For the full fiscal year, Heinz reported EPS was $2. This represents
a 5.0 million pre-tax ($18. We achieved strong results in sales,
volume, cash flow, and EPS in Fiscal
2005.K. Berger - Executive Vice President for Global
Foodservice;
-- Joseph Jimenez - Executive
Vice President for Europe;
-- David C.34 per share, a 6. Foodservice segments.S.4% in Fiscal
2005, as the operating income
improvement along with the reduced effective tax rate were partially
offset by increased interest costs.6% for Fiscal 2005 versus 33.9%. The
increase in G+A is largely
due to increased pension costs, litigation
costs and professional fees for various projects across
Europe.
Operating income decreased 7.3%, due primarily to reduced pricing
in Tegel.00 (0
.63
========= ======= ========= ======= ======
Fourth Quarter Ended April 28, 2004
-------------
-----------------------------
Net Gross Operating
Per
Sales Profit Income Income Share
--------- ------- --------- ------- ------
Reported results from
continuing operations
$2,331.4 $820.J.0 0.6 $779.
mangos stews
The National
Cancer Institute seems to support Ornish's findings
because they also
recommend "a diet low in fat and high in plant foods like fruits and
vegetables
in order to decrease cancer risk.
H.58 per share in the prior year.4% growth in the fourth
quarter
. We continue to drive very strong Operating Free Cash Flow
through significant reductions in the
cash conversion cycle and
disciplined capital processes.6%, with a 50-basis-point improvement in
gross profit margin, as increased commodity and fuel costs were more
than offset by favorable
volume, mix and pricing.7% in the prior year.2%, principally due to the restage of
Heinz's Italian
infant nutrition business, a $34.
convenience meals.
EPS increased 6.K.4%. The
divestiture
of a Korean oils and fats product line reduced sales 1.00 (0.S. Foodservice 58,102
49,821 224,784 211,129
Europe 142,497 160,027 550,585 639
,157
Asia/Pacific 27,868 34,161 135,588 146,190
Other Operating
Entities 9,664 7,750 34,739 29,934
Non-Operating (31
,982) (40,844) (121,298) (121,282)
----------- ----------- --------
--- -----------
Consolidated Totals $ 342,172 $ 325,779 $1,354,842 $1,379,257
=========== =========== =========== ===========
Operating income (loss)
excluding
special items:
North American
Consumer Products $ 136,023 $ 118,692 $ 530,444 $ 479
,453
U.mongolian mutton
, offer healthy, tasty animal-free
alternatives that can promote wellness and may even
help prevent several
diseases and cancers., San
Francisco, concluded that an extremely low-fat
vegan diet and exercise may
help prevent prostate cancer and even affect how quickly a tumor grows
.
"People are amazed that vegan food tastes so good," said Ann Gentry, chef,
restaurateur and
author of the "Real Food Daily Cookbook.realfood.
Gross profit increased 6.35 to $2.45, as anticipated
strong operating results
are expected to be partially offset by increases in interest costs and
a
higher tax rate.07 per share, respectively.
(Comments on the fiscal year that follow refer to results
from
continuing operations, excluding special items.9%, at the top end of the
company's range
, and foreign exchange translation rates of 3.m. Foodservice 405,283 371,648 1,503,818
1,428,641
Europe 959,032 950,482 3,447,299 3,287,737
Asia/Pacific
344,751 331,895 1,307,675 1,258,556
Other Operating
Entities
116,362 106,823 396,643 374,667
----------- -----------
----------- -----------
Consolidated Totals $2,448,492 $2,331,372 $8,912,297 $8,414,538
=========== =========== =========== ===========
Intersegment revenues:
North American
Consumer Products $ 13,278 $ 12,950 $ 51,742 $ 55,379
U.8
$735.8 $2.0 18."
Doc Green's leads with five signature salads, including the Dr.shellfish stews
13 versus
$2.20 in the prior year. EPS increased 8. The members, in addition to William R.
consumer
products and foodservice businesses. Sales volume increased 5.
Operating income increased 10.08
$ 2.58 $ 0.21
Discontinued
operations 0.7 $342.02
--------- ------- --------- ------- ------
Results from continuing
operations
excluding
special items $2,331.7 $337.9 $0.1 11. We expect there will be customers
who will
enjoy Doc Green's for its entrees and sides while others will come
regularly and make
different salads. Affordably priced, the average
sales ticket is $6 to $8.stews manhatten
To make things simpler
, Gentry provides a shopping list,
advice on choosing produce and tips for cooking vegan dishes.4
% for the 4th quarter, driven by strong
performances in the North American Consumer Products
and U. Heinz Company (NYSE:HNZ) today reported net income of $206.63, is an 8.91 billion. Acquisitions
, net of divestitures, increased sales
by 0.
