Fiscal 2015 First-quarter Highlights (% cited vs. year-ago
period amounts, where applicable):
- Diluted EPS from continuing
operations was $0.25 as reported, versus $0.30 a year-ago. Current
quarter EPS adjusted for items impacting comparability was $0.39,
ahead of $0.37 a year ago.
- Consumer Foods’ volumes were flat
and comparable operating profit increased substantially, improved
from the performance seen in recent quarters.
- Commercial Foods’ sales increased,
and comparable operating profit declined due to a less favorable
product mix and comparatively weak potato crop quality. The company
expects a better quality potato crop and related efficiencies
starting in the fiscal second quarter.
- The Ardent Mills transaction was
completed during the fiscal first quarter, and flour milling
results prior to the transaction have been reclassified as
discontinued operations. Revised historical amounts are provided in
accompanying tables.
- Private Brands sales declined
slightly, and comparable operating profit declined substantially,
as expected, largely due to pricing concessions made last fiscal
year which have not yet been lapped. As previously communicated,
full-year profits are expected to increase modestly, with the
growth occurring in the second half of the fiscal year.
- The company continues to expect
comparable fiscal 2015 EPS to show a mid-single digit rate of
growth over comparable fiscal 2014 EPS of $2.17, and for operating
cash flow to be approximately $1.6-$1.7 billion.
- After reducing debt by approximately
$500 million in the fiscal first quarter, the company is on track
to reduce debt by a total of approximately $1 billion in fiscal
2015 from a combination of operating cash flow and net cash
proceeds from the Ardent Mills transaction. After reaching the $1
billion target for fiscal 2015, overall debt is expected to be
reduced by approximately $2 billion since the completion of the
Ralcorp acquisition.
- The company reaffirms its commitment
to maintaining a strong dividend.
ConAgra Foods, Inc., (NYSE: CAG) one of North America’s leading
food companies, today reported results for the fiscal 2015 first
quarter ended Aug. 24, 2014. Diluted EPS from continuing operations
was $0.25 as reported for the fiscal first quarter, versus $0.30 in
the year-ago period. After adjusting for items impacting
comparability, current-quarter diluted EPS of $0.39 increased over
the comparable $0.37 earned in the year-ago period. Items impacting
comparability are summarized toward the end of this release and
reconciled for Regulation G purposes on pages 10 and 11.
Gary Rodkin, ConAgra Foods’ chief executive officer, said, “We
are pleased with the good start to fiscal 2015, which demonstrates
improving fundamentals and better execution. Volume for Consumer
Foods is recovering, Lamb Weston’s foodservice channel sales are
robust, and cost savings programs across the company are coming in
as planned. We remain confident that fiscal 2015 will be a year of
stabilization and recovery, and I look forward to updating you on
our progress throughout the fiscal year.”
Consumer Foods Segment
Branded food items sold worldwide in retail
channels.
The Consumer Foods segment posted sales of approximately $1.6
billion and operating profit of $190 million, as reported. Sales
declined 1% as reported, which includes flat volume, flat
price/mix, and no significant impact from foreign exchange (all
factors rounded).
- Brands posting sales growth for the
quarter include Act II, Banquet, Bertolli, Hunt’s, Marie
Callender’s, PAM, Slim Jim, Reddi-wip and others. More brand
details are in the Q&A document accompanying this release.
- As previously communicated, the
segment’s primary focus is on stabilizing the performance of three
challenged brands: Chef Boyardee, Orville Redenbacher’s, and
Healthy Choice. Chef Boyardee and Healthy Choice are already
responding favorably to merchandising, packaging, and product
changes. Merchandising, product assortment, and packaging changes
for Orville Redenbacher’s are being implemented and expected to
benefit results as the year progresses.
- The company continues to post good
sales growth in faster growing channels, specifically club, dollar,
and convenience channels.
Operating profit of $190 million increased 15% as reported.
