The Simply Good Foods Company Announces Consolidated Unaudited Earnings Results for the First quarter Ended November 25, 2017; Provides Earnings Guidance for the Year 2018
January 09, 2018 at 07:00 am EST
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The Simply Good Foods Company announced Consolidated Unaudited earnings results for the first quarter ended November 25, 2017. For the quarter, the company reported net sales of $106,587,000 compared to $99,803,000 a year ago. Income from operations was $19,286,000 compared to $18,460,000 a year ago. Income before income taxes was $16,708,000 compared to $11,686,000 a year ago. Net income was $10,218,000 compared to $6,787,000 a year ago. The increase was primarily driven by the gross profit improvement, partially offset by a 7.0% increase in marketing spend and a 17.5% increase in general and administrative expenses as a result of public company costs and the addition of Wellness Foods. Earnings per share from net income: basic and diluted $0.14. Net cash provided by operating activities was $8,833,000 compared with $8,635,000 a year ago. Purchases of property and equipment were $661,000 compared with $41,000 a year ago. EBITDA was $21,661,000 compared to $21,202,000 a year ago. Adjusted EBITDA was $23,710,000 compared to $22,251,000 a year ago.
The company expects fiscal year 2018 net sales growth to be consistent with its previously stated long-term growth algorithm of 4% to 6% and Adjusted EBITDA growth at a slightly higher rate than net sales, including the impact of an incremental $2.0 million of public company expenses.
The Simply Good Foods Company is a consumer-packaged food and beverage company. The Companyâs product portfolio consists primarily of protein bars, ready-to-drink (RTD) shakes, sweet and salty snacks, and confectionery products marketed under the Atkins, Quest, and OWYN brands. The Companyâs nutritious snacking platform consists of brands that specialize in providing products for consumers that follow certain nutritional philosophies and health-and-wellness trends. The Quest brand is for consumers seeking a variety of protein-rich foods and beverages that also limit sugars and simple carbs. The Atkins brand is for those following a low-carb lifestyle. The OWYN brand offers RTD protein shakes. Its core Quest brand products consist of protein bars, cookies, salty snacks, and confections. Its core Atkins brand products consist of protein bars, RTD shakes, confections, cookies, and chips. The Company distributes its products in various retail channels, primarily in North America.
The Simply Good Foods Company Announces Consolidated Unaudited Earnings Results for the First quarter Ended November 25, 2017; Provides Earnings Guidance for the Year 2018