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News Article | May 12, 2017
Site: www.businesswire.com

LONDON--(BUSINESS WIRE)--Citi Private Bank (CPB) was named best UK Private Bank for Client Service and Best UK UHNW team, at the WealthBriefing European Awards 2017, held in London on 11th May. Commenting on the award wins, the judges noted that it was CPB’s “family office leadership programme event and its impressive offering around the Brexit vote” that was a stand out for the client service award, adding that in addition to this, it was the bank’s very high client retention rate of 99%, that secured them the UHNW team award. Commenting on the award wins, Jeremy Knowland, global market manager, Citi Private Bank UK said: “It is a great honour to be recognised for these awards and is testament to the hard work and dedication shown by our team here in the UK. We pride ourselves in the unique service offered to our clients and these awards are a clear indication that these efforts are being recognised throughout the industry.” Showcasing ‘best of breed’ providers in the global private banking, wealth management and trusted advisor communities, the awards were designed to recognise companies, teams and individuals which the prestigious panel of judges deemed to have ‘demonstrated innovation and excellence during 2016’. Citi Private Bank advises some of the world's wealthiest, most influential individuals and families. With $374 billion in global assets under management, the franchise includes 49 offices in 15 countries, serving clients across 139 countries. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aircraft finance, as well as art and sports advisory and finance. About ClearView Financial Media Ltd (“ClearView”) ClearView Financial Media was founded by CEO, Stephen Harris in 2004, to provide high quality ‘need to know’ information for the discerning private client community. London-based, but with a truly global focus, ClearView publishes the WealthBriefing group of newswires, along with research reports and newsletters, while also running a pan-global thought-leadership events programme. With teams based in London, Singapore, Switzerland, US, South Africa and the Philippines, the company is one of the fastest-growing media groups serving the financial services sector.


