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In conjunction with announcement of the joint venture (JV) between Orocobre Limited (the Company or Orocobre) and Advantage Lithium Corp. (TSX VENTURE:AAL) (Advantage Lithium) on the Cauchari project ("Cauchari") in Jujuy Province, North West Argentina the company provides the following technical details. As announced on October 22, 2012, the project currently contains an inferred resource in two adjoining areas of the salar, with a total 230 million cubic metres of brine at average grades of 380 mg/L lithium and 3700 mg/L potassium. This is equivalent to 470,000 tonnes of lithium carbonate and 1.6 million tonnes of potash (potassium chloride) based on 5.32 tonnes of lithium carbonate being equivalent to one tonne of lithium and 1.91 tonnes of potash being equivalent to one tonne of potassium. Details are given in the following table. To view Table 1, please visit the following link: http://media3.marketwire.com/docs/ori1123tab1.pdf. As per Canadian reporting requirements Advantage Lithium will release an NI 43-101 resource report within 45 days of this announcement related to the Cauchari transaction. Due to differences in drill hole depths the resource was divided into a northern and a southern resource area. The resource was estimated using a conservative approach limited by the depth of drilling, with the estimate extending to 170 metres depth in the northern area of the properties and 50 metres depth in the southern area. The resource boundaries are constrained by the company's property holdings, drilling results and geophysical survey interpretation. No internal cut-off boundaries have been used because both the Company and Competent Person/Qualified person consider it is inappropriate to apply them in a fluid resource where extraction will cause mixing. No external cut off was defined for the resource, due to the limited drilling and pit sampling completed on the project to date. The property boundaries were used as the western, northern and southern boundaries to the brine resource. Hole CAU006R was excluded from the resource due to a different drilling and sampling methodology and sub 100 mg/l Li composite sample results. The brine body has attractive chemistry, with a low magnesium to lithium ratio (2.8) in the five diamond holes and a high potassium to lithium ratio (10). The sulphate to lithium ratio averages 61 in diamond holes CAU001D-4D, rising to 114 in hole CAU005D in the eastern part of the resource area. Initial evaluation of the brine chemistry suggests high recoveries of lithium could be expected using a process route similar to that at the adjacent Olaroz project. The Cauchari Project is located immediately south of the Company's Olaroz lithium-potassium project (Figure 1), within the Province of Jujuy, Argentina. From October to December 2011 the company drilled five diamond and one rotary vertical drill holes in the Cauchari properties, followed by chemical analyses of the brine and porosity testing. This work provided the basis of the maiden resource estimate in 2012, by independent consulting hydrogeologist Murray Brooker, and other conclusions presented in this announcement. Orocobre activities have concentrated on exploration and development planning at the Olaroz salar project since 2008 with the project now in the final stages of production ramp up. The Olaroz lithium facility has a design capacity 17,500 tonnes per annum of lithium carbonate production and the company has recently completed a scoping study into options for expansion of the project. Joint venture of the Cauchari project allows the company to concentrate on optimised operations and expansion at Olaroz. To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/ori1123fig1.pdf. The company collected Audiomagnetotelluric (AMT) and gravity geophysical measurements in the salar prior to drilling in 2011. The Cauchari North geophysical line (in the resource area) suggests the eastern JV properties contain in excess of 350-400 metres of salar sediments, providing an attractive target for future drilling. Drilling on adjacent properties within the Cauchari salar by Lithium Americas Corp has intersected brine bearing salar sediments to 450 metres (DDH7) and recent drilling to the north in Olaroz, by Orocobre, has also intersected brine bearing sediments to a depth of 450 metres with geophysical surveys indicating a potentially greater basin depth. No drilling has intersected basement. In late 2011 Orocobre drilled a total of six drill holes (five diamond and one rotary) in the Cauchari salar with the deepest hole CAU001D (in the north of the properties) drilled to 249 metres. Holes were drilled with an average spacing of 3.3 kilometres. Drilling intersected from surface a sequence of silt and clay up to 60 metres thick, overlying a sequence of halite, interbedded with intervals of clastic sediment to the base of drilling. Down-hole geophysical logging data was collected to assist with correlation between holes. All holes were geologically logged in detail by an experienced geologist and photographs of the core taken. Details of the exploration undertaken in the drilling program were provided by Orocobre in the ASX/TSX announcement dated 22 October 2012. The western Cauchari properties are adjacent to where Lithium Americas Corp interprets brine to continue beneath the Archibarca alluvial fan. Geophysics carried out by Lithium Americas Corp (NI43-101 report, July 12, 2012) suggests that brine continues beneath a near surface fresh water zone and a mixed zone on both the western and eastern margins of the salar. No exploration drilling has yet been carried out in the JV western Cauchari properties and this is a priority area for future work. The 31.04 km2 areal extent of the maiden 2012 Cauchari resource was controlled by the location of the property boundaries, drilling results, geophysical profiles and salar geomorphology. The resource estimate is based on geological controls from the six holes drilled, with rotary drill hole CAU006R lying outside the resource area. Brine composite samples were taken with a bailer at a vertical spacing of 1.5, 3 and 6 metres during the diamond drilling. The location of the holes was controlled by access to the salar, with embankments constructed to reach sites and drill before the commencement of the wet season in early January. Drill holes were located with a hand held GPS. Mean Sy (Drainable Porosity) values from the porosity analyses were used to calculate a weighted Sy value for each drill hole, based on the lithologies and thicknesses recorded during logging. A continuous Sy value was also calculated for each hole, where geophysical logging (neutron logs) was available. Continuous Sy values were calculated using an