Operating income decreased 6. The acquisition of a
controlling interest in Shanghai LongFong Foods, a maker of popular
frozen Chinese snacks and
desserts, increased sales 2.29
=========== =========== =========== ===========
Average common shares
outstanding - basic 350,042 351,810 350,042 351,810
=========== =========== =========== ===========
Cash dividends per
share
$ 0. J.4 $0.34
========= ========= ========= =======
======
Fiscal Year Ended April 28, 2004
--------------------------------------------
Net
Gross Operating Per
Sales Profit Income Income
Share
--------- --------- --------- ------- ------
Reported results
from
continuing operations $8,414. Non-GAAP financial measures should be viewed
in addition
to, and not as an alternative for, the company's reported
results prepared in accordance with GAAP
. Joining
its successful fast casual sister brands, Moe's Southwest Grill, Mama
Fu's Asian House
, Planet Smoothie, and PJ's Coffee, Doc Green's
Gourmet Salads opens on Monday, March 21, at 782 Ponce
de Leon Avenue,
adjacent to the neighborhoods of Virginia-Highlands, Inman Park and
Candler Park
.mongolian mutton
" Furthermore, The American
Cancer Society's most recent nutritional guidelines recommend a balanced
diet that includes "five or more servings a day of vegetables and fruit and
choosing whole grains
over processed and refined foods, and limiting red
meats and animal fats. See attached tables
for
further details, including reconciliation of non-GAAP financial
measures.0%, reflecting a
1. Operating
income
increased 9.
The company's effective tax rate, excluding special items, was 27. The gross
profit margin declined by 50
basis-points, due to increased commodity and fuel costs, lower pricing
as discussed above, and increased production costs in the European
seafood business, partially
offset by cost improvements in the U.1%, due to lower pricing as discussed
above, increased commodity
and production costs, particularly in the
European seafood and the U.3%.05 0.13 $ 2.59
$ 0.S. The following table provides
a reconciliation of the company's reported results from
continuing
operations to the results excluding special items for the fiscal years
ended April
27, 2005 and April 28, 2004:
Fiscal year Ended April 27, 2005
--------------------------------------------
Net Gross Operating Per
Sales Profit
Income Income Share
--------- --------- --------- ------- ------
Reported
results from
continuing operations $8,912.05
--------- --------
- --------- ------- ------
Results from continuing
operations excluding
special items
$8,912.Raving Brands Opens First Doc Green's Gourmet Salads Concept in Atlanta; New Concept
Positioned To Take On Fast Casual Salad Segment
m.cuisines clam
Ornish became famous after discovering that
exercise and a low-fat vegan
diet can reverse serious heart disease without medication.
The overall
cancer death rate of females was also lower."
Mr.0 million trade spending charge
related to prior
years.7 million, or $2. Pricing increased sales 2.6%, despite higher commodity and
fuel costs, driven
by favorable sales volume and higher net pricing.01) 0.58
Asset impairment charge
for
HAK vegetable
product line - 27.7 $325.3 $3,206.8 $827.3) (0. Heinz
Company and Subsidiaries
Non-GAAP Performance Ratios
The company reports
its financial results in accordance with generally
accepted accounting principles ("GAAP").minestrone mussel
"
Another study, conducted by the National Institutes of Health on
Seventh-Day Adventists, whose
religious doctrine prohibits eating animal
flesh, also had findings to support a plant-based diet
. It is no surprise that lentils and beans are
just some of the hundreds of ingredients that Gentry
uses in her recipes.com.
For the 4th quarter, Heinz's reported EPS was $0.6%. The Cash Conversion
Cycle for the fiscal year
improved by six days versus the prior year. Johnson said: "I am pleased
to report
that we achieved many of our critical objectives in Fiscal 2005 and,
most importantly
, enhanced the fundamentals of the company by
continuing to strengthen our brands, improve our management
team and
streamline our organization."
FOURTH QUARTER FISCAL 2005 RESULTS
(Comments
on the fourth quarter that follow refer to results from
continuing operations, excluding special
items.)
Overall, Heinz's fourth-quarter sales increased 5.
