagrafoods.com.
A rebroadcast of the conference call will be available after 1 p.m. EDT today. To
access the digital replay, a pass code number will be required. Domestic participants
should dial
1-888-203-1112, and international participants should dial 1-719-457-0820 and enter pass
code 1435903. A rebroadcast also will be available on the companys website.
In addition, the company has posted a question-and-answer supplement relating to this release
at http://investor.conagrafoods.com. To view recent company news, please visit
http://media.conagrafoods.com.
Annual Stockholders Meeting Webcast
The company will webcast its 2010 Annual Stockholders Meeting on Friday, Sept. 24, 2010. This
event will be webcast live beginning at 2:30 p.m. EDT. The webcast will be archived starting
at 4:30 p.m. EDT on Friday, Sept. 24, and can be accessed at http://investor.conagrafoods.com.
ConAgra Foods, Inc., (NYSE: CAG) is one of North Americas leading food companies, with brands
in 97 percent of Americas households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Healthy Choice, Hebrew National, Hunts, Marie Callenders, Orville Redenbachers, PAM, Peter
Pan, Reddi-wip, Slim Jim, Snack Pack and many other ConAgra Foods brands in grocery,
convenience, mass merchandise and club stores. ConAgra Foods also has a strong
business-to-business presence, supplying frozen potato and sweet potato products as well as
other vegetable,
spice and grain products to a variety of well-known restaurants, foodservice operators and
commercial customers. For more information, please visit us at www.conagrafoods.com.
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CONAGRA FOODS
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Note on Forward-looking Statements
This release contains forward-looking statements. These statements are based on managements
current views and assumptions of future events and financial performance and are subject to
uncertainty and changes in circumstances. The company undertakes no responsibility for
updating these statements. Readers of this release should understand that these statements are
not guarantees of performance or results. Many factors could affect the companys actual
financial results and cause them to vary materially from the expectations contained in the
forward-looking statements. These factors include, among other things: availability and prices
of raw materials; the impact of the accident at the Garner, N.C., manufacturing facility,
including the ultimate costs incurred and the amounts received under insurance policies; the
effectiveness of its product pricing; future economic circumstances; industry conditions; the
companys ability to execute its operating plans; the success of the companys innovation,
marketing, and cost-saving initiatives; the competitive environment and related market
conditions; operating efficiencies; the ultimate impact of the companys recalls; access to
capital; actions of governments and regulatory factors affecting the companys businesses,
including the Patient Protection and Affordable Care Act; the amount and timing of repurchases
of the companys common stock, if any; and other risks described in the companys reports filed
with the Securities and Exchange Commission. The company cautions readers not to place undue
reliance on any forward-looking statements included in this release, which speak only as of the
date made.
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CONAGRA FOODS
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Regulation G Disclosure
Below is a reconciliation of diluted earnings per share adjusted for items impacting comparability.
Q1 FY11 & Q1 FY10 Diluted EPS from Continuing Operations Reconciliation for Regulation G Purposes
Year- | ||||||||||||
over-year | ||||||||||||
Q1 FY11 | Q1 FY10 | % change | ||||||||||
Diluted EPS from continuing operations |
$ | 0.32 | $ | 0.37 | -14 | % | ||||||
Items impacting comparability: |
||||||||||||
Expense related to Garner, N.C., and Edina, Minn.,
restructuring charges |
0.01 | | ||||||||||
Net expense related to unallocated mark-to-market
impact of derivatives |
0.01 | 0.01 | ||||||||||
Diluted EPS adjusted for items impacting comparability |
$ | 0.34 | $ | 0.38 | -11 | % | ||||||
FY10 EPS Reconciliation for Regulation G Purposes
Total | ||||
FY10 | ||||
Diluted EPS from continuing operations |
$ | 1.67 | ||
Items impacting comparability: |
||||
Expense related to unallocated mark-to-market impact of derivatives (Q1) |
0.01 | |||
(Benefit) related to unallocated mark-to-market impact of derivatives (Q2) |
(0.01 | ) | ||
(Benefit) related to gain on sale of Lucks brand (Q3) |
(0.02 | ) | ||
(Benefit) related to environmental liability estimates (Q3) |
(0.02 | ) | ||
(Benefit) of lower-than-planned effective income tax rate (Q2, Q3, Q4) |
(0.05 | ) | ||
Diluted EPS from Gilroy Foods & Flavors operations, reclassified to discontinued operations
in Q4 FY10, but part of the companys FY10 EPS guidance (Q4) |
0.04 | |||
Expense related to Garner, N.C., and Edina, Minn., restructuring charges (Q3, Q4) |
0.06 | |||
Expense related to impairment charge on an existing facility (Q4) |
0.05 | |||
Expense related to tax credit transaction related to Delhi, La., sweet potato facility (Q4) |
0.02 | |||
Rounding included in above items |
(0.01 | ) | ||
Diluted EPS adjusted for items impacting comparability |
$ | 1.74 | ||
Consumer Foods Segment
Below is a reconciliation of segment operating profit exclusive of items impacting comparability.