algorithm relating neutron porosities (recorded every centimetre down hole during geophysical logging) and Pt values; using a modification of the methodology outlined by Houston and Gunn (2011). The results of the lithology-weighted and the continuous Sy values were then averaged to obtain a Sy value for each hole, as input to the resource estimate. The averaged Sy data for each hole was used to calculate an equivalent brine thickness at the location of each diamond hole over a m2 unit area (length of interval in hole [i.e. 170 metres] by Sy value = equivalent brine thickness for each hole as m/m2). The mass of lithium (Li), potassium (K) and boron (B) for the square metre centred on each diamond hole was calculated by multiplying the equivalent brine thickness (converted to a volume in litres) by the kg/l concentration of each element of interest in the diamond hole. This mass data from the diamond holes was then kriged across Orocobre's Cauchari tenements to produce concentration maps of kg/m2 for Li, K and B. The sum of the individual grid cells provides the total resource mass as presented in Table 1 of this announcement. Only one of the holes in the 2011 drilling program, upon which the resource estimate is based, reached the then target depth of 250 metres. Based on a likely depth of the Cauchari basin to be 350-450 metres plus, there is considerable potential to add to the existing resource. Consequently, the company believes further drilling would significantly expand the size of the Cauchari resource. A revised exploration target has been estimated to quantify the potential in addition to that beneath the resource announced in 22 October 2012. This addition to the exploration target is in the western properties of the Cauchari project. This western target represents the extension of the deeper aquifer units present at Olaroz, immediately north of the joint venture western properties, which are likely to extend beneath the Archibarca alluvial fan into these western properties. Based on available geophysics, geology and geochemistry it is possible to define an exploration target beneath the resource and in the western properties, outlined in Table 2 of this announcement. The relationship of an exploration target to the CIM and JORC resource definitions is shown in Figure 2. It must be stressed that an exploration target is not a mineral resource. The potential quantity and grade of the exploration target is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource in the volume where the Exploration Target is outlined. It is uncertain if further exploration drilling will result in the determination of a Mineral Resource in this volume. The exploration target is where, based on the available geological evidence, there is the possibility of defining a mineral resource. In keeping with Clause 18 of the JORC Code and CIM requirements the exploration target defined at Cauchari is: To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/ori1123fig2.pdf. It is a requirement of stating an exploration target that it is based on a range of values, which represent the potential geological conditions. Values have been selected to present an Upper and a Lower exploration target size. It is likely that the lithium and potassium contained in the exploration target lies somewhere between this Upper and Lower Case. Information Used to Define the Exploration Target Orocobre's 2011 drilling intersected grades of >400 mg/l Li at or near the base of holes CAU001D (249 metres), CAU002D (186 metres) and CAU005D (168 metres). Accordingly, elevated Li grades may continue beneath the depth of the Cauchari northern and southern resource areas (170 metres and 50 metres respectively) and beneath the depth of CAU001D. Orocobre previously conducted a geophysical survey in the Cauchari Resource area (Cauchari North line) in which gravity and Audiomagnetotelluric (AMT) data was collected. The AMT data (Figure 3) suggests brine is present in salar sediments beneath the Orocobre properties to depths of ~350 metres or more, with a coincident gravity survey suggesting depths of 300-450 metres or more to the salar basement. Additional information is available from the work, including drilling and geophysics, undertaken by Lithium Americas Corp on adjacent properties. This information, which principally relates to the area immediately west of the Cauchari 2012 resource, suggests salar sediments were intersected to 449.5 metres (end of hole) below surface (hole DDH7 in Appendix 1 of King, 2010), with multiple other holes intersecting salar sediments to 350 metres deep. This suggests that beneath the western properties south of the Olaroz project a similar thickness of sediments is present, potentially with economic lithium brine concentrations. Consequently, there is reason to believe the lithium-bearing brine in the Orocobre properties extends to 350-450 metres or deeper. The deeper drilling conducted by Lithium Americas Corp (Figure 7-7, feasibility study July 11, 2012) suggests there is a thick layer of sand underlying the halite sequence intersected in Orocobre drilling. This deep sand unit suggests potential for the same unit in the Cauchari project, beneath the depth of current drilling. Similarly, in the Orocobre Olaroz project to the north drilling has intersected sand units at this depth. To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/ori1123fig3.pdf. The following parameters have been used to estimate an Upper Assumption and Lower Assumption case for lithium and potassium in the Cauchari Exploration Target. The former uses the higher values for all parameters and the latter uses the lower values. Values used are shown in Table 2. The thickness of the resource (Table 1) depends on the drilling depths of Orocobre holes and has been separated into a northern and southern area reflecting this. The eastern part of the exploration target (defined to lie immediately below the resource) is consequently also separated into a northern and southern target under the same surface outlines. The total area (eastern and western areas and subareas) is 55.44 km2. A variable thickness is used for the target estimate, depending on the thickness of the overlying resource area and the potential thickness of gravels without Li-mineralised brine in the western area, based on information from nearby drilling in adjacent properties. Porosity is a vital measurement in determining a brine resource and it is important to understand the difference between definitions of porosity. Only part of the total porosity (Pt) consists of interconnected pores that can be drained. The drainable porosity component is referred to as the specific yield (Sy) - the proportion of water that can be yielded when the aquifer is pumped. The BGS Sy measurements at