Volume was primarily driven by the
success of the company's U. EPS is expected to be in
the range of $2.08 per share represents a 5
. Excluding special items, the current year fully diluted EPS was
$2. See attached tables
for further
details, including reconciliation of non-GAAP financial
measures. Lower
pricing decreased sales
by 0. FOODSERVICE
Sales of the U. Higher pricing increased sales by 1.
MEETING WITH SECURITIES
ANALYSTS - INTERNET BROADCASTS
Heinz will host a conference call with security analysts today
at
8:30 a.56 $ 2.J. However, management believes
that certain non-GAAP performance measures
and ratios, used in
managing the business, may provide users of this financial information
with
additional meaningful comparisons between current results and
results in prior periods.
Business
Editors
ATLANTA----The Doc is In! Doc
Green's Gourmet Salads is launching in Atlanta in March
2005. But we aren't stopping there; the menu will
extend beyond salads which is great for the family
where mom may want
a salad, but dad wants something a little heartier such as a steak
entree with
roasted garlic mashed potatoes.
For those who prefer a heartier meal, customers can choose from
six
Flatbread pressed sandwiches served with field greens, tomatoes
and roasted red onions. Customers
will be welcomed with a hearty greeting
upon entering the restaurant.moroccan substitutes
Heinz Company
(NYSE:HNZ
):
Heinz announces strategic review of key businesses and
formation of Office of the
Chairman. We are going to
place our focus and resources on our big brands with number-one and
number
-two market positions and in four large developing markets. The price declines in the Italian infant
nutrition
business include an additional $13.6% for the fourth quarter, reflecting
the operating
income improvement along with a reduced effective tax
rate offset partially by increased interest
costs and currency losses.
Some of the brands involved in the strategic review will include:
John
West(R), Weight Watchers from Heinz(R), Linda McCartney(R), Aunt
Bessie's(R) in the United Kingdom;
Petit Navire(R) and Parmentier(R)
canned fish in France; Tegel(R) poultry products in New Zealand;
Marie
Elisabeth(R) seafood in Portugal and Mareblu(R) seafood in Italy.
OFFICE OF THE CHAIRMAN
Heinz has announced the formation of a new Office of the Chairman
to provide a stronger focus
on growth and innovation and to better
leverage the global power of Heinz.2% versus Fiscal 2004.
Current year
and prior year results include after-tax earnings from discontinued
operations of
$0.05 per share and $0.20 per share last
year.9%.
EUROPE
Heinz Europe's sales increased
4. It will be hosted by William R. The Company undertakes no
obligation to publicly update or revise
any forward-looking
statements, whether as a result of new information, future events or
otherwise
, except as required by the securities laws.27 $ 1.6 0.8 0.20
Write-down of U.5 $3,092
.3 $1,371.manhatten substitutes
From continuing operations, EPS was $2.6% increase over earnings of
$0.
Net pricing
increased sales 0.
The Office of the Chairman and the Presidents Council will enhance
global communications
and coordination, and facilitate a process to
simplify and de-layer regional overhead.9%, to $8. The
favorable volume impact was due primarily to strong increases in the
North American Consumer Products
and U.
Gross profit increased 4. Operating income
increased 0.5%. Favorable exchange
translation
rates increased sales by 7.J.59 $ 0.1 $223.58
========= =======
========= ======= ======
(Note: Totals may not add due to rounding.
"We are thrilled
to bring another healthy and value-driven dining
experience to Atlanta," explains Martin Sprock,
Founder and Chief of
Raving Brands.mulligatawny malagasy
With no known cure for cancer, an epidemic
of childhood
-onset diabetes and viruses like Bird Flu spreading, a
vegetarian/vegan diet may prove to be a healthy
option for millions of
people. Excluding special items, EPS from
continuing operations
was $0.S. Our outstanding free cash flow was also
accompanied by improved customer service and supply
chain
efficiencies. This is in line with the company's
strategic focus on its core categories:
Ketchup, Condiments and
Sauces; Foodservice; Infant Nutrition; and Quick Serve Meals and
Snacks
. Management believes that the adjusted GAAP measures provide
additional clarity in understanding
the trends of the business as they
provide management with a view of the business excluding special
items.)
Sales for Fiscal 2005 increased 5.com and will be archived for playback beginning at 2
p. Winkleblack, Executive Vice President and
Chief Financial Officer; David C.
These statements
are subject to risks, uncertainties, assumptions and
other important factors, many of which may be
beyond Heinz's control
and could cause actual results to differ materially from those
expressed
or implied in these forward-looking statements.0 0.miso substitutes
" Favorites include
everything from a Walnut
Lentil Pate and Butternut Squash Soup to her
famous Ying Yang Salad with Peanut Sauce and Coconut
Cream Pie with
Chocolate Sauce.5
million, or $0.
