DOCSLIB.ORG

Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 114 CONGRESS, SECOND SESSION

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 114 CONGRESS, SECOND SESSION E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 114 CONGRESS, SECOND SESSION Vol. 162 WASHINGTON, TUESDAY, JULY 12, 2016 No. 112 House of Representatives The House met at 10 a.m. and was Now, I am proud to say that this bill leaders focus on preparing students for called to order by the Speaker pro tem- passed unanimously out of committee, the workforce—not duplicative or over- pore (Mr. WEBSTER of Florida). which is good news because a reauthor- ly prescriptive Federal requirements— f ization is badly needed. and enable them to determine the best It is no secret that our country con- way to do so. DESIGNATION OF SPEAKER PRO tinues to face significant economic To increase transparency and ac- TEMPORE challenges, and it is no surprise that countability, H.R. 5587 streamlines per- The SPEAKER pro tempore laid be- many men and women are worried formance measures to ensure sec- fore the House the following commu- about their futures and their family’s ondary and post-secondary programs nication from the Speaker: future. Last week a Gallup poll found deliver results, helping students grad- uate, prepared to secure a good-paying WASHINGTON, DC, that 54 percent—just 54 percent—of July 12, 2016. Americans believed today’s young peo- job or further their education. The bill I hereby appoint the Honorable DANIEL ple will live a better life than their also includes measures to provide stu- WEBSTER to act as Speaker pro tempore on parents. dents, taxpayers, and State and local this day. As a father, I can say there is noth- leaders the information that they need PAUL D. RYAN, ing a parent wants more for their chil- to hold CTE programs accountable for Speaker of the House of Representatives. dren than a life that is better than delivering those results. f their own. When you hear that only Finally, H.R. 5587 will reduce the Federal role in career and technical MORNING-HOUR DEBATE half of all Americans expect their chil- dren to have a brighter future than education and limiting opportunities The SPEAKER pro tempore. Pursu- they did, it becomes clear that we need for the Federal Government to inter- ant to the order of the House of Janu- to do better. And we can do better, not vene in State and local decisions and ary 5, 2016, the Chair will now recog- just for our own kids, but for the preventing political favoritism. nize Members from lists submitted by neighbor who can’t find a job, the This is a bipartisan bill, Mr. Speaker. the majority and minority leaders for friend from church who struggles to I thank my colleagues on both sides of morning-hour debate. make ends meet, the family that has the aisle for their help in creating it. I The Chair will alternate recognition been trapped in poverty with no path- look forward to seeing it on the floor of the United States House of Representa- between the parties, with each party way out, or the high school student tives hopefully in the near future. limited to 1 hour and each Member who struggles and has no hope or inspi- other than the majority and minority ration that he or she has what it takes f leaders and the minority whip limited to succeed. IRAN NUCLEAR AGREEMENT to 5 minutes, but in no event shall de- With the Strengthening Career and ANNIVERSARY bate continue beyond 11:50 a.m. Technical Education for the 21st Cen- The SPEAKER pro tempore. The f tury Act, we have an opportunity Chair recognizes the gentleman from today to advance reforms that will help RECOGNIZING THE NEED FOR A Oregon (Mr. BLUMENAUER) for 5 min- these and many other Americans, espe- utes. 21ST CENTURY CAREER AND cially young Americans, obtain the TECHNICAL EDUCATION SYSTEM Mr. BLUMENAUER. Mr. Speaker, knowledge and skills that they need to this month we mark the first anniver- The SPEAKER pro tempore. The break the cycle of poverty and to sary of an historic agreement between Chair recognizes the gentleman from achieve a lifetime of success. This bill Iran and six major world powers, in- Pennsylvania (Mr. THOMPSON) for 5 will modernize and improve current cluding some of our key western allies, minutes. law to better reflect the challenges and plus Russia and China. Mr. THOMPSON of Pennsylvania. realities facing students, workers, and The agreement was designed to force Mr. Speaker, I rise to thank my col- employers. Iran to back away from the nuclear leagues on the House Education and The bill will empower State and