2014

Annie's Reports Fourth Quarter and Fiscal 2013 Financial Results

BERKELEY, Calif., June 10, 2013 /PRNewswire/ -- Annie's, Inc. (NYSE: BNNY), a leading natural and organic food company, today announced financial results for the fourth quarter and fiscal year ended March 31, 2013.

Highlights:

  • Net sales for the fourth quarter were $52.7 million; adjusted net sales were $52.2 million, an increase of 21.5% 
  • EBITDA for the fourth quarter was $8.0 million; adjusted EBITDA was $9.0 million, an increase of 33.6%
  • Diluted EPS for the fourth quarter was $0.24; adjusted diluted EPS was $0.29, an increase of 20.1%
  • For fiscal 2014, Annie's expects adjusted net sales growth of 18% to 20% and adjusted diluted EPS of $0.97 to $1.01, representing growth of 21% to 26%

"Our strong fourth quarter results capped off a successful year for our company," commented John Foraker, CEO of Annie's.  "Our sales for both the quarter and full year exceeded our expectations and were driven by a continuation of strong consumption trends.  Our sharp focus on execution enabled us to overcome the challenge presented by the voluntary pizza recall announced on January 22nd and deliver robust sales and EPS growth.

"We enter fiscal 2014 in a position of strength.  Consumer interest in natural & organic foods continues to increase, and as one of the leading brands in our space, we are well positioned to benefit from this trend. The robust momentum we are seeing in our base business, particularly in conventional channels, confirms that our core growth strategies are working, and our investments in our brand, people and infrastructure provide a strong foundation for sustainable growth.  We look forward to building on our momentum in the year ahead as we continue to expand and improve our distribution, further build awareness and trial of Annie's brand, and leverage our deep innovation pipeline, including our entry into the single-serve microwavable cup segment of the mac & cheese category, which we announced earlier today," concluded Foraker.

Fourth Quarter Results

For the fourth quarter, Annie's reported net sales of $52.7 million.  Excluding items related to the frozen pizza recall, adjusted net sales were $52.2 million, a 21.5% increase over fiscal 2012.  Sales growth in the fourth quarter was driven by strong, double-digit gains in meals and snacks.  Growth in meals was particularly robust, benefitting from significant sales increases in natural mac & cheese in conventional channels.

EBITDA for the quarter was $8.0 million, with adjusted EBITDA increasing 33.6% to $9.0 million.  In addition to strong top-line growth, adjusted EBITDA benefitted from approximately 160 basis points of operating margin improvement resulting from increased leverage of selling, general and administrative expenses.

Net income for the quarter was $4.2 million, or $0.24 per diluted share, as compared to $1.9 million in the fourth quarter of the prior year.  Adjusted net income was $5.1 million, or $0.29 per diluted share, representing an increase of 29.9% over adjusted net income of $3.9 million, or $0.24 per adjusted diluted share, in the fourth quarter of fiscal 2012. Adjusted net income growth was driven by strong improvement in operating income and a lower tax rate as compared to the fourth quarter of fiscal 2012. Partially offsetting this, EPS growth was negatively impacted by a year-over-year increase in shares outstanding related to the initial public offering and stock option exercises.

Fiscal 2013 Results

For fiscal 2013, Annie's reported net sales of $170.0 million.  Excluding items related to the frozen pizza recall, adjusted net sales increased 21.1% to $171.1 million.  Sales growth in fiscal 2013 was driven by strength in meals and snacks.  Sales of dressings, condiments and other were flat as strength in dressings was offset by the discontinuance of cereal in fiscal 2012. Sales growth was broad-based across channels, with the grocery, mass and natural channels all contributing double-digit percentage increases.

EBITDA for fiscal 2013 was $21.1 million, with adjusted EBITDA increasing 20.9% to $25.8 million.  While adjusted EBITDA as a percentage of adjusted net sales was unchanged at 15.1%, adjusted operating margin expanded by approximately 20 basis points from fiscal 2012 driven by improvement in adjusted gross margin. 