News Article | May 19, 2017
Site: www.businesswire.com

Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release. Denise Morrison, Campbell’s President and Chief Executive Officer, said, “ While organic sales declined 1 percent in the quarter, the team performed well in a difficult environment, gaining market share in many of our categories and continuing to execute our cost savings program. “ This was a challenging quarter across the food industry as top-line growth remained scarce, especially in center store categories. The industry, including Campbell, experienced significant consumption declines early in the calendar year. These industry trends coincided with weak consumer spending, which was at its lowest growth rate since 2009. While we rebounded with sales growth in March and April, we were unable to offset the earlier declines. “ In this context, Campbell delivered competitive performance. A bright spot in the quarter was our Global Biscuits and Snacks division, which delivered top-line and double-digit bottom-line growth. Looking ahead as we finish the fiscal year, we expect Global Biscuits and Snacks to maintain its positive momentum, and we will also be cycling the C-Fresh protein drink recall from last year. “ We are adjusting our fiscal 2017 guidance, reflecting our performance in the quarter, the difficult operating environment and our outlook for the remainder of the year. We lowered our sales outlook by one percentage point to a range of -1 to 0 percent. We raised our expectations for adjusted EBIT and adjusted EPS, increasing the low end of both ranges to 2 to 4 percent and 3 to 5 percent, respectively. Despite the challenges on the top line, we expect that we will be able to offset the impact of lower sales with our ongoing cost-savings efforts, which are ahead of our expectations for the fiscal year.” The company reported earnings of $0.58 per share in the quarter. The current-quarter results reflect pre-tax charges related to cost savings initiatives of $7 million, or $0.01 per share. The prior-year quarter included a pre-tax charge related to a pension benefit mark-to-market adjustment of $54 million, or $0.11 per share, and pre-tax charges related to cost savings initiatives of $15 million, or $0.03 per share. The prior-year quarter also included a gain from the settlement of a claim related to the Kelsen acquisition of $25 million, or $0.08 per share. Excluding items impacting comparability in both periods, adjusted EPS decreased 9 percent to $0.59 per share, compared with $0.65 per share in the year-ago quarter. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release. Sales decreased 1 percent to $1.853 billion driven by a 1 percent decline in organic sales, reflecting higher promotional spending, while volumes were comparable to the prior year. Organic sales declines in Americas Simple Meals and Beverages and Campbell Fresh were partly offset by gains in Global Biscuits and Snacks. Gross margin increased from 35.3 percent to 36.6 percent. Excluding items impacting comparability in the prior year, adjusted gross margin decreased 0.4 percentage points from 37.0 percent to 36.6 percent. The decrease in adjusted gross margin was primarily driven by higher supply chain costs and inflation, including the unfavorable impact of lapping gains on open commodity contracts in the prior-year quarter, as well as higher promotional spending, partly offset by productivity improvements and the benefits from cost savings initiatives. Marketing and selling expenses decreased 8 percent to $209 million. Excluding items impacting comparability in the prior year, adjusted marketing and selling expenses decreased 5 percent primarily due to lower advertising and consumer promotion expenses and the benefits from cost savings initiatives. Administrative expenses decreased 9 percent to $140 million. Excluding items impacting comparability, adjusted administrative expenses increased 1 percent. EBIT increased 11 percent to $298 million. Excluding items impacting comparability, adjusted EBIT decreased 2 percent to $305 million reflecting a lower adjusted gross margin percentage and lower sales, partly offset by lower marketing and selling expenses. Net interest expense was comparable to prior year at $28 million reflecting lower levels of debt offset by higher average interest rates on the debt portfolio. The tax rate increased to 34.8 percent as compared with a tax rate of 22.9 percent in the prior year. Excluding items impacting comparability, the adjusted tax rate increased 6.5 percentage points to 35.0 percent driven by lower taxes on foreign earnings in the prior year. In the fourth quarter of fiscal 2016, a $13 million correction on deferred tax expense was recognized, most of which related to the third quarter of fiscal 2016. Sales decreased 1 percent to $6.226 billion driven by a 1 percent decline in organic sales, reflecting higher promotional spending and lower volume. EBIT decreased 4 percent to $960 million. Excluding items impacting comparability, adjusted EBIT was comparable to the prior year at $1.210 billion reflecting a higher adjusted gross margin percentage offset by lower sales volume and higher marketing and selling expenses. Net interest expense increased 1 percent to $84 million reflecting higher average interest rates on the debt portfolio, partly offset by lower levels of debt. The tax rate increased 5.5 percentage points to 35.0 percent. Excluding items impacting comparability, the adjusted tax rate decreased 0.5 percentage points to 31.3 percent. Cash flow from operations was $1.011 billion compared to $1.211 billion in the prior year, which benefited from significant reductions in working capital. Campbell has revised its fiscal 2017 guidance. Campbell now expects sales to change by -1 to 0 percent (previously 0 to 1 percent); adjusted EBIT to