local threshold, acquiring nuclear weapons, the Workforce Committee for their leaders by simplifying the application which everyone agreed would be a dis- support last week in passing a reau- process for receiving Federal funds and aster. thorization that I offered, the Carl D. providing them more flexibility to use Instead of sober reflection on the suc- Perkins Act, in the form of the those resources to respond to the cess of the agreement, where we are Strengthening Career and Technical changing education and economic and where we are going, we will, in- Education for the 21st Century Act. needs. These reforms will help State stead, be discussing legislation that is b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. H4663 . VerDate Sep 11 2014 23:41 Jul 12, 2016 Jkt 059060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\CR\FM\A12JY7.000 H12JYPT1 srobinson on DSK5SPTVN1PROD with HOUSE H4664 CONGRESSIONAL RECORD — HOUSE July 12, 2016 designed to have the United States commercial advantage. I would rather Danny is well known for a couple of break that agreement. In a very dan- have American jobs at Boeing than different things in the community. gerous world, that agreement has made have Airbus sell even more planes to Danny is most well known for his com- us a little bit safer. This would be a Iran or the French Bombardier manu- mitment to small business. He has mistake of tragic proportions to under- facturer. The rest of the world has fought tirelessly on behalf of the small mine it. moved on and America should not business community and the business Last year, Prime Minister of Israel, move backward. community generally. Benjamin Netanyahu, on this House In a troubled world, an opportunity In fact, one of the greatest accom- floor, as part of his campaign to scuttle to strengthen ties with a former enemy plishments at the Catawba County a potential agreement, warned that through trade, job creation, and bring- Chamber of Commerce under Danny’s Iran was on the verge of acquiring nu- ing us a bit closer together should not leadership is the Edison project, a com- clear weapons as thousands of cen- be a major cause for concern. It should petitive contest that awards much- trifuges were whirling to enrich ura- be a cause for celebration. needed start-up capital to local entre- nium. f preneurs. He began this initiative in While today, 14,000 centrifuges have REMEMBERING MIKE RHYNE the midst of one of the worst economic been removed from service and placed downturns in western North Carolina under international supervision. Iran The SPEAKER pro tempore. The history. has removed nuclear material from its Chair recognizes the gentleman from Danny knows that the backbone of once secret facility at Fordow. It has North Carolina (Mr. MCHENRY) for 5 our local economy and the backbone of reduced its stockpile of enriched ura- minutes. our country is small business. He un- Mr. MCHENRY. Mr. Speaker, I rise nium from 12,000 kilograms, with a pu- derstands that small business develop- today to honor Mike Rhyne, a great rity as high as 5 percent, to only 300 ment is the key to our region’s eco- man and a friend from Rutherford kilograms, with a purity of no more nomic development, growth, and recov- County, North Carolina. than 3–2/3 percent. The core of the ery. heavy water reactor at Arak has been Mike served as an aldermen for Ellenboro, the same town where his Danny’s work with small businesses filled with concrete. These are not ab- has truly paid off. Recent statistics stract numbers and mere technical- brother, Jim, serves as mayor. Ellenboro is a small town, but they show that wages in Catawba County ities. Iran has adhered to the agree- are growing at a faster rate than most ment, making a nuclear breakout hard- don’t actually view themselves that way. In fact, Mike and his late wife, counties in the country, and this is a er, and take longer. great success under Danny’s leader- Make no mistake, Iran has some un- Pat, were instrumental in starting the town’s yearly festival. When they de- ship. savory hardline people in key positions Danny is also extraordinarily well of leadership, but not everyone. Presi- cided to figure out a name on what to known for his love of golf. Danny’s sec- dent Hassan Rouhani has been a voice call it, they called it ‘‘Ellenboro’s Big ond-to-last day on the job in Sep- of and a force for moderation. The Iran Day.’’ That was sort of Mike’s person- tember will be hosting the chamber’s people voted for him as a repudiation ality coming through in just the nam- annual golf tournament.
