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Simply Good Foods Co (SMPL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, August 25, 2018

Simply Good Foods Co

CIK: 1702744 Ticker: SMPL


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The Simply Good Foods Company Reports Fourth Quarter 2018 Financial Results

Denver, CO, October 24, 2018 - The Simply Good Foods Company (NASDAQ: SMPL, SMPLW) (“Simply Good Foods,” or the “Company”), a developer, marketer and seller of branded nutritional foods and snacking products, today reported financial results for the thirteen week and fifty-two week periods ended August 25, 2018.

"I'm pleased with the finish to our 2018 fiscal year that culminated with solid net sales growth and strong retail takeaway that enabled us to deliver on our operating profit objectives while making key investments in our business,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “Net sales increased 8.9% for the year driven by strong volume growth in the U.S. Importantly, retail takeaway for the fifty-two weeks ended August 25, 2018, was up 10.1%. The strong volume growth in our business was due to the positive impact of our key marketing initiatives that included: targeting lifestyle consumers with a new advertising campaign and celebrity spokesperson; new packaging graphics; a cleaner label; and increased marketing investment. Consumer response to these initiatives was very encouraging as evidenced by our accelerated retail takeaway and total buyer growth in the second half of the year.”

“Looking ahead to fiscal 2019, we feel confident about our plans to deliver another year of solid sales growth slightly above our long-term target,” Scalzo continued “We’ve had a good start to the year as retail takeaway and velocity on our core products continues to be strong. We’re committed to increasing brand investment in-line with sales growth as we focus on our broader lifestyle consumer group. This proven strategy positions us to deliver profitable and sustainable growth that should result in long-term shareholder value.”

Results for the Fifty-Two Weeks Ended August 25, 2018 and the Successor Period July 7, 2017 to August 26, 2017(1) 

Net sales were $431.4 million for fifty-two weeks ended August 25, 2018 and $56.3 million for the Successor Period July 7, 2017 to August 26, 2017
Income tax benefit was $17.4 million for fifty-two weeks ended August 25, 2018 and income tax expense was $0.3 million for the Successor Period July 7, 2017 to August 26, 2017
Net income was $70.5 million for fifty-two weeks ended August 25, 2018 and $0.5 million for the Successor Period July 7, 2017 to August 26, 2017

In order to present comparable financial information, the Company has also presented unaudited pro forma combined financial information for the thirteen weeks and fifty-two weeks ended August 26, 2017, which give effect to the business combination (the “Business Combination”) with Conyers Park Acquisition Corp. (“Conyers Park”) and NCP-ATK Holdings, Inc. (“Atkins”) as if it had occurred on August 28, 2016. All references in this press release section to results for the thirteen week and fifty-two weeks ended August 26, 2017, refer to such unaudited pro forma combined results. The Company believes this pro forma information provides helpful supplemental information with respect to the performance of Simply Good Foods, and particularly the Atkins business, during this period.

In addition, in the third-quarter 10-Q the Company disclosed that it had historically recorded revenue on a “FOB Shipping Point” basis despite the fact that a significant portion of customer contracts indicated "FOB Destination" terms. As such, in the fourth quarter revenue was recorded on an "FOB Destination" basis, which resulted in a reduction to net sales of $7.8 million.


1

The following information was filed by Simply Good Foods Co (SMPL) on Wednesday, October 24, 2018 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 (Parentheticals)
Consolidated Statement Of Stockholders' Equity (Deficit)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Business Combination
Business Combination (Tables)
Business Combination - Acquisition Of Atkins Narrative (Details)
Business Combination - Acquisition Of Wellness Foods (Details)
Business Combination - Pro Forma Information (Details)
Business Combination - Purchase Price Consideration (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill And Intangibles
Goodwill And Intangibles (Tables)
Goodwill And Intangibles - Schedule Of Goodwill (Details)
Goodwill And Intangibles - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Undiscounted Future Expected Tax Receivable Agreement Payments (Details)
Long-Term Debt And Line Of Credit
Long-Term Debt And Line Of Credit (Tables)
Long-Term Debt And Line Of Credit - Narrative (Details)
Long-Term Debt And Line Of Credit - Schedule Of Debt (Details)
Nature Of Operations And Principles Of Consolidation
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Related Party Transactions
Related Party Transactions (Details)
Segment And Customer Information
Segment And Customer Information (Details)
Segment And Customer Information (Tables)
Segment And Customer Information - Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas (Details)
Segment And Customer Information - Schedules Of Concentration Of Risk, By Risk Factor (Details)
Significant Agreement
Significant Agreement (Details)
Stock Option Plan
Stock Option Plan (Details)
Stock Option Plan (Tables)
Stock Option Plan - Fair Value Assumptions (Details)
Stock Option Plan - Predecessor Share-Based Compensation (Details)
Stock Option Plan - Range Of Exercise Prices (Details)
Stock Option Plan - Restricted Stock Unit Activity (Details)
Stock Option Plan - Stock Option Activity (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Expense (Details)
Summary Of Significant Accounting Policies - Inventories (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Revenue And Accounts Receivable (Details)
Unaudited Quarterly Financial Data
Unaudited Quarterly Financial Data (Details)
Unaudited Quarterly Financial Data (Tables)

Material Contracts, Statements, Certifications & more

Simply Good Foods Co provided additional information to their SEC Filing as exhibits

Ticker: SMPL
CIK: 1702744
Form Type: 10-K Annual Report
Accession Number: 0001702744-18-000064
Submitted to the SEC: Wed Oct 24 2018 4:54:54 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Saturday, August 25, 2018
Industry: Food And Kindred Products

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