Advancepierre Foods Holdings, Inc. (APFH) 10-K Annual Report March 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

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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.

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Net sales of $409.4 million included organic core volume growth² of 5.7%.

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Adjusted EBITDA¹ of $81.2 million.

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Reduced net leverage to 3.3 times trailing twelve month Adjusted EBITDA.

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Paid quarterly dividend of $0.14 per share in the fourth quarter.

Full Year 2016 Highlights

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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.

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Net sales of $1.568 billion included organic core volume growth of 2.5%.

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Adjusted EBITDA¹ of $300.2 million.

Full Year 2017 Outlook

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Net sales in the range of $1.640 billion to $1.670 billion, including organic core volume growth of 2.0-3.0%.

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Adjusted EBITDA in the range of $315 million to $325 million.

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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.”

¹See “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

Material Contracts, Statements, Certifications & more

Advancepierre Foods Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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