Flowers Foods: reaffirms outlook for 2008 and 2009

Thomasville / GA. (ff) At an event hosted in New York for financial analysts and broadcast live over the Internet, executives of Flowers Foods Inc. provided insight into the company´s core strategies and reiterated previously issued guidance for 2008 and 2009. George E. Deese, chairman of the board, chief executive officer, and president, led the presenters, which included R. Steve Kinsey (executive vice president and chief financial officer); Allen L. Shiver (executive vice president and chief marketing officer); Michael A. Beaty (executive vice president / supply chain) and Bradley K. Alexander (president / Flowers Bakeries).

«Our business continues to be strong in spite of the economic slowdown», Deese noted in his remarks. «We remain focused on growing sales and on managing our costs better than ever. Our commitment to investing in our business will not waiver because we must keep our products, our process, our information, and our people performing at peak efficiency. We are focused on maintaining the value of our shareholders’ investment as well as on building future value». Highlights of the presentation included:

• Details of Flowers´ current and historical financial performance;
• A look at Flowers´ three-pronged growth strategy that includes core market expansion, territory growth, and acquisitions;
• Discussion of Flowers´ ongoing focus on process improvements in production, packaging, logistics, and sustainability;
• Information on the company´s marketing and branding strategy and the recent introduction of Nature´s Own breads into Arizona, Nevada, and southern California; and
• Insight into the company´s culture, called «The Flowers Way».

Kinsey reiterated guidance for 53-week fiscal 2008 of 2,42 billion USD to 2,43 billion USD in sales, an increase of 18,8 percent to 19,3 percent over 2007; net income of 113,6 million USD to 117,3 million USD; and earnings per share of 1,22 USD to 1,26 USD, an increase of 19,6 percent to 23,5 percent over 2007 results. He also reiterated preliminary guidance for 52-week fiscal 2009, noting that the company expects sales of 2,72 billion USD to 2,765 billion USD, an increase of 12,2 percent to 14,0 percent, net income of 124,1 million USD to 135,3 million USD, and earnings per share of 1,33 USD to 1,45 USD, an increase of 9,0 percent to 15,1 percent.