After adjusting for items impacting comparability, current quarter
operating profit of $199 million increased 19% over $167 million in
the year-ago period. Productivity and other efficiency initiatives
offset inflation. Marketing investment declined approximately $30
million, reflecting the significant investment in the year-ago
period related to new products; marketing investment for the
remainder of the fiscal year is expected to be roughly in line with
corresponding year-ago amounts.
Commercial Foods Segment
Specialty potato, bakery products, seasonings,
blends, flavors, as well as consumer branded and private branded
packaged food items, sold to foodservice and commercial channels
worldwide.
Sales for the Commercial Foods segment were $1.1 billion, up 2%
over year-ago amounts. Volume increased 3% and price/mix was
unfavorable by 1%. Segment operating profit was $121 million as
reported, down 12%. After adjusting for items impacting
comparability, current-quarter operating profit of $125 million
decreased 9% versus year-ago period amounts.
Lamb Weston potato products sales grew with a strong performance
in the foodservice channel, but profits were below year-ago amounts
due to a less profitable sales mix and comparatively weak quality
raw potatoes. The company is now processing a new potato crop and
expects better quality raw product to benefit efficiencies. Sales
and profits for the rest of the segment did not change
significantly.
The company completed the Ardent Mills transaction and no longer
has any flour milling operations in this segment. Historical flour
milling amounts for the period prior to the formation of the joint
venture have been reclassified to discontinued operations, and
current quarter results from discontinued operations include a
large gain on the Ardent Mills transaction. The company’s share of
the Ardent Mills earnings are reported within equity method
investment earnings, and the company expects the Ardent Mills
transaction to be accretive to comparable EPS over time.
Private Brands
Private brand food items sold in domestic
markets.
Sales for the Private Brands segment were approximately $980
million in the quarter, down 2% versus year-ago amounts. Volume
declined 3%. Operating profit of $42 million as reported decreased
36% versus year-ago amounts. After adjusting for items impacting
comparability, current quarter operating profit of $48 million
decreased 28% versus year-ago amounts; the decline largely reflects
pricing concessions made last fiscal year due to customer service
execution issues, and to a lesser extent temporarily higher supply
chain costs associated with business transition. Customer service
has improved significantly, and the pricing concessions will be
lapped in the second half of fiscal 2015.
For its largest product lines (bars, snacks, cereal, &
pasta), which represent more than half of segment sales, sales
growth for bars and snacks was more than offset by declines for
cereal and pasta. The company achieved overall share gains;
declining category trends and aggressive price competition has
weighed on top line results. Going forward, the company is focused
on winning new business by expanding distribution, launching
emulation opportunities, reducing less profitable SKUs and
realizing substantial productivity savings; these initiatives are
expected to improve segment profit margins as the fiscal year
progresses. Current projections are for modest sales and operating
profit growth in this segment in fiscal 2015.
Private Brands’ operating profit growth is expected to
accelerate in fiscal 2016 and 2017, largely reflecting strong
synergies from the Ralcorp acquisition. Over the long term, the
company remains confident in the growth prospects for its private
brands business based on the fundamental appeal to consumers, the
strategic importance of private brands to trade customers, and
value-added capabilities of the ConAgra Foods’ private brand
operations.
Hedging Activities – This language primarily relates to
operations other than the company’s former milling operations or
significant financing activities.
Hedge gains and losses are aggregated, and net amounts are
reclassified from unallocated Corporate expense to the operating
segments when the underlying commodity or foreign currency being
hedged is expensed in segment cost of goods sold. The net of these
activities resulted in $50 million of unfavorable impact in the
current quarter and $21 million of unfavorable impact in the
year-ago period. The company identifies these amounts as items
impacting comparability.
Other Items
- Unallocated Corporate expense was $141
million in the current quarter and $114 million of expense in the
year-ago period, as reported. After adjusting for $77 million of
net expense in the current quarter, and $48 million of net expense
in the year-ago period from items impacting comparability, current
quarter expense of $64 million declined slightly from $66 million
in the year-ago period.