Net income in fiscal 2013 was $11.6 million, or $0.65 per diluted share, as compared to $9.6 million in fiscal 2012.  Adjusted net income in fiscal 2013 was $14.2 million, or $0.80 per diluted share, representing an increase of 17.1% over adjusted net income of $12.1 million, or $0.74 per adjusted diluted share, in fiscal 2012.  Adjusted EPS growth benefited from strong improvement in operating income, partially offset by year-over-year increases in the company's tax rate and shares outstanding.

Fiscal 2014 Outlook

Annie's expects the following financial results for the upcoming fiscal year:

  • Adjusted net sales growth of 18% to 20% 
  • Adjusted EBITDA of $31 to $32 million
  • Adjusted EPS of $0.97 to $1.01, representing 21% to 26% growth, based on an estimated 17.5 million diluted shares outstanding

Conference Call Information for Today, June 10, 2013

Annie's will host a conference call and live webcast today, June 10, 2013 at 2:00 p.m. PT (5:00 p.m. ET).  The conference call can be accessed by dialing 1-877-941-1427, or 1-480-629-9664 (outside the U.S. and Canada). A live webcast will be available on the Investor Relations page of Annie's corporate website at www.annies.com and via replay beginning approximately two hours after the completion of the call for 90 days. An audio replay of the call will also be available to all interested parties beginning at approximately 5:00 p.m. Pacific Time on Monday, June 10, 2013 until 11:59 p.m. Pacific Time on Monday, June 17, 2013, by dialing 1-800-406-7325 or 1-303-590-3030 (outside the U.S. and Canada) and entering pass code 4620817#.

About Annie's 

Annie's (NYSE: BNNY) is a natural and organic food company that offers great-tasting products in large packaged food categories. Annie's products are made without artificial flavors, synthetic colors, and preservatives regularly used in many conventional packaged foods. Additionally, Annie's sources ingredients so as to avoid synthetic growth hormones and genetically modified food ingredients. Today, Annie's offers over 135 products and is present in over 26,500 retail locations in the United States and Canada. Founded in 1989, Annie's is committed to operating in a socially responsible and environmentally sustainable manner. For more information, visit www.annies.com.

Forward-looking Statements

Certain statements in this press release and the related conference call, including Annie's statements regarding expected fiscal 2014 results, strong consumption trends, consumer trends and the related impact on our business, momentum in our base business, results of core growth strategies, expanding and improving distribution, building awareness and trial, leveraging our innovation pipeline, our entry into the single-serve microwavable cup segment of the mac & cheese category, momentum of our frozen pizza product initiative, continued improvements, further growth throughout fiscal 2014, and opportunities ahead are "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek" and similar terms or phrases.

The forward-looking statements contained in this press release and the accompanying conference call are based on management's current expectations and are subject to uncertainty and changes in circumstances and are subject to significant risks. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, national, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control. We believe that these factors include those disclosed in "Risk Factors" in our Form 10-K for fiscal 2012 filed with the U.S. Securities and Exchange Commission on June 8, 2012, our Form 10-Q for the quarterly period ended December 31, 2012 filed with the SEC on February 11, 2013, and in our other filings with the SEC, including risks relating to our brand; reputation; product liability claims; recalls and related insurance proceeds; economic disruptions; changes in consumer preferences; competition; new product introductions; ingredient and packaging costs and availability; reliance on a limited number of distributors, retailers, contract manufacturers and third-party suppliers and an outside warehouse facility; efficiency projects; intellectual property and related disputes; regulatory compliance; transportation; supply-chain; inventory levels; and seasonality.  Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.

