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  1. cost increase
    an increase in cost
    If anything, our EBITDA numbers show cost increases in a number of areas.
  2. accretive
    growing by accretion
    I can tell you, the price we're paying for the business, is consistent with our acquisition criteria of immediately accretive excess cash flow and EBITDA.
  3. longbow
    a powerful wooden bow drawn by hand
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  4. EBITDA
    income before interest and taxes and depreciation and amortization have been subtracted; an indicator of a company's profitability that is watched by investors (especially in leveraged buyouts)
    We expect that they will add $35 million to $38 million of EBITDA, to our results on a full-year basis.
  5. CFO
    the corporate executive having financial authority to make appropriations and authorize expenditures for a firm
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  6. forward-looking
    ahead of the times
    Before I begin our formal remarks, I need to remind everyone, that part of the discussion today includes forward-looking statements.
  7. RBC
    a mature blood cell that contains hemoglobin to carry oxygen to the bodily tissues; a biconcave disc that has no nucleus
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  8. net sales
    gross sales reduced by customer discounts, returns, freight out, and allowances
    The brands had annual net sales of approximately $90 million in Unilever's fiscal 2011, ended September 30th.
  9. gross profit
    the net sales minus the cost of goods and services sold
    Bob Cantwell - B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    Further, on kind of your gross profit question.
  10. cash flow
    the excess of cash revenues over cash outlays in a give period of time (not including non-cash expenses)
    I can tell you, the price we're paying for the business, is consistent with our acquisition criteria of immediately accretive excess cash flow and EBITDA.
  11. conference call
    a telephone call in which more than two people participate
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  12. purchase agreement
    a contract stating the terms of a purchase
    The Culver Specialty Brands purchase agreement, signed on Friday by Unilever and B&G Foods, basically calls for B&G Foods to acquire six brands, that I will discuss in a moment, and finished goods inventory.
  13. Capital
    the federal government of the United States
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  14. leverage
    the mechanical advantage gained by a machine on a fulcrum
    While our net leverage increases to approximately 4.3 times EBITDA, our strong cash flow gives us the ability to rapidly decrease that leverage going forward.
  15. CEO
    the corporate executive responsible for the operations of the firm; reports to a board of directors; may appoint other managers (including a president)
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  16. behoove
    be appropriate or necessary
    It behooves us, to be ready to do the next acquisition that comes down the road, and position the balance sheet to be able to do that very quickly and very smoothly.
  17. dividend
    a number to be divided by another number
    As a result of this and the tax consequences of the transition, the EBITDA estimate that we have provided, means that annual excess cash flow after dividends, would increase by approximately 70%.
  18. marinade
    mixture of vinegar, oil, and seasoning for soaking foods
    The six brands we are acquiring include the Mrs. Dash line of seasoning blends and marinades, which occupy a unique niche in these categories with salt-free offerings.
  19. redistribute
    disperse anew
    Clearly, we have demonstrated, I hope, to shareholders, that we're very happy to redistribute a good proportion of our free cash flow.
  20. acquisition
    something gained
    Welcome to the B&G Foods Inc conference call to discuss the acquisition, of Culver Specialty Brands.
  21. synergy
    the working together of two or more things to produce an effect
    Dave Wenner - B&G Foods Inc - President, CEO, Director

    No, we really haven't built any cost synergies in.
  22. operator
    an agent that operates some apparatus or machine
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC Capital...
  23. profit margin
    the ratio gross profits divided by net sales
    This is a business that generates gross profit margins in excess of 60%.
  24. good morning
    a conventional expression of greeting or farewell
    Dave Wenner - B&G Foods Inc - President, CEO, Director

