Utz Quality Foods: announces Q2-2020 pro forma results

Hanover / PA. (utz) Utz Quality Foods LLC, a leading U.S. manufacturer of branded salty snacks, announced second quarter 2020 Pro Forma Net Sales and profit results. Collier Creek Holdings, a special purpose acquisition company, also provided an update on Utz’s 2020 projections.

As previously announced, Utz and Collier Creek have entered into a definitive agreement for a business combination that will introduce Utz Brands Inc. as a NYSE-listed public company under the ticker symbol «UTZ.»

Utz reported Pro Forma Net Sales for the three-month period ended June 28, 2020 of USD 242 million, an 11 percent increase over the prior year period of USD 218 million. The Company reported second quarter 2020 Further Adjusted Ebitda of USD 33 million, a 15 percent increase over the prior year period of USD 29 million.

Collier Creek now expects 2020 Pro Forma Net Sales of USD 932 million for Utz, an 8 percent increase over the prior year of USD 866 million. Collier Creek is not updating its previously provided 2020 Further Adjusted Ebitda projection of USD 124 million for Utz, which now reflects incremental marketing and brand building investments that Utz intends to make to retain the new households eating Utz products that were generated during Covid-19 and to accelerate future growth. Collier Creek is also not updating its 2021 projections for Utz, despite higher projected 2020 Pro Forma Net Sales than originally forecasted.

«I am incredibly proud of the resilience of our team during a dynamic operating environment, which resulted in record sales for the quarter,» stated Dylan Lissette, CEO of Utz. «These results demonstrate Utz’s ability to generate sustained business momentum in the salty snacks industry, and we believe we are well positioned for continued growth in 2020 and beyond.»

«Utz’s impressive second quarter results underscore our confidence in the business and its strong future growth trajectory,» commented Roger Deromedi, Co-Founder of Collier Creek and future Chairman of Utz Brands Inc. «We continue to work closely with the Utz team and expect to close our transaction in the third quarter of 2020.»

Utz Brands Inc. currently expects to provide its first full year 2020 guidance as a new public company with its third quarter 2020 earnings release in November 2020. 2021 full year guidance is expected to be provided with Utz Brands Inc.’s fourth quarter 2020 earnings release in March 2021.

A short investor presentation providing more detail related to Utz’s second quarter 2020 results will be included in a current report on Form 8-K to be filed by Collier Creek with the U.S. Securities and Exchange Commission (SEC).