Load more

Recommended publications
  • WEEKLY UPDATE Economic and Market Performance HI-Quality
    2-22-21 WEEKLY UPDATE Economic and Market Performance MARKET INDEX CLOSE WEEK Y-T-D 2-19-21 GAIN/LOSS GAIN/LOSS DJIA 31,494.32 +0.1% +2.9% S&P 500 3,906.71 -0.7% +4.0% NASDAQ 13,874.46 -1.6% +7.7% Weekly unemployment claims surged last week rising to 861,000, the highest level in a month, with continuing claims for the week ended February 6 at 4.494 million. January retail sales jumped 5.3% thanks to the receipt of stimulus checks and pent-up spending activity. Sales were up solidly across every retail category. The Producer Price Index for final demand rose 1.3% month-over-month in January, the largest increase since the index began in December 2009. While producers incurred higher prices in January, last week's Consumer Price Index showed that there wasn't any meaningful pass-through to consumers…yet. Industrial production increased 0.9% month-over-month in January. The capacity utilization rate jumped to 75.6% from an upwardly revised 74.9% in December. This reflects the continued strength in manufacturing output, which occurred despite a decline in the index for motor vehicles and parts attributed to a shortage in semiconductors used in vehicle components. Housing starts declined 6.0% in January to a seasonally adjusted annual rate of 1.580 million units while building permits increased 10.4% to 1.881 million. Existing home sales increased 0.6% in January to a seasonally adjusted annual rate of 6.69 million with the supply of existing homes for sale at an all-time low.
    [Show full text]
  • Congressional Record—Senate S8188
    S8188 CONGRESSIONAL RECORD — SENATE November 30, 2015 the three holds I have on ambassa- to be with our families and give thanks Republicans to consider calling on the dorial nominations: Mr. Samuel Heins, for all of the great goodness we have floor of the Senate—in light of all of who is nominated to be the U.S. Am- had showered on us as individuals and this gun violence—commonsense re- bassador to Norway, and Ms. Azita those lucky enough to live in this great forms that would keep guns out of the Raji, who is nominated to be the U.S. Nation, but for many families this was hands of dangerous people. Ambassador to Sweden. I believe both a painful holiday weekend. It is sober- Whether or not you own a gun, are qualified to represent our Nation ing to realize how many American fam- whether or not you hunt, whatever abroad, and we have significant inter- ilies have their lives impacted by gun your view is of the Constitution, can’t ests in Scandinavia. My hope is that violence in America every single day. we all basically agree that people who both nominees receive a vote and are Sadly, the past holiday weekend was have been convicted of a felony and confirmed in the Senate sooner rather no exception. those who are mentally unstable than later. In my home State of Illinois, in the should not be allowed to buy a gun? I will retain, however, the hold on city of Chicago, gun violence has taken That, to me, is just common sense.
    [Show full text]
  • Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 114 CONGRESS, SECOND SESSION
    E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 114 CONGRESS, SECOND SESSION Vol. 162 WASHINGTON, THURSDAY, JANUARY 7, 2016 No. 4 Senate The Senate was not in session today. Its next meeting will be held on Monday, January 11, 2016, at 2 p.m. House of Representatives THURSDAY, JANUARY 7, 2016 The House met at 10 a.m. and was ican workers who seek jobs that pay This claimed labor shortage is unsup- called to order by the Speaker pro tem- enough to support their families. ported by jobs or wage data and is po- pore (Mr. LAHOOD). In December, on less than 72 hours’ litical bunk. Per Federal labor statis- f notice, Congress and President Obama tics, 57 percent—57 percent—of Ameri- shoved down the throats of Americans cans without a high school diploma had DESIGNATION OF SPEAKER PRO a 2,000-page, financially irresponsible, no job in 2015’s second quarter. That TEMPORE $1.1 trillion omnibus spending bill that bears repeating. Fifty-seven percent of The SPEAKER pro tempore laid be- not only risks America’s solvency, it Americans without a high school di- fore the House the following commu- also threatens American jobs for Amer- ploma had no job in 2015’s second quar- nication from the Speaker: ican workers. ter. That is a lot of Americans who Under old law, 66,000 H–2B foreign WASHINGTON, DC, would love to have those jobs President January 7, 2016. worker visas could be issued each year.
