HNZ » Topics » Heinz Reaffirms FY 2006 Pro-Forma EPS of $2.10-$2.16; Updates Shareholders on Completion of 2003-2006 Transformation Plan

This excerpt taken from the HNZ 8-K filed Apr 24, 2006.

Heinz Reaffirms FY 2006 Pro-Forma EPS of $2.10-$2.16;
Updates Shareholders on Completion of 2003-2006 Transformation Plan

Pittsburgh, April 24, 2006 – H.J. Heinz Company issued a letter to shareholders today summarizing its strategic vision and progress in building shareholder value. The letter is attached with this release.

     The Company also reaffirmed Fiscal Year 2006 pro-forma EPS guidance of $2.10 to $2.16 per share, as communicated February 28. From that pro-forma base, Heinz expects Fiscal 2007 sales growth of 3-4 percent, operating income and EPS growth at the upper-end of a range of 6-8 percent, and operating free cash flow of $800 million to $900 million.

     Comprehensive fourth quarter and Fiscal 2006 earnings results will be released June 1.

     “Following a successful transformation restructuring process, Heinz has established a solid new foundation for growth with leading brands in established and select developing geographies,” said Chairman, President and CEO William R. Johnson. “It is important that we communicate to shareholders the scope of the important change that has been achieved, and the capabilities we have built and are refining to drive increased shareholder value in Fiscal 2007 and beyond.”

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EDITORS’ NOTE: Letter to shareholders follows this release.

 

SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management’s view of future events and financial performance. These statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond Heinz’s control and could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Uncertainties contained in such statements include, but are not limited to, sales, earnings, and volume growth, general economic, political, and industry conditions, competitive conditions, which affect, among other things, customer preferences and the pricing of products, production, energy and raw material costs, the ability to identify and anticipate and respond through innovation to consumer trends, the need for product recalls, the ability to maintain favorable supplier relationships, achieving cost savings and gross margins objectives, currency valuations and interest rate fluctuations, change in credit ratings, the ability to identify and complete and the timing, pricing and success of acquisitions, joint ventures, divestitures and other strategic initiatives, approval of acquisitions and divestitures by competition authorities, and satisfaction of other legal requirements, the success of Heinz’s growth and innovation strategy and the ability to limit disruptions to the business resulting from the emphasis on three core categories and potential divestitures, the ability to effectively integrate acquired businesses, new product and packaging innovations, product mix, the effectiveness of advertising, marketing, and promotional programs, supply chain efficiency and cash flow initiatives, risks inherent in litigation, including tax litigation, and international operations, particularly the performance of business in hyperinflationary environments, changes in estimates in critical accounting judgments and other laws and regulations, including tax laws, the success of tax planning strategies, the possibility of increased pension expense and contributions and other people-related costs, the possibility of an impairment in Heinz’s investments, and other factors described in “Cautionary Statement Relevant to Forward-Looking Information” in the Company’s Form 10-K for the fiscal year ended April 27, 2005. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the securities laws.

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ABOUT HEINZ: H.J. Heinz Company, offering "Good Food, Every Day™,” is one of the world's leading marketers and producers of branded foods in ketchup, condiments,

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sauces, meals, soups, seafood, snacks, and infant foods. Heinz satisfies hungry consumers in every outlet, from supermarkets to restaurants to convenience stores and kiosks. Heinz is a global family of leading brands, including Heinz® Ketchup, sauces, soups, beans, pasta and infant foods (representing nearly one-third of total sales), HP®, Lea & Perrins®, Ore-Ida® french fries and roasted potatoes, and Smart Ones® meals, and Plasmon® baby food. Heinz has number-one or number-two brands in its three categories of Ketchup & Sauces, Meals & Snacks, and Infant Nutrition. Information on Heinz is available at www.heinz.com/news.

This excerpt taken from the HNZ DEFA14A filed Apr 24, 2006.

Heinz Reaffirms FY 2006 Pro-Forma EPS of $2.10-$2.16;
Updates Shareholders on Completion of 2003-2006 Transformation Plan

Pittsburgh, April 24, 2006 – H.J. Heinz Company issued a letter to shareholders today summarizing its strategic vision and progress in building shareholder value. The letter is attached with this release.

     The Company also reaffirmed Fiscal Year 2006 pro-forma EPS guidance of $2.10 to $2.16 per share, as communicated February 28. From that pro-forma base, Heinz expects Fiscal 2007 sales growth of 3-4 percent, operating income and EPS growth at the upper-end of a range of 6-8 percent, and operating free cash flow of $800 million to $900 million.

     Comprehensive fourth quarter and Fiscal 2006 earnings results will be released June 1.

     “Following a successful transformation restructuring process, Heinz has established a solid new foundation for growth with leading brands in established and select developing geographies,” said Chairman, President and CEO William R. Johnson. “It is important that we communicate to shareholders the scope of the important change that has been achieved, and the capabilities we have built and are refining to drive increased shareholder value in Fiscal 2007 and beyond.”

1






EDITORS’ NOTE: Letter to shareholders follows this release.

 

SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management’s view of future events and financial performance. These statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond Heinz’s control and could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Uncertainties contained in such statements include, but are not limited to, sales, earnings, and volume growth, general economic, political, and industry conditions, competitive conditions, which affect, among other things, customer preferences and the pricing of products, production, energy and raw material costs, the ability to identify and anticipate and respond through innovation to consumer trends, the need for product recalls, the ability to maintain favorable supplier relationships, achieving cost savings and gross margins objectives, currency valuations and interest rate fluctuations, change in credit ratings, the ability to identify and complete and the timing, pricing and success of acquisitions, joint ventures, divestitures and other strategic initiatives, approval of acquisitions and divestitures by competition authorities, and satisfaction of other legal requirements, the success of Heinz’s growth and innovation strategy and the ability to limit disruptions to the business resulting from the emphasis on three core categories and potential divestitures, the ability to effectively integrate acquired businesses, new product and packaging innovations, product mix, the effectiveness of advertising, marketing, and promotional programs, supply chain efficiency and cash flow initiatives, risks inherent in litigation, including tax litigation, and international operations, particularly the performance of business in hyperinflationary environments, changes in estimates in critical accounting judgments and other laws and regulations, including tax laws, the success of tax planning strategies, the possibility of increased pension expense and contributions and other people-related costs, the possibility of an impairment in Heinz’s investments, and other factors described in “Cautionary Statement Relevant to Forward-Looking Information” in the Company’s Form 10-K for the fiscal year ended April 27, 2005. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the securities laws.

* * *

ABOUT HEINZ: H.J. Heinz Company, offering "Good Food, Every Day™,” is one of the world's leading marketers and producers of branded foods in ketchup, condiments,

2






sauces, meals, soups, seafood, snacks, and infant foods. Heinz satisfies hungry consumers in every outlet, from supermarkets to restaurants to convenience stores and kiosks. Heinz is a global family of leading brands, including Heinz® Ketchup, sauces, soups, beans, pasta and infant foods (representing nearly one-third of total sales), HP®, Lea & Perrins®, Ore-Ida® french fries and roasted potatoes, and Smart Ones® meals, and Plasmon® baby food. Heinz has number-one or number-two brands in its three categories of Ketchup & Sauces, Meals & Snacks, and Infant Nutrition. Information on Heinz is available at www.heinz.com/news.

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