increase by 2 to 4 percent (previously 1 to 4 percent), and adjusted EPS to increase by 3 to 5 percent (previously 2 to 5 percent), or $3.04 to $3.09 per share. This guidance assumes the impact from currency translation will be nominal. A non-GAAP reconciliation is not provided for 2017 guidance since certain items are not estimable, such as pension and postretirement mark-to-market adjustments, and these items are not considered to be part of the company's ongoing business results. An analysis of net sales and operating earnings by reportable segment follows: Sales in the quarter decreased 2 percent to $982 million driven by declines in soup and V8 beverages, partly offset by gains in Prego pasta sauces. Sales of U.S. soup decreased 4 percent driven by declines in condensed soups and broth, partly offset by gains in ready-to-serve soups. For the first nine months of fiscal 2017, sales of U.S. soup decreased 1 percent. Segment operating earnings for the quarter were comparable to prior year at $226 million, as a higher gross margin percentage was offset by lower sales volume. Sales in the quarter increased 2 percent to $623 million driven by gains in Pepperidge Farm, as well as gains in Arnott’s biscuits in both Australia and Indonesia. Pepperidge Farm sales increased due to gains in Goldfish crackers and Pepperidge Farm cookies, partly offset by declines in fresh bakery and frozen products. Segment operating earnings increased 14 percent to $98 million. The increase was primarily driven by higher sales volume and lower advertising and consumer promotion expenses. Sales in the quarter decreased 6 percent to $248 million driven by lower sales of Bolthouse Farms refrigerated beverages. Segment operating earnings decreased from $13 million to $1 million driven by unfavorable sales volume and mix, as well as the cost impact of both reduced beverage capacity and enhanced quality processes. Unallocated corporate expenses for the quarter were $27 million compared to $54 million in the prior year. The current quarter included $7 million of charges associated with cost savings initiatives. The prior-year quarter included $54 million of charges related to a pension benefit mark-to-market adjustment and $13 million of charges associated with cost savings initiatives. The prior-year quarter also included a $25 million gain from the settlement of a claim related to the Kelsen acquisition. The remaining increase in expenses reflects the unfavorable impact of lapping gains on open commodity contracts in the prior-year quarter, partly offset by lower postretirement benefit costs. Campbell will host a conference call to discuss these results today at 8:30 a.m. Eastern Daylight Time. To join, dial +1 (703) 639-1316. The conference ID is 6692640. Access to a live webcast of the call with accompanying slides, as well as a replay of the call, will be available at investor.campbellsoupcompany.com. A recording of the call will also be available until midnight on June 2, 2017, at +1 (404) 537-3406. The access code for the replay is 6692640. Campbell (NYSE:CPB) is driven and inspired by our Purpose, “ Real food that matters for life’s moments.” We make a range of high-quality soups and simple meals, beverages, snacks and packaged fresh foods. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to what’s important today. Led by our iconic Campbell’s brand, our portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens and Garden Fresh Gourmet. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com. This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements, including the statements made regarding sales, EBIT and EPS guidance for fiscal 2017, rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include (1) the company’s ability to manage changes to its organizational structure and/or business processes; (2) the company’s ability to realize projected cost savings and benefits from its efficiency programs; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power in the market; (4) the impact of changes in consumer demand for the company’s products and favorable perception of the company’s brands; (5) the impact of product quality and safety issues, including recalls and product liabilities; (6) the risks associated with trade and consumer acceptance of the company’s initiatives, including its trade and promotional programs; (7) the practices, including changes to inventory practices, and increased significance of certain of the company’s key trade customers; (8) the impact of disruptions to the company’s supply chain, including fluctuations in the supply or costs of energy and raw and packaging materials; (9) the impact of non-U.S. operations, including trade restrictions, public corruption and compliance with foreign laws and regulations; (10) the impact of business portfolio changes; (11) the uncertainties of litigation and regulatory actions against the company; (12) disruption to the independent contractor distribution models used by certain of the company’s businesses, including the results of litigation or regulatory actions that could affect their independent contractor classification; (13) the company’s ability to protect its intellectual property rights; (14) the impact of an impairment to goodwill or other intangible assets; (15) the impact of increased liabilities and costs related to the company’s defined benefit pension plans; (16) the impact of a material failure in or breach of the company’s information technology systems; (17) the company’s ability to attract and retain key talent; (18) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions, law, regulation and other external factors; (19) the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, terrorism, armed hostilities, natural disasters or other calamities; and (20) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.


