B&G Foods Posts Q2 Loss On Charges - Quick Facts

(RTTNews) - B&G Foods Inc. (BGS) reported a second-quarter net loss of $1.43 million or $0.03 per share, compared to profit of $16.03 million or $0.33 per share, last year. The company said it posted a net loss as a result of $18.7 million of after tax charges relating to the refinancing and acquisition-related transaction costs.

Adjusted net income increased to $17.31 million or $0.33 per share, from $16.03 million or $0.33 per share last year. Analysts polled by Thomson Reuters expected the company to report profit of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales rose to $160.88 million from $148.61 million last year. Net sales of the New York Style and Old London brands, which B&G Foods acquired at the end of October 2012, contributed $10.9 million to the overall increase, and net sales of the TrueNorth brand, which B&G Foods acquired at the beginning of May 2013, contributed $3.2 million to the overall increase.

B&G Foods said, primarily to take into account the expected impact of the Pirate Brands acquisition, the company increased its adjusted EBITDA guidance for fiscal 2013 to a range of approximately $187.0 million to $191.0 million.