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Dear Shareholder: This past year, the Flowers team made great strides in integrating the new business we have added over the past two years. We also WRRNVWHSVWRSRVLWLRQWKHFRPSDQ\IRUSUR¿WDEOHJURZWKDVZHPDQDJHGRSHUDWLQJH[SHQVHVDQGLPSURYHGPDQXIDFWXULQJHI¿FLHQFLHV DGGHGFDSDFLW\LQWURGXFHGLQQRYDWLYHSURGXFWVGHYHORSHGH[SDQVLRQPDUNHWVSDLGGRZQGHEWLQFUHDVHGWKHGLYLGHQGUDWHDQG repurchased shares. 2XUPDQXIDFWXULQJWHDPIRFXVHGRQHI¿FLHQFLHVUHGXFLQJGRZQWLPHDQGLPSURYLQJWKURXJKSXW$VDUHVXOWSURGXFWLRQPHWULFV improved over prior year and—combined with lower input cost—translated to improved gross margins. We invested in technology WKDWHQDEOHGXVWREHWWHUDQWLFLSDWHFRQVXPHUGHPDQGVXSSRUWRXUH[SDQGLQJGLUHFWVWRU\GHOLYHU\ '6' WHUULWRULHVDQGLPSURYHWKH freshness and quality of our products. 2XU'6'QHWZRUNZLWKVDOHVRIELOOLRQRURIWRWDOVDOHVKDVDFFHVVWRDSSUR[LPDWHO\RIWKH86SRSXODWLRQ:H KDYHRSSRUWXQLW\WRH[SDQGWKHUHDFKRIRXUIUHVKEDNHU\IRRGVLQWKHPDUNHWVZH¶YHPRVWUHFHQWO\HQWHUHGDQGWRJURZRXUVWURQJ PDUNHWVKDUHLQRXUFRUHPDUNHWVDVZHOHYHUDJHRXUH[LVWLQJEUDQGVDQGLQWURGXFHQHZSURGXFWV0HUJHUDQGDFTXLVLWLRQDFWLYLW\LQ WKHIRRGFDWHJRU\FRQWLQXHVDQGZHDUHPRQLWRULQJWKHODQGVFDSHIRURSSRUWXQLWLHVWKDWZLOOH[WHQGRXUJHRJUDSKLFUHDFKHQKDQFH our product offerings, and strengthen our company. Our warehouse distribution segment, with 2014 sales of $593.4 million, or 16% RIWRWDOVDOHVGHOLYHUVIUR]HQDQGVKHOIVWDEOHIUHVKSURGXFWVWRIRRGVHUYLFHYHQGLQJDQGUHWDLOFXVWRPHUV¶ZDUHKRXVHVQDWLRQZLGH ,QZHDGGHGDEXQOLQHDWRXUEDNHU\LQ+HQGHUVRQ1HYDQGRSHQHGDEUHDGOLQHDWRXU0RGHVWR&DOLIEDNHU\WRDGGQHHGHG FDSDFLW\LQRXUPRVWZHVWHUQPDUNHWV:HDOVRRSHQHGDEDNHU\LQ.QR[YLOOH7HQQUHGXFLQJWUDQVSRUWDWLRQFRVWVDQGLPSURYLQJ SURGXFWIUHVKQHVVLQQHDUE\H[SDQVLRQPDUNHWV,QWKHVXPPHUZHH[SDQGHGGLVWULEXWLRQLQWRQRUWKHUQ2KLRZKHUHWKHVWUHQJWKRI the Wonder brand opened doors for our Nature’s Own, Cobblestone Bread Co., and Tastykake brands to reach new consumers. We FRQWLQXHGWRPDNHVLJQL¿FDQWSURJUHVVZLWKWKHLQWHJUDWLRQRI/HSDJH%DNHULHVD1HZ(QJODQGEDNHUZHDFTXLUHGLQ Nature’s Own,RXUWRSEUDQGZLWKUHWDLOVDOHVRIELOOLRQGXULQJWKH\HDULVWKHEHVWVHOOLQJORDIEUHDGEUDQGLQWKH862WKHU top bread brands, including Wonder, Merita, and Home Pride,VXSSRUWHGJURZWKLQRXUH[SDQVLRQPDUNHWV7KURXJKRUJDQLFDQGFRUH market growth and future acquisitions, we intend to build our market share in