Michael Foods Reports 7.2 Percent Sales Increase In Fourth Quarter 2012, 5.1 Percent For Year

Michael Foods Group, Inc. reported financial results for the fourth quarter of 2012.

Net sales for the quarter ended Dec. 29, 2012 were $503.6 million, compared to $470 million in 2011, an increase of 7.2 percent. Net earnings for the quarter ended Dec. 29, 2012 were $13.7 million, compared to $19.3 million in 2011.

Net sales for the year ended Dec. 29, 2012 were $1,856.1 million, compared to $1,766.6 million in 2011, an increase of 5.1 percent. Net earnings for the year ended Dec. 29, 2012 were $30.1 million, compared to $14.3 million in 2011.

Earnings before interest, taxes, depreciation, amortization (EBITDA) and other adjustments (adjusted EBITDA, as defined in the Company's credit facility) for the quarter ended Dec. 29, 2012 were $67.3 million, compared to $70.9 million in 2011, a decrease of 5.1 percent. Adjusted EBITDA for the year ended Dec. 29, 2012 were $242.8 million, compared to $230 million for the same period in 2011, an increase of 5.6 percent.

"Our team did a good job of delivering record adjusted EBITDA in 2012. We drove volume and revenue in a volatile environment, gaining share in most of our businesses with continued emphasis on value added products. Our continuous improvement efforts paid dividends by improving service and quality levels while providing savings to offset increasing costs. While pricing lagged cost increases in 4th quarter, we are confident in our pass-through pricing process and value-added product portfolio. MFI is well positioned to continue to grow in the coming year," said Jim Dwyer, president and CEO in a prepared statement.