Also popular favorites among customers are the 5
styles
of salsas and 3 salad dressings. Several of Bob's Red Mill's products, including
10-Grain Cereal
and Muesli, were featured as heart-healthy, anti-aging
foods.08 a year ago. Conant, Campbell's President
and Chief Executive
Officer, said, "At the halfway mark in the year, we are pleased with
our overall
company performance. We are especially
pleased with the strong sales growth in condensed soup, which
is up 7
percent for the first half, the best performance in many years."
The company confirmed
its fiscal 2005 guidance for earnings per
share to increase between 5 and 7 percent, excluding restructuring
charges, from the adjusted fiscal year 2004 base of $1. U.315
============ ============
Weighted average shares outstanding - basic 409
411
============ ============
Per
share - assuming dilution
Net earnings $ 1.57 $ .
eggs grains
Oprah 'Dishes Out' the Whole Grain Goodness of Oregon-Based Bob's Red Mill; Show Features Bob's Red
Mill Products and Footage of Milling Process; Audience Take
For more information visit www.J.57, even
with the year-ago
quarter. Our
continuing investment in product quality, new products and packaging
,
improved marketing, and retail execution is driving this performance. Operating earnings decreased
4 percent to $491 million,
as the benefit of higher sales and productivity gains were more than
offset
by increased trade promotion and advertising, and higher
materials costs.
A breakdown of the
change in sales follows:
-- Volume and mix added 5 percent
-- Price and sales allowances
added 4 percent
-- Increased promotional spending subtracted 1 percent
-- Currency added
1 percent
Further details of sales results include the following:
-- Pepperidge Farm
experienced strong sales across all three of
its business segments: bakery, cookies and crackers
, and
frozen.
For the first half of fiscal 2005, sales increased 8 percent to
$882 million
. Operating earnings increased 11 percent to $93 million,
driven by pricing and higher volume, partially
offset by higher
materials costs. The passcode is "Campbell Soup" and the
conference leader is
Len Griehs.
Reporting Segments
Beginning in fiscal year 2005, Campbell Soup Company earnings
results are reported for the following segments:
U.08
============ ============
Dividends $ .34
$ .02)
Gain on sale of property (3) (0.home cooking
Business Editors
/Food Editors
PROVO, Utah----Whole Living, Inc.
The company has also enriched its growing line
of soups and stews.
Now with 11 varieties, the soups have become the second most popular
whole
food item.com
Forward Looking Statements
This press release contains certain forward-looking
statements.----Today's episode of
The Oprah Winfrey Show touts the health qualities of whole grains
and
features the products of local company Bob's Red Mill Natural Foods,
Inc.13, up 5 percent
versus $1.
-- "V8" vegetable juice and "Campbell's" tomato juice sales
increased in the quarter
, while sales of "V8 Splash" juice
beverage declined. Operating earnings increased 12
percent to
$47 million compared with the year-ago quarter, as the
impact of pricing and higher volume was partially
offset by increased
marketing and commodity cost inflation. Pepperidge Farm continued to successfully
expand
distribution of its lines of bagels and English muffins.
International Soup and Sauces
Sales for International Soup and Sauces were $502 million, a 10
percent increase compared
with the second quarter of fiscal 2004.K. Operating earnings increased 6 percent to $125 million,
primarily
due to the favorable impact of currency. and
Canada.
Sales grew 12 percent to $332 million compared
with the same
period a year ago.com and can be accessed
by clicking on the "Webcast" banner.
Forward-Looking Statements
This release contains "forward-looking statements" which reflect
the company's current expectations about its future plans and
performance, including statements
concerning the impact of marketing
investments and strategies, new product introductions, cost-saving
initiatives and quality improvement on sales, earnings and margins.S.57 0%
======== ========
CAMPBELL SOUP COMPANY
CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
SIX MONTHS
ENDED
-----------------
January February Percent
Sales 30, 2005
1, 2004 Change
----- -------- -------- -------
Contributions:
U.S.57
Add: Restructuring related costs (1) 0.eggs soups
The trail-like mixes contain
at least 20 raw foods including nuts, seeds, and whole grains.
"Nutrition will continue to be
a growing market as more consumers are
motivated by medical studies, government recommendations,
and media
attention. Soup, Sauces and Beverages were $956 million, a 1
percent increase compared
with a year ago.
Highlights of this segment's other businesses include:
-- After a successful
introduction in the first quarter,
"Campbell's Chunky" chili continues to perform well in the
marketplace
. "Goldfish" snack cracker sales also increased.
-- In Canada, sales increased due to the favorable
impact of
currency.m.