Any forward-looking statement made by us in this press release or the accompanying conference call speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Non-GAAP Financial Measures

Adjusted net sales, adjusted net income, EBITDA, adjusted EBITDA, adjusted diluted shares and adjusted diluted EPS are not financial measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP. As used in this press release: (1) adjusted net sales represents net sales adjusted for impact on net sales due to product recall; (2) adjusted net income represents net income adjusted for impact on net sales, cost of sales, selling, general and administrative expenses and provision for income taxes due to product recall; the change in fair value of convertible preferred stock warrant liability; secondary offering costs and provision for income taxes related to the secondary offering costs; and advisory agreement termination fee; (3) EBITDA represents net income plus interest expense, provision for income taxes, and depreciation and amortization; (4) adjusted EBITDA represents EBITDA adjusted for impact on net sales, cost of sales and selling, general and administrative expenses due to product recall; secondary offering costs; stock-based compensation; management fees; advisory agreement termination fee; and change in fair value of convertible preferred stock warrant liability; (5) adjusted diluted shares, which is used in the calculation of adjusted diluted EPS for fiscal 2012, represent weighted average shares of common stock outstanding used in computing diluted earnings per share plus conversion of weighted average convertible preferred stock on an "as-if" converted basis; and (6) adjusted diluted EPS represents adjusted net income divided by weighted average shares of common stock outstanding or adjusted diluted shares, as applicable.

We present adjusted net sales, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS because we believe these measures provide additional metrics to evaluate our operations and, when considered with both our GAAP results and the related reconciliation to the most directly comparable GAAP measure, provide a more complete understanding of our business than could be obtained absent this disclosure. We use adjusted net sales, adjusted net income, EBITDA, adjusted EBITDA, and adjusted diluted EPS together with financial measures prepared in accordance with GAAP to assess our operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our core operating performance and to compare our performance to that of our peers and competitors. We also believe that these non-GAAP financial measures are useful to investors in assessing the operating performance of our business without the effect of the items described above. In addition, we use adjusted diluted shares because immediately prior to the closing of the Company's IPO, all of the shares of convertible preferred stock automatically converted into shares of common stock. Adjusted net sales, adjusted net income, EBITDA, adjusted EBITDA, adjusted diluted shares and adjusted diluted EPS are subject to inherent limitation as they reflect the exercise of judgment by management in determining how they are formulated. Further, our computation of these non-GAAP measures is likely to differ from methods used by other companies in computing similarly titled or defined terms, limiting the usefulness of these measures. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures and do not purport to be alternatives to either net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.

* Adjusted net sales, EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted shares and adjusted EPS are non-GAAP financial measures and must be read in conjunction with the important information about these measures and the full reconciliation to the most comparable GAAP measures set forth below.

 

 

 


Annie's, Inc.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

(unaudited)

(in thousands)





















Three Months Ended
March 31,


Fiscal Year Ended
March 31,



2013


2012


2013


2012










Net income


$ 4,234


$ 1,929


$ 11,551


$   9,589

     Interest expense


48


95


168


161

     Provision for income taxes


3,353


1,662


8,318


6,588

     Depreciation and amortization


316


267


1,065


845










EBITDA


7,951


3,953


21,102


17,183

     Net sales impact related to product recall


(474)


-


1,096


-

     Cost of sales related to product recall


390


-


1,080


-

     Administrative costs related to product recall


171


-


171


-

     Secondary offering costs


535


-


1,239


-

     Stock-based compensation


387


116


1,064


506

     Management fees


-


150


-


600

     Advisory agreement termination fee


-


1,300


-


1,300

     Change in fair value of convertible preferred stock warrant liability


-


1,188


13


1,726










Adjusted EBITDA


$ 8,960


$ 6,707


$ 25,765


$ 21,315

 

 

 



Annie's, Inc.

Reconciliation of Weighted Average Shares of Common Stock Outstanding Used in Computing Diluted Net Income Per Share Attributable to Common Stockholders to Weighted Average Shares of Common Stock Used in Computing Adjusted Diluted Net Income Per Share Attributable to Common Stockholders

(unaudited)



Three Months Ended March 31,


Fiscal Year Ended March 31,



2013


2012


2013


2012

Weighted average shares of common stock outstanding used in computing diluted net income per share attributable to common stockholders


17,724,131


1,160,185


17,707,839


1,111,088

Weighted average convertible preferred shares outstanding on an if converted basis


-


15,221,571


-


15,221,571

Weighted average shares of common stock outstanding used in computing adjusted diluted net income per share attributable to common stockholders


17,724,131


16,381,756


17,707,839


16,332,659

 

 

 


Annie's, Inc.

Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share amounts)







Three Months Ended March 31,


Fiscal Year Ended March 31,



2013


2012


2013


2012










Net sales (net of product recall impact of $(474) and $1,096 for the three and twelve months ended March 31, 2013, respectively)


$      52,715


$      42,984


$    169,977


$    141,304

Cost of sales (including costs associated with product recall of $390 and $1,080 for the three and twelve months ended March 31, 2013, respectively)


32,027


25,843


104,566


85,877










          Gross profit


20,688


17,141


65,411


55,427

Operating expenses:









     Selling, general and administrative (including costs associated with product recall of $171 and $171 for the three and twelve months ended March 31, 2013, respectively)


13,024


10,989


45,461


36,195

     Advisory agreement termination fee


-


1,300


-


1,300










          Total operating expenses 


13,024


12,289


45,461


37,495










Income from operations 


7,664


4,852


19,950


17,932

Interest expense 


(48)


(95)


(168)


(161)

Other income (expense), net 


(29)


(1,166)


87


(1,594)










Income before provision for income taxes


7,587


3,591


19,869


16,177

Provision for income taxes


3,353


1,662


8,318


6,588










Net income


$        4,234


$        1,929


$      11,551


$        9,589



















Net income attributable to common stockholders


$        4,234


$             58


$      11,551


$           290










Net income per share attributable to common stockholders
     —Basic


$          0.25


$          0.12


$          0.67


$          0.62

     —Diluted


$          0.24


$          0.05


$          0.65


$          0.26










Weighted average shares of common stock outstanding used in computing net income per share attributable to common stockholders
          —Basic


17,262,253


474,781


17,129,334


469,089

          —Diluted


17,724,131


1,160,185


17,707,839


1,111,088



















Non-GAAP results:









Adjusted net income


$        5,073


$        3,904


$      14,168


$      12,102










Adjusted diluted net income per share


$          0.29


$          0.24


$          0.80


$          0.74










Adjusted EBITDA


$        8,960


$        6,707


$      25,765


$      21,315










 

 

 



Annie's, Inc.

Reconciliation of Net Income to Adjusted Net Income

(unaudited)

(in thousands, except share and per share amounts)





Three Months Ended March 31, 2013


Three Months Ended March 31, 2012



As Reported


Voluntary
Product Recall




Adjustments



As Adjusted


As Reported



Adjustments



As Adjusted



















Net sales


$        52,715


$                (474)

(1)


$                -



$       52,241


$        42,984


$                -



$       42,984

Cost of sales


32,027


(390)



-



31,637


25,843


-



25,843



















          Gross profit


20,688


(84)



-



20,604


17,141


-



17,141

Operating expenses:


















     Selling, general and administrative 


13,024


(171)



(535)

(2)


12,318


10,989


-



10,989

     Advisory agreement termination fee


-


-



-



-


1,300


(1,300)

(4)


-



















          Total operating expenses 


13,024


(171)



(535)



12,318


12,289


(1,300)



10,989



















Income from operations 


7,664


87



535



8,286


4,852


1,300



6,152

Interest expense 


(48)


-



-



(48)


(95)


-



(95)

Other income (expense), net 


(29)


-



-



(29)


(1,166)


1,188

(5)


22



















Income before provision for income taxes


7,587


87



535



8,209


3,591


2,488



6,079

Provision for income taxes


3,353


38



(255)

(3)


3,136


1,662


513

(6)


2,175



















Net income


$          4,234


$                   49



$             790



$         5,073


$          1,929


$          1,975



$         3,904





































Net income attributable to common stockholders


$          4,234










$               58
























Net income per share attributable to common stockholders
     —Basic


$            0.25










$            0.12






     —Diluted


$            0.24










$            0.05
























Weighted average shares of common stock outstanding used in computing
net income per share attributable to common stockholders
          —Basic


