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HNZ > SEC Filings for HNZ > Form 8-K on 20-Nov-2012All Recent SEC Filings

Show all filings for HEINZ H J CO

Form 8-K for HEINZ H J CO


Results of Operations and Financial Condition, Financial Statements and Exhibits


Attached is H. J. Heinz Company's press release dated November 20, 2012, furnished herewith as Exhibit 99.1.

This press release presents the Company's results excluding charges for productivity initiatives. Such charges include costs associated with targeted workforce reductions, asset write-offs associated with factory closures, and other implementation costs taken in Fiscal 2012 to accelerate growth. Management believes that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-over-year basis. The adjustments are charges for non-recurring productivity initiatives that, in management's judgment, significantly affect the year-over-year assessment of operating results. In addition, these results are used in reporting to our executive management and as a component of the Board of Director's measurement of our performance for incentive compensation purposes. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measures.

This press release presents the business measure of organic sales growth, which is defined as volume plus price or total sales growth excluding the impact of foreign exchange and acquisitions and divestitures. This measure is utilized by senior management to provide investors with a more complete understanding of underlying sales trends by providing sales growth on a consistent basis. The limitation of this measure is its exclusion of the impact of foreign exchange and acquisitions and divestitures.

This press release also presents certain financial measures and certain outlook on a constant currency basis. Constant currency is defined as the reported amount adjusted for translation (the effect of changes in average foreign exchange rates between the current period and the corresponding prior year), and the impact of current year foreign currency translation hedges. Management refers to growth rates at constant currency so that results can be viewed without the impact of changing foreign currency exchange rates, thereby facilitating period-to-period comparisons of financial results. Management provides outlook on a constant currency basis because of the volatility of foreign exchange rates and because it believes that such presentation facilitates a period-to-period comparison. However, a limitation of the use of the constant currency results as a performance measure is that it does not reflect the impact of exchange rates on financial results when comparing to the prior period. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP.

Disclosed on Exhibit 99.1 is supplemental information regarding reconciliation and calculation of the non-GAAP measures discussed above in connection with the financial results for the second quarters and six months ended October 28, 2012 and October 26, 2011, respectively.


(d) Exhibits

Exhibit Number

(Referenced to

Item 601 of

Regulation S-K) Description of Exhibit
99.1 H.J. Heinz Company Press Release dated November 20, 2012

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