The company continued to generate impressive
Operating Free Cash
Flow, posting $545 million in the fourth quarter and $920 million for
the
fiscal year. were partially offset by lower
pricing in the Italian infant nutrition and Tegel(R)
poultry
businesses.S.
HEINZ U. Sales volume
increased sales 2.
Lower pricing decreased
sales 1. (Eastern Time).
Uncertainties contained in such statements include, but are not
limited
to, sales, earnings, and volume growth, general economic,
political, and industry conditions, competitive
conditions, which
affect, among other things, customer preferences and the pricing of
products
, production, energy and raw material costs, the need for
product recalls, the ability to maintain
favorable supplier
relationships, achieving cost savings programs and gross margins,
currency
valuations and interest rate fluctuations, the ability to
execute and the success of acquisitions
, joint ventures, divestitures
and other strategic initiatives, new product and packaging
innovations
, product mix, the effectiveness of advertising, marketing,
and promotional programs, supply chain
efficiency and cash flow
initiatives, the impact of e-commerce and e-procurement, risks
inherent
in litigation (including the Remedia-related claims in Israel
and rights against third parties) and
international operations,
particularly the performance of business in hyperinflationary
environments
, changes in estimates in critical accounting judgments
and other laws and regulations, including
tax laws, the success of
tax-planning strategies, the possibility of increased pension expense
and
contributions and other people-related costs, the possibility of
an impairment in Heinz's investments
, and other factors described in
"Cautionary Statement Relevant to Forward-Looking Information" in
the
Company's Form 10-K for the fiscal year ended April 28, 2004, and the
Company's subsequent
filings with the Securities and Exchange
Commission. Heinz Company, offering "Good Food Every
Day
(TM)," is one of the world's leading marketers and producers of
branded foods in ketchup, condiments
, sauces, meals, soups, seafood,
snacks, and infant foods.08
===========
=========== =========== ===========
Note: Fiscal 2005 and 2004 include special items. Heinz
Company and Subsidiaries
Special Items - Fourth Quarters Ended April 27, 2005 and
April 28, 2004
The company reports its financial results in accordance
with generally
accepted accounting principles ("GAAP").2 $0.7 $369.4 $1,354.0 27.04)
--------- --------- --------- ------- ------
Results from continuing
operations
excluding special items $8,414.miso macadamia
(Click here for details) your kitchen to make cooking
and eating well easier.
For more information on "The Real Food Daily Cookbook," Real Food Daily
restaurants and Ann Gentry, visit www.5%
from $0.34, up 6.0 million after-tax)
recorded
in the fourth quarter related to the anticipated disposition
of the HAK(R) vegetable product line
in Northern Europe early in
Fiscal 2006 and $73.1% and
finished the year even stronger with 8
.6%
for the fourth quarter of Fiscal 2005 versus 32.5%
decrease versus the earnings of $2.3%. Foodservice
segment increased 5.
ASIA PACIFIC
Sales in Asia/Pacific increased 3. Lower pricing reduced
sales 2.m. The forward-looking statements are and will be based on
management's then current views
and assumptions regarding future
events and speak only as of their dates. Information on Heinz is
available at
www. J. Heinz Company and Subsidiaries
Consolidated Statements
of Income
(In Thousands, Except per Share Amounts)
Fourth Quarter Ended Fiscal Year Ended
----------------------- -----
------------------
April 27, April 28, April 27, April 28,
2005 2004 2005 2004
FY2005
FY2004 FY2005 FY2004
----------- ----------- ----------- -----
------
Sales $2,448,492 $2,331,372 $8,912,297 $8,414,538
Cost of products
sold 1,600,801 1,510,656 5,705,926 5,326,281
----------- ---------
-- ----------- -----------
Gross profit 847,691 820,716 3,206,371 3,088,257
Selling, general and
administrative
expenses 505,519 494,937 1,851,529
1,709,000
----------- ----------- ----------- -----------
Operating
income 342,172 325,779 1,354,842 1,379,257
Interest income 7,598
7,411 27,776 23,312
Interest expense 61,605 51,572 232,431
211,826
Asset impairment
charges for cost and
equity investments -
- 73,842 -
Other (expense)/
income, net (6,900) 12,827
(17,731) (22,192)
----------- ----------- ----------- ---------
--
Income from continuing
operations before
income taxes 281,265 294,445
1,058,614 1,168,551
Provision for income
taxes 76,078 96,061
322,792 389,618
----------- ----------- ----------- -----------
Income from continuing
operations 205,187 198,384 735,822 778,933
Income/(loss) from
discontinued
operations, net of
tax 1,300
(1,860) 16,877 25,340
----------- ----------- ----------- ---
--------
Net income $ 206,487 $ 196,524 $ 752,699 $ 804,273
=========== =========== =========== ===========
Income per common
share - Diluted
Continuing
