Exhibit 99.1

 

LOGO   

 

News Release

 

   For more information, contact:
   Teresa Paulsen             MEDIA
   Vice President,
   Communication & External Relations
   ConAgra Foods, Inc.
   tel: 402-240-5210
   Chris Klinefelter             ANALYSTS
   Vice President, Investor Relations
   ConAgra Foods, Inc.
   tel: 402-240-4154
   www.conagrafoods.com

FOR IMMEDIATE RELEASE

ConAgra Foods Reports Fiscal 2014 Fourth Quarter EPS;

Non-Cash Impairment Charges Recognized With No Impact on Comparable EPS;

Exceeds Operating Cash Flow and Debt Reduction Goals;

Commitment to Strong Dividend Reaffirmed

Fiscal 2014 fourth-quarter highlights (% cited vs. year-ago period amounts, where applicable):

 

    Diluted loss per share from continuing operations was $(0.76) as reported, due to significant impairment charges, vs. diluted EPS of $0.45 a year ago. Comparable EPS of $0.55 declined 8%.

 

    Consumer Foods sales and comparable operating profit declined due to weak volumes. Volume and profit improvement initiatives are expected to improve results in fiscal 2015.

 

    Commercial Foods sales and comparable operating profit were in line with year-ago amounts.

 

    Private Brands sales were in line with year-ago amounts, while comparable operating profit decreased significantly. Pricing concessions necessitated by previously discussed operating challenges, as well as higher operating costs associated with business transition, weighed on results.

 

    The segment will start to lap the impact of the pricing concessions in the back half of fiscal 2015, and benefit from a more efficient cost structure throughout all of fiscal 2015.

 

    Due primarily to expectations for continued profit challenges for Private Brands and certain Consumer Foods brands, the company recognized $681 million of non-cash impairment charges, which are treated as items impacting comparability.

 

    The company generated in excess of $1.5 billion of operating cash flow in fiscal 2014, above expectations.

 

    The company repaid a significant amount of debt in the fiscal fourth quarter, resulting in total debt repayment in excess of $600 million for the full year, exceeding targets.

 

    The Ardent Mills transaction closed on May 29, shortly after the close of the quarter, resulting in a cash distribution to ConAgra Foods of approximately $530 million, net of estimated tax. Most of this distribution will be used for debt reduction in fiscal 2015.

 

    The company expects comparable EPS in fiscal 2015 to reflect a mid-single digit rate of growth over the comparable base of $2.17 in fiscal 2014.

-more-


The following information was filed by Conagra Brands Inc. (CAG) on Thursday, June 26, 2014 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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