These forward-looking statements rely on a number of assumptions and
estimates
which could be inaccurate and which are subject to risks and
uncertainties. Please refer to the company
's most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties
.S.S. Soup, Sauces and
Beverages $ 491 $ 511 -4%
Baking and Snacking 93 84 11%
International Soup and Sauces
125 118 6%
Other 94
85 11%
-------- --------
Total operating earnings
803 798 1%
Unallocated corporate expenses (33
) (55)
-------- --------
Earnings before interest
and
taxes 770 743 4%
Interest, net
(89) (85)
Taxes on earnings (216
) (212)
-------- --------
Net earnings
$ 465 $ 446 4%
========
========
Net earnings per share
- assuming dilution $ 1.08
5%
======== ========
CAMPBELL
SOUP COMPANY CONSOLIDATED
BALANCE SHEETS (unaudited)
(millions)
January February
30, 2005 1, 2004
---------- ----------
Current assets
$ 1,674 $ 1,541
Plant assets, net 1,917 1,871
Intangible assets, net 3,156 3,081
Other assets
327 303
---------- ----------
Total assets $ 7,074 $ 6,796
========== ==========
Current liabilities
$ 2,219 $ 2,502
Long-term debt
2,552 2,566
Nonpension postretirement benefits 292
301
Other liabilities 672 559
Shareowners
' equity 1,339 868
---------- ----------
Total liabilities and shareowners' equity $ 7,074
$ 6,796
========== ==========
Total
debt $ 3,128 $ 3,474
========== ==========
Cash and cash equivalents $
51 $ 41
========== ==========
Reconciliation
of GAAP and Non-GAAP Financial Measures
Campbell Soup Company uses certain "non-GAAP" financial
measures
as defined by the Securities and Exchange Commission in certain
communications.quantity soups
Whole
Living Further Expands Product Offerings
(OTCBB:WLIV) a manufacturer and distributor of whole
foods, continues
to introduce new all natural products in an effort to offer customers
greater
choices of whole foods. We have a wide range of selections that can offer customers
easy choices
for healthy meals.
bobsredmill. Our U.S.S. In January, "Campbell's Chunky" chili introduced
two varieties in microwaveable bowls.
-- "Campbell's SpaghettiOs" pasta sales increased significantly
as the business continues to benefit from the conversion to
the "Campbell's" brand supported by
increased advertising.S.
A breakdown of the change in sales follows:
-- Volume and mix
added 7 percent
-- Price and sales allowances added 4 percent
-- Currency added 1 percent
Further details include the following:
-- Godiva Chocolatier sales rose on strong performance
in all
channels in North America -- retail, wholesale, and direct. Operating earnings increased 11
percent to $94 million,
consistent with strong sales growth. participants
may access the call
at 1-877-601-3546 and non-U.S.57
============ ============
Dividends $ .17 $ .57 $ .14 $ 1
.13 $ 1.02)
----------------
Earnings
per share, excluding restructuring
related costs and one-time items $ 1.quick top
Pulse
remains the company's
core product and is now available in 14 flavor cups and 26 different
bars
including 13 enriched with 23 vitamins and minerals. The Company's actual results could differ materially
from expected results.S.----Campbell Soup
Company (NYSE:CPB) today reported diluted earnings per
share for the
second quarter ended January 30, 2005 of $.
Net sales were $4.S. "Campbell's" condensed
cooking and eating soups continue to benefit from the
installation of gravity-feed shelving systems
, which are now
in more than 11,000 stores.
Same-store sales were up double digits in North America
, as
the implementation of stronger merchandising, increased
advertising and promotional activity
, and new product
introductions drove increased traffic to Godiva stores. participants at
1-210
-234-0002.57
============ ============
Weighted
average shares outstanding
- assuming dilution 414 412
============ ============
CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
SIX MONTHS ENDED
-------------------
-------
January February
30, 2005 1, 2004
--
---------- ------------
Net sales $ 4,314 $ 4,009
------------ ------------
Costs and expenses
Cost of products sold 2,566 2,320
Marketing and selling
expenses 676 633
Administrative expenses 258
259
Research and development expenses 44 42
Other
expenses - 12
------------ ------------
Total costs and expenses 3,544
3,266
------------ ------------
Earnings before
interest and taxes 770 743
Interest, net
89 85
------------ -----------
-
Earnings before taxes 681 658
Taxes on earnings
216 212
-
----------- ------------
Net earnings $ 465 $ 446
============ ============
Per share - basic
Net earnings $ 1.quinoa eggs
This is giving customers choices for meals and snacks
all day
long."