News Article | May 17, 2017
Site: www.businesswire.com

CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB), in partnership with BNB Renewable Energy Holdings (BNB), SunPower Corp. (NASDAQ:SPWR), and ORIX USA Corp. (TSE: 8591; NYSE: IX), broke ground today on a 4.4-megawatt (MW) solar power project at the company’s World Headquarters in Camden, N.J. Scheduled to come online in fall 2017, the system will provide energy to Campbell through a 20-year power purchase agreement (PPA) and generate more than 5 million kilowatt hours of electricity per year. Upon completion, the solar array will become the largest in the city of Camden. The project, developed by BNB, will feature SunPower’s innovative rooftop, carport and ground-mount solar solutions, which are designed to optimize power production for commercial customers like Campbell. At Campbell’s 38-acre World Headquarters campus, 2.7MW will be installed on the rooftops of existing structures and on new solar canopies that will be erected in the parking lots. An additional 1.7MW will be installed on an adjacent 4.5-acre remediated brownfield that BNB purchased specifically for the project, making use of otherwise unusable land and increasing the capacity of the system. Under the 20-year PPA, Campbell will buy electricity generated by the solar project at a predetermined rate. The fixed PPA rate, which is currently lower than the cost of traditional electricity for Campbell, provides the company with long-term visibility for this portion of its electricity costs. The system in Camden will be the third solar project that BNB has developed for Campbell, following the 9.8MW system at Campbell’s facility in Napoleon, Ohio, and the 1MW system at Campbell’s Pepperidge Farm bakery in Bloomfield, Conn. Both of those projects also use SunPower’s high-efficiency solar panels. “We’re excited to partner once again with BNB and SunPower to add a third solar array to Campbell’s U.S. footprint,” said Jim Prunesti, Vice President, Global Engineering, Campbell. “This project contributes clean energy to the local grid and demonstrates to our community the viability of renewable energy sources, all while supporting Campbell’s sustainability strategy to deliver long-term value to our business and neighborhoods.” BNB and ORIX USA, a diversified financial company with a strong commitment to renewables, will jointly own the project. The term debt is being financed through PSE&G's Solar Loan Program. “Bringing a cost-saving solar system to Campbell’s World Headquarters marks a great moment, and we see a bright future for other Fortune 500 companies who follow Campbell’s lead and turn to renewable energy to stabilize energy costs and reap rewards from the sun,” said Matthew Baird, managing partner of BNB. “We are most proud of our collaborative work with Campbell, SunPower, ORIX, and PSE&G to make this project a reality.” The project will also feature five electric vehicle-charging stations, provided by PSE&G via its EV Workplace Charging Program, for use by Campbell employees. “It’s an honor that Campbell and BNB have chosen SunPower once again as a solar partner for this project,” said Nam Nguyen, SunPower executive vice president. “We look forward to delivering the highest quality experience through our innovative solutions.” Campbell (NYSE:CPB) is driven and inspired by its Purpose, “Real food that matters for life’s moments.” The company makes a range of high-quality soups and simple meals, beverages, snacks and packaged fresh foods. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to what’s important today. Led by the iconic Campbell’s brand, its portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens and Garden Fresh Gourmet. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com. Founded in 2004, BNB Renewable Energy Holdings has developed and constructed more than 600MW of wind and solar projects in North America in the last 10 years, having arranged equity and debt financings in excess of a billion dollars. With offices in New York, Pennsylvania, and Texas, BNB has a three-year project pipeline in excess of 1,500MW in North and South America, comprising both distributed-generation and utility-scale renewable projects. For more information, visit www.bnbrenewables.com. With more than 30 years of proven experience, SunPower is a global leader in solar innovation and sustainability. Our unique approach emphasizes the seamless integration of advanced SunPower technologies, delivering The Power of One® complete solar solutions and lasting customer value. SunPower provides outstanding service and impressive electricity cost savings for residential, commercial and power plant customers. At SunPower, we are passionately committed to changing the way our world is powered. And as we continue shaping the future of Smart Energy, we are guided by our legacy of innovation, optimism, perseverance and integrity. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North America and South America. Since 2011, we’ve been majority-owned by Total, the fourth largest publicly-listed energy company in the world. For more information, visit www.sunpower.com. Since 1981, ORIX USA has provided innovative capital solutions that clients need to propel their business to the next level. Based in Dallas, ORIX USA has a team of more than 700 employees spanning nearly 20 offices across the U.S. and Brazil. ORIX USA and its family of companies offer investment capital and asset management services to clients in the corporate, real estate, municipal and energy sectors, while holding $6 billion of assets and managing an additional $29 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 37 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit www.orix.com. Public Service Electric and Gas Company (PSE&G) is New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company. For more information, visit www.pseg.com or visit PSEG on Facebook; PSEG on Twitter; PSEG on LinkedIn; or PSEG’s blog, Energize! This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding project timelines, future projects, projected energy output, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results, performance, or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: regulatory changes and the availability of economic incentives promoting use of solar energy, challenges inherent in constructing and maintaining certain of our large projects, and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events. SUNPOWER, the SUNPOWER logo, and THE POWER OF ONE are trademarks or registered trademarks of SunPower Corporation in the U.S. and other countries as well.