    [Show full text]
  • Aryan Nations Deflates
    HATE GROUP MAP & LISTING INSIDE PUBLISHED BY SPRING 2016 // ISSUE 160 THE SOUTHERN POVERTY LAW CENTER PLUS: ARYAN NATIONS DEFLATES ‘SOVEREIGNS’ IN MONTANA EDITORIAL A Year of Living Dangerously BY MARK POTOK Anyone who read the newspapers last year knows that suicide and drug overdose deaths are way up, less edu- 2015 saw some horrific political violence. A white suprem- cated workers increasingly are finding it difficult to earn acist murdered nine black churchgoers in Charleston, S.C. a living, and income inequality is at near historic lev- Islamist radicals killed four U.S. Marines in Chattanooga, els. Of course, all that and more is true for most racial Tenn., and 14 people in San Bernardino, Calif. An anti- minorities, but the pressures on whites who have his- abortion extremist shot three people to torically been more privileged is fueling real fury. death at a Planned Parenthood clinic in It was in this milieu that the number of groups on Colorado Springs, Colo. the radical right grew last year, according to the latest But not many understand just how count by the Southern Poverty Law Center. The num- bad it really was. bers of hate and of antigovernment “Patriot” groups Here are some of the lesser-known were both up by about 14% over 2014, for a new total political cases that cropped up: A West of 1,890 groups. While most categories of hate groups Virginia man was arrested for allegedly declined, there were significant increases among Klan plotting to attack a courthouse and mur- groups, which were energized by the battle over the der first responders; a Missourian was Confederate battle flag, and racist black separatist accused of planning to murder police officers; a former groups, which grew largely because of highly publicized Congressional candidate in Tennessee allegedly conspired incidents of police shootings of black men.
    [Show full text]
  • Our Perspective
    Our Perspective HSA Adoption Case Study: How Hormel Foods Corporation Achieved Exceptionally High Enrollment Rates with HSA On Demand®, Strategic Plan Design and Effective Communications Hormel Foods Corporation (Hormel), a multinational manufacturer and marketer of consumer-branded food and meat products, recently faced benefit challenges shared by employers across the country. Rising health care costs compelled the company to look for a strategic change that would not only help manage costs, but would also help the company forge a partnership with employees in managing their health. Hormel executives were attracted to the cost savings offered Founded in Austin, MN, in 1891, by high-deductible health plans (HDHP), especially when paired Hormel employs nearly 20,000 with an employee-friendly savings option such as a health employees worldwide, and savings account (HSA) or health reimbursement arrangement manufactures a well-rounded portfolio (HRA). But despite the numerous benefits, there were some of trusted, household products limitations and challenges presented by HDHPs – Hormel including Skippy peanut butter, needed to find a solution that helped employees cover any Chi-Chi’s salsa, Jennie-O turkey and potential personal financial burdens. SPAM. Hormel gives generously to Fast forward to a year and a half later, and Hormel executives charities and fosters an environment are pleased to report extremely high year one results – 62% of engaged employees. enrollment in its HSA-based HDHP plans. How did Hormel manage such a successful
    [Show full text]
  • SUPREME COURT, STATE of COLORADO 2 East 14Th Ave., Denver, Colorado 80203 Original Proceeding Pursuant to C.A.R
