Annie's Inc. (NYSE: BNNY), a leading natural and organic food company, today announced financial results for its second quarter of fiscal 2013.
Second Quarter Highlights:
- Achieves net sales increase of 20.1 percent to $46.7 million
- Reports adjusted net income1 of $4.2 million, or $0.24 per adjusted diluted share
- Increases net sales growth outlook to a range of 19 percent to 21 percent; Expects adjusted net income per share in the range of $0.79 to $0.82
For the second quarter of fiscal 2013, Annie's reported net sales of $46.7 million, an increase of 20.1 percent over the second quarter of fiscal 2012. Net income attributable to common stockholders in the second quarter of fiscal 2013 was $3.8 million as compared to $0.1 million in the second quarter of the prior year.
Adjusted net income for the second quarter of fiscal 2013 was $4.2 million, or $0.24 per adjusted diluted share, based on 17.7 million shares outstanding. This compares to adjusted net income of $3.6 million, or $0.22 per adjusted diluted share for the second quarter of fiscal 2012, based on 16.2 million shares outstanding. Adjusted net income for the second quarter of fiscal 2013 excludes the impact of $0.4 million, net of tax, in costs related to the secondary offering of shares completed in August 2012.
"We are pleased to report another quarter of strong revenue growth and solid financial performance," commented John Foraker, CEO of Annie's. "We continue to see positive consumption trends, as more and more consumers seek natural and organic foods their families will love, and that moms feel better about feeding their families. We made solid progress during our second quarter against our four strategic growth drivers: expanding mainstream distribution, improving in-store placement, building Annie's brand awareness and driving meaningful innovations our consumers love. Annie's 'back to school' programs achieved strong merchandising and retailer support, which translated into excellent consumption trends in the quarter. In addition, the roll-out of our frozen rising crust pizza products continues to gain momentum, and makes us optimistic about our ability to further extend the Annie's brand into the frozen aisle in the future. As a result of these factors, we are raising our sales outlook for the current fiscal year."
Fiscal 2013 Outlook
Annie's is providing the following update to its expected fiscal year 2013 performance:
- Net sales growth in the range of 19 percent to 21 percent
- Adjusted net income in the range of $14.2 million to $14.5 million
- Adjusted net income per share in the range of $0.79 to $0.82, based on an estimated effective tax rate of 40.7 percent and 17.9 million diluted shares outstanding.