B&G Foods reports $1.4m loss in Q2 2013

B&G Foods has reported a net loss of $1.4m for the second quarter of 2013, compared with a profit of $16.03m for the same period a year ago.

The decline in earnings can be attributed to charges related to debt refinancing and acquisition-related transaction costs, the company said.

For the quarter ended 30 June 2013, net sales increased 8.3% to $160.9m, compared with $148.6m for the same period in 2012.

Gross profit increased 7.6% to $55.7m compared with $51.8m in the second quarter of 2012.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), which excludes the impact of acquisition-related transaction costs, increased 7% to $42.4m compared with $39.6m in 2012.

B&G Foods president and chief executive officer David L. Wenner said that in May the company completed its acquisition of the TrueNorth brand and in June it entered into an agreement to buy snack foods manufacturer Pirate Brands.

"We believe that by improving our debt profile, we are in a very strong position to continue to pursue accretive acquisitions."

"We continue to grow the brands most important to us; Tier I brands were up for both the quarter and the first half," Wenner added.

For the full-year 2013, the company increased its adjusted EBITDA guidance to a range of approximately $187m to $191m, primarily due to the expected impact of the Pirate Brands acquisition.

B&G Foods and its subsidiaries manufacture, sell and distribute a wide range of branded shelf-stable foods across the US, Canada and Puerto Rico.

The company’s products are marketed under brands including Ac’cent, B&G, B&M, Baker’s Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril’s and Grandma’s Molasses.