operations $ 0.58 $ 0. Heinz Company and Subsidiaries
Segment Data
Fourth Quarter Ended Fiscal
Year Ended
----------------------- -----------------------
April 27, April 28, April 27, April 28,
2005 2004
2005 2004
FY2005 FY2004 FY2005 FY2004
----------- ----------- ----------- -----------
Net external sales:
North
American
Consumer Products $ 623,064 $ 570,524 $2,256,862 $2,064,937
U. Foodservice
5,839 4,932 22,550 15,310
Europe 3,707 3,292
17,328 13,644
Asia/Pacific 985 753 3,420 2,911
Other Operating
Entities 379 461 1,571 2,188
Non-Operating
(24,188) (22,388) (96,611) (89,432)
----------- -----
------ ----------- -----------
Consolidated Totals $ - $ - $ - $
-
=========== =========== =========== ===========
Operating income
(loss):
North American
Consumer Products $ 136,023 $ 114,864 $ 530,444 $ 474
,129
U.05
--------- ------- --------- ------- ------
Results from
continuing
operations excluding
special items $2,448.5 $3,088.K.5 $2. to 10:00
p. Doc Green's is a part of
Atlanta-based Raving Brands restaurant portfolio, which includes the
successful Moe's Southwest Grill, Mama Fu's Asian House, Planet
Smoothie, PJ's Coffee and the
soon to launch Shane's Rib Shack.marmalade mangos
Dean Ornish at the University of Calif.27 last year.08
versus $2. Johnson added: "We have initiated a strategic review of our
international portfolio and
our global organizational structure. This
strategic review follows the successful transformation
of our North
American businesses, and we expect, as a result, that Heinz will
become a faster
-growing, even more focused company.K.S. Volume was essentially
flat, as increases in Heinz(R) ketchup
, resulting from the successful
introduction of the Top Down bottle, and increases in Heinz(R)
ready
-to-serve soups were offset by declines in European seafood,
frozen entrees in the U.27
=========== =========== =========== ===========
Average common shares
outstanding
- diluted 353,450 354,372 353,450 354,372
=========== ===========
=========== ===========
Income per common
share - Basic
Continuing
operations
$ 0.10 $ 2. Non-GAAP financial measures should be viewed
in addition to, and not as
an alternative for, the company's reported
results prepared in accordance with GAAP. The following
table provides
a reconciliation of the company's reported results from continuing
operations to
the results excluding special items for the fourth
quarters ended April 27, 2005 and April 28, 2004:
Fourth Quarter Ended April 27, 2005
------------------------------------------
Net Gross
Operating Per
Sales Profit Income Income Share
--------- ------- --------- ------- ------
Reported results from
continuing
operations $2,448.2 $0.soups mulligatawny
A recent study lead by Dr.55 last year. In addition, the company
continued
to reduce net debt (total debt less cash and cash
equivalents, short-term investments and the value
of interest rate
swaps), with a reduction of $244 million in Fiscal 2005 versus 2004. We are particularly
pleased
with our volume and sales momentum, especially in North America and
the Pacific, and expect
this trend to continue into Fiscal 2006, given
the healthy consumption data that we are seeing in
our core
businesses. All will be based in
Pittsburgh. Winkleblack, Executive Vice President and
Chief
Financial Officer;
-- Theodore N.13
per diluted share, a decrease of 6.S. However
, management believes
that certain non-GAAP performance measures and ratios, used in
managing the
business, may provide users of this financial information
with additional meaningful comparisons
between current results and
results in prior periods.5 $874.4 $820. The following table provides
the calculation of those non-GAAP performance ratios discussed in the
company's press release
dated May 26, 2005:
Net Debt Calculation
(amounts in thousands) April 27, April 28,
2005 2004
FY 2005 FY 2004
----------- -----------
Short-term debt $ 28,471 $ 11,434
Long
-term debt,
including current
portion 4,666,782 4,962,996
----------- -----------
Total debt 4,695,253 4,974,430
Less:
Value of
interest rate
swaps (186,086) (125,324)
Cash and cash
equivalents (1,083,749) (1,140,039)
Short-term
investments
- (40,000)
----------- -----------
Net Debt
$3,425,418 $3,669,067
=========== ===========
Operating
Free Cash
Flow Calculation
(amounts in thousands) Fourth Quarter Ended Fiscal Year Ended
----------------------- -----------------------
April 27, April 28, April 27, April 28,
2005 2004
2005 2004
FY 2005 FY 2004 FY 2005 FY 2004
----------- ----------- ----------- -----------
Cash provided by
operating
activities $ 654,647 $ 431,954 $1,160,793 $1,249,007
Capital expenditures
(109,647) (112,144) (240,671) (231,961)
----------- ----------
- ----------- -----------
Operating Free
Cash Flow $ 545,000 $ 319,810
$ 920,122 $1,017,046
=========== =========== =========== ===========
mongolian miso
Sales increased 5% and operating income, excluding special
items, increased 9
.58 per diluted share, for its fourth quarter ended
April 27, 2005.
