Annie’s First Quarter as Public Company a Beat

http://blogs.wsj.com/deals/2012/06/06/annies-first-quarter-as-public-company-a-beat/

The year’s best performing IPO should keep its bounce.

Wall Street Journal

Annie’s Inc. just released results for its fiscal fourth quarter, its first in the public world, and it topped expectations for revenue and profit. It also projected the coming year to be better than Wall Street views as well.

The organic foods company went public at $19 in March and has risen 89% through Wednesday’s close. The stock has tempered recently, falling 3.2% Wednesday and is down 10% this month, but it remains the biggest percentage gain of any IPO this year, blowing away some notable much-hyped tech IPOs. (Cough, Facebook, cough cough.)

Annie’s posted an 18% increase in fourth quarter revenue to $43 million, above the $40 million analysts polled by Thomson Reuters expected. The company earned $1.9 million, down 63% from the prior year, largely on charges tied to the IPO and a fee for canceling an advising contract it had with its private-equity sponsor Solera. On an adjusted basis, earnings rose to 24 cents per share, above the 20 cents analysts expected.

In its one page financial supplement, Annie’s said sales in its meals category, which would include is macaroni-and-cheese, rose 26% in the quarter to $19.2 million while snacks sales rose 18% and dressings, condiments and other sales were flat.

As for the future, Annie’s CEO John Foraker sounds ever gushing: ”We intend to continue to invest in meaningful innovation to meet more of the needs of Annie’s loyal fans. These efforts will further our mission to cultivate a healthier, happier world by spreading goodness through nourishing foods, honest words and conduct that is considerate and forever kind to the planet.”

 

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