- Equity method investment earnings were
$26 million for the current quarter and $4 million in the year-ago
period. The increase reflects contribution from the Ardent Mills
joint venture (approximately 2 months of earnings) as well as
significantly higher profits for an international potato joint
venture.
- Net interest expense was $84 million in
the current quarter and $96 million in the year-ago period,
reflecting debt reduction and refinancing activities.
Capital Items
- The company repaid and refinanced
certain debt during the quarter, and in the process, utilized the
cash it received from the net proceeds from the Ardent Mills
transaction. Overall debt decreased by approximately $500 million,
representing good progress toward the company’s $1 billion debt
reduction goal for fiscal 2015. The remainder is expected to be
repaid later in the fiscal year with cash generated from
operations. After repaying $1 billion in fiscal 2015, the company
expects to have repaid approximately $2 billion of debt since the
acquisition of Ralcorp, as planned. The lower interest expense
resulting from the debt reduction and refinancing activities
described above was included in previous full-year EPS and interest
expense guidance.
- Dividends for the current quarter
totaled $105 million versus $105 million in the year-ago
period.
- The company did not repurchase any
shares during the quarter.
- For the current quarter, capital
expenditures for property, plant and equipment were $112 million,
compared with $174 million in the year-ago period. The decrease
reflects several significant planned plant expansions and
improvements in the year-ago period. Depreciation and amortization
expense was approximately $148 million for the fiscal first
quarter; this compares with a total of $140 million in the year-ago
period.
Outlook
The company continues to expect comparable fiscal 2015 EPS to
show a mid-single digit rate of growth over comparable fiscal 2014
EPS of $2.17; the remaining EPS growth in fiscal 2015 is expected
to occur in the second half of the fiscal year for reasons
previously discussed. Comparable EPS for the second quarter of
fiscal 2015 is expected to be in line with year-ago amounts given
the strong comparable EPS performance in the second quarter of
fiscal 2014.
The company reaffirms its operating cash flow, debt reduction,
and dividend guidance.
Major Items Impacting First-quarter Fiscal 2015 EPS
Comparability
Included in the $0.25 diluted EPS from continuing operations for
the first quarter of fiscal 2015 (EPS amounts rounded and after
tax). These include references to selling, general, and
administrative (SG&A) expense, and cost of goods sold
(COGS):
- Approximately $0.07 per diluted share
of net expense, or $50 million pretax, related to the
mark-to-market impact of derivatives used to hedge input costs,
temporarily classified in unallocated Corporate expense. Hedge
gains and losses are aggregated, and net amounts are reclassified
from unallocated Corporate expense to the operating segments when
the underlying commodity or foreign currency being hedged is
expensed in segment cost of goods sold.
- Approximately $0.04 per diluted share
of net expense, or $25 million pretax, related to extinguishing
debt. This is classified within unallocated Corporate expense.
- Approximately $0.03 per diluted share
of net expense, or $23 million pretax, resulting from restructuring
and integration activities. $9 million of this is classified within
the Consumer Foods segment (all SG&A), $6 million within the
Private Brands segment ($5 million SG&A, $1 million COGS), $4
million within the Commercial segment (all SG&A) and $4 million
within unallocated Corporate expense (essentially all
SG&A).
- Approximately $0.01 per diluted share
of net benefit, or $2 million pretax, related to historical legal
matters, a portion of which is not taxable, within unallocated
Corporate expense.
Major Items Impacting First-quarter Fiscal 2014 EPS
Comparability
Included in the $0.30 diluted EPS from continuing operations for
the first quarter of fiscal 2014 (EPS amounts rounded and after
tax):
- Approximately $0.04 per diluted share
of net expense, or $30 million pretax, resulting from
restructuring, integration, and transaction costs (including
acquisition-related restructuring). $27 million of this is
classified as unallocated Corporate expense (SG&A), $2 million
is classified within the Consumer Foods segment (all SG&A), and
$1 million is classified within the Private Brands segment (all
SG&A).