STRATEGIC REVIEW
Heinz
has announced its intentions to sell the HAK(R) line of
prepared vegetables in Northern Europe and
has commenced a strategic
review of its seafood and frozen businesses in Europe and its Tegel(R)
poultry businesses in New Zealand. Foodservice segments and in U. Strong
performance in Boston
Market HomeStyle(R) meals and in the frozen
snack brands of Delimex(R), Bagel Bites(R) and TGI Friday
's(R) also
contributed to the volume increase. and jarred vegetables in Northern Europe.07
----------- ----------- ----------- -----------
Net Income $ 0
.S.7 7.0 4. "We will prepare salads that are fresh, flavorful,
healthy and at a great price
point, served in a convenient but
appealing atmosphere.
Customers can also choose to create their
own salad with lettuce
options of Romaine, Mixed Field Greens and Baby Spinach, 25 premium
toppings
, six choices of roasted, poached, grilled or carved meats and
eight dressing options."
As is typical
of Raving Brands' successful franchising formula,
Doc Green's will have some theatre and entertainment
value to
complement the food.mussel mulligatawny
95) by Ann Gentry, owner of the bustling Real Food Daily restaurants
in
Santa Monica and West Hollywood, Calif.
The special items in fiscal year 2005 are comprised
of non-cash asset
impairment charges of $27.
FISCAL 2006 OUTLOOK
Looking forward to
Fiscal 2006, Heinz is targeting 4-6% sales
growth and 7-10% growth in operating income.4% increase
over earnings of $2. Heinz is a global family of leading brands, including Heinz(R)
Ketchup, Sauces
, Soups, Beans, Pasta and Infant Foods (representing
nearly one-third of total sales or close to
$3 billion), Ore-Ida(R)
french fries and roasted potatoes, Boston Market(R) and SmartOnes(R)
meals
, and Plasmon(R) baby food. Heinz's 50 companies have number-one
or number-two brands in 200 countries
, showcased by Heinz(R) Ketchup,
the World's Favorite Ketchup(TM).8 $198.8 0.01
Reorganization
costs - - 17.
cuisines moroccan
" The males had
"lower-than-average serum cholesterol
levels and blood pressure and their
overall cancer death rate was about half that of the general
population.63 versus $0.5% increase versus the fourth
quarter of Fiscal 2004 on a fully reported
, total company basis.
For the full year, EPS from continuing operations, excluding
special items
was $2. Management believes that the adjusted GAAP measures provide
additional clarity in understanding
the trends of the business as they
provide management with a view of the business excluding special
items. Moran - Senior Vice President and President for
Consumer Products;
-- The Executive
Vice President for Asia/Pacific, to be named
later;
-- Arthur B. These price decreases
were
partially offset by favorable pricing in the North American
Consumer Products and U.6%, primarily
a result of higher volume
and favorable foreign exchange.3%.3%.5%, chiefly due to new product introductions
in the frozen foods and
convenience meals categories in the Australia and New Zealand
businesses
. These were partially offset by the discontinuation of an
Indonesian energy drink, declines in Tegel
(R) poultry and sales
declines in China.07
----------- ----------- ----
------- -----------
Net Income $ 0.
Rosen Rosen with crisp Romaine tossed with
Blue cheese crumbles,
chopped bacon, sliced egg, tomato and ranch dressing along with your
choice
of chicken, turkey, portabella mushrooms, steak, or salmon. Customers also have the option to order
one of
six entrees with their choice of one or two sides that include Roasted
Garlic Mashed Potatoes
, Sauteed Seasonal Vegetables, Parmesan Crusted
Button Mushrooms and Sweet Corn with Pan Seared Bacon
. "We believe
the salad category can be revitalized if the concept delivers the
salad experience
in a premium fashion and extends beyond salad to
appeal to a wider audience.
