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16. Quarterly Results
H. J. Heinz Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
First
(13 Weeks)
Second
(13 Weeks)
2011
Third
(13 Weeks)
Fourth
(13 Weeks)
Total
(52 Weeks)
(Unaudited)
(Dollars in thousands, except per share amounts)
Sales . . . . . . . . . . . . . . . . . . . . . . $2,480,825 $2,614,623 $2,722,350 $2,888,790 $10,706,588
Gross profit . . . . . . . . . . . . . . . . 907,977 966,627 1,028,293 1,049,643 3,952,540
Income from continuing
operations attributable to H.J.
Heinz Company common
shareholders, net of tax . . . . . 240,427 251,435 273,785 223,863 989,510
Net income attributable to H.J.
Heinz Company . . . . . . . . . . . 240,427 251,435 273,785 223,863 989,510
Per Share Amounts:
Net income from continuing
operations—diluted. . . . . . . . . $ 0.75 $ 0.78 $ 0.84 $ 0.69 $ 3.06
Net income from continuing
operations—basic . . . . . . . . . . 0.76 0.78 0.85 0.70 3.09
Cash dividends . . . . . . . . . . . . . . 0.45 0.45 0.45 0.45 1.80
First
(13 Weeks)
Second
(13 Weeks)
2010
Third
(13 Weeks)
Fourth
(13 Weeks)
Total
(52 Weeks)
(Unaudited)
(Dollars in thousands, except per share amounts)
Sales . . . . . . . . . . . . . . . . . . . . . . . $2,441,686 $2,646,785 $2,681,702 $2,724,810 $10,494,983
Gross profit . . . . . . . . . . . . . . . . . . 872,303 953,255 1,005,266 963,482 3,794,306
Income from continuing
operations attributable to H.J.
Heinz Company common
shareholders, net of tax . . . . . . . 214,724 243,076 264,115 192,574 914,489
Net income attributable to H.J.
Heinz Company . . . . . . . . . . . . . 212,564 231,435 228,527 192,366 864,892
Per Share Amounts:
Net income from continuing
operations—diluted . . . . . . . . . . $ 0.68 $ 0.76 $ 0.83 $ 0.60 $ 2.87
Net income from continuing
operations—basic . . . . . . . . . . . . 0.68 0.77 0.83 0.61 2.89
Cash dividends . . . . . . . . . . . . . . . 0.42 0.42 0.42 0.42 1.68
Continuing operations for the first quarter of Fiscal 2010 includes charges of $15.7 million pretax
($11.6 million after-tax) associated with targeted workforce reductions and asset write-offs
related to a factory closure. Continuing operations for the fourth quarter of Fiscal 2010 includes
charges of $21.9 million pre-tax ($16.2 million after-tax) associated with targeted workforce
reductions and asset write-offs related to two factory closures and the exit of a formula business
in the U.K. These Fiscal 2010 charges were part of a corporation-wide initiative to improve
productivity. In addition, continuing operations for the fourth quarter of Fiscal 2010 includes a
gain of $15.0 million pre-tax ($11.1 million after-tax) on a property disposal in the Netherlands.
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