Advancepierre Foods Holdings, Inc. (APFH) SEC Filing 10-Q Quarterly report for the period ending Saturday, April 1, 2017

Exhibit 99.1

AdvancePierre Foods Announces

First Quarter 2017 Financial Results

Net Income of $28 million; Adjusted Net Income of $24 million; Adjusted EBITDA of $76 million

CINCINNATI – May 10, 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 first quarter ended April 1, 2017.

First Quarter Highlights

¹See “About Non-GAAP Financial Measures”

²“Organic core 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

Net sales for the first quarter of 2017 were $402.7 million compared to $394.5 million for the first quarter of 2016. The increase was primarily attributable to volume from the acquisition of Allied Specialty Foods (“Allied”) during the fourth quarter of 2016, and organic volume growth, partially offset by strategic price and trade spending investments which reduced net sales to reflect lower raw material costs.

Gross profit for the first quarter of 2017 increased by $7.3 million to $107.5 million, or 26.7% of net sales, compared to $100.2 million, or 25.4% of net sales, for the first quarter of 2016, reflecting an increase of 130 basis points of margin. Gross profit increased primarily due to productivity improvements, positive price realization (net of raw material cost movements), and contributions from the Allied acquisition and organic volume growth.

Selling, general and administrative expenses for the first quarter of 2017 were $53.4 million, or 13.3% of net sales, compared to $54.4 million, or 13.8% of net sales for the first quarter of 2016.

Interest expense for the first quarter of 2017 was $13.9 million, a decrease of $11.9 million compared to $25.8 million for the first quarter of 2016. The decrease was primarily from lower rates due to the fiscal year 2016 refinancing activities and lower borrowings.

Income tax provision was $18.5 million for the first quarter of 2017 reflecting a 39.7% effective tax rate, as compared to an income tax provision of $1.4 million for the first quarter of 2016.

AdvancePierre’s reported GAAP net income was $28.2 million, or $0.36 per diluted share, for the first quarter of 2017, compared to $16.6 million, or $0.25 per diluted share, for the first quarter of 2016. Adjusted Net Income for the first quarter of 2017 was $24.3 million, or $0.31 per diluted share compared to $23.0 million, or $0.34 per diluted share, for the first quarter of 2016. For the first quarter of 2017, Adjusted EBITDA increased 10.2% to $75.8 million from $68.8 million for the first quarter of 2016.