17,262,253










474,781






          —Diluted


17,724,131










1,160,185










































Adjusted diluted net income per share




$                0.00



$            0.04



$           0.29




$            0.12



$           0.24





































Weighted average shares of common stock outstanding used in computing diluted net income per share attributable to common stockholders




17,724,131



17,724,131



17,724,131




1,160,185



1,160,185

Weighted average convertible preferred shares outstanding on an if converted basis




-



-



-




15,221,571



15,221,571



















Weighted average used in computing adjusted diluted net income per share




17,724,131



17,724,131



17,724,131




16,381,756



16,381,756























































Net income


$          4,234


$                   49



$             790



$         5,073


$          1,929


$          1,975



$         3,904

Less:


















     Dividends paid to convertible preferred stockholders


-


-



-



-


-


-



-

     Undistributed income attributable to convertible preferred stockholders


-


-



-



-


1,871


1,915



3,786



















Net income attributable to common stockholders


$          4,234


$                   49



$             790



$         5,073


$               58


$               60



$            118


________________________

(1)  Includes $124 for reversal of excess net sales reserved and $350 for recovery from insurance during the three months ended March 31, 2013.

(2)  Includes $535 for secondary offering costs during the three months ended March 31, 2013.

(3)  Represents impact on provision for income taxes related to secondary offering costs.

(4)  Includes $1,300 for advisory agreement termination fee to Solera during the three months ended March 31, 2012.

(5)  Includes $1,188 for change in fair value of convertible preferred stock warrant liability during the three months ended March 31, 2012.

(6)  Includes $513 for provision for income taxes on advisory agreement termination fee to Solera during the three months ended March 31, 2012.


 

 

 



Annie's, Inc.

Reconciliation of Net Income to Adjusted Net Income

(unaudited)

(in thousands, except share and per share amounts)





Fiscal Year Ended March 31, 2013


Fiscal Year Ended March 31, 2012



As Reported


Voluntary
Product Recall




Adjustments



As Adjusted


As Reported



Adjustments



As Adjusted



















Net sales


$      169,977


$              1,096

(1)


$                -



$     171,073


$      141,304


$                -



$     141,304

Cost of sales


104,566


(1,080)



-



103,486


85,877


-



85,877



















          Gross profit


65,411


2,176



-



67,587


55,427


-



55,427

Operating expenses:


















     Selling, general and administrative


45,461


(171)



(1,239)

(2)


44,051


36,195


-



36,195

     Advisory agreement termination fee


-


-



-



-


1,300


(1,300)

(3)


-



















          Total operating expenses 


45,461


(171)



(1,239)



44,051


37,495


(1,300)



36,195



















Income from operations 


19,950


2,347



1,239



23,536


17,932


1,300



19,232

Interest expense 


(168)


-



-



(168)


(161)


-



(161)

Other income (expense), net


87


-



13

(4)


100


(1,594)


1,726

(4)


132



















Income before provision for income taxes


19,869


2,347



1,252



23,468


16,177


3,026



19,203

Provision for income taxes


8,318


982



-



9,300


6,588


513

(5)


7,101



















Net income


$        11,551


$              1,365



$          1,252



$       14,168


$          9,589


$          2,513



$       12,102





































Net income attributable to common stockholders


$        11,551










$             290
























Net income per share attributable to common stockholders
     —Basic


$            0.67










$            0.62






     —Diluted


$            0.65










$            0.26
























Weighted average shares of common stock outstanding used in computing      net income per share attributable to common stockholders
          —Basic


17,129,334










469,089






          —Diluted


17,707,839










1,111,088










































Adjusted diluted net income per share




$                0.08



$            0.07



$           0.80




$            0.15



$           0.74





































Weighted average shares of common stock outstanding used in computing      diluted net income per share attributable to common stockholders




17,707,839



17,707,839



17,707,839




1,111,088



1,111,088

Weighted average convertible preferred shares outstanding on an if converted basis