About Doc Green
's Gourmet Salads
Doc Green's offers healthy, fresh, made-to-order salads, soups,
meat and
two (steak, chicken fish, turkey with choice of sides),
flatbread sandwiches, and other bistro fare
, available with an array
or gourmet dressings and toppings.m. Consistent with all Raving
Brands
concepts, the restaurant experience will feature vibrant and
lavish colors, seating for comfort's
sake and feature the images and
sounds of popular musical artists.macadamia soups
The Seventh-Day
Adventists
were found to have "experienced less heart disease and fewer
cases of some cancers than the general
population. Fans of
Gentry's cuisine include vegans and non-vegans, including health-conscious
celebrities
like Gwyneth Paltrow, Kirsten Dunst, Tobey McGuire and Pierce
Brosnan.58, up 5.8 million recorded
in the third quarter primarily
related to Heinz's investment in The Hain Celestial Group, Inc.1 million
charge for
prior-year trade spending for the Italian infant nutrition business,
and market price
pressures impacting the Tegel(R) poultry business in
New Zealand and the trade in Northern Europe
. The increase in SG+A is
primarily due to exchange translation rates, higher fuel costs,
employee
-related and litigation expenses and professional fees related
to various projects across the company
, including costs associated
with compliance with Section 404 of Sarbanes-Oxley. The company's effective
tax rate,
excluding special items, was 28.7%,
largely due to reduced trade spending and decreased
product placement
fees on SmartOnes(R) frozen entrees and Ore-Ida(R) potatoes, as well
as increases
related to Classico(R) pasta sauces and Heinz(R) ketchup.
Operating income increased 4.8%, primarily
due to the restage of
the Italian infant nutrition business, the trade spending charge in
the
Italian infant nutrition business and increased promotional
activity in the Netherlands. Favorable
exchange
translation rates increased sales by 4.3%.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING
STATEMENTS:
This press release contains forward-looking statements within the
meaning of the
"safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995.20
Discontinued
operations 0. Foodservice 58,102 51,221 224,784 215,029
Europe 169,473 161,072 577,561 615,403
Asia/Pacific 27
,868 34,161 135,588 146,190
Other Operating
Entities 9,664
8,750 34,739 30,934
Non-Operating (31,982) (36,444) (121,298) (115
,424)
----------- ----------- ----------- -----------
Consolidated Totals
$ 369,148 $ 337,452 $1,381,818 $1,371,585
=========== =========== ===========
===========
The company's revenues are generated via the sale of products in the
following
categories:
Ketchup, Condiments
and Sauces $ 877,580 $ 818,465 $3,234,229
$3,047,662
Frozen Foods 610,306 545,148 2,209,586 1,947,777
Convenience
Meals 558,953 525,260 2,005,468 1,874,272
Infant Feeding 253,739 278
,700 855,558 908,469
Other 147,914 163,799 607,456 636,358
----------- ----------- ----------- -----------
Total
$2,448,492 $2,331,372 $8,912,297 $8,414,538
=========== =========== ===========
===========
H.0 18.56
Reorganization costs -
- 11.9 $2. pizza
crust assets - 4.)
H.J.
mashed meatball
The
fourth quarter diluted earnings per share from continuing operations,
excluding special items
of $0. Smyth, Chief Administrative Officer and Senior
Vice President of Corporate and Government
Affairs. Volume increased sales
0.14 $ 1.S.21
Asset impairment charge
for HAK vegetable
product line - 27.0 2.8) (13. Customers can get engaged in the art
of
making a salad that reflects their own tastes and health preferences,
from various salad greens
, freshly grilled chicken, steak, turkey,
Portabella mushrooms, Salmon, vegetables, nuts, cheeses
, and low-carb,
low-fat and low-cal dressings.shellfish miso
J.S. These improvements were partially offset by volume
declines in Heinz Europe. Edward I.