Consumer Foods Segment Operating Profit Reconciliation
(impacted by rounding)
(impacted by rounding)
Year- | ||||||||||||
over-year | ||||||||||||
(Dollars in millions) | Q1 FY11 | Q1 FY10 | % change | |||||||||
Consumer Foods Segment Operating Profit |
$ | 214 | $ | 250 | -14 | % | ||||||
Restructuring charges related to Garner, N.C.,
and Edina, Minn. |
8 | | ||||||||||
Consumer Foods Segment Adjusted Operating Profit |
$ | 222 | $ | 250 | -11 | % | ||||||
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CONAGRA FOODS
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ConAgra Foods, Inc.
Segment Operating Results
(in millions)
(unaudited)
Segment Operating Results
(in millions)
(unaudited)
FIRST QUARTER | ||||||||||||
13 Weeks Ended | 13 Weeks Ended | Percent | ||||||||||
August 29, 2010 | August 30, 2009 | Change | ||||||||||
SALES |
||||||||||||
Consumer Foods |
$ | 1,824.2 | $ | 1,860.1 | (1.9 | )% | ||||||
Commercial Foods |
993.4 | 1,026.2 | (3.2 | )% | ||||||||
Total |
2,817.6 | 2,886.3 | (2.4 | )% | ||||||||
OPERATING PROFIT |
||||||||||||
Consumer Foods |
$ | 214.0 | $ | 249.9 | (14.4 | )% | ||||||
Commercial Foods |
111.8 | 134.1 | (16.6 | )% | ||||||||
Total operating profit for segments |
325.8 | 384.0 | (15.2 | )% | ||||||||
Reconciliation of total operating profit to
income from continuing operations before
income taxes and equity method investment
earnings |
||||||||||||
Items excluded from segment operating profit: |
||||||||||||
General corporate expense |
(84.0 | ) | (99.7 | ) | (15.7 | )% | ||||||
Interest expense, net |
(37.3 | ) | (41.4 | ) | (9.9 | )% | ||||||
Income from continuing operations before
income taxes and equity method investment
earnings |
$ | 204.5 | $ | 242.9 | (15.8 | )% | ||||||
Segment operating profit excludes general corporate expense, equity method investment
earnings, and net interest expense. Management believes such amounts are not directly
associated with segment performance results for the period. Management believes the
presentation of total operating profit for segments facilitates period-to-period
comparison of results of segment operations.
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CONAGRA FOODS
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ConAgra Foods, Inc.