    SUPREME COURT, STATE OF COLORADO 2 East 14th Ave., Denver, Colorado 80203 Original Proceeding Pursuant to C.A.R. 21 DATE FILED: February 16, 2016 4:49 PM El Paso County Dist. Court, Case No. 2015CR5795 Honorable Gilbert Martinez, Chief Judge In re: People v. Robert Lewis Dear, Jr. PETITIONERS: ABC, Inc; The Associated Press; Cable News Network, Inc. (“CNN”); CBS News, a division of CBS Broadcasting Inc., and KCNC-TV, owned and operated by CBS Television Stations Inc.; Colorado Broadcasters Association; Colorado Freedom of Information Coalition; Colorado Press Association; Colorado Springs Independent; The Denver Post; Dow Jones & Company; First Look Media, Inc.; Fox News Network, LLC; Gannett Co., Inc.; The Gazette; KDVR-TV, Channel 21; KKTV-TV, Channel 11; KMGH-TV, Channel 7; KRDO-TV, Channel 13; KUSA- TV, Channel 9; KWGN-TV, Channel 2; NBCUniversal Media, LLC; The New York Times Company; The Reporters Committee for Freedom of the Press; Rocky Mountain PBS; The E.W. Scripps Company; TEGNA, Inc.; Tribune Media Company, and the Washington Post Company, and RESPONDENTS: District Court for the Fourth Judicial District of Colorado (the Hon. Gilbert Martinez, Chief Judge, presiding). COURT USE ONLY CYNTHIA H. COFFMAN, Attorney General FREDERICK R. YARGER, Solicitor General* GRANT T. SULLIVAN, Assistant Solicitor General* Case No.: 2016SA13 MATTHEW D. GROVE, Assistant Solicitor General* 1300 Broadway, 6th Floor Denver, CO 80203 Phone: (720) 508-6349 (Sullivan) / 6157 (Grove) Fax: (720) 508-6041 Email: [email protected]; [email protected]; [email protected] Registration Numbers: 39479, 40151, 34269 *Counsel of Record THE HONORABLE GILBERT MARTINEZ’S ANSWER TO ORDER AND RULE TO SHOW CAUSE CERTIFICATE OF COMPLIANCE I hereby certify that this brief complies with all requirements of C.A.R.
    [Show full text]
  • Hormel Foods Adds Another Strategic Leading Brand to Its Portfolio with the Acquisition of Planters®
    FOR IMMEDIATE RELEASE Contact: Media Relations 507-434-6352 [email protected] Hormel Foods Adds Another Strategic Leading Brand to its Portfolio with the Acquisition of Planters® Acquisition of the Iconic Planters® Brand is a Continuation of the Company’s Evolution as a Global Branded Food Company AUSTIN, Minn., (Feb. 11, 2021) — Hormel Foods Corporation (NYSE: HRL), a global branded food company, announced today that it has entered into a definitive agreement to acquire the Planters® snack nut portfolio from the Kraft Heinz Company (Nasdaq: KHC). The proposed transaction is expected to close in calendar Q2 2021, subject to regulatory review and approval. The acquisition includes the Planters®, NUT-rition®, Planters® Cheez Balls and Corn Nuts® brands. Hormel Foods will acquire the business for $3.35 billion in cash in a transaction that provides a tax benefit valued at approximately $560 million, equating to an effective purchase price of $2.79 billion. “Planters® is an iconic leading snack brand with universal consumer awareness,” said Jim Snee, chairman of the board, president and chief executive officer of Hormel Foods. “The acquisition of the Planters® business adds another $1 billion brand to our portfolio and significantly expands our presence in the growing snacking space. The Planters® brand enhances our portfolio built for individual and social snacking occasions, and perfectly complements our snacking brands such as Hormel Gatherings®, Columbus®, Justin’s®, SKIPPY®, Herdez® and Wholly®. This acquisition also meaningfully broadens our scope for future acquisitions in the snacking space.” “Our competencies in brand stewardship, revenue growth management, e-commerce, innovation and consumer insights will be key to driving growth for the Planters® brand and for our customers,” Snee said.