About Bob's Red Mill
Bob's Red Mill Natural Foods, a distinctive stone
grinding miller
of whole grains, was founded in 1978 with the mission of moving people
back to
the basics with healthy whole grains, high-fiber and complex
carbohydrates.S.
-- While the
"Prego" pour-over business continued to achieve
increased volume as category trends improve, overall
sales
declined in the quarter due to lower sales of "Prego" pasta
bake products.
-- Sales
of fresh bread and bakery products were up double
digits.
-- "Pepperidge Farm" cookie sales
rose on the strength of a
successful holiday season, and the introduction of a new line
of sugar
-free cookies and four new varieties of soft-baked
cookies.
-- Sales in Asia Pacific were
also up, driven by significant
volume growth in the region.
-- Away From Home sales grew
significantly due to the strong
performance of refrigerated soups. The call will also be broadcast
live
over the Internet at www.S.
Fiscal Year
Ended
-----------------
August
1, 2004
-----------------
As reported earnings per share
$ 1.
The company believes that earnings per share excluding certain
restructuring
related costs and certain other transactions not
considered to be part of the ongoing business are
a better indicator
of the true performance of the business. Consequently, the company
believes
that investors may be able to better understand earnings if
these transactions are excluded from
the results.eggs soups
Complementing Pulse are the Mix Snacks, Meal Makers, and Breakfast
lines.
Business
Editors
PORTLAND, Ore.58.
Summary of Fiscal 2005 Second Quarter Results By Segment
U. For the first half,
sales of ready-to-serve soups have increased 3 percent.
Operating earnings
increased 8 percent to $70 million, primarily due
to the favorable impact of currency. A recording
of the call will be
available approximately two hours after it is completed through
midnight February
25, 2005 at 1-866-393-0852 or 1-203-369-0428. The company disclaims any obligation or intent to
update
the forward-looking statements in order to reflect events or
circumstances after the date of this
release.08
============ ============
Weighted
average shares outstanding
- assuming dilution 413 412
============ ============
CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited
)
(millions, except per share amounts)
THREE MONTHS ENDED
------------------
January February Percent
Sales
30, 2005 1, 2004 Change
----- --------
-------- -------
Contributions:
U. The items include the following:
-- Earnings per
share (EPS), excluding restructuring related
costs and one-time items
The table below reconciles
earnings per share, presented in
accordance with GAAP, to earnings per share excluding restructuring
related costs and other one-time items.quick top
Also offered is Whole Living's line of household and personal
care
items. Such uncertainties include, among
others, certain risks associated with the operation
of the company
described above. Soup business increased
sales 6 percent for the first half of
fiscal 2005, with condensed,
ready-to-serve, and broth all experiencing growth.com
Conference
Call
The company will host a conference call to discuss these results
on February 18 at 10:00
a. Participants should call at least five minutes prior
to the starting time. Actual results could
vary materially from those
anticipated or expressed in any forward-looking statement made by the
company.S.58
================
(1) The costs
relate to the worldwide cost savings initiatives and
Australian distribution and logistics realignment
announced on
June 24, 2004.easy grains
This will result in longer retention
rates and ultimately translating
into increased recurring revenue., the nation's largest and most diverse manufacturer of
unprocessed
whole grain foods.
For the second quarter, net sales rose 6 percent to $2.3 billion for the first
half of fiscal 2005, an
increase of 8 percent compared with the year-ago period, reflecting
the
following factors:
-- Volume and mix added 6 percent
-- Price and sales allowances added
1 percent
-- Increased promotional spending subtracted 1 percent
-- Currency added 2
percent
For the first half of fiscal 2005, the company reported net
earnings of $465 million
versus $446 million a year earlier, an
increase of 4 percent.
While the cost of these investments
and materials inflation has
impacted our U. Soup profit margins, our recently announced price
increase
, effective at the end of February, will help to improve the
profitability of U. Soup, Sauces and
Beverages
Sales for U.
-- Increased marketing for three new varieties of "Pepperidge
Farm" premium pot pies drove outstanding sales growth in the
frozen segment.
-- Arnott
's sales rose, driven by currency, as well as volume and
pricing gains in biscuits and salty snacks
.