News Article | May 5, 2017
Site: www.businesswire.com

CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) invites interested shareholders, investors, members of the media and consumers to listen to and view the slides accompanying its third-quarter fiscal 2017 earnings conference call, which will be webcast live over the Internet on Friday, May 19, 2017, at 8:30 a.m. EDT. The call will follow the company’s third-quarter fiscal 2017 earnings release, which will be distributed earlier in the day. For those unable to participate in the live call, a replay of the broadcast will be available at the above website approximately two hours after the conclusion of the call. A replay of the call will also be available from 12 p.m. EDT on May 19, 2017, through 11:59 p.m. EDT, June 2, 2017, by dialing +1 (404) 537-3406, access code: 6692640. Following its issuance on May 19, 2017, a copy of the earnings release will be available at the above website under the News and Events caption.


News Article | May 1, 2017
Site: news.yahoo.com

Democrats have saved arts funding under threat from Donald Trump, including money for the Public Broadcasting Service (PBS) and National Public Radio (NPR). Both houses of congress are expected to vote on the spending bill to keep the government funded for the current fiscal year this week before it goes to Mr Trump for his signature. Representative Jim Jordan, chairman of the House Freedom Caucus, which is made up of Republicans who dissented on Mr Trump’s replacement to Obamacare, said he and other conservatives were “disappointed.“ “We'll see how it plays out this week but I think you're going to see conservatives have some real concerns with this legislation,” Mr Jordan told CNN. This spending bill is really more of a temporary reprieve. It is different from the “skinny budget” for federal spending Mr Trump introduced earlier this year, which is meant to cover spending for the next financial year, beginning in October 2017. Arts, climate change, and passenger rail service funding could be reversed once he introduces his full budget proposal for the next financial year. He is expected to introduce that later this month. Arts-related agencies like the National Endowment for the Humanities (NEH), National Endowment for the Arts (NEA), and the Corporation for Public Broadcasting (CPB) have been spared cuts until September 2017 as well. The three organisations provide money for everything from public television programming to community theatres and scholarly research. CPB's budget will remain the same, at $445m (£345m). The NEA and NEH will each see a small budget increase to $150m (£116m). This windfall is not expected to happen again once Mr Trump introduces his full federal budget proposal the week of 22 May. Mr Trump has made clear he wants to eliminate or drastically cut federal funding to all of these arts-related agencies. Michael Montgomery, a Detroit-based consultant to cultural and nonprofit organisations, told The Independent that the “skinny budget” cuts are possibly a “warning shot...to NEA, NEH, CBP and their grantees that they should be more sensitive to the political and cultural sensitivities of the broader Trump constituency or be prepared to suffer the budgetary consequences”. The spending bill also does not include Mr Trump’s pledge to cut $100 million in his full budget to climate change programmes. The proposed cut would affect several government agencies like NASA and the US Coast Guard, both which may face up to 14 per cent cuts in the next financial year. It does, however, make a small one per cent cut to the Environmental Protection Agency, a far cry from the proposed 28 per cent for the next financial year. The spending bill also includes an increase in funding of $105m (£81m) to Amtrak, the federally-funded passenger rail system. However, Mr Trump has proposed a $2.4bn (£1.9bn) which would cut passenger rail services to more than 200 communities in the rural US. The National Institutes of Health (NIH) received $34bn (£26.4bn) for cancer research in part due to former Vice President Joe Biden, a fierce advocate since his son died of brain cancer. Mr Trump plans to cut NIH funding into rare diseases in the budget for the next financial year.