    [Show full text]
  • Hormel Foods Corp. (HRL) Barclays Global Consumer Staples Conference
    Corrected Transcript 06-Sep-2017 Hormel Foods Corp. (HRL) Barclays Global Consumer Staples Conference Total Pages: 11 1-877-FACTSET www.callstreet.com Copyright © 2001-2017 FactSet CallStreet, LLC Hormel Foods Corp. (HRL) Corrected Transcript Barclays Global Consumer Staples Conference 06-Sep-2017 CORPORATE PARTICIPANTS Benjamin M. Theurer James N. Sheehan Analyst, Barclays Capital Casa de Bolsa SA de CV Senior Vice President & Chief Financial Officer, Hormel Foods Corp. James P. Snee President, Chief Executive Officer & Director, Hormel Foods Corp. ...................................................................................................................................................................................................................................................... MANAGEMENT DISCUSSION SECTION Benjamin M. Theurer Analyst, Barclays Capital Casa de Bolsa SA de CV All right. Good afternoon, everybody. Now on stage we have Hormel Foods. Hormel Foods is a, as you may know a global branded food company, over $9 billion in annual revenues across 75 countries worldwide. Its brand includes, SKIPPY, SPAM, Hormel Natural Choice, Applegate, Justin's, Wholly Guacamole, and more than 30 of [ph] loved (0:26) brands. In 2016, the company actually celebrated its 125th anniversary and announced its new vision for the future, Inspired People, Inspired Food. Focusing on its legacy of innovation, joining us today from Hormel are Jim Snee, President and CEO; as well as Jim Sheehan, Senior Vice President and CFO. Just quickly on the background of the two of them. Jim Snee is the 10th President and CEO in the company's 125-year history. He joined Hormel Foods in 1989 in the meat products division. He had multiple roles in the Foodservice Division, followed by being named Director of Corporate Purchasing in 2006. He was named Vice President of Affiliated Businesses in 2008, and in 2011 he advanced to lead the Hormel Foods International business, overseeing the company's global growing portfolio.
    [Show full text]
  • Recoding Intellectual Property and Overlooked Audience Interest, 77
    77 Tex. L. Rev. 923 (March, 1999) Copyright (c) 1999 Texas Law Review Association; Justin Hughes “Recoding” Intellectual Property and Overlooked Audience Interests Justin Hughesa1 Intellectual property is traditionally justified as an ex ante incentive structure to produce social wealth by “promot[ing] the Progress of Science and the useful Arts.”1 It has also been observed that intellectual property can be a means to protect the personality interest or “personhood” of individual creators.2 A person may view her intellectual creations as a *924 statement or manifestation of her spirit, creativity, and identity. This “personality theory” naturally leads to concern that laws protect the integrity of, and the creator’s prerogatives over, intellectual products. In this vein, personhood proponents should occupy the vanguard of “moral rights” for authors3 and publicity rights for celebrity performers.4 In the last few years, this generally pro-property personhood theory has been met with a scholarly reply specific to intellectual property: that owners’ rights to control their intellectual property are really rights about who controls social meaning. For example, one commentator has noted that disputes over unauthorized uses of copyrighted photographs tend to reduce to one question: “At what point, courts must decide, does a change in context or use transform an image’s meaning?”5 For this deconstructionist perspective,6 changes in meaning are welcome and property rights should be limited to give non-owners greater breadth to shape their own messages and, thereby, increase the personhood benefits that intellectual creations brings to those non-owners. In other words, true solicitude for personal development calls for weakening some of the barriers created by intellectual property.
    [Show full text]
  • 2014 Annual Report 7% Sales Growth 5 Year CAGR
    foods for the way we live 2014 annual report 7% Sales growth 5 year CAGR 1 2% EPS growth 5 year CAGR 48 Consecutive years of dividend increases 30+ Brands with No. 1 or No. 2 market share Jeffrey M. Ettinger Chairman of the Board, President and Chief Executive Offi cer Dear fellow shareholders, Fiscal 2014 represented another excellent year for Hormel Foods, as we achieved record dollar sales of $9.3 billion and double-digit earnings growth of a record $2.23 per share. This strong performance was rewarded in the market, with our share price climbing over 20% this fi scal year. Refrigerated Foods achieved 45% operating profi t launched Skippy Yippee™, a national advertising cam- growth on a sales increase of 9% in the face of paign for our iconic peanut butter brand, after many extremely tight raw material supplies. With a focus on years off the air. innovative product solutions such as Hormel® Bacon 1TM CytoSport acquisition In the third quarter we fully cooked bacon in our foodservice channel and the announced the acquisition of CytoSport Holdings, Inc., expansion of our contemporary Hormel® REV® wraps maker of Muscle Milk® protein-rich beverages and in the retail trade, we continued to expand our value- powders. This transaction expands the Specialty Foods added portfolio. segment offerings in sports nutrition products. Muscle Jennie-O Turkey Store had strong profi t increases and Milk® is the number one brand of ready-to-drink sales growth this year, driving demand with our Make protein-rich beverages, and the product line is an The Switch® advertising campaign featuring ground excellent fi t for today’s on the go lifestyles.
