Flowers Foods Holds First Analyst Call

Apr 17, 2001, 01:00 ET from Flowers Foods

    THOMASVILLE, Ga., April 17 /PRNewswire/ -- Flowers Foods (NYSE:   FLO) today
 held its first conference call since the completion of its March 26, 2001
 spin-off from Flowers Industries.
     During the call, which was simultaneously Web cast on the Internet, Amos
 R. McMullian, Flowers Foods' chairman of the board and chief executive
 officer, said Flowers Foods will not be profitable in the first quarter, which
 ends April 21, 2001 and which will be reported on May 17.  "Our first quarter
 will report a net loss in excess of $1.00 per share, which will include
 transaction-related expenses and related non-recurring charges, and,
 therefore, will not be representative of Flowers Foods' real performance,"
 McMullian said.
     On an EBITDA (earnings before interest, taxes, depreciation, and
 amortization) basis, Flowers Foods is expected to have at least $110 million
 for 2001, exclusive of non-recurring items.  McMullian said he expects the
 company to be profitable in each of the remaining quarters of 2001.  On a
 segment basis, Mrs. Smith's Bakeries is expected to approach break even for
 the year and be profitable in 2002.
     On March 26, 2001, Flowers Industries completed the spin off of Flowers
 Foods and Kellogg Company's simultaneous acquisition of Keebler Foods Company
 through the merger of Flowers Industries with a wholly owned subsidiary of
 Kellogg.  As a result of the spin-off of Flowers Foods, which included Flowers
 Bakeries and Mrs. Smith's Bakeries, Flowers Industries' sole asset at the time
 of the merger was its majority ownership interest in Keebler.
     In response to questions from analysts, McMullian stated that Flowers
 Foods' board of directors asked him to remain as chairman and chief executive
 officer for three years and that he has committed to do so.
     Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's
 leading producers and marketers of packaged bakery foods for retail,
 foodservice, in-store bakery, institutional and vend customers.  These
 products are sold under such brands as Mrs. Smith's, Nature's Own, and
 Cobblestone Mill.
     Statements contained in this press release that are not historical facts
 are forward-looking statements. All forward-looking statements are subject to
 risks and uncertainties that could cause actual results to differ from those
 projected.  Other factors that may cause actual results to differ from the
 forward-looking statement contained in this release and that may affect the
 company's prospects in general include, but are not limited to, changes in
 general economic and business conditions (including the baked foods markets),
 and such other factors as are described in the company's filings with the
 Securities and Exchange Commission.
 
 

SOURCE Flowers Foods
    THOMASVILLE, Ga., April 17 /PRNewswire/ -- Flowers Foods (NYSE:   FLO) today
 held its first conference call since the completion of its March 26, 2001
 spin-off from Flowers Industries.
     During the call, which was simultaneously Web cast on the Internet, Amos
 R. McMullian, Flowers Foods' chairman of the board and chief executive
 officer, said Flowers Foods will not be profitable in the first quarter, which
 ends April 21, 2001 and which will be reported on May 17.  "Our first quarter
 will report a net loss in excess of $1.00 per share, which will include
 transaction-related expenses and related non-recurring charges, and,
 therefore, will not be representative of Flowers Foods' real performance,"
 McMullian said.
     On an EBITDA (earnings before interest, taxes, depreciation, and
 amortization) basis, Flowers Foods is expected to have at least $110 million
 for 2001, exclusive of non-recurring items.  McMullian said he expects the
 company to be profitable in each of the remaining quarters of 2001.  On a
 segment basis, Mrs. Smith's Bakeries is expected to approach break even for
 the year and be profitable in 2002.
     On March 26, 2001, Flowers Industries completed the spin off of Flowers
 Foods and Kellogg Company's simultaneous acquisition of Keebler Foods Company
 through the merger of Flowers Industries with a wholly owned subsidiary of
 Kellogg.  As a result of the spin-off of Flowers Foods, which included Flowers
 Bakeries and Mrs. Smith's Bakeries, Flowers Industries' sole asset at the time
 of the merger was its majority ownership interest in Keebler.
     In response to questions from analysts, McMullian stated that Flowers
 Foods' board of directors asked him to remain as chairman and chief executive
 officer for three years and that he has committed to do so.
     Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's
 leading producers and marketers of packaged bakery foods for retail,
 foodservice, in-store bakery, institutional and vend customers.  These
 products are sold under such brands as Mrs. Smith's, Nature's Own, and
 Cobblestone Mill.
     Statements contained in this press release that are not historical facts
 are forward-looking statements. All forward-looking statements are subject to
 risks and uncertainties that could cause actual results to differ from those
 projected.  Other factors that may cause actual results to differ from the
 forward-looking statement contained in this release and that may affect the
 company's prospects in general include, but are not limited to, changes in
 general economic and business conditions (including the baked foods markets),
 and such other factors as are described in the company's filings with the
 Securities and Exchange Commission.
 
 SOURCE  Flowers Foods

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