Pinnacle Foods Inc. announced strong financial results for its first quarter ended March 31, 2013 and provided its outlook for the full year. Net earnings in the first quarter of 2013 more than doubled to $24.8 million, compared with net earnings of $9.5 million in the first quarter of 2012, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) advanced 16 percent to $104.5 million, compared to Adjusted EBITDA of $89.9 million last year. Net sales in the company's North America retail business, which is comprised of the Birds Eye Frozen and Duncan Hines Grocery segments, increased 1.4 percent in the first quarter.
Pinnacle completed its initial public offering (IPO) of common stock and began trading on the New York Stock Exchange (NYSE) under the ticker symbol PF on March 28, 2013. All of the proceeds from the IPO, which closed on April 3, 2013, were used to pay down debt. In addition, Pinnacle refinanced all of its outstanding indebtedness in April, in a series of transactions that significantly reduced its annual cash interest expense and extended its maturity profile. Both of these events will benefit the company's financial performance beginning in the second quarter of fiscal 2013.
In addition, Pinnacle announced yesterday that its board of directors has adopted a policy to pay a regular quarterly dividend. As a result, Pinnacle Foods will pay an initial quarterly cash dividend of $0.18 per share on July 10, 2013 to all common stockholders of record at the close of business on June 20, 2013.
Pinnacle Foods chief executive officer Bob Gamgort said in a prepared statement, "We are pleased with our excellent start to the year. The significant growth in our earnings reflects the strength of our business model and provides us with the flexibility to invest in our business and respond, as needed, to potential heightened promotional activity."