    [Show full text]
  • Hormel Foods Achieves Record Fourth Quarter and Full Year Results
    INVESTOR CONTACT: MEDIA CONTACT: Jana Haynes Julie Craven (507) 437-5248 (507) 437-5345 [email protected] [email protected] HORMEL FOODS ACHIEVES RECORD FOURTH QUARTER AND FULL YEAR RESULTS AUSTIN, Minn. (November 25, 2014) – Hormel Foods Corporation (NYSE: HRL) today reported record performance for the fiscal year 2014 fourth quarter and full year. All comparisons are to the fourth quarter or full year of fiscal 2013. SUMMARY Fourth Quarter Record diluted EPS of $0.63, up 9 percent from $0.58 per share Segment operating profit increased 9 percent Record dollar sales of $2.5 billion, increased 9 percent; volume up 3 percent Grocery Products operating profit down 21 percent; volume down 5 percent; dollar sales down 3 percent Refrigerated Foods operating profit up 10 percent; volume up 1 percent; dollar sales up 9 percent Jennie-O Turkey Store operating profit up 45 percent; volume up 7 percent; dollar sales up 11 percent Specialty Foods operating profit down 14 percent; volume up 15 percent (volume down 7 percent excluding sales of CytoSport Holdings, Inc. (“CytoSport”) products); dollar sales up 31 percent (dollar sales down 4 percent excluding sales of CytoSport products); CytoSport acquisition-related charges, including transaction costs and inventory adjustment to fair market value, were approximately $9.3 million International & Other operating profit up 3 percent; volume up 6 percent; dollar sales up 13 percent Fiscal Year Record diluted EPS of $2.23, up 14 percent from diluted EPS of $1.95 Segment operating profit up
    [Show full text]
  • Hormel Foods Corp. (HRL) Q1 2021 Earnings Call
    Corrected Transcript 18-Feb-2021 Hormel Foods Corp. (HRL) Q1 2021 Earnings Call Total Pages: 24 1-877-FACTSET www.callstreet.com Copyright © 2001-2021 FactSet CallStreet, LLC Hormel Foods Corp. (HRL) Corrected Transcript Q1 2021 Earnings Call 18-Feb-2021 CORPORATE PARTICIPANTS Nathan P. Annis James N. Sheehan Director of Investor Relations, Hormel Foods Corp. Chief Financial Officer & Executive Vice President, Hormel Foods Corp. James P. Snee Chairman, President & Chief Executive Officer, Hormel Foods Corp. ...................................................................................................................................................................................................................................................... OTHER PARTICIPANTS Ben Bienvenu Thomas Palmer Analyst, Stephens, Inc. Analyst, JPMorgan Securities LLC Erica Eiler Robert Moskow Analyst, Oppenheimer & Co., Inc. Analyst, Credit Suisse Securities (USA) LLC Kenneth B. Zaslow Michael S. Lavery Analyst, BMO Capital Markets Corp. Analyst, Piper Sandler & Co. Eric J. Larson Benjamin M. Theurer Analyst, Seaport Global Securities LLC Analyst, Barclays Capital Casa de Bolsa SA de CV Peter T. Galbo Sarah Davis Analyst, Bank of America Analyst, Goldman Sachs & Co. LLC ...................................................................................................................................................................................................................................................... MANAGEMENT DISCUSSION SECTION Operator:
    [Show full text]