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B&G Foods Inc. Reports Operating Results (10-Q)

October 25, 2012 | About:

10qk

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B&G Foods Inc. (BGS) filed Quarterly Report for the period ended 2012-09-29.

B&g Foods, Inc. has a market cap of $1.39 billion; its shares were traded at around $29.82 with a P/E ratio of 21.6 and P/S ratio of 2.6. The dividend yield of B&g Foods, Inc. stocks is 3.8%. B&g Foods, Inc. had an annual average earning growth of 2% over the past 5 years.

Highlight of Business Operations:

Inventories are stated at the lower of cost or market and include direct material, direct labor, overhead, warehousing and product transfer costs. Cost is determined using the first-in, first-out and average cost methods. Inventories have been reduced by an allowance for excess, obsolete and unsaleable inventories. The allowance is an estimate based on our managements review of inventories on hand compared to estimated future usage and sales.

Our exposure to credit loss in the event of non-payment of accounts receivable by customers is estimated in the amount of the allowance for doubtful accounts. We perform ongoing credit evaluations of our customers financial condition. Our top ten customers accounted for approximately 51.3% and 50.8% of consolidated net sales for the first three quarters of 2012 and 2011, respectively. Our top ten customers accounted for approximately 56.0% and 53.2% of our receivables as of September 29, 2012 and December 31, 2011, respectively. Other than Wal-Mart, which accounted for 19.8% and 17.1% of our consolidated net sales for the first three quarters of 2012 and 2011, no single customer accounted for more than 10.0% of our consolidated net sales for the first three quarters of 2012 or 2011. Other than Wal-Mart, which accounted for 15.3% and 14.4% of our consolidated receivables as of September 29, 2012 and December 31, 2011, respectively, no single customer accounted for more than 10.0% of our consolidated receivables. As of September 29, 2012, we do not believe we have any significant concentration of credit risk with respect to our trade accounts receivable.

During the first three quarters of 2012 and 2011, our sales to foreign countries represented approximately 2.4% and less than 1.0%, respectively, of net sales. Our foreign sales are primarily to customers in Canada.

Net sales of our Las Palmas, Maple Grove Farms of Vermont, Ortega, Accent and B&M products increased by $1.2 million, $0.9 million, $0.4 million, $0.4 million and $0.4 million or 15.9%, 5.0%, 1.2%, 8.7% and 7.5%, respectively. These increases were offset by a reduction in net sales of B&G and Cream of Wheat products of $1.3 million and $0.9 million or 17.4% and 5.8%, respectively. In the aggregate, net sales for all other brands decreased $0.2 million or 0.6%.

Net sales of our lines of Ortega, Maple Grove Farms of Vermont, Las Palmas, B&M and Accent products increased in the amounts of $3.6 million, $2.5 million, $0.9 million, $0.6 million and $0.5 million or 3.7%, 4.6%, 3.7%, 3.2% and 3.3%, respectively. These increases were offset by a reduction in net sales of our B&G, Cream of Wheat, Underwood, Don Pepino and Polaner products of $3.3 million, $1.8 million, $0.9 million, $0.6 million and $0.5 million or 12.8%, 3.9%, 5.3%, 5.3% and 1.8%. In the aggregate, net sales for all other brands decreased $0.1 million, or 0.1%.

Read the The complete Report

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