Cauchari and Olaroz have been used for the porosity values in the exploration target estimate. The contained lithium in the exploration target (combining values for the eastern and western areas - see Table 2) ranges from the Upper Assumption case of 5.6 million tonnes of lithium carbonate and 19 million tonnes of potash to the Lower Assumption case of 0.25 million tonnes of lithium carbonate and 0.9 million tonnes of potash. The concentrations in the Lower Assumption case are not economic brine grades at current market conditions. Note the total exploration target is different to that announced by Orocobre on 22 October 2012, as the exploration target in the western properties has been added, taking into consideration exploration results at the Company's Olaroz lithium project and the LAC Cauchari project. It must be stressed the exploration target is based on a series of assumptions and future drilling is required to determine the brine grade and formation porosity (Sy) values to establish whether a resource can be defined. Obtaining high quality samples in the field and ensuring that subsequent analysis of the samples was carried out to a high standard was considered of great importance, bearing in mind the technical challenges of sampling fluids (brines) and semi-consolidated sediments. Orocobre's initial diamond drilling program in the Cauchari salar was conducted using lexan tubes in the place of the triple tube splits, to maximize core recovery and geological understanding. Notwithstanding the best efforts of geologists and contractors, core recoveries averaged 76%. Down-hole geophysical logging was undertaken on diamond drill holes to provide additional geological information. Fluorescein (biodegradable) dye was used in the drilling fluid, to indicate whether brine samples taken with a bailer during the drilling were contaminated with drilling fluid. To view Table 2, please visit the following link: http://media3.marketwire.com/docs/ori1123tab2.pdf. As a further check on the results of brine samples obtained by bailing, during diamond drilling, brine was also extracted from core samples in a British Geological Survey (BGS) laboratory in the UK, where this brine was also analysed. Differences are noted between the two chemical data sets, although the contained metal and average grade of the estimated resource was similar for each data set. Data obtained by bailing, (obtaining a brine sample from a steel tube with a valve at the base, lowered into the drill hole on a cable) during drilling of diamond holes, was used for the resource estimate and as the basis for definition of the exploration target. Core samples from diamond drill holes were used for measurements of total porosity (total contained fluid) and specific yield (recoverable fluid), with measurements made at the British Geological Survey laboratories using recognized techniques. Chemical analyses on bailed samples were undertaken by Alex Stewart Assayers (Argentina) S.A. ("ASA") in Mendoza, Argentina. This laboratory has extensive experience analyzing brines from salar projects. They are ISO 9001:2000 accredited and operate their own internal standards consistent with ISO 17025. Standards and duplicate samples were used extensively, with laboratory-prepared and field standard samples submitted to the laboratory comprising 16% of the samples submitted and duplicates comprising a further 7% of the total samples. With minor exceptions, analytical values of the standards fell within +/-10% of the standard values for samples in the diamond drilling. Duplicate samples showed a high level of sample repeatability (precision), with all but five sample pairs falling well within +/-10% limits. Ion balances confirm the general quality of the ASA analyses. Additionally, 15 duplicate samples were analysed at the University of Antofagasta to compare with the ASA sample values. These sample pairs show average reproducible percentage differences of 5.6% for lithium and 16.6% for potassium. Overall the analyses are considered to be of acceptable quality for the inferred resource estimate, based on the results of the QA/QC samples. The resource estimate summarized in this announcement has been prepared by independent hydrogeologist Murray Brooker, addressing the standards set out in the Canadian Securities Administrators' National Instrument 43-101. Orocobre Limited is listed on the Australian Securities Exchange and Toronto Stock Exchange (ASX:ORE)(TSX:ORL) and is the leading lithium-potash developer in the lithium and potassium rich Puna region of Argentina. For further information, please visit www.orocobre.com. The technical information in this announcement has been prepared by Murray Brooker of Hydrominex Geoscience. Murray Brooker is a geologist and hydrogeologist and is a Member of the Australian Institute of Geoscientists. Murray has sufficient relevant experience to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. He is also a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101. Murray Brooker consents to the inclusion in this announcement of this information in the form and context in which it appears. Additional information relating to the Company's Cauchari project is available in the existing technical report entitled "Technical Report - Cauchari Project, Argentina" dated April 30, 2010, which was prepared by John Houston. This report contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information contained in this report may include, but is not limited to, the estimation and realization of resources at the Cauchari project, the viability, recoverability and processing of such resources, potential operating synergies between the Cauchari project and the Olaroz project, and other matters related to the development of the Cauchari project. Such forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk that further funding may be required, but unavailable, for the ongoing development of the Company's projects; changes in government regulations, policies or legislation; fluctuations or decreases in commodity prices; the possibility that required permits may not be obtained; uncertainty in the estimation or economic viability of mineral resources; general risks associated with the feasibility and development of the Cauchari project; unexpected capital or operating cost increases; uncertainty of meeting anticipated program milestones; as well as those factors disclosed in the Company's Annual Information Form for the year ended June 30, 2016 filed at www.sedar.com. The Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable. Assumptions have been made regarding, among other things: the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the prices of lithium and potash, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.