fresh packaged breads. While our overall branded snack cakes sales were down this year due to the competitive environment, our Tastykake brand posted VOLJKWJURZWK:HDUHH[FLWHGDERXWWKHRSSRUWXQLW\IRUWKLVLFRQLFEUDQGZKLFKFHOHEUDWHGLWVWKDQQLYHUVDU\LQ,QZH H[SHFWWRLQWURGXFHTastykakeLQWRQHZ'6'PDUNHWVDQGODXQFKH[FLWLQJQHZYDULHWLHVRIEUDQGHGVQDFNFDNHV &RQVXPHUVH[SHFWLQQRYDWLRQIURPRXUEUDQGVDQGQHZSURGXFWVDUHDNH\WRGULYLQJJURZWK,QPLGZHODXQFKHGCobblestone Bread Co.DOLQHRISUHPLXPUHVWDXUDQWTXDOLW\EUHDGVDQGUROOVWDUJHWLQJPLOOHQQLDOVDQGIRRGHQWKXVLDVWV:HDUHSOHDVHGZLWKWKH EUDQG¶VSHUIRUPDQFHDQGLQWHQGWRLQWURGXFHQHZLWHPVLQ2QWKHVQDFNFDNHLQQRYDWLRQIURQWZHLQWURGXFHGDQHZORRNWRRXU Tastykake packaging, and had positive consumer response to limited edition Tastykake6DOWHG&DUDPHODQG5HG9HOYHW0LQL'RQXWV .H\UHVXOWVIRUWKHZHHN¿VFDOLQFOXGHVDOHVRIELOOLRQDQLQFUHDVHRIFRPSDUHGWRWKHZHHNSULRU\HDU adjusted net income of $192.1 million, and adjusted net earnings per share of $0.90.* During the year, the company paid down debt E\PLOOLRQSDLGGLYLGHQGVWRWDOLQJPLOOLRQDQGUHSXUFKDVHGVKDUHVRIFRPPRQVWRFNIRUPLOOLRQ :HDUHSURXGRIRXUDFFRPSOLVKPHQWVLQDQGORRNIRUZDUGWRH[SDQGLQJRXURYHUDOOPDUNHWVKDUHDQGRXU'6'WHUULWRU\ZKLOH JURZLQJRXUEUDQGV)RUWKHZHHN¿VFDODKHDGZHH[SHFWVDOHVWREHWRELOOLRQDQGHDUQLQJVSHUVKDUHWREH $0.96 to $1.01. $VDOZD\VZHUHPDLQIRFXVHGRQWKHORQJWHUPORRNLQJWRJURZVDOHVDQGUHZDUGRXUVKDUHKROGHUVE\OHYHUDJLQJFRQVXPHU DZDUHQHVVRIRXUEUDQGVDQGIXOO\GHYHORSLQJRXU'6'DQGRXUZDUHKRXVHGLVWULEXWLRQSODWIRUPV:HZLOOZRUNWR¿QGRSSRUWXQLWLHV WRJURZLQRXUFRUHDQGH[SDQVLRQPDUNHWVDVZHOHYHUDJHRXUEUDQGVWUHQJWKHI¿FLHQWEDNHULHVGLVWULEXWLRQQHWZRUNVFXVWRPHU UHODWLRQVKLSVDQGPRVWLPSRUWDQWO\RXUPRWLYDWHGDQGH[SHULHQFHGWHDP :HH[WHQGRXUWKDQNVWRWKH)ORZHUVWHDPIRUWKHLUHIIRUWVLQWRRXUERDUGRIGLUHFWRUVIRUWKHLURYHUVLJKWDQGJXLGDQFHDQGWR \RXRXUVKDUHKROGHUVIRU\RXUFRQWLQXHGFRQ¿GHQFHLQRXUFRPSDQ\ Allen L. Shiver George E. Deese President and CEO Chairman of the Board In keeping with the company’s management succession plan, Flowers Foods announced the retirement of George E. Deese as executive chairman of the board at the end of 2014. Mr. Deese, who has more than 50 years of service with the company, serves as non-executive chairman of the board. In July 2014, the company announced the appointment of Bradley K. Alexander as executive vice president and chief operating officer of