Consolidated Statements of Earnings
(in millions, except per share amounts)
(unaudited)
Consolidated Statements of Earnings
(in millions, except per share amounts)
(unaudited)
FIRST QUARTER | ||||||||||||
13 Weeks Ended | 13 Weeks Ended | Percent | ||||||||||
August 29, 2010 | August 30, 2009 | Change | ||||||||||
Net sales |
$ | 2,817.6 | $ | 2,886.3 | (2.4 | )% | ||||||
Costs and expenses: |
||||||||||||
Cost of goods sold |
2,165.8 | 2,180.1 | (0.7 | )% | ||||||||
Selling, general and administrative expenses |
410.0 | 421.9 | (2.8 | )% | ||||||||
Interest expense, net |
37.3 | 41.4 | (9.9 | )% | ||||||||
Income from continuing operations before income taxes
and equity method investment earnings |
204.5 | 242.9 | (15.8 | )% | ||||||||
Income tax expense |
67.0 | 88.8 | (24.5 | )% | ||||||||
Equity method investment earnings |
6.2 | 8.9 | (30.3 | )% | ||||||||
Income from continuing operations |
143.7 | 163.0 | (11.8 | )% | ||||||||
Income from discontinued operations, net of tax |
2.6 | 2.2 | 18.2 | % | ||||||||
Net income |
$ | 146.3 | $ | 165.2 | (11.4 | )% | ||||||
Less: Net loss attributable to noncontrolling interests |
(0.1 | ) | (0.7 | ) | (85.7 | )% | ||||||
Net income attributable to ConAgra Foods, Inc. |
$ | 146.4 | $ | 165.9 | (11.8 | )% | ||||||
Earnings per share basic |
||||||||||||
Income from continuing operations |
$ | 0.32 | $ | 0.37 | (13.5 | )% | ||||||
Income from discontinued operations |
0.01 | | N/A | |||||||||
Net income |
$ | 0.33 | $ | 0.37 | (10.8 | )% | ||||||
Weighted average shares outstanding |
441.5 | 443.2 | (0.4 | )% | ||||||||
Earnings per share diluted |
||||||||||||
Income from continuing operations |
$ | 0.32 | $ | 0.37 | (13.5 | )% | ||||||
Income from discontinued operations |
0.01 | | N/A | |||||||||
Net income |
$ | 0.33 | $ | 0.37 | (10.8 | )% | ||||||
Weighted average share and share equivalents
outstanding |
446.0 | 445.6 | 0.1 | % | ||||||||
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CONAGRA FOODS
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ConAgra Foods, Inc.
Consolidated Balance Sheets
(in millions)
(unaudited)
Consolidated Balance Sheets
(in millions)
(unaudited)
August 29, 2010 | May 30, 2010 | |||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 840.9 | $ | 953.2 | ||||
Receivables, less allowance for doubtful accounts
of $8.0 and $8.5 |
853.3 | 849.6 | ||||||
Inventories |
1,769.3 | 1,606.5 | ||||||
Prepaid expenses and other current assets |
522.2 | 307.3 | ||||||
Current assets held for sale |
| 243.5 | ||||||
Total current assets |
3,985.7 | 3,960.1 | ||||||
Property, plant and equipment, net |
2,645.6 | 2,625.0 | ||||||
Goodwill |
3,602.0 | 3,552.1 | ||||||
Brands, trademarks and other intangibles, net |
934.1 | 874.8 | ||||||
Other assets |
480.3 | 695.6 | ||||||
Noncurrent assets held for sale |
| 30.4 | ||||||
$ | 11,647.7 | $ | 11,738.0 | |||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities |
||||||||
Notes payable |
$ | 0.6 | $ | 0.6 | ||||
Current installments of long-term debt |
257.7 | 260.2 | ||||||
Accounts payable |
977.3 | 919.1 | ||||||
Accrued payroll |
131.1 | 263.9 | ||||||
Other accrued liabilities |
711.7 | 579.0 | ||||||
Current liabilities held for sale |
| 13.4 | ||||||
Total current liabilities |
2,078.4 | 2,036.2 | ||||||
Senior long-term debt, excluding current installments |
3,018.4 | 3,030.5 | ||||||
Subordinated debt |
195.9 | 195.9 | ||||||
Other noncurrent liabilities |
1,442.9 | 1,541.3 | ||||||
Noncurrent liabilities held for sale |
| 5.2 | ||||||
Total stockholders equity |
4,912.1 | 4,928.9 | ||||||
$ | 11,647.7 | $ | 11,738.0 | |||||
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CONAGRA FOODS
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CONSOLIDATED STATEMENTS OF CASH FLOWS
