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Advancepierre Foods Holdings, Inc. (APFH) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Advancepierre Foods Holdings, Inc.

CIK: 1669792 Ticker: APFH

Exhibit 99.1

 

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AdvancePierre Foods Announces

Fourth Quarter and Full Year 2016 Financial Results

Fourth Quarter Net Income of $33 million; Adjusted Net Income of $42 million; Adjusted EBITDA of $81 million

Full Year Net Income of $136 million; Adjusted Net Income of $124 million; Adjusted EBITDA of $300 million

Expects full year 2017 Adjusted EBITDA of $315 to $325 million

CINCINNATI – March 9, 2017 –

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 fourth quarter and full year ended December 31, 2016.

Fourth Quarter Highlights

    GAAP net income of $33.1 million, or $0.42 per diluted share, and Adjusted Net Income1 of $42.0 million, or $0.53 per diluted share.
    Net sales of $409.4 million included organic core volume growth2 of 5.7%.
    Adjusted EBITDA1 of $81.2 million.
    Reduced net leverage to 3.3 times trailing twelve month Adjusted EBITDA.
    Paid quarterly dividend of $0.14 per share in the fourth quarter.

Full Year 2016 Highlights

    GAAP net income of $136.3 million, or $1.90 per diluted share, and Adjusted Net Income1 of $124.4 million, or $1.73 per diluted share.
    Net sales of $1.568 billion included organic core volume growth of 2.5%.
    Adjusted EBITDA1 of $300.2 million.

Full Year 2017 Outlook

    Net sales in the range of $1.640 billion to $1.670 billion, including organic core volume growth of 2.0-3.0%.
    Adjusted EBITDA in the range of $315 million to $325 million.
    Adjusted Diluted Net Income per Share in the range of $1.30 to $1.37.

“Our fourth quarter results were highlighted by profitable growth in each of our three core segments, strong cash flow generation, and the completion of another strategic business acquisition” said AdvancePierre Chief Executive Officer, John Simons. “In 2016 we delivered on our commitments to achieve solid organic growth, increase earnings, and deploy cash flow to reward our shareholders with an attractive dividend.”

“We plan to continue to invest in highly accretive acquisitions and reduce leverage,” added AdvancePierre’s President, Chris Sliva. “Our growth trajectory sets us apart from the broader food industry and we are well positioned to continue our momentum driven by execution of our continuous improvement process, ‘the APF Way’, in 2017 and beyond.”

1 See “About Non-GAAP Financial Measures”

2“Core organic volume growth” refers to the period-to-period change in volume generated by the Company’s three core segments, excluding volume from acquisitions and the industrial segment.

Consolidated Financial Results for the Fourth Quarter

Net sales for the fourth quarter of 2016 were $409.4 million compared to $386.1 million for the fourth quarter of 2015. The increase was primarily attributable to the Allied Specialty Foods business acquisition and organic core volume growth, partially offset by strategic price and trade spending investments to reflect lower raw material costs which reduced net sales.