Flowers Foods. Mr. Alexander has worked for the company since 1981 in sales, operations, and marketing and has served as president of Flowers Bakeries, the company’s largest business segment. * Adjusted net income and adjusted net earnings per share are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the nearest comparable GAAP measure is included in the following pages. Flowers Foods’ Guiding Principles: Integrity, Service, Quality, Commitment NYSE: FLO www.flowersfoods.com Business: The second-largest producer and marketer of packaged bakery foods in the U.S. 2014* sales: $3.7 billion Products: Breads, buns, rolls, snack cakes, tortillas Top company brands: Nature’s Own, Wonder, Whitewheat, Cobblestone Bread Co., Tastykake, Mrs. Freshley’s Top regional/franchised brands: Sunbeam, Merita, Home Pride, Butternut, Bunny, Captain John Derst’s, Evangeline Maid, ButterKrust, Mary Jane, Betsy Ross, Roman Meal, Country Kitchen, Barowsky’s Organics Market: Retail and foodservice. Fresh bakery foods available to approximately 81% of the U.S. population in the Northeast, South, Southern Midwest, Southwest, and California through a network of independent distributors; ĨƌŽnjĞŶďĂŬĞƌLJŝƚĞŵƐĂŶĚƐŶĂĐŬĐĂŬĞƐĚĞůŝǀĞƌĞĚƚŽĐƵƐƚŽŵĞƌƐ͛ǁĂƌĞŚŽƵƐĞƐŶĂƚŝŽŶǁŝĚĞ Bakeries:ϰϲŚŝŐŚůLJĞĨĨŝĐŝĞŶƚďĂŬĞƌŝĞƐŝŶϭϲƐƚĂƚĞƐ 2014 Highlights: • KƉĞŶĞĚĂďƌĞĂĚůŝŶĞŝŶDŽĚĞƐƚŽ͕ĂůŝĨ͘ŝŶDĂƌĐŚϮϬϭϰƚŽƐĞƌǀĞƚŚĞEŽƌƚŚĞƌŶ California market with Nature’s Own, Wonder, Home Pride, and Sara Lee breads; Fresh/DSD added sales and distribution functions Frozen/Warehouse • KƉĞŶĞĚĂďƌĞĂĚůŝŶĞŝŶ<ŶŽdžǀŝůůĞ͕dĞŶŶ͘ŝŶDĂLJϮϬϭϰƚŽƉƌŽĚƵĐĞNature’s Own, Stars = bakery locations Wonder, and Merita bread for Tennessee, North and South Carolina, and Virginia markets Product mix 75% fresh bread, buns, rolls, tortillas; 18% fresh snack cakes, pastries; • KƉĞŶĞĚĂďƵŶůŝŶĞŝŶ,ĞŶĚĞƌƐŽŶ͕EĞǀĂĚĂŝŶ:ƵŶĞϮϬϭϰ ϲйĨƌŽnjĞŶďƌĞĂĚƐ͕ƌŽůůƐ͖ϭйŵŝdžĞƐ • Launched Cobblestone Bread Co., a brand of restaurant-quality specialty breads, buns, Sales channels 39% supermarket/drug; 28% and rolls targeted to millennials and food enthusiasts of all ages mass merchandiser/discount; 22% foodservice; ϲйĐŽŶǀĞŶŝĞŶĐĞƐƚŽƌĞƐ͖ϱйŽƚŚĞƌ DistributionϴϰйĚŝƌĞĐƚƐƚŽƌĞĚĞůŝǀĞƌLJ Financial highlights ;^^ĞŐŵĞŶƚͿ͖ϭϲйĚŝƌĞĐƚƚŽĐƵƐƚŽŵĞƌƐ͛ 000s omitted except per share data; for fiscal year ending ǁĂƌĞŚŽƵƐĞƐ;tĂƌĞŚŽƵƐĞ^ĞŐŵĞŶƚͿ Other facts Dec. 28,2013 Jan. 3, 2015* % change • &ƌŽŵϮϬϬϰͲϮϬϭϰ͕ƚŚĞ^^ĞŐŵĞŶƚĞdžƚĞŶĚĞĚ ƌĞĂĐŚƚŽĂŶĂĚĚŝƚŝŽŶĂůϭϰϯ͘ϰŵŝůůŝŽŶƉĞŽƉůĞ͘ ^ĂůĞƐ Ψϯ͕ϳϯϮ͕ϲϭϲ $3,748,973 Ϭ͘ϰй • Acquisitions account for $1.7 billion in Adjusted net income** $192,288 $192,101 ;Ϭ͘ϭͿй revenue over the past 10 years. Adjusted net income per diluted share** $0.91 $0.90 ;ϭ͘ϭͿй • Nature’s Own is the #1 ĂƐŚĚŝǀŝĚĞŶĚƐƉĞƌĐŽŵŵŽŶƐŚĂƌĞ ΨϬ͘ϰϰϰ $0.485 9.2% loaf bread brand in the U.S.†† *53-week year ΎΎdžĐůƵĚŝŶŐĂďĂƌŐĂŝŶƉƵƌĐŚĂƐĞĂĐĐŽƵŶƟŶŐŐĂŝŶĂŶĚĂĐƋƵŝƐŝƟŽŶͲƌĞůĂƚĞĚĐŽƐƚƐŝŶϮϬϭϯĂŶĚĂƉĞŶƐŝŽŶ Long-term growth objectives ƐĞƩůĞŵĞŶƚůŽƐƐ͕ĂƐƐĞƚŝŵƉĂŝƌŵĞŶƚ͕ĂŶĚƚŽƌƟůůĂĨĂĐŝůŝƚLJĚŝǀĞƐƟƚƵƌĞŝŶϮϬϭϰ͘^ĞĞŶŽŶͲ'WƌĞĐŽŶĐŝůŝĂƟŽŶƐ • Sales growth 5% - 10%** below and on next page. • EBITDA margin 11% - 13% • EPS double-digit growth Reconciliation of net income per diluted share • ROI 13% - 15% to adjusted net income per diluted share The FLOWERS WAY 2013 2014* • Grow sales Net income per diluted share $1.09 $0.82 • Invest wisely ƐƐĞƚŝŵƉĂŝƌŵĞŶƚͬĚŝǀĞƐƟƚƵƌĞ Ͷ $0.03 • Give extraordinary service ĐƋƵŝƐŝƟŽŶͲƌĞůĂƚĞĚĐŽƐƚƐ ΨϬ͘Ϭϲ — • Bake smart WĞŶƐŝŽŶƐĞƩůĞŵĞŶƚůŽƐƐ Ͷ $0.05 • Appreciate team ĂƌŐĂŝŶƉƵƌĐŚĂƐĞĂĐĐŽƵŶƟŶŐŐĂŝŶ ;ΨϬ͘ϮϰͿ — Adjusted net income per diluted share $0.91 $0.90 *53-week year ΎΎ/ŶĐůƵĚĞƐŽƌŐĂŶŝĐŐƌŽǁƚŚĂŶĚĨƵƚƵƌĞĂĐƋƵŝƐŝƟŽŶƐ -1.1% †IRi *53-week year 5-year performance ΎϱϯͲǁĞĞŬLJĞĂƌΎΎ^ĞĞŶŽŶͲ'WƌĞĐŽŶĐŝůŝĂƟŽŶďĞůŽǁ Sales (in billions) Adjusted net income** (in millions) ϮϬϭϬͲϮϬϭϰĐŽŵƉŽƵŶĚĂŶŶƵĂůŐƌŽǁƚŚƌĂƚĞ͗ϳ͘ϳй ϮϬϭϬͲϮϬϭϰĐŽŵƉŽƵŶĚĂŶŶƵĂůŐƌŽǁƚŚƌĂƚĞ͗ϴ͘ϲй $3.733 $3.749 $3.031 $192.3 $192.1 $2.759 $2.561 $142.4 $137.0 $131.0 -1.0% +7.8% +9.8% +23.1% +0.4% % of sales 5.3% 4.7% 4.7% 5.1% 5.1% 2010 2011 2012 2013 2014* 2010 2011 2012 2013 2014* DĂƌŬĞƚĐĂƉŝƚĂůŝnjĂƟŽŶ (in billions) Adjusted EBITDA** (in millions) ϮϬϭϬͲϮϬϭϰĐŽŵƉŽƵŶĚĂŶŶƵĂůŐƌŽǁƚŚƌĂƚĞ͗ϭϯ͘Ϭй ϮϬϭϬͲϮϬϭϰĐŽŵƉŽƵŶĚĂŶŶƵĂůŐƌŽǁƚŚƌĂƚĞ͗ϴ͘ϲй $4.449 $429.0 $4.007 $421.4 $3.172 $330.8 $291.0 $294.3 $2.439 $2.581 +12.3% +5.8% +22.9% +40.2% -9.9% % of sales 11.4% 10.7% 10.9% 11.3% 11.4% 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014* Reconciliation of net income to adjusted net income (in thousands) *53-week year 2010 2011 2012 2013 2014* EĞƚŝŶĐŽŵĞ Ψϭϯϳ͕Ϭϰϳ ΨϭϮϯ͕ϰϮϴ Ψϭϯϲ͕ϭϮϭ ΨϮϯϬ͕ϴϵϰ $175,739 ƐƐĞƚŝŵƉĂŝƌŵĞŶƚͬĚŝǀĞƐƟƚƵƌĞ Ͷ Ͷ Ͷ Ͷ $6,452 DĂŶƵĨĂĐƚƵƌŝŶŐĨĂĐŝůŝƚLJĐůŽƐƵƌĞĐŽƐƚƐ Ͷ Ψϯ͕Ϯϱϲ Ͷ Ͷ — WĞŶƐŝŽŶƐĞƩůĞŵĞŶƚůŽƐƐ Ͷ Ͷ Ͷ Ͷ $9,910 