Exhibit 99.1

 

 

 

AdvancePierre Foods Reports Second Quarter 2016 Financial Results

 

Second Quarter Adjusted EBITDA of $71 million; Net Income of $64 million; Adjusted Net Income of $25 million

 

Expects full year Adjusted EBITDA of $285 to $290 million; expects $0.14 per share quarterly dividend

 

Cincinnati, OH – August 10, 2016 –

AdvancePierre Foods Holdings, Inc. (NYSE:APFH) (“AdvancePierre” or “the Company”), a leading national producer and distributor of sandwiches, sandwich components and other entrées and snacks, today reported financial results for the second quarter and year-to-date period ended July 2, 2016.

 

Second Quarter Highlights

 

·                Second quarter GAAP net income of $64.1 million, or $0.96 per diluted share, and adjusted  net income1 of $24.7 million, or $0.37 per diluted share

 

·                Second quarter net sales of $370.7 million and volume growth in AdvancePierre’s three core segments of 3.2%

 

·                Second quarter Adjusted EBITDA1 of $71.2 million

 

·                Reduction of net leverage to 4.5 times trailing twelve month Adjusted EBITDA and to 3.7 times pro forma for IPO

 

Year-to-Date Highlights

 

·                Year-to-date GAAP net income of $80.7 million, or $1.21 per diluted share, and adjusted  net income1 of $47.7 million, or $0.71 per diluted share

 

·                Year-to-date net sales of $765.2 million and core volume growth of 2.4%

 

·                Year-to-date Adjusted EBITDA1 of $140.0 million

 

·                Year-to-date cash flow from operating activities of $57.6 million

 

·                Reduction of net leverage to 4.5 times trailing twelve month Adjusted EBITDA and to 3.7 times pro forma for IPO

 


Full Year 2016 Outlook

 

·                Net sales in the range of $1.54 billion to $1.59 billion, including core segment volume growth of 2.0-2.5%

 

·                Adjusted EBITDA in the range of $285 million to $290 million

 

·                Adjusted diluted net income per share in the range of $1.65 to $1.75

 

·                Expect to pay quarterly dividend of $0.14 per share in the third quarter, subject to declaration by the board of directors

 

“As expected, we delivered strong financial performance in the second quarter, which reflected solid organic growth in our core business segments, continued realization of cost savings from execution of APF Way productivity initiatives and sequential margin expansion,” said AdvancePierre President and Chief Executive Officer John Simons.  “We expect continued solid performance in the second half, and to demonstrate our confidence we are pleased to share an outlook for full year operating results that anticipates significant year-over-year growth.  With our strong current margin profile, as well as our balance sheet position and excellent operating cash flow conversion, we are committed to making investments in our core business to continue improving our portfolio mix, and additional accretive acquisitions to accelerate our future growth in the second half of the year and beyond.”

 

1 See “About Non-GAAP Financial Measures and Items Affecting Comparability” below

 


The following information was filed by Advancepierre Foods Holdings, Inc. (APFH) on Wednesday, August 10, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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