Michael Foods Reports Fourth Quarter Results, Net Sales Increase 1.8 Percent

Michael Foods Group, Inc. reported financial results for the fourth quarter of 2013. Net sales for the quarter ended Dec. 28, 2013 were $512.7 million, compared to $503.6 million in 2012, an increase of 1.8 percent. Net earnings for the quarter ended Dec. 28, 2013 were $15.9 million, compared to $13.7 million in 2012. Net sales for the year ended Dec. 28, 2013 were $1,948.3 million, compared to $1,856.1 million in 2012, an increase of 5 percent. Net earnings for the year ended Dec. 28, 2013 were $50.4 million, compared to $30.1 million in 2012.

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. 28, 2013 were $69.7 million, compared to $67.3 million in 2012. Adjusted EBITDA for the year ended Dec. 28, 2013 were $257.8 million, compared to $242.8 million in 2012, an increase of 6.2 percent.

"Our team at Michael Foods performed well in a volatile and competitive 2013 environment, delivering excellent Q4 and full year results. We saw solid growth across the egg and potato businesses behind customer wins. The cheese and dairy business began to respond in the fourth quarter to our focus on core product lines and markets. We are delighted to deliver another record year of EBITDA," said Jim Dwyer, chairman and CEO, in a prepared statement. Full report.

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