ĐƋƵŝƐŝƟŽŶͲƌĞůĂƚĞĚĐŽƐƚƐ Ͷ Ψϰ͕Ϯϴϯ Ψϲ͕ϮϰϮ Ψϭϭ͕ϰϲϱ — ĂƌŐĂŝŶƉƵƌĐŚĂƐĞĂĐĐŽƵŶƟŶŐŐĂŝŶ Ͷ Ͷ Ͷ ;ΨϱϬ͕ϬϳϭͿ — ĚũƵƐƚĞĚŶĞƚŝŶĐŽŵĞ Ψϭϯϳ͕Ϭϰϳ ΨϭϯϬ͕ϵϲϳ ΨϭϰϮ͕ϯϲϯ ΨϭϵϮ͕Ϯϴϴ $192,101 Reconciliation of net income to adjusted EBITDA (in thousands) *53-week year 2010 2011 2012 2013 2014* EĞƚŝŶĐŽŵĞ Ψϭϯϳ͕Ϭϰϳ ΨϭϮϯ͕ϰϮϴ Ψϭϯϲ͕ϭϮϭ ΨϮϯϬ͕ϴϵϰ $175,739 /ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ Ψϳϯ͕ϯϯϯ Ψϲϴ͕ϱϯϴ ΨϳϮ͕ϲϱϭ Ψϵϭ͕ϰϳϵ $92,315 /ŶƚĞƌĞƐƚ;ŝŶĐŽŵĞͿĞdžƉĞŶƐĞ͕ŶĞƚ ;Ψϰ͕ϱϭϴͿ
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    3/3/15 C CHS Career Days 2015 Speaker Bios This is an 8 page document – double click on the job title for a quick link to biography. Quick links for Tuesday (March 10, 2015) Room 268 Room 142 Period 2 Advertising – Molly Watson Author / Writer – Judith Donato Period 3 District Magistrate – Analisa Sondergaard Aquatic Biologist - Kate Doms Period 4 Nursing – Lorraine Miller .net programming – Scott Kornblatt Period 7 Fashion Retailing – Wendy McDevitt Private Equity Investing – Mike Bailey Author, Judith Donato (center) during Career Period 8 Days 2013 Quick links for Wednesday (March 11, 2015) Room 268 Room 142 Period 2 Entrepreneur – Tom Borger Radio Sales – Paul Blake Period 3 TV Production – Tom Sredenschek Cyber Security – Tom Murphy Period 4 Special Agent (FBI) – Charles Murray Business – Paul Ridder (Tastykake) Period 7 Clinical Social Work – Karen Moon Speakers present in either Large Group Period 8 Graphic Design – Steve Miller Video Production – Mike Fanelle Room 142 or 268. Quick links for Thursday (March 12, 2015) Room 268 Room 142 Period 2 App Development – Phil Reitnour Technology – Scott Snyder Period 3 Accounting – Scott Shreve Music Production – Dan Marino Period 4 Environmental Science – Tony Parisi TV Marketing – Fran McElwee Period 7 Financial Planning – Tom Safford Sports Reporter – Dave Spadaro Students are able to interact with the Period 8 International Business – Seth Morrison Law Enforcement – Jamie Kemm speakers. NO pre-registration for Career Days 2015 – this is NEW. Students attend during “free” period or with approval from their teacher. Open to all students. Information Tables will be set up during all LUNCH periods: March 5, 6 & 9 in the Cafeteria CHS Career Days 2015 speaker biographies are on page 2-8 of this document (alpha by topic).
