Exhibit 99.1
pinnaclelogoa01a01a02a05.jpg
Pinnacle Foods Inc. Reports Q4 and Full Year 2016 Results
Provides Outlook for another Strong Year and Raises Guidance for 2017

Parsippany, NJ, February 23, 2017 - Pinnacle Foods Inc. (NYSE: PF) today reported its financial results for the fourth quarter and full year ended December 25, 2016 and raised its guidance for 2017. Diluted EPS for the full year of 2016 totaled $1.79, while Adjusted diluted EPS
1 for 2016 totaled $2.15.

Full Year 2016 Highlights
Grew net sales 17.8%, driven by the Boulder Brands acquisition and continued strong growth of the Frozen segment - particularly the Birds Eye franchise.
Expanded gross margin by 140 basis points versus year-ago and Adjusted gross margin by 120 basis points.
Closed and fully integrated the Boulder Brands acquisition and significantly over-delivered the earnings contribution anticipated at the time of the transaction.
Achieved productivity savings of 4.0% of cost of goods sold and Boulder acquisition synergies of $15 million.
Drove Adjusted diluted EPS in excess of initial guidance and at the top of the Company’s recently increased guidance range of $2.14 to $2.15.
Generated free cash flow2 of $387 million and improved total net leverage ratio3 to 4.19x at year-end.
Significantly outpaced retail category performance for the fifth consecutive year, growing composite market share for the Company’s legacy retail businesses (i.e., excluding the Boulder Brands acquisition) by 0.7 points to 19.8%.

Commenting on the results, Pinnacle Foods Chief Executive Officer Mark Clouse stated, “We are pleased with our strong finish to 2016, as effective investment in the fourth quarter behind our key franchises, particularly Birds Eye, drove significant retail consumption growth and meaningful market share expansion for the Company. For the full year, solid top-line performance, coupled with gross margin expansion, continued tight management of overhead expenses and the benefit of acquisition synergies, enabled us to finish 2016 ahead of our long-term growth algorithm and at the top of our recently increased guidance range. Looking ahead, we are highly confident in our outlook for 2017, due to strong underlying momentum in the business, our very robust innovation and margin agenda and the benefit of our recent refinancing.”

1 Adjusted Diluted EPS is a non-GAAP financial measure. See Discussion of Non-GAAP financial measures in this release.
2 Free Cash Flow is defined as Net Cash Provided by Operating Activities less Capital Expenditures.
3 As defined in the Company’s credit facilities.



1

The following information was filed by Pinnacle Foods Inc. (PF) on Thursday, February 23, 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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