- Approximately $0.03 per diluted share
of net expense, or $21 million pretax, related to the
mark-to-market impact of derivatives used to hedge input costs,
temporarily classified in unallocated Corporate expense. Hedge
gains and losses are aggregated, and net amounts are reclassified
from unallocated Corporate expense to the operating segments when
the underlying commodity or foreign currency being hedged is
expensed in segment cost of goods sold.
- Approximately $0.05 per diluted share
of net benefit related to unusual tax matters, primarily resulting
from a change in estimate related to the tax methods used for
certain international sales.
- Note: in the first quarter of fiscal
2014, comparable EPS included approximately $0.04 of net
contribution from items previously classified within continuing
operations (primarily profits from flour milling) which have been
reclassified to discontinued operations, as well as rounding.
Discussion of Results
ConAgra Foods will host a conference call at 9:30 a.m. EDT today
to discuss the results. Following the company’s remarks, the call
will include a question-and-answer session with the investment
community. Domestic and international participants may access the
conference call toll-free by dialing 1-888-504-7965 and
1-719-325-2409, respectively. No confirmation or pass code is
needed. This conference call also can be accessed live on the
Internet at http://investor.conagrafoods.com.
A rebroadcast of the conference call will be available after 1
p.m. EDT today. To access the digital replay, a pass code number
will be required. Domestic participants should dial 1-888-203-1112,
and international participants should dial 1-719-457-0820 and enter
pass code 7250833. A rebroadcast also will be available on the
company’s website.
In addition, the company has posted a question-and-answer
supplement relating to this release at
http://investor.conagrafoods.com. To view recent company news,
please visit http://media.conagrafoods.com.
ConAgra Foods, Inc., (NYSE: CAG) is one of North America's
largest packaged food companies with branded and private branded
food found in 99 percent of America’s households, as well as a
strong commercial foods business serving restaurants and
foodservice operations globally. Consumers can find recognized
brands such as Banquet®, Chef Boyardee®, Egg Beaters®, Healthy
Choice®, Hebrew National®, Hunt's®, Marie Callender's®, Orville
Redenbacher's®, PAM®, Peter Pan®, Reddi-wip®, Slim Jim®, Snack
Pack® and many other ConAgra Foods brands, along with food sold by
ConAgra Foods under private brand labels, in grocery, convenience,
mass merchandise, club and drug stores. Additionally, ConAgra Foods
supplies frozen potato and sweet potato products as well as other
vegetable, spice, bakery and grain products to commercial and
foodservice customers. ConAgra Foods operates ReadySetEat.com, an
interactive recipe website that provides consumers with easy dinner
recipes and more. For more information, please visit us at
www.conagrafoods.com.
Note on Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management’s
current expectations and are subject to uncertainty and changes in
circumstances. These risks and uncertainties include, among other
things: ConAgra Foods’ ability to realize the synergies and
benefits contemplated by the acquisition of Ralcorp and its ability
to promptly and effectively integrate the business of Ralcorp;
ConAgra Foods’ ability to realize the synergies and benefits
contemplated by the Ardent Mills joint venture; risks and
uncertainties associated with intangible assets, including any
future goodwill or intangible assets impairment charges; the
availability and prices of raw materials, including any negative
effects caused by inflation or weather conditions; the
effectiveness of ConAgra Foods’ product pricing, including product
innovation, any pricing actions and changes in promotional
strategies; the ultimate outcome of litigation, including
litigation related to the lead paint and pigment matters; future
economic circumstances; industry conditions; ConAgra Foods’ ability
to execute its operating and restructuring plans and achieve
operating efficiencies; the success of ConAgra Foods’ cost-saving
initiatives, innovation, and marketing investments; the competitive
environment and related market conditions; the ultimate impact of
any ConAgra Foods product recalls; access to capital; actions of
governments and regulatory factors affecting ConAgra Foods’
businesses, including the Patient Protection and Affordable Care
Act; the amount and timing of repurchases of ConAgra Foods’ common
stock and debt, if any; and other risks described in ConAgra Foods’
reports filed with the Securities and Exchange Commission,
including its most recent annual report on Form 10-K and subsequent
reports on Forms 10-Q and 8-K. Investors and security holders are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. ConAgra
Foods disclaims any obligation to update or revise statements
contained in this press release to reflect future events or
circumstances or otherwise.