  • Downloaded from by IP Address 192.168.160.10 on 06/22

    Downloaded from by IP Address 192.168.160.10 on 06/22

    How new owners turned Twinkies into solid gold While Americans rejoiced when Twinkies reappeared on store shelves in the summer of 2013, nobody has had more reason for celebration than Metropoulos & Co. and Apollo Global Management LLC (together “M&A”), which purchased Hostess Brands out of bankruptcy liquidation just months earlier. The tale of Hostess’ beginning, demise (twice) and rise from the ashes is a fascinating case study of iconic brands, mismanagement and human tragedy and how “private equity”/buyout firms can make mind-boggling sums in the blink of an eye. The first Hostess cupcake was created in 1919 and the Hostess brand was founded in 1925 when Continental Baking bought Taggart bakery, the maker of Wonder Bread. Twinkies were invented by James Dewar in 1930 as a cheap bakery item during the Depression and became an instant hit. Ding Dongs and Ho Hos were introduced in 1967 and Interstate Baking Co. acquired Continental in 1995. Interstate filed for Chapter 11 bankruptcy protection in 2004. According to The Atlantic, the company was “collapsing under the weight of flagging sales, overly generous union contracts replete with ridiculous work rules and gobs of debt.” Under Chapter 11, Interstate continued to operate while attempting to “reorganize” its debts and business. Interstate emerged from bankruptcy in 2009, with private equity firm Ripplewood Holdings paying $130 million for control (and hedge funds Silver Point Capital and Monarch Alternative Capital providing $360 million of debt financing) and the company’s two major unions, the Teamsters and the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union contributing $110 million in annual wage and benefit concessions.
  • Deal of the Week: Hostess Sells Twinkies Brand for $410M

    Deal of the Week: Hostess Sells Twinkies Brand for $410M

    Deal of the Week: Hostess Sells Twinkies Brand for $410M Announcement Date March 12, 2013 Acquirer Apollo Global Management, Metropoulos & Company Acquirer Descriptions Apollo Global Management is a publicly owned investment manager C. Dean Metropoulos & Co. is a principal investment firm seeking to invest in the consumer branded products industries Target Hostess Brands (Twinkies, Ho Hos, Sno Balls, Dolly Madison Zingers) Target Description Operates as a wholesale baker and distributor of bread and snack cakes in the United States Founded in 1930 and based in Irving, Texas Target Financial Stats Mkt Cap: NM EV: $648.5 million LTM EBITDA: ($0.3) million EV / LTM EBITDA Multiple: NM Price / Consideration Price: $410 million Consideration: Cash Rationale The deal includes five Hostess factories, which the buyers hope to restart so to begin restocking store shelves by the summer. The new company will almost certainly feature the Hostess name Apollo and Metropoulos emerged from a crowded field of international food giant and private equity firm bidders for the brands. At one point, more than 100 parties had expressed interest in Twinkies Hostess Brands said private equity firms Apollo and Metropoulos set a baseline offer of $410 million to buy the company’s snack cake brands back in January, the stalking horse bid On Monday, March 11th, the deadline for submitting competing bids, Hostess notified the U.S. Bankruptcy Court for the Southern District of New York in White Plains that it had not received any other offers and would sell the brands to the stalking horse Advisers to Hostess canceled an auction scheduled for Wednesday morning and declared the winners The sale requires the approval of the federal bankruptcy judge overseeing the Chapter 11 case Comments Metropoulos & Company owns Pabst Blue Ribbon and Vlasic pickles C.