News Article | December 15, 2016
Site: www.eurekalert.org

Aging degradation and seismic damage of civil infrastructure pose a serious problem for society. One promising technology for monitoring the condition of structures is optical fiber sensing. By embedding long optical fibers into a structure, strain and temperature distributions along the fibers can be detected. Among the various types of optical fiber sensors, distributed strain and temperature sensors based on Brillouin scattering have received much attention due to their high sensitivity and stability. In particular, Brillouin optical correlation-domain reflectometry (BOCDR), which operates based on the correlation control of continuous lightwaves, is known to be an intrinsically one-end-access distributed sensing technique with high spatial resolution (Light: Science & Applications. In all Brillouin sensors, the strain and temperature dependence of the Brillouin frequency shift (BFS) is exploited to derive strain and temperature. In conventional BOCDR, the BFS is obtained by performing a frequency sweep over the whole Brillouin gain spectrum (BGS) using an electrical spectrum analyzer. Thus, the sweep speed of the spectrum analyzer limits the sampling rate to 19 Hz. By instead sweeping the frequency spectrum using a voltage-controlled oscillator, the researchers were able to achieve a higher-speed acquisition (Fig. 1(a)). However, deriving the BFS from the BGS still limited the sampling rate. To speed up the system further, the BGS was converted into a synchronous sinusoidal waveform using a band-pass filter, allowing the BFS to be expressed as its phase delay. Then, using an exclusive-OR logic gate and a low-pass filter, the phase delay was subsequently converted into a voltage, which was directly measured (Fig. 1(b)). A strain sampling rate of up to 100 kHz was experimentally verified by detecting a 1-kHz dynamic strain applied at an arbitrary position along the fiber. When distributed measurements were performed at 100 points with 10 times averaging, a repetition rate of 100 Hz was verified by tracking a mechanical wave propagating along the fiber (Fig. 2). Thus, the researchers were the first to achieve one-end-access real-time distributed Brillouin sensing. A video demonstration of the system is available online . The sensing system is anticipated to be of benefit in monitoring the health of various structures, ranging from buildings and bridges to windmill blades and aircraft wings. The system also has potential applications in robotics, acting as electronic "nerves" for detecting touch, distortion, and temperature change. The research was supported by JSPS KAKENHI Grant Numbers 25709032, 26630180 and 25007652, and by Research grants from the Iwatani Naoji Foundation, the SCAT Foundation and The Konica Minolta Science and Technology Foundation.