Regulation G Disclosure Below is a
reconciliation of Q1 FY15 and Q1 FY14 diluted earnings per share
from continuing operations, Consumer Foods segment operating
profit, Commercial Foods segment operating profit, Private Brands
segment operating profit, and FY14 diluted earnings per share from
continuing operations, adjusted for items impacting comparability.
Amounts may be impacted by rounding.
Q1 FY15 & Q1
FY14 Diluted EPS from Continuing Operations
Q1 FY15
Q1 FY14 % change Diluted EPS from continuing
operations $ 0.25 $ 0.30 -17
% Items impacting comparability: Net expense related to
unallocated mark-to-market impact of derivatives 0.07 0.03 Net
expense related to extinguishment of debt 0.04 - Net expense
related to restructuring, transaction, and integration costs 0.03
0.04 Net benefit related to historical legal matters (0.01 ) - Net
benefit related to unusual tax matters - (0.05 ) Rounding
0.01 0.01
Diluted EPS from continuing operations,
adjusted for items impacting comparability
$ 0.39 $ 0.33 Net EPS contribution
previously within continuing operations and subsequently
reclassified to discontinued operations: From milling operations -
0.03 Net expense related to transaction costs (associated with
flour milling) - 0.01
Diluted
EPS adjusted for items impacting comparability $
0.39 $ 0.37 5 %
Consumer Foods Segment Operating Profit
Reconciliation (Dollars in millions)
Q1 FY15
Q1 FY14 % change Consumer Foods Segment Operating
Profit $ 190 $ 165 15
% Restructuring, integration, and transactions costs
(including acquisition-related restructuring) 9
2
Consumer Foods Segment Adjusted Operating
Profit $ 199 $ 167
19 % Commercial Foods Segment Operating
Profit Reconciliation (Dollars in millions)
Q1
FY15 Q1 FY14 % change Commercial Foods Segment
Operating Profit $ 121 $ 137
-12 % Restructuring costs 4 -
Commercial Foods Segment Adjusted Operating
Profit $ 125 $ 137
-9 % Private Brands Segment Operating
Profit Reconciliation (Dollars in millions)
Q1
FY15 Q1 FY14 % change Private Brands Segment
Operating Profit $ 42 $ 66
-36 % Restructuring, integration, and transactions
costs (including acquisition-related restructuring) 6
1
Private Brands Segment Adjusted Operating
Profit $ 48 $ 67
-28 % FY14 Diluted EPS from
Continuing Operations Total FY14
Diluted EPS from continuing operations $ 0.37
Items impacting comparability: Net expense related to intangible
asset impairment charges 1.46 Net expense related to restructuring,
transaction, and integration costs 0.23 Net expense related to
settlement of interest rate derivatives 0.08 Net expense related to
impairment costs, net of gain on sale of non-operating asset, in
the Commercial Foods segment 0.03 Net expense related to year-end
remeasurement of pensions and early retirement of debt 0.01 Net
benefit related to historical legal, insurance, and environmental
matters (0.02 ) Net benefit related to unallocated mark-to-market
impact of derivatives (0.05 ) Net benefit related to unusual tax
matters (0.16 )
Diluted EPS from continuing operations,
adjusted for items impacting comparability $ 1.95
Net EPS contribution previously within continuing operations and
subsequently reclassified to discontinued operations: From milling
operations 0.32 Net expense related to transaction costs
(associated with flour milling) 0.02 From other divested businesses
0.01 Net benefit related to sale of flour mills (0.13 )
Diluted EPS adjusted for items impacting comparability