  • Hostess Brands, Inc

    Hostess Brands, Inc

    Filed Pursuant to Rule 424(b)(3) Registration No. 333- 219149 PROSPECTUS HOSTESS BRANDS, INC. 19,000,000 Warrants to Purchase 9,500,000 Shares of Class A Common Stock 9,500,000 Shares of Class A Common Stock The selling warrantholders named in this prospectus (the “Selling Warrantholders”) may offer and sell from time to time up to 19,000,000 warrants (“Private Warrants”) to purchase shares of our Class A common stock par value $0.0001 per share (“Class A Common Stock”). The Private Warrants are exercisable to purchase an aggregate of 9,500,000 shares of Class A Common Stock at an exercise price of $5.75 per half share of Class A Common Stock. Upon the sale or distribution of the Private Warrants as described herein, the Private Warrants will become fungible with our public warrants to purchase Class A Common Stock (“Public Warrants”) and we expect these transferred Private Warrants (“Transferred Warrants”) will trade under the same CUSIP and ticker symbol as the Public Warrants on the NASDAQ Capital Market (“NASDAQ”). In addition, this prospectus relates to the issuance by us of up to 9,500,000 shares of our Class A Common Stock that are issuable upon the exercise of Transferred Warrants. We are not selling any Private Warrants in this offering and will not receive any proceeds from the sale of Private Warrants by the Selling Warrantholders pursuant to this prospectus, but will receive $5.75 per half-share upon the exercise of any Transferred Warrants. We will pay the expenses, other than any underwriting discounts and commissions, associated with the sale of Private Warrants and shares pursuant to this prospectus.
  • Notre Dame Welcomes Dr. Judith A. Dwyer As Its 4Th President Notre

    Notre Dame Welcomes Dr. Judith A. Dwyer As Its 4Th President Notre

    Annual Report2013-14 inside VISIONSVISIONSACADEMY of NOTREAcademy DAME of de NotreNAMUR Dame de Namur FALL 2014 NotreNotre DameDame WelcomesWelcomes Dr.Dr. JudithJudith A.A. DwyerDwyer asas itsits 4th4th PresidentPresident VISIONS MAGAZINE . FALL 2014 . 1 MESSAGE FROM THE PRESIDENT How does the Notre Dame community describe excellence? I am pleased to share this combined issue of Visions and the 2013-2014 Annual Report of Gifts with you. The magazine portion highlights the academic rigor, community engagement, and spiritual depth that continue to define our tradition of educational excellence. The report testifies to the generosity of so many members of our community, who support our mission and core values. Together, they tell the story of how the Academy honors the past, celebrates the present, and secures the future in the pioneering spirit of the Sisters of Notre Dame de Namur. Judith A. Dwyer, Ph.D. How does Notre Dame describe excellence? Our students excel in academic, President artistic, and athletic achievements. Our alumnae continue to lead and achieve Eileen Wilkinson (see article on Margaret [Meg] Kane ’99, this year’s Notre Dame Award recipient, Principal on page 12). It is this legacy and dynamic learning environment that the gifts described in the Annual Report support. Jacqueline Coccia Academic Dean The “Our Time to Inspire” campaign seeks to ensure Notre Dame’s reputation Madeleine Harkins The Mansion. The Mansion continues to be a defining part of our school and our lives. as a premier Catholic academy for young women by providing an enhanced, Dean of Student Services 8 innovative, and dynamic learning environment.