News Article | February 23, 2017
Site: www.businesswire.com

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) today announced financial results for the fourth quarter and full year 2016. Highlights (vs. prior year quarter and prior full year where applicable): “In 2016, much of our year was focused on the Green Giant integration, including the relaunch of the iconic Green Giant brand with a new and exciting marketing campaign and the introduction of several new and innovative products that have been a hit with consumers. We also continued to execute a key tenet of our growth strategy by completing two acquisitions in the fourth quarter; the spices & seasonings business of ACH Food Companies and the Victoria brand. Our base business, however, was not immune to the top-line challenges affecting our industry,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods. * Please see “About Non-GAAP Financial Measures and Items Affecting Comparability” below for the definition of the non-GAAP financial measures “adjusted net income,” “adjusted diluted earnings per share,” “base business net sales,” “EBITDA” and “adjusted EBITDA,” as well as information concerning certain items affecting comparability and reconciliations of the non-GAAP terms to the most comparable GAAP financial measures. “In just over two years we have nearly doubled the size of the B&G Foods, and with rapid growth comes significant challenges but also significant opportunities. For 2017 our top priorities are to deliver superior customer service, stabilize our core portfolio of brands through strategic and tactical marketing support, continue to harness the power and positive momentum of the Green Giant brand to drive top-line growth, and successfully integrate our two most recent acquisitions. We have a significant amount of work ahead of us in 2017, but my confidence in our team and our ability to deliver results and achieve our goals is as strong as ever. I look forward to another successful year for B&G Foods and our stockholders.” Financial Results for the Fourth Quarter of 2016 Net sales increased $71.4 million, or 20.8%, to $413.7 million for the fourth quarter of 2016 from $342.3 million for the fourth quarter of 2015. An additional month of net sales of Green Giant, acquired on November 2, 2015, contributed $46.5 million to net sales for the quarter. In addition, net sales of the spices & seasonings business, acquired on November 21, 2016, and net sales of Victoria, acquired on December 2, 2016, contributed $28.2 million and $3.2 million, respectively, to the Company’s net sales for the quarter. Base business net sales for the fourth quarter of 2016 decreased $5.6 million, or 1.6%, to $335.7 million from $341.3 million for the fourth quarter of 2015. The $5.6 million decrease was attributable to a decrease in unit volume of $2.2 million, or 0.6%, and a decrease in net pricing of $3.6 million, or 1.1%, partially offset by the favorable impact of currency fluctuations on foreign sales of approximately $0.2 million, or 0.1%. A little more than half of the Company’s base business net sales decline during the fourth quarter was attributable to a challenging competitive environment for its syrup brands, which in the aggregate declined $3.1 million for the quarter. The decline was primarily attributable to pure maple syrup price deflation due to the strength of the U.S. dollar relative to the Canadian dollar, which has resulted in increased competition in the maple syrup category and contractually mandated price reductions with certain of the Company’s foodservice customers. Gross profit increased $18.3 million, or 20.7%, to $106.9 million for the fourth quarter of 2016 from $88.6 million for the fourth quarter of 2015. Gross profit expressed as a percentage of net sales decreased to 25.8% in the fourth quarter of 2016 from 25.9% in the fourth quarter of 2015, a decrease of 0.1 percentage points. Selling, general and administrative expenses increased $22.2 million, or 60.6%, to $58.8 million for the fourth quarter of 2016 from $36.6 million for the fourth quarter of 2015, primarily due to the Green Giant acquisition. The increase was attributable to increases in consumer marketing of $19.5 million, warehousing expenses of $4.1 million, acquisition-related expenses of $2.7 million, partially offset by decreases in general and administrative expenses of $3.6 million (primarily related to the timing of accruals for performance based compensation), and selling expenses of $0.5 million (which includes a $1.0 million decrease in salesperson compensation partially offset by a $0.5 million increase in brokerage expenses). Expressed as a percentage of net sales, selling, general and administrative expenses increased 3.5 percentage points to 14.2% for the fourth quarter of 2016 from 10.7% for the fourth quarter of 2015. Net interest expense increased $1.6 million, or 9.6%, to $18.9 million for the fourth quarter of 2016 from $17.3 million in the fourth quarter of 2015. The increase was primarily attributable to additional indebtedness outstanding during the fourth quarter of 2016 as compared to the fourth quarter of 2015 as a result of the Green Giant acquisition, the spices & seasonings acquisition and the Victoria acquisition. The Company’s reported net income under U.S. generally accepted accounting principles (GAAP) was $13.6 million, or $0.20 per diluted share, for the fourth quarter of 2016, as compared to reported net income of $11.0 million, or $0.19 per diluted share, for the fourth quarter of 2015. The Company’s adjusted net income for the fourth quarter of 2016, which excludes the after-tax impact of the amortization of acquisition-related inventory step-up and other acquisition-related expenses was $19.4 million, or $0.29 per adjusted diluted share. The Company’s adjusted net income for the fourth quarter of 2015, which excludes an acquisition-related adjustment to deferred taxes, the after-tax impact of the amortization of acquisition-related inventory step-up, other acquisition-related expenses and distribution restructuring expenses, was $25.0 million, or $0.43 per adjusted diluted share. For the fourth quarter of 2016, adjusted EBITDA (which excludes the impact of the amortization of acquisition-related inventory step-up and other acquisition-related expenses), decreased 7.4% to $62.4 million from $67.4 million for the fourth quarter of 2015. Net sales increased $424.9 million, or 44.0%, to $1,391.3 million for fiscal 2016 from $966.4 million for fiscal 2015. An additional ten months of net sales of Green Giant, acquired on November 2, 2015, and an additional almost six months of net sales of Mama Mary’s, acquired on July 10, 2015, contributed $397.6 million and $19.4 million, respectively, to net sales for fiscal 2016. In addition, net sales of the spices & seasonings business, acquired on November 21, 2016, and net sales of Victoria, acquired on December 2, 2016, contributed $28.2 million and $3.2 million, respectively, to the overall net sales increase. Base business net sales for fiscal 2016 decreased $20.0 million, or 2.1%, to $942.3 million from $962.3 million for fiscal 2015. The $20.0 million decrease was attributable to a decrease in unit volume of $13.5 million, or 1.4%, a decrease in net pricing of $6.0 million, or 0.6%, and the negative impact of currency fluctuations on foreign sales of approximately $0.5 million, or 0.1%. A primary driver of the decline in base business net sales for fiscal 2016 was the Company’s syrup business. The Company’s syrup brands have been experiencing a challenging competitive environment and the net sales of those brands declined in the aggregate $7.7 million for the year. The decline was primarily attributable to maple syrup price deflation due to the strength of the U.S. dollar relative to the Canadian dollar, which has resulted in increased competition in the maple syrup category and contractually mandated price reductions with certain of the Company’s foodservice customers. Another significant factor in the decline in base business net sales for fiscal 2016 was the TrueNorth brand, which declined $6.4 million, or 33.9%. The TrueNorth net sales decline was primarily the result of historically high almond prices in 2015. In response to increased almond costs, the Company increased the selling price for TrueNorth products, which had a negative impact on consumer demand. Although the Company has rolled back pricing as almond prices have begun to return to historical norms, consumer demand has not returned to prior levels. Base business net sales were also negatively impacted by net sales of the Company’s Ortega products, which decreased $3.7 million, or 2.6%. A portion of the decrease was attributable to the effects of the product recall we announced in November 2014, which caused an increase in net sales of Ortega in fiscal 2015 due to customers restocking inventory of products affected by the recall, partially offset by $1.2 million of customer refunds related to the recall. $1.5 million of the decrease in net sales of Ortega was due to a net pricing decrease in fiscal 2016. Gross profit increased $158.4 million, or 54.7%, to $448.0 million for fiscal 2016 from $289.6 million for fiscal 2015. Gross profit expressed as a percentage of net sales increased to 32.2% in fiscal 2016 from 30.0% in fiscal 2015, an increase of 2.2 percentage points. The increase in gross profit percentage was primarily driven by the acquisition of Green Giant. Gross profit percentage was also positively impacted by decreased costs for commodities, packaging and distribution for the base business and improved product mix, which was partially offset by the unfavorable impact the decrease in base business sales volume had on cost absorption, a net reduction in base business pricing, and the impact of the write-off of Rickland Orchards inventory in connection with the Company’s decision to discontinue the brand. Selling, general and administrative expenses increased $68.9 million, or 65.0%, to $174.8 million for fiscal 2016 from $105.9 million for fiscal 2015, primarily due to the Green Giant acquisition. Acquisition-related expenses and distribution restructuring expenses increased $10.0 million for the year. The remaining $58.9 million of the increase was attributable to increases in consumer marketing of $41.6 million, selling expenses of $8.7 million (which includes a $7.5 million increase in brokerage expenses and a $1.2 million increase in salesperson compensation), warehousing expenses of $7.4 million and general and administrative expenses of $1.2 million (primarily related to compensation). Expressed as a percentage of net sales, selling, general and administrative expenses increased 1.5 percentage points to 12.5% for fiscal 2016 from 11.0% for fiscal 2015. Net interest expense increased $23.4 million, or 45.6%, to $74.5 million for fiscal 2016 from $51.1 million in fiscal 2015. The increase was primarily attributable to additional indebtedness outstanding during fiscal 2016 as compared to fiscal 2015 as a result of the Green Giant acquisition, the spices & seasonings acquisition and the Victoria acquisition. The Company’s reported net income under GAAP was $109.4 million, or $1.73 per diluted share, for fiscal 2016, as compared to reported net income of $69.1 million, or $1.22 per diluted share, for fiscal 2015. The Company’s adjusted net income for fiscal 2016, which excludes an intangible asset impairment-related adjustment to deferred taxes resulting from the Company’s decision to discontinue the Rickland Orchards brand, the after-tax impact of the non-cash impairment charge and the related loss on disposal of inventory, loss on extinguishment of debt, the amortization of acquisition-related inventory step-up, other acquisition-related expenses and distribution restructuring expenses, was $131.1 million, or $2.07 per adjusted diluted share. The Company’s adjusted net income for fiscal 2015, which excludes the acquisition-related adjustment to deferred taxes and the after-tax impact of the amortization of acquisition-related inventory step-up, other acquisition-related expenses and distribution restructuring expenses and the loss on product