    Thank you, good morning, everyone and welcome to the conference call.
  25. shareholder
    someone who owns stock in a corporation
    Clearly, we have demonstrated, I hope, to shareholders, that we're very happy to redistribute a good proportion of our free cash flow.
  26. approximately
    imprecise but fairly close to correct
    For a purchase price of approximately $325 million.
  27. balance sheet
    a record of the financial situation of an institution on a particular date by listing its assets and the claims against those assets
    Fees and closing costs, related to the transaction and financing, will be paid from cash on our balance sheet.
  28. margin
    the boundary line or area immediately inside the boundary
    A business, that has frankly interested us for a number of years, as it has margins and distribution systems similar to many of our food products.
  29. acquire
    come into the possession of something concrete or abstract
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  30. finance
    the commercial activity of providing funds and capital
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  31. competitive
    involving rivalry over something
    Mrs. Dash and Molly McButter sell in the highly competitive seasonings category, but each brand has established a strong presence, in their segment of that category.
  32. conference
    a prearranged meeting for consultation or discussion
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  33. President
    the person who holds the office of head of state of the United States government
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  34. supermarket
    a large self-service grocery store selling groceries and dairy products and household goods
    Both B&G Foods and CSB, for instance, sell approximately 50% of their total net sales to supermarkets.
  35. point of view
    a mental position from which things are perceived
    In fact, we have added costs in a number of areas, especially in Canada, where we're not as efficient as Unilever would be from a distribution and sales point of view.
  36. establish
    set up or found
    Consisting of Static Guard, the number one brand in static elimination, and Kleen Guard, an established furniture polish brand.
  37. purchaser
    a person who buys
    We are delighted to be the purchaser of these brands, and thank Unilever for the opportunity.
  38. perspective
    a way of regarding situations or topics
    How long do you think it will take for that to play out in the numbers, from a growth perspective?
  39. market
    a store where groceries are sold
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC Capital...
  40. research
    a seeking for knowledge
    THOMSON REUTERS STREETEVENTS
    EDITED TRANSCRIPT
    BGS - B&G FOODS INC TO DISCUSS AGREEMENT TO ACQUIRE CULVER SPECIALTY BRANDS FROM UNILEVER CONFERENCE CALL

    EVENT DATE/TIME: NOVEMBER 01, 2011 / 01:00PM GMT








    CORPORATE PARTICIPANTS
    Dave Wenner B&G Foods Inc - President, CEO, Director
    Bob Cantwell B&G Foods Inc - CAO, EVP-Finance, CFO, Director

    CONFERENCE CALL PARTICIPANTS
    Reza Vahabzadeh Barclays Capital - Analyst
    Phil Terpolilli Longbow Research - Analyst
    Edward Aaron RBC ...
  41. efficient
    being effective without wasting time, effort, or expense
    The addition of the Sugar Twin business there, should help our efforts be more efficient ,and help us become more meaningful to retailers there.
  42. million
    the number that is represented as a one followed by 6 zeros
    For a purchase price of approximately $325 million.
  43. publicly
    in a manner accessible to or observable by the public
    I'm here with Bob Cantwell, our Chief Financial Officer, to give you a preview of the B&G Foods acquisition, of Culver Specialty Brands, which we publicly announced Friday afternoon.
  44. quarterly
    of or relating to a period of three months
    Since we just announced our third quarter fiscal 2011 results last week, and held a conference call on those results, we will not discuss B&G Foods quarterly or full-year financial performance on this call.
  45. household
    a social unit living together in a residence
    The Culver portfolio also includes two household product lines.
  46. manufactured
    produced in a large-scale industrial operation
    All six brands are manufactured by co-packers, as are approximately 1/3 of the products, we currently own.
  47. financial
    involving fiscal matters
    I'm here with Bob Cantwell, our Chief Financial Officer, to give you a preview of the B&G Foods acquisition, of Culver Specialty Brands, which we publicly announced Friday afternoon.
  48. balance
    harmonious arrangement or relation of parts within a whole
    Fees and closing costs, related to the transaction and financing, will be paid from cash on our balance sheet.
  49. established
    brought about or set up or accepted
    Consisting of Static Guard, the number one brand in static elimination, and Kleen Guard, an established furniture polish brand.
  50. first half
    the first of two halves of play
    I think Unilever's first half results, their sales were almost 23 billion EUR.
  51. performance
    the act of doing something successfully
    These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them.
  52. manufacturing
    the act of making something (a product) from raw materials
    As far as money facts, did you mention what the landscape looks like for manufacturing of these products?
  53. well-known
    widely or fully known
    Mrs. Dash, in particular, is well-known for its healthy salt-free profile.
Created on 四月 18, 2012

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