A breakdown of the change in sales follows:
-- Volume and mix added 4 percent
-- Increased promotional spending subtracted 1 percent
-- Currency added 7 percent
Further
details of sales results include the following:
-- Sales were up in Europe, primarily due to
currency. Last year's operating earnings included a gain of $4 million
from an insurance settlement
to cover the loss of two Godiva stores
destroyed during the events of September 11, 2001.S.com
CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS
(unaudited)
(millions, except per share amounts)
THREE MONTHS ENDED
---
-----------------------
January February
30, 2005 1, 2004
------------ ------------
Net sales $ 2,223
$ 2,100
------------ ------------
Costs
and expenses
Cost of products sold 1,321 1,212
Marketing
and selling expenses 362 340
Administrative expenses
129 136
Research and development expenses 24 21
Other (income) / expenses (2) 2
------------ ------------
Total costs and expenses
1,834 1,711
------------ ------------
Earnings
before interest and taxes 389 389
Interest, net
45 42
------------ ----
--------
Earnings before taxes 344 347
Taxes on earnings
109 112
------------ ------------
Net earnings $ 235 $ 235
============ ============
Per share - basic
Net earnings $ .05
Deduct: Gain on litigation settlement (2)
(0.top stews
www. The show's producers secured footage of Bob's Red Mill's
milling process
-- a stone ground process unique to a company Bob's
Red Mill's size.
"It's exciting to have the
health values of whole grains praised
by someone as influential as Oprah Winfrey," said Bob Moore
, president
and co-founder of Bob's Red Mill Natural Foods.com
Campbell Reports Second
Quarter Earnings Per Share of $.57 Even With Year Ago Net Sales Increase 6 Percent; U.S. Condensed
Soup Sales Rise 4 Percent
2 billion,
reflecting the following factors:
Volume and mix added
4 percent
Price and sales allowances added 1 percent
Increased promotional spending subtracted
1 percent
Currency added 2 percent
Net earnings for the second quarter of fiscal 2005
were $235
million, even with a year earlier.
Diluted earnings per share for the first half of
fiscal 2005 were
$1.S.S. Operating earnings of $216
million were down 12 percent compared with
the year-ago quarter, due
to increased trade promotion and advertising and higher materials
costs
, partially offset by productivity savings and lower
administrative expenses.
For the first
half of fiscal 2005, sales increased 5 percent to
$2. In
addition, businesses in the U., France
and Belgium delivered
growth from volume and mix improvement.campbellsoupcompany. and Canada. For
more information on the company, visit Campbell's website
on the Internet at www. Soup, Sauces and
Beverages $ 956 $ 950 1%
Baking and Snacking
433 397 9%
International Soup and Sauces 502
457 10%
Other 332 296 12%
-------- --------
Total sales
$ 2,223 $ 2,100 6%
======== ========
Earnings
--------
Contributions:
U.13 $ 1.confections eggs
develops, manufactures, and distributes
all
natural products to five countries and all fifty states. Pulse, their
core product line, is
a blend of all natural ingredients that fight
health problems and diseases associated with poor diets
.thebraingarden.
Investors are cautioned that certain statements in this release are
"forward looking
statements" and involve both known and unknown risks,
uncertainties and other factors. "For the past
three
decades, we have vigorously promoted the essence of whole grains as a
healthy part of every
meal of the day. We're hopeful that
opportunities such as this inspire more Americans to actively
improve
their health, one wholesome meal at a time.
Performance of the convenience soup platform
in the quarter
was flat compared with a year earlier, with sales gains in
ready-to-serve microwaveable
bowls offset by a decline in
"Campbell's Soup at Hand" sippable soup sales.
Baking and Snacking
Sales for Baking and Snacking were $433 million, a 9 percent
increase compared with a year
ago.
For the first half of fiscal 2005, sales increased 9 percent to
$918 million.
Non
-GAAP Financial Information
A reconciliation of the adjusted fiscal year 2004 earnings per
share
to the reported earnings per share is attached to this release
and can also be found on the company
's website at
www.campbellsoupcompany. The Company is 135 years old, with over $7
billion in annual
sales and a portfolio of more than 20 market-leading
brands.easy quinoa
"
Whole Living, Inc. The company
offers a diverse line of all natural,
organic and gluten-free flours, cereals, meals and mixes for
pancakes,
breads and soups, with more than 400 products available throughout the
U. Soup."
Conant
continued, "The balance of our portfolio has delivered
excellent performance for the first half.
From an overall financial
perspective, we continue to strengthen our balance sheet with the
reduction
of our debt, leveraging our strong cash flow generation. Condensed cooking soup sales grew behind strong
holiday promotion performance and the introduction of three
new Southwestern-style cooking soups
.S.