$ 2.17
ConAgra Foods, Inc. Segment Operating Results (in
millions) (unaudited) FIRST QUARTER 13 Weeks Ended 13 Weeks
Ended
August 24, 2014
August 25, 2013 Percent Change
SALES
Consumer Foods $ 1,632.3 $ 1,649.4 (1.0)% Commercial Foods 1,088.3
1,068.9 1.8% Private Brands 980.4 997.5
(1.7)% Total 3,701.0 3,715.8 (0.4)%
OPERATING
PROFIT
Consumer Foods $ 190.0 $ 165.0 15.2% Commercial Foods 121.1 137.1
(11.7)% Private Brands 41.9 65.5
(36.0)% Total operating profit for segments 353.0 367.6 (4.0)%
Reconciliation of total operating profit to income from
continuing operations before income taxes and equity method
investment earnings Items excluded from segment operating
profit: General corporate expense (141.2 ) (113.6 ) 24.3% Interest
expense, net (83.7 ) (95.8 ) (12.6)% Income from
continuing operations before income taxes and equity method
investment earnings $ 128.1 $ 158.2 (19.0)%
Segment operating profit excludes general corporate expense,
equity method investment earnings, and net interest expense.
Management believes such amounts are not directly associated with
segment performance results for the period. Management believes the
presentation of total operating profit for segments facilitates
period-to-period comparison of results of segment operations.
ConAgra Foods, Inc.
Consolidated Statements of Earnings (in millions, except per share
amounts) (unaudited) FIRST QUARTER 13 Weeks Ended 13 Weeks Ended
Percent August 24, 2014 August 25, 2013 Change Net sales $ 3,701.0
$ 3,715.8 (0.4)% Costs and expenses: Cost of goods sold 2,997.2
2,923.7 2.5% Selling, general and administrative expenses 492.0
538.1 (8.6)% Interest expense, net 83.7 95.8 (12.6)%
Income from continuing operations before income taxes and equity
method investment earnings 128.1 158.2 (19.0)% Income tax
expense 42.5 28.9 47.1% Equity method investment earnings
25.6 4.1 524.4% Income from continuing operations 111.2
133.4 (16.6)% Income from discontinued operations, net of
tax 373.3 13.8 2,605.1% Net income $ 484.5 $
147.2 229.1% Less: Net income attributable to noncontrolling
interests 2.2 2.9 (24.1)% Net income attributable to
ConAgra Foods, Inc. $ 482.3 $ 144.3 234.2% Earnings per
share – basic Income from continuing operations $ 0.26 $
0.31 (16.1)% Income from discontinued operations 0.88
0.03 2,833.3% Net income attributable to ConAgra Foods, Inc. $ 1.14
$ 0.34 235.3% Weighted average shares outstanding
423.9 421.1 0.7% Earnings per share – diluted
Income from continuing operations $ 0.25 $ 0.30 (16.7)% Income from
discontinued operations 0.87 0.04 2,075.0% Net income
attributable to ConAgra Foods, Inc. $ 1.12 $ 0.34 229.4%
Weighted average share and share
equivalents outstanding
429.3 428.2 0.3%
ConAgra Foods, Inc. Consolidated Balance Sheets (in millions)
(unaudited)
August 24, 2014
May 25, 2014
ASSETS Current assets Cash and cash equivalents $ 133.7 $
141.3
Receivables, less allowance for doubtful
accounts of $4.5 and $4.0
1,080.4 1,058.4 Inventories 2,210.3 2,077.0 Prepaid expenses and
other current assets 267.0 322.4 Current assets held for sale
- 631.7 Total current assets
3,691.4
4,230.8
Property, plant and equipment, net 3,667.6 3,636.0 Goodwill
7,838.0 7,828.5 Brands, trademarks and other intangibles, net
3,175.6 3,204.9 Other assets 989.6 267.3 Noncurrent assets held for
sale 10.9 198.9 $ 19,373.1
$ 19,366.4
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities Notes payable $ 565.2 $ 141.8 Current