Reporting to the Office of the Chairman will be a Presidents
Council, comprised of the heads of the company's largest business
units.S.7%, as the increase
in gross profit was offset by
increased SG+A expenses in the current year.9%, due to growth in Heinz
(R) ketchup, strong
performance on Truesoups(R) frozen soup and growth in custom recipe
tomato
products. The call will be webcast live on
www. Moran - Senior Vice President and
President for
Consumer Products; and Jack Runkel, Vice President -
Investor Relations.56 $ 2.5 $847.2 $205
.0 27.08
Asset impairment charges
for cost and
equity investments -
- - 73.3 $1,381.3 $778.20
========= ========= =========
======= ======
(Note: Totals may not add due to rounding. The atmosphere reflects eclectic
paintings
and upbeat music that customers recognize and enjoy. A popular selection of light
beer and wine will
also be available.macadamia millet
Recipes from the new "Real Food Daily Cookbook," (Ten Speed Press,
$24." "Not
only are my
recipes healthy, but they are easy to prepare.Heinz Reports Full-Year Fiscal 2005 EPS
from Continuing Operations of $2.34 up 6.4% Excluding Special Items and Operating Free Cash Flow
of $920 Million
5% volume improvement and the favorable impact of foreign exchange.
The Office
of the Chairman will be comprised of the four
senior-most executives responsible for operations globally
, and the
heads of three global corporate functions.7% due to significant growth in
Ore-Ida(R)
frozen potatoes and SmartOnes(R) frozen entrees.0% primarily due to
market price pressures on Tegel
(R) poultry.
ABOUT HEINZ: H. Heinz satisfies hungry consumers in every
outlet, from supermarkets
to restaurants to convenience stores and
kiosks.com/news
H.01) 0.56
$ 2.05 0.15 $ 2.285 $ 0.5 $205.)
H. Heinz Company and
Subsidiaries
Special Items - Fiscal Years Ended April 27, 2005 and April 28, 2004
The company
reports its financial results in accordance with generally
accepted accounting principles ("GAAP
").
"We have gone to great lengths to develop a different concept, one
that is distinguished from
the predisposed notion that salad bars are
feeding troughs, with no personalization, limited freshness
and no
appealing options beyond the salad bar," explains Sprock.miso clam
" The study also
showed a higher
risk of prostate and colon cancer with increased meat
consumption, while lentil and bean consumption
seemed to decrease the risk
of prostate and colon cancer.
Business Editors
PITTSBURGH
----H.J.
Foodservice segments.4% and in-line with previous guidance.
consumer products
and foodservice businesses, including Ore-Ida(R)
frozen potatoes, Delimex(R), Bagel Bites(R), TGI
Friday's(R) frozen
snacks, Heinz(R) ketchup and frozen soup, as well as the Latin
America, Australia
and New Zealand businesses behind a number of new
product launches.6% as pricing improvements in
North
American Consumer Products and the U. Johnson, are:
-- Jeffrey P. Sales were
favorably
impacted by volume growth of 1.0% in the
prior year.5%, primarily due to favorable volume
and
pricing, partly offset by increases in commodity costs and
increased S+D, which reflects a substantial
increase in fuel and
trucking costs.K.55 $ 2.
(Totals may not add due to rounding)
H. Non-GAAP financial measures should be viewed
in addition to, and not as an alternative
for, the company's reported
results prepared in accordance with GAAP.6 $2.3 $1,379.03
Gain
on sale of the
Northern European
bakery business - - (28. Dine
-in or take-out is available from seven
days a week from 11:00 a.shellfish malagasy
58 in the year-ago
4th
quarter, an increase of 8. Sales of our top 15 power brands grew by a robust 7. The company has set
a target for Operating Free
Cash Flow of $900 million to $1 billion.20 per diluted share in the prior
year.
HIGHLIGHTS FOR FISCAL YEAR 2005
NORTH AMERICAN CONSUMER PRODUCTS
Sales
of the North American Consumer Products segment increased
9.5%.0 0.3 $3,233.substitutes moroccan
PRESS RELEASE 'Real
Food Daily Cookbook' Offers Vegan Recipes to Increase Health +amp; Prevent Disease
Commenting
on the company's performance, Heinz's Chairman,
President and CEO William R.4%. Bobby, Senior Vice
President and General Counsel;
-- D.
FULL-YEAR FISCAL 2005 RESULTS
Heinz reported
net income for the year of $752. EPS
from continuing operations of $2. businesses, and increased
G+A.9%.heinz.
The call is available live via conference call at 1-866-215-1938
(listen only).
Johnson, Chairman,
President + CEO; Arthur B. These forward-looking statements
reflect management
's view of future events and financial performance.heinz. However, management believes
that certain
non-GAAP performance measures and ratios, used in
managing the business, may provide users of this
financial information
with additional meaningful comparisons between current results and
results
in prior periods.moroccan millet
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