The following information was filed by Advancepierre Foods Holdings, Inc. (APFH) on Thursday, March 9, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (loss)
Consolidated Statements Of Stockholders' Deficit
Accounts Receivable
Accounts Receivable (tables)
Accounts Receivable - Additional Information (detail)
Accounts Receivable - Schedule Of Accounts Receivables (detail)
Accounts Receivable - Schedule Of Recall Receivables (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Schedule Of Net Purchase Prices Allocated To Assets Acquired And Liabilities Assumed (detail)
Acquisitions - Schedule Of Net Purchase Prices Allocated To Assets Acquired And Liabilities Assumed (parenthetical) (detail)
Acquisitions - Schedule Of Net Sales And Net Income Since Acquisition Date (detail)
Acquisitions - Schedule Of Purchase Price (detail)
Acquisitions - Summary Of Supplemental Pro Forma Financial Information (detail)
Basis Of Presentation
Basis Of Presentation - Additional Information (detail)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Additional Information (detail)
Derivative Financial Instruments - Schedule Of Effects Of Derivative Instruments On The Consolidated Statements Of Operations (detail)
Disclosures About Fair Values Of Financial Instruments
Disclosures About Fair Values Of Financial Instruments (tables)
Disclosures About Fair Values Of Financial Instruments - Additional Information (detail)
Disclosures About Fair Values Of Financial Instruments - Schedule Of Fair Values Of Term Loans And Contingent Consideration (detail)
Disclosures About Fair Values Of Financial Instruments - Summary Of Activity Related To The Contingent Consideration (detail)
Earnings (loss) Per Common Share (eps)
Earnings (loss) Per Common Share (eps) (tables)
Earnings (loss) Per Common Share (eps) - Earnings Per Common Share (detail)
Financing Arrangements
Financing Arrangements (tables)
Financing Arrangements - Additional Information (detail)
Financing Arrangements - Future Maturities Of Total Debt (detail)
Financing Arrangements - Schedule Of Applicable Margins Related To Net Leverage Ratios (detail)
Financing Arrangements - Schedule Of Debt (detail)
Financing Arrangements - Schedule Of Debt (parenthetical) (detail)
Financing Arrangements - Schedule Of Maximum Borrowing Facility (detail)
Financing Arrangements - Summary Of Redemption Prices Plus Accrued And Unpaid Interest (detail)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (tables)
Goodwill And Other Intangibles - Additional Information (detail)
Goodwill And Other Intangibles - Carrying Amounts Of Goodwill By Segment (detail)
Goodwill And Other Intangibles - Expected Future Amortization Expense (detail)
Goodwill And Other Intangibles - Schedule Of Cost And Accumulated Amortization Of Other Intangible Assets (detail)
Goodwill And Other Intangibles - Schedule Of Cost And Accumulated Amortization Of Other Intangible Assets (parenthetical) (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Schedule Of Activity In The Valuation Allowance For Deferred Tax Assets (detail)
Income Taxes - Schedule Of Components Of Income Tax (benefit) Provision (detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Net Operating Loss ("nol") Carryforwards (detail)
Income Taxes - Schedule Of Reconciliation Between Reported Income Tax (benefit) Provision And Income Tax Provision (detail)
Inventories
Inventories (tables)
Inventories - Inventories By Major Classification (detail)
Leased Properties
Leased Properties (tables)
Leased Properties - Additional Information (detail)
Leased Properties - Components Of Rent Expense (detail)
Leased Properties - Schedule Of Future Rental Payments Under Sale And Leaseback Transactions (detail)
Leased Properties - Schedule Of Minimum Rental Payments Required Under Non-cancelable Operating Lease (detail)
Legal Proceedings, Contingencies And Risks
Legal Proceedings, Contingencies And Risks - Additional Information (detail)
Other Long-term Liabilities
Other Long-term Liabilities - Additional Information (detail)
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Additional Information (detail)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment With Estimated Useful Lives (detail)
Quarterly Results (unaudited)
Quarterly Results (unaudited) (tables)
Quarterly Results (unaudited) - Additional Information (detail)
Quarterly Results (unaudited) - Summary Of Quarterly Results (unaudited) (detail)
Restructuring And Other Expense, Net
Restructuring And Other Expense, Net (tables)
Restructuring And Other Expense, Net - Additional Information (detail)
Restructuring And Other Expense, Net - Schedule Of Activity For Liabilities Related To Restructuring Charges (detail)
Restructuring And Other Expense, Net - Schedule Of Restructuring Charges (detail)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Summary Of Net Sales And Operating Income By Reportable Segment (detail)
Segment Information - Summary Of Net Sales By Product Category (detail)
Stock-based Compensation And Employee Benefits
Stock-based Compensation And Employee Benefits (tables)
Stock-based Compensation And Employee Benefits - Employee Benefits - Additional Information (detail)
Stock-based Compensation And Employee Benefits - Restricted Stock - Additional Information (detail)
Stock-based Compensation And Employee Benefits - Rsus And Stock Options - Additional Information (detail)
Stock-based Compensation And Employee Benefits - Schedule Of Restricted Shares Granted Weighted Average Grant Date Fair Value (detail)
Stock-based Compensation And Employee Benefits - Schedule Of Restricted Stock Activity (detail)
Stock-based Compensation And Employee Benefits - Schedule Of Restricted Stock Unit Award During End Of The Period (detail)
Stock-based Compensation And Employee Benefits - Schedule Of Rsus And Stock Options (detail)
Stock-based Compensation And Employee Benefits - Schedule Of Stock Option Award At The End Of The Period (detail)
Stock-based Compensation And Employee Benefits - Schedule Of Stock Option Award Using The Black-scholes Model (detail)
Stock-based Compensation And Employee Benefits - Schedule Of Stock Option Award Using The Black-scholes Model (parenthetical) (detail)
Stock-based Compensation And Employee Benefits - Stock-based Compensation - Additional Information (detail)
Stockholders' Equity
Stockholders' Equity - Additional Information (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (tables)
Supplemental Disclosures Of Cash Flow Information - Amounts Related To Debt Refinancing (detail)
Supplemental Disclosures Of Cash Flow Information - Information Regarding Supplemental Cash Flow Disclosures (detail)
Supplemental Disclosures Of Cash Flow Information - Other Changes In Operating Assets And Liabilities (detail)
Tax Receivable Agreement
Tax Receivable Agreement - Additional Information (detail)
Transactions With Related Parties
Transactions With Related Parties - Additional Information (detail)
Ticker: APFH
CIK: 1669792
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-077043
Submitted to the SEC: Thu Mar 09 2017 5:08:22 PM EST
Accepted by the SEC: Thu Mar 09 2017
Period: Saturday, December 31, 2016
Industry: Food And Kindred Products

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