-



-



-




15,221,571



15,221,571



















Weighted average used in computing adjusted diluted net income per share




17,707,839



17,707,839



17,707,839




16,332,659



16,332,659























































Net income


$        11,551


$              1,365



$          1,252



$       14,168


$          9,589


$          2,513



$       12,102

Less:


















     Dividends paid to convertible preferred stockholders


-


-



-



-


13,141


-



13,141

     Undistributed loss attributable to convertible preferred stockholders


-


-



-



-


(3,842)


2,438



(1,404)



















Net income attributable to common stockholders


$        11,551


$              1,365



$          1,252



$       14,168


$             290


$               75



$            365


________________________

(1)  Includes $124 for reversal of excess net sales reserved and $350 for recovery from insurance during the fiscal year ended March 31, 2013.

(2)  Includes $1,239 for secondary offering costs during the fiscal year ended March 31, 2013.

(3)  Includes $1,300 for advisory agreement termination fee to Solera during the fiscal year ended March 31, 2012.

(4)  Includes $13 and $1,726 for change in fair value of convertible preferred stock warrant liability during the fiscal year ended March 31, 2013 and 2012, respectively.

(5)  Includes $513 for provision for income taxes on advisory agreement termination fee to Solera during the fiscal year ended March 31, 2012.

 

 

 




Annie's, Inc.

Reconciliation of Net Sales to Adjusted Net Sales by Product Category

(unaudited)

(in thousands)





Three Months Ended March 31, 2013


Three Months



As Reported


Voluntary
Product Recall


As Adjusted


Ended
March 31, 2012










     Meals


$        26,511


$                (474)


$       26,037


$               19,213

     Snacks


19,327


-


19,327


16,328

     Dressings, condiments and other


6,877


-


6,877


7,443












$        52,715


$                (474)


$       52,241


$               42,984
























































Annie's, Inc.

Reconciliation of Net Sales to Adjusted Net Sales by Product Category

(unaudited)

(in thousands)





Fiscal Year Ended March 31, 2013


Fiscal Year



As Reported


Voluntary
Product Recall


As Adjusted


Ended
March 31, 2012










     Meals


$        79,270


$              1,096


$       80,366


$               60,624

     Snacks


66,844


-


66,844


56,789

     Dressings, condiments and other


23,863


-


23,863


23,891












$      169,977


$              1,096


$     171,073


$             141,304

 

 

 


Annie's, Inc.

Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share amounts)





March 31,



2013


2012

ASSETS





CURRENT ASSETS:





     Cash


$   4,930


$      562

     Accounts receivable, net


20,015


11,870

     Inventory


15,147


10,202

     Deferred tax assets


2,558


1,995

     Income tax receivable


588


164

     Prepaid expenses and other current assets


5,050


1,252






          Total current assets


48,288


26,045

Property and equipment, net 


6,138


4,298

Goodwill


30,809


30,809

Intangible assets, net 


1,116


1,176

Deferred tax assets, long-term


3,704


4,650

Deferred initial public offering costs


-


5,343

Other non-current assets


157


108






         Total assets 


$ 90,212


$ 72,429






LIABILITIES, CONVERTIBLE PREFERRED STOCK AND





     STOCKHOLDERS' EQUITY (DEFICIT)





CURRENT LIABILITIES:





     Accounts payable 


$   4,342


$      861

     Related-party payable 


-


1,305

     Accrued liabilities 


12,021


7,452






          Total current liabilities 


16,363


9,618

     Credit facility


7,007


12,796

     Convertible preferred stock warrant liability 


-


2,157

     Other non-current liabilities 


913


921






          Total liabilities 


24,283


25,492






Commitments and contingencies (Note 7)





Convertible preferred stock, $0.001 par value—None authorized, issued and
outstanding at March 31, 2013; 12,346,555 shares authorized, 12,281,553,
shares issued and outstanding at March 31, 2012 (aggregate liquidation
value $132,427 at March 31, 2012)


-


81,373






STOCKHOLDERS' EQUITY (DEFICIT):