International Soup and Sauces, which includes the soup, sauce and
beverage businesses outside
of the United States, including Canada,
Europe, Mexico, Latin America, and the Asia Pacific region
.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer
of
high quality soup, sauce, beverage, baking, biscuit, confectionery and
prepared food products
.57 $ . Soup, Sauces and
Beverages $ 216 $ 246
-12%
Baking and Snacking 47 42 12%
International
Soup and Sauces 70 65 8%
Other
72 63 14%
-------- --------
Total
operating earnings 405 416 -3%
Unallocated corporate expenses
(16) (27)
-------- --------
Earnings
before interest and
taxes 389 389 0%
Interest
, net (45) (42)
Taxes on earnings
(109) (112)
-------- --------
Net earnings
$ 235 $ 235 0%
======== ========
Net earnings per share -
assuming dilution
$ . The "non-GAAP" financial measures are measures of
performance not defined by accounting principles
generally accepted in
the United States and should be considered in addition to, not in lieu
of
, GAAP reported measures.
(3) The gain relates to the sale of an idle facility in California.
baking home
Whole Living has come a long way over the past years, from
offering a couple of flavors of Pulse
in only 2 can sizes to now
having products for all meals of the day. And now
being offered are
the Great Start Cereal breakfast line and Meal
Makers.
Business Editors/Food/Beverage Writers
CAMDEN, N. A breakdown of the change in sales follows:
-- Volume and mix added 3 percent
-- Increased promotional spending subtracted 2 percent
Soup sales for the quarter declined
1 percent, with condensed soup
sales up 4 percent, ready-to-serve soup sales down 9 percent, and
broth sales up 15 percent. Eating soup achieved solid sales growth in part due
to the combination
of successful merchandising and kids
promotional marketing programs, as well as increased
advertising
.
-- Sales of "Pace" Mexican sauces increased in the quarter. Operating earnings of $72 million
were up 14
percent versus the prior year, primarily due to the strong sales
growth.
For
the first half of fiscal 2005, sales increased 12 percent to
$564 million. Soup, Sauces and Beverages
, which includes the following
retail businesses: "Campbell's" brand condensed and ready-to-serve
soups, "Swanson" broth and canned poultry businesses, "Prego" pasta
sauce, "Pace" Mexican sauce
, "Campbell's Chunky" chili, "Campbell's"
canned pasta, gravies and beans, "Campbell's Supper Bakes
" meal kits,
"V8" vegetable juices, "V8 Splash" juice beverages, and "Campbell's"
tomato juice
.
Baking and Snacking, which includes the following businesses:
"Pepperidge Farm" cookies,
crackers, breads and frozen products in
U.
(2) The gain relates to the settlement of a class
-action lawsuit
involving ingredient suppliers.baking top
Additionally, the Oprah Winfrey Show selected
Bob's
Red Mill's 'Whole Grain Starter Kit' -- a 4-pack of healthy whole
grain cereals and mixes
-- to send home as a gift to audience members. Particularly noteworthy have
been the outstanding
top and bottom line performances of Pepperidge
Farm and Away From Home in the U.
Further details
of sales results include the following:
-- Both condensed eating and cooking soup sales rose
in the
quarter. Top performers included "Pepperidge Farm" wheat and
grain breads, as well as
"Pepperidge Farm" Carb Style breads
and rolls. Eastern Standard Time. retail, "Arnott's" biscuits
in Australia and Asia Pacific, and
"Arnott's" salty snacks in Australia.
Other, which includes
the Godiva Chocolatier business worldwide
and the Away From Home business in the U.1575
============ ============
Weighted average shares outstanding
- basic 409 411
============ ============
Per share - assuming dilution
Net earnings $ .quiche quantity
Four
flavors of Harvest Mix provide an all natural alternative
to potato chips and saturated fat snacks
. Products range from bath treatments and hairspray to non-toxic
cleaners.
"We have significantly
expanded our product line to appeal to a
mass audience of consumers," stated CEO of Whole Living
Doug Burdick.
The show, titled "Insiders' Secrets to Make You Younger and
Healthier," offers tips
on choosing anti-aging foods and reducing your
risk of cancer. and Canada.
Douglas R.
-- Sales of ready-to-serve soups were adversely impacted in part
by a shift between first and second
quarter promotional
spending and marketing programs, as well as the comparison to
a very strong
sales quarter a year ago.0 billion. Strong promotional
activity and new product introductions also
contributed to
growth.
Other
The balance of the portfolio includes the Godiva Chocolatier
business worldwide and the Away From Home business in the U.campbellsoupcompany. Soup, Sauces and
Beverages $ 1,950 $ 1,850 5%
Baking and Snacking
882 813 8%
International Soup and Sauces
918 843 9%
Other 564 503 12%
-------- --------
Total sales
$ 4,314 $ 4,009 8%
======== ========
Earnings
--------
Contributions:
U.stews easy
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