installments of long-term debt 9.2 84.1 Accounts payable 1,441.8
1,349.3 Accrued payroll 174.1 154.3 Other accrued liabilities 709.8
748.1 Current liabilities held for sale -
164.8 Total current liabilities 2,900.1 2,642.4
Senior long-term debt, excluding current installments 7,720.9
8,571.5 Subordinated debt 195.9 195.9 Other noncurrent liabilities
2,807.9 2,599.4 Noncurrent liabilities held for sale - 2.0 Total
stockholders' equity 5,748.3 5,355.2 $
19,373.1 $ 19,366.4
ConAgra
Foods, Inc. and Subsidiaries Condensed Consolidated
Statements of Cash Flows (in millions) (unaudited)
Thirteen
weeks ended August 24, 2014 August 25,
2013 Cash flows from operating activities: Net income $ 484.5 $
147.2 Income from discontinued operations 373.3 13.8
Income from continuing operations 111.2 133.4 Adjustments to
reconcile income from continuing operations to net cash flows from
operating activities: Depreciation and amortization 148.1 139.8
Asset impairment charges 2.8 2.1 Loss on sale of fixed assets
2.6
1.0
Earnings of affiliates less than (in excess of) distributions (24.4
) 1.8 Share-based payments expense 15.5 17.0 Contributions to
pension plans (3.0 ) (4.5 ) Pension expense (3.6 ) (2.2 ) Other
items 22.0
(8.2
) Change in operating assets and liabilities excluding effects of
business acquisitions and dispositions: Accounts receivable (12.9 )
30.4 Inventory (128.6 ) (172.6 ) Deferred income taxes and income
taxes payable, net (23.3 ) 14.2 Prepaid expenses and other current
assets 23.3 (0.6 ) Accounts payable 105.3 63.9 Accrued payroll 26.3
(117.2 ) Other accrued liabilities (35.1 ) 47.5 Net cash
flows from operating activities — continuing operations 226.2 145.8
Net cash flows from operating activities — discontinued operations
7.4 20.3 Net cash flows from operating activities
233.6 166.1 Cash flows from investing activities:
Additions to property, plant and equipment (111.7 ) (174.0 ) Sale
of property, plant and equipment 1.8 3.7 Purchase of businesses,
net of cash acquired (75.4 ) — Return of investment in equity
method investee 402.9 — Net cash flows from investing
activities — continuing operations 217.6 (170.3 ) Net cash flows
from investing activities — discontinued operations 114.0
(7.3 ) Net cash flows from investing activities 331.6 (177.6
) Cash flows from financing activities: Net short-term borrowings
407.3 97.2 Issuance of long-term debt 550.0 — Repayment of
long-term debt (1,486.7 ) (2.3 ) Repurchase of ConAgra Foods, Inc.
common shares — (30.9 ) Cash dividends paid (105.5 ) (104.8 )
Exercise of stock options and issuance of other stock awards 27.1
62.9 Other items (5.9 ) 0.5 Net cash flows from financing
activities (613.7 ) 22.6 Effect of exchange rate changes on
cash and cash equivalents (0.9 ) (0.8 ) Net change in cash and cash
equivalents (49.4 ) 10.3 Discontinued operations cash activity
included above: Add: Cash balance included in assets held for sale
at beginning of period 41.8 33.0 Less: Cash balance included in
assets held for sale at end of period — 12.8 Cash and cash
equivalents at beginning of period 141.3 150.9 Cash
and cash equivalents at end of period $ 133.7 $ 181.4
ConAgra Foods, Inc.Media:Teresa Paulsen,
402-240-5210Vice President,Communication & External
RelationsorAnalysts:Chris Klinefelter, 402-240-4154Vice
President, Investor Relationswww.conagrafoods.com
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