recall, was $86.8 million, or $1.53 per adjusted diluted share. For fiscal 2016, adjusted EBITDA (which excludes the impact of the amortization of acquisition-related inventory step-up, the non-cash intangible asset impairment charge and related loss on disposal of inventory, loss on product recall and other acquisition-related and distribution restructuring expenses), increased 47.9% to $322.0 million from $217.8 million for full year 2015. For full year 2017, net sales is expected to be approximately $1.64 billion to $1.68 billion, consumer marketing spending is expected to be approximately $75.0 million to $80.0 million, with approximately 35% of the total spending occurring in the first quarter of 2017, adjusted EBITDA is expected to be approximately $360.0 million to $375.0 million and adjusted diluted earnings per share is expected to be $2.13 to $2.27. B&G Foods provides earnings guidance only on a non-GAAP basis and does not provide a reconciliation of the Company’s forward-looking adjusted EBITDA and adjusted diluted earnings per share guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for deferred taxes; loss on extinguishment of debt; acquisition-related expenses, gains and losses; intangible asset impairment charges and related asset write-offs; loss on product recalls; restructuring expenses; and other charges reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding B&G Foods’ non-GAAP financial measures, see “About Non-GAAP Financial Measures and Items Affecting Comparability” below. B&G Foods will hold a conference call at 4:30 p.m. ET today, February 23, 2017. The call will be webcast live from B&G Foods’ website at www.bgfoods.com under “Investor Relations—Company Overview.” The call can also be accessed live over the phone by dialing (888) 282-4056 for U.S. callers or (913) 312-0850 for international callers. A replay of the call will be available two hours after the call and can be accessed by dialing (844) 512-2921 for U.S. callers or (412) 317-6671 for international callers; the password is 6779173. The replay will be available from February 23, 2017 through March 9, 2017. Investors may also access a web-based replay of the call at the Investor Relations section of B&G Foods’ website, www.bgfoods.com. About Non-GAAP Financial Measures and Items Affecting Comparability “Adjusted net income,” “adjusted diluted earnings per share,” “base business net sales” (net sales without the impact of acquisitions until the acquisitions are included in both comparable periods and without the impact of discontinued brands), “EBITDA” (net income before net interest expense, income taxes, depreciation and amortization and loss on extinguishment of debt), and “adjusted EBITDA” (EBITDA as adjusted for cash and non-cash acquisition-related expenses, gains and losses (which may include third party fees and expenses, integration, restructuring and consolidation expenses and amortization of acquired inventory fair value step-up); intangible asset impairment charges and related asset write-offs; loss on product recalls, including customer refunds, selling, general and administrative expenses and the impact on cost of sales; and distribution restructuring expenses) are “non-GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in B&G Foods’ consolidated balance sheets and related consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. The Company’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The Company uses “adjusted net income,” “adjusted diluted earnings per share,” and “base business net sales,” which are calculated as reported net income, reported diluted earnings per share and reported net sales adjusted for certain items that affect comparability. These non-GAAP financial measures reflect adjustments to reported net income, diluted earnings per share and net sales to eliminate the items identified above. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Because the Company cannot predict the timing and amount of these items, management does not consider these items when evaluating the Company’s performance or when making decisions regarding allocation of resources. Additional information regarding EBITDA and adjusted EBITDA, and a reconciliation of EBITDA and adjusted EBITDA to net income and to net cash provided by operating activities is included below for the fourth quarter and full year of 2016 and 2015, along with the components of EBITDA and adjusted EBITDA. Also included below are reconciliations of the non-GAAP terms adjusted net income, adjusted diluted earnings per share and base business net sales to the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s consolidated balance sheets and related consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows. B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Based in Parsippany, New Jersey, B&G Foods’ products are marketed under many recognized brands, including Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Durkee, Emeril’s, Grandma’s Molasses, Green Giant, JJ Flats, Joan of Arc, Las Palmas, Le Sueur, MacDonald’s, Mama Mary’s, Maple Grove Farms, Molly McButter, Mrs. Dash, New York Flatbreads, New York Style, Old London, Original Tings, Ortega, Pirate’s Booty, Polaner, Red Devil, Regina, Sa-són, Sclafani, Smart Puffs, Spice Islands, Spring Tree, Sugar Twin, Tone’s, Trappey’s, TrueNorth, Underwood, Vermont Maid, Victoria, Weber and Wright’s. B&G Foods also sells and distributes Static Guard, a household product brand. Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” The forward-looking statements contained in this press release include, without limitation, statements related to B&G Foods’ net sales, consumer marketing spending, adjusted EBITDA, adjusted diluted earnings per share and overall expectations for fiscal 2017. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of B&G Foods to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “projects,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in B&G Foods’ filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. B&G Foods undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