  • Grocery Goliaths

    Grocery Goliaths

    HOW FOOD MONOPOLIES IMPACT CONSUMERS About Food & Water Watch Food & Water Watch works to ensure the food, water and fish we consume is safe, accessible and sustainable. So we can all enjoy and trust in what we eat and drink, we help people take charge of where their food comes from, keep clean, affordable, public tap water flowing freely to our homes, protect the environmental quality of oceans, force government to do its job protecting citizens, and educate about the importance of keeping shared resources under public control. Food & Water Watch California Office 1616 P St. NW, Ste. 300 1814 Franklin St., Ste. 1100 Washington, DC 20036 Oakland, CA 94612 tel: (202) 683-2500 tel: (510) 922-0720 fax: (202) 683-2501 fax: (510) 922-0723 [email protected] [email protected] foodandwaterwatch.org Copyright © December 2013 by Food & Water Watch. All rights reserved. This report can be viewed or downloaded at foodandwaterwatch.org. HOW FOOD MONOPOLIES IMPACT CONSUMERS Executive Summary . 2 Introduction . 3 Supersizing the Supermarket . 3 The Rise of Monolithic Food Manufacturers. 4 Intense consolidation throughout the supermarket . 7 Consumer choice limited. 7 Storewide domination by a few firms . 8 Supermarket Strategies to Manipulate Shoppers . 9 Sensory manipulation . .10 Product placement . .10 Slotting fees and category captains . .11 Advertising and promotions . .11 Conclusion and Recommendations. .12 Appendix A: Market Share of 100 Grocery Items . .13 Appendix B: Top Food Conglomerates’ Widespread Presence in the Grocery Store . .27 Methodology . .29 Endnotes. .30 Executive Summary Safeway.4 Walmart alone sold nearly a third (28.8 5 Groceries are big business, with Americans spending percent) of all groceries in 2012.
  • DVRPC FY 2009 Transportation Improvement Program (TIP)

    DVRPC FY 2009 Transportation Improvement Program (TIP)

    The Delaware Valley Regional Planning Commission is dedicated to uniting the re- gion’s elected officials, planning professionals and the public with a common vision of making a great region even greater. Shaping the way we live, work and play, DVRPC builds consensus on improving transportation, promoting smart growth, protecting the environment and enhancing the economy. We serve a diverse region of nine counties: Bucks, Chester, Delaware, Montgomery and Philadelphia in Pennsylvania; and Bur- lington, Camden, Gloucester and Mercer in New Jersey. DVRPC is the federally desig- nated Metropolitan Planning Organization for the Greater Philadelphia Region - leading the way to a better future. Our logo is adapted from the official DVRPC seal, and is designed as a stylized image of the Delaware Valley. The outer ring symbolizes the region as a whole, while the diagonal bar signifies the Delaware River. The two adjoining crescents represent the Commonwealth of Pennsylvania and the State of New Jersey. DVRPC is funded by a variety of funding sources including federal grants from the U.S. Department of Transportation’s Federal Highway Administration (FHWA) and Federal Transit Administration (FTA), the Pennsylvania and New Jersey departments of trans- portation, as well as by DVRPC’s state and local member governments. The authors, however, are solely responsible for its findings and conclusions, which may not repre- sent the official views or policies of the funding agencies. DVRPC Fiscal Year 2009 Transportation Improvement Program Volume IV
  • Hostess Brands Inc.: a Case Study

    Hostess Brands Inc.: a Case Study

    Journal of Business and Retail Management Research (JBRMR), Vol. 12 Issue 1 October 2017 Hostess brands inc.: A case study Kimberly J. Flanders Indiana University of Pennsylvania, United States Keywords Case study, human performance technology, instructional design, business process improvement Abstract Hostess Brands, Inc. served as the largest manufacturer and distributor of baked goods products in the United States for decades. Throughout numerous mergers and acquisitions, the company’s growth resulted in a series of problems leading to bankruptcy. The three key problems included high legacy costs, shrinking profits, and significant, long-term debt. This research is a case study utilizing Gilbert’s Behavioral Engineering Model to evaluate the issues that led to the bankruptcy of Hostess Brands, Inc. Corresponding author: Kimberly J. Flanders Email address for corresponding author: [email protected] First submission received: 8th March 2017 Revised submission received: 1st May 2017 Accepted: 10th June 2017 Introduction The largest producer and distributor of baked goods products in the United States, Hostess Brands, Inc. filed for bankruptcy on November 16, 2012. Several problems existed within the organization that made solvency and profitability nearly impossible. Three key problems uncovered within the organization included exorbitant legacy costs due to multiple unions, shrinking profit margins because of increased production costs, and large, long-term debt. This study will evaluate human performance technology, specifically analyzing the main problems within Hostess Brands, Inc., and will also argue for Gilbert’s Behavioral Engineering Model, discussing how it could have been utilized to improve Hostess organizational efficiency. Hostess Brands, Inc. Hostess Brands, Inc. baked and distributed breads and baked goods throughout the United States from 2009 to 2013.