Preferred stock, $0.001 par value—5,000,000 shares authorized, none issued
and outstanding at March 31, 2013; None authorized, issued and outstanding
outstanding at March 31, 2012


-


-

Common stock, $0.001 par value—30,000,000 and 24,000,000 shares authorized at March 31, 2013 and 2012, respectively;  16,849,016 and 483,242 shares issued and outstanding at March 31, 2013 and 2012, respectively


17


1

Additional paid-in capital 


93,190


4,392

Accumulated deficit 


(27,278)


(38,829)






Total stockholders' equity (deficit)


65,929


(34,436)






Total liabilities, convertible preferred stock and stockholders' equity (deficit)


$ 90,212


$ 72,429






 

 

 


Annie's, Inc.

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)




Fiscal Year Ended March 31,



2013


2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES:







     Net Income


$ 11,551


$  9,589


$ 20,155

Adjustments to reconcile net income to net cash provided by
     operating activities:







     Depreciation and amortization


1,065


845


494

     Stock-based compensation


1,064


506


373

     Allowances for trade discounts and other


(3)


200


2,500

     Inventory reserves


454


55


-

     Excess tax benefit from stock-based compensation


(8,113)


(150)


-

     Accretion of imputed interest on purchase of intangible asset


143


-


-

     Change in fair value of convertible preferred stock warrant liability


13


1,726


-

     Amortization of debt discount


-


-


144

     Amortization of deferred financing costs


(2)


10


366

     Loss on disposal of property and equipment


46


-


-

     Deferred taxes


383


489


(7,134)

     Changes in operating assets and liabilities:







          Accounts receivable, net


(8,142)


(2,942)


(3,045)

          Inventory


(5,399)


(604)


(1,561)

          Income tax receivable


3,853


(164)



          Prepaid expenses, other current and non-current assets


1,498


99


(352)

          Accounts payable


3,356


(9,499)


3,735

          Related-party payable


(1,305)


1,299


(97)

          Accrued expenses and other non-current liabilities


8,261


(168)


2,660








          Net cash provided by operating activities


8,723


1,291


18,238








CASH FLOWS FROM INVESTING ACTIVITIES:







     Purchase of property and equipment


(2,766)


(3,538)


(886)








          Net cash used in investing activities


(2,766)


(3,538)


(886)








CASH FLOWS FROM FINANCING ACTIVITIES:







     Proceeds from credit facility


23,737


72,389


7,344

     Payments to credit facility


(29,526)


(59,593)


(7,344)

     Proceeds from common shares issued in initial public offering, net of issuance costs


11,146


-


-

     Payment for intangible asset acquired by financing transaction


(7)


-


-

     Dividends paid


-


(13,550)


(12,529)

     Payment of deferred financing costs


-


-


(66)

     Payments of initial public offering costs


-


(3,368)


-

     Repayment of notes payable


-


-


(6,000)

     Repurchase of common stock


(19,125)


-


-

     Net repurchase of stock options


-


(602)


-

     Excess tax benefit from stock-based compensation


8,113


150


-

     Proceeds from exercises of stock options


4,073


50


26








          Net cash used in financing activities


(1,589)


(4,524)


(18,569)








NET INCREASE (DECREASE) IN CASH


4,368


(6,771)


(1,217)








CASH—Beginning of year


562


7,333


8,550








CASH—End of year


$   4,930


$     562


$   7,333








SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:







     Cash paid for interest


$         17


$        67


$      609

     Cash paid for income taxes


$       247


$  6,153


$   1,491








NONCASH INVESTING AND FINANCING ACTIVITIES:







     Conversion of convertible preferred stock into common stock


$ 81,373


$          -


$            -

     Purchase of property and equipment funded through accounts payable


$       125


$       23


$            -

     Deferred initial public offering costs funded through accounts payable and accrued expenses


$            -


$  1,975


$            -

     Intangible asset acquired by financing transaction


$            -


$  1,023


$            -

 

CONTACT:  

Ed Aaron
510-558-7574
303-868-5551
ir@annies.com

SOURCE Annie's, Inc.



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