CONAGRA FOODS, INC. AND SUBSIDIARIES
CONAGRA FOODS, INC. AND SUBSIDIARIES
Dollars in millions
Thirteen weeks ended | ||||||||
August 29, | August 30, | |||||||
2010 | 2009 | |||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 146.3 | $ | 165.2 | ||||
Income from discontinued operations |
2.6 | 2.2 | ||||||
Income from continuing operations |
143.7 | 163.0 | ||||||
Adjustments to reconcile income from continuing operations to net cash flows from
operating activities: |
||||||||
Depreciation and amortization |
86.4 | 78.8 | ||||||
(Gain) loss on sale of fixed assets |
1.7 | 1.3 | ||||||
Impairment charges related to Garner accident |
| 19.1 | ||||||
Insurance recoveries recognized related to Garner accident |
(1.3 | ) | (33.7 | ) | ||||
Advances from insurance carriers related to Garner accident |
3.0 | | ||||||
Distributions from affiliates greater (less) than current earnings |
(2.6 | ) | 1.8 | |||||
Contributions to pension plans |
(110.1 | ) | (2.7 | ) | ||||
Share-based payments expense |
8.4 | 12.0 | ||||||
Non-cash interest income on payment-in-kind notes |
(18.5 | ) | (19.8 | ) | ||||
Other items |
22.5 | 17.7 | ||||||
Change in operating assets and liabilities before effects of business
acquisitions and dispositions: |
||||||||
Accounts receivable |
(1.5 | ) | (74.1 | ) | ||||
Inventory |
(148.0 | ) | 34.5 | |||||
Prepaid expenses and other current assets |
37.8 | (15.9 | ) | |||||
Accounts payable |
80.9 | (42.6 | ) | |||||
Accrued payroll |
(132.1 | ) | (19.1 | ) | ||||
Other accrued liabilities |
135.7 | 155.8 | ||||||
Net cash flows from operating activities continuing operations |
106.0 | 276.1 | ||||||
Net cash flows from operating activities discontinued operations |
2.8 | (13.5 | ) | |||||
Net cash flows from operating activities |
108.8 | 262.6 | ||||||
Cash flows from investing activities: |
||||||||
Additions to property, plant and equipment |
(129.1 | ) | (117.4 | ) | ||||
Sale of property, plant and equipment |
1.0 | 1.4 | ||||||
Advances from insurance carriers related to Garner accident |
2.5 | | ||||||
Purchase of businesses and intangible assets |
(129.7 | ) | (3.0 | ) | ||||
Net cash flows from investing activities continuing operations |
(255.3 | ) | (119.0 | ) | ||||
Net cash flows from investing activities discontinued operations |
248.9 | 4.9 | ||||||
Net cash flows from investing activities |
$ | (6.4 | ) | $ | (114.1 | ) | ||
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CONAGRA FOODS
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CONSOLIDATED STATEMENTS OF CASH FLOWS
CONAGRA FOODS, INC. AND SUBSIDIARIES
CONAGRA FOODS, INC. AND SUBSIDIARIES
Dollars in millions
Thirteen weeks ended | ||||||||
August 29, | August 30, | |||||||
2010 | 2009 | |||||||
Cash flows from financing activities: |
||||||||
Repayment of long-term debt |
$ | (38.4 | ) | $ | (2.7 | ) | ||
Repurchase of ConAgra Foods common shares |
(100.0 | ) | | |||||
Cash dividends paid |
(88.5 | ) | (85.0 | ) | ||||
Exercise of stock options and issuance of other stock awards |
10.9 | (14.1 | ) | |||||
Other items |
(0.3 | ) | (0.8 | ) | ||||
Net cash flows from financing activities continuing operations |
(216.3 | ) | (102.6 | ) | ||||
Net cash flows from financing activities discontinued operations |
(0.1 | ) | (0.2 | ) | ||||
Net cash flows from financing activities |
(216.4 | ) | (102.8 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents |
1.7 | 0.8 | ||||||
Net change in cash and cash equivalents |
(112.3 | ) | 46.5 | |||||
Cash and cash equivalents at beginning of period |
953.2 | 243.2 | ||||||
Cash and cash equivalents at end of period |
$ | 840.9 | $ | 289.7 | ||||
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