News Article | February 21, 2017
Site: www.businesswire.com

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.465 per share of common stock. The dividend is payable on May 1, 2017 to shareholders of record as of March 31, 2017. At the closing market price of the common stock on February 21, 2017, the current dividend rate represents an annualized yield of 3.9%. This is the 50th consecutive quarterly dividend declared by the Board of Directors since B&G Foods’ initial public offering in October 2004. B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Based in Parsippany, New Jersey, B&G Foods’ products are marketed under many recognized brands, including Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Durkee, Emeril’s, Grandma’s Molasses, Green Giant, JJ Flats, Joan of Arc, Las Palmas, Le Sueur, MacDonald’s, Mama Mary’s, Maple Grove Farms, Molly McButter, Mrs. Dash, New York Flatbreads, New York Style, Old London, Original Tings, Ortega, Pirate’s Booty, Polaner, Red Devil, Regina, Sa-són, Sclafani, Smart Puffs, Spice Islands, Spring Tree, Sugar Twin, Tone’s, Trappey’s, TrueNorth, Underwood, Vermont Maid, Victoria, Weber and Wright’s. B&G Foods also sells and distributes Static Guard, a household product brand.


News Article | November 21, 2016
Site: www.businesswire.com

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) announced that effective today it has completed the acquisition of the spices and seasonings business of ACH Food Companies, Inc., a leading supplier of spices and seasonings to retail and food service customers, for $365 million in cash, subject to a customary adjustment based upon inventory at closing. B&G Foods expects the acquisition to be immediately accretive to its earnings per share and free cash flow. B&G Foods p


News Article | December 2, 2016
Site: www.businesswire.com

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) announced that effective today it has acquired Victoria Fine Foods Holding Company and Victoria Fine Foods, LLC from Huron Capital Partners and certain other sellers for approximately $70.0 million in cash, subject to a customary working capital adjustment. “We are delighted to welcome Victoria Fine Foods and the Victoria premium pasta sauce brand to the B&G Foods family,” stated Robert C. Cantwell, President and Chief Execu


News Article | October 27, 2016
Site: www.businesswire.com

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) today announced financial results for the third quarter and first three quarters of 2016. Highlights (vs. year-ago quarter where applicable): Net sales increased 49.2% to $318.2 million Net income increased 63.6% to $32.4 million Adjusted net income* increased 62.1% to $36.7 million Diluted earnings per share increased 47.1% to $0.50 Adjusted diluted earnings per share* increased 43.6% to $0.56 Adjusted EBITDA* increased 60.2% to


DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Bone Grafts And Substitutes Market Analysis By Material, By Application Forecasts To 2024" report to their offering. The global bone graft and substitutes market is expected to reach over USD 3.6 billion by 2024, growing at an estimated CAGR of 5.2% from 2016 to 2024. Key drivers of the market include the growing elderly population and the resultant rise in orthopedic surgeries coupled with the perpetually rising awareness regarding the benefits of commercially available synthetic substitutes. Moreover, the bone grafts and substitutes market is witnessing positive growth owing to the escalating number of road accidents resulting in fractures and other bone injuries across the world. For example, Association for Safe International Road Travel stated that every year 20 to 50 million people get injured or are disabled due to road accidents. The association also predicts that with no preventive steps taken injuries stemming from road accidents would become the fifth leading cause of death by 2030. Considering the above-mentioned factors, rising number of road accidents are anticipated to boost the demand for BGS during the forecast period. However, risks such as immune response and disease transmission are the major factors challenging the growth of the global BGS market. In addition, the stringent regulatory approval process coupled with the high cost of the advanced products is another significant deterrent for the market growth. For more information about this report visit http://www.researchandmarkets.com/research/jn82kh/bone_grafts_and


LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces that it is investigating Orthofix International N.V. (“Orthofix” or the “Company”) (Nasdaq: OFIX) concerning possible violations of federal securities laws. If you purchased or otherwise acquired Orthofix shares and would like more information regarding the investigation, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights without cost to you. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at info@goldberglawpc.com. SeekingAlpha.com released a report stating how the “FDA is actively moving to ‘down classify’ BGS from Class III to Class II, allowing cheap competition to flood in, stealing revenues and crushing margins.” The report also states that as of October 1, 2016 “the FDA just transferred the BGS down classification process to the specific department responsible for handling the down classification (the department of Orthopedics).” When this information was released to the public, Orthofix stock declined, causing investors severe harm. If you have any questions concerning your legal rights, please immediately contact Goldberg Law PC at 800-977-7401, or visit our website at http://www.Goldberglawpc.com, or email us at info@goldberglawpc.com. Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces it has commenced an investigation of Orthofix International N.V. (NASDAQ:OFIX) (“Orthofix”) concerning possible violations of federal securities laws by the Company and/or certain of its officers and directors. On December 16, 2016, SeekingAlpha.com published a report revealing how the “FDA is actively moving to ‘down classify’ BGS from Class III to Class II, allowing cheap competition to flood in, stealing revenues and crushing margins.” The report also states that as of October 1, 2016 “the FDA just transferred the BGS down classification process to the specific department responsible for handling the down classification (the department of Orthopedics).” Following this news, Orthofix stock dropped harshly during intraday trading on December 16, 2016. To obtain additional information, go to: or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

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