Dublin, April 18, 2017 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "FDA's New Import Program for 2017 - Strict Precision" conference to their offering. FDA's import and export program is complex and keeps changing. The FDA's and the U.S. Custom's new import and enforcement program operates with a streamlined computer system and can leave firms at a loss to understand the short term and long term effects of a detained shipment. The law now requires foreign firms to register and submit specific information to enter U.S. commerce. Foreign establishments are subject to FDA inspections and quality testing. Failing either FDA activity typically prevents a foreign firm's product from entering U.S. commerce. If product is detained, resolving the problem with FDA is time consuming, expensive and uncertain. Without an adequate or informed approach to your import program, the specialized federal government process and roadblocks can seem impossible to overcome. To compound the problems, working with foreign establishments presents inherent difficulties based on cultural differences business practices and language barriers. Other foreign and domestic and legal requirements intersect with FDA's import and export program, some for the better, some not. For example, not all foreign firms are treated the same under the FDA's law. A clear example is the FDA's uses of automatic detention based on the country of origin, type of product or an establishment's history. With the growing use of off-shore operations, managing imported products can and does present obvious and hidden problems. Learning Objectives: - FDA's new cost-saving import programs - Understand how U.S. Customs and FDA legal requirements intersect - Know how to manage foreign suppliers - Understand FDA's internal procedures - Learn how to mitigate and resolve import detentions - Learn how to avoid common problems - Develop practical ways to improve your import and export business Who Should Attend: The FDA's regulatory controls for imported and exported devices have become increasingly pervasive and stringent. Foreign manufacturers, foreign exporters and domestic initial importers face greater scrutiny and are subject to expensive consequences if they do not plan carefully. Attendees need to understand the FDA's and the US Customs Border Patrol's regulatory criteria, inter-agency agreements and intra-agency procedures. The conference provides attendees with the opportunity to understand their work's inter-relationship with other attendees' roles. Agenda: Day 01(8:30 AM - 4:30 PM) 08.30 AM - 09.00 AM: Registration 09.00 AM: Session Start Day 1 - Morning FDA's legal requirements - Statutory authority - Regulations Foreign manufacturers obligations - U.S. initial importers obligations - User Fees - How does FDA do its job - What is CPB and how do they do their job Selecting foreign suppliers - Inspection history - Samples analyzed - Vendor Audit Day 1 / Afternoon Product Import Procedures - Entry Process (U.S. Customs/FDA) - How to Pick the right Custom House Broker - Documentation - FDA Form 2877 - CPB Form 3461 - Medical Device Affirmations of Compliance (AofC) - Electronic Entry Filing - FDA's PREDICT computer screening program - U.S. Customs Automated Commercial Environment (ACE) program - Product sampling / testing - Detention, block list, automatic detention - Quality standards - Country of origin - Product type (Case Study) Day 02 (8:30 AM - 4:00 PM) Day 2 / Morning Detention - Options for a detained shipment - Negotiating with FDA and U.S. Customs - What to say - What not to say - When to give up - Release from Detention and Government Refusal Remedies - Reducing the risk of detention (Group study for mitigating detention risks) Day 2 / Afternoon Enforcement - U.S. Customs and FDA authority - Burden of proof - Assistant U.S. attorney - Government remedies Special provisions - Counterfeit - Import for export - International trade shows - Investigational device - Compassionate Use For more information about this conference visit http://www.researchandmarkets.com/research/lcf8pd/fdas_new_import


Dublin, April 18, 2017 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "FDA's New Import Program for 2017 - Strict Precision" conference to their offering. FDA's import and export program is complex and keeps changing. The FDA's and the U.S. Custom's new import and enforcement program operates with a streamlined computer system and can leave firms at a loss to understand the short term and long term effects of a detained shipment. The law now requires foreign firms to register and submit specific information to enter U.S. commerce. Foreign establishments are subject to FDA inspections and quality testing. Failing either FDA activity typically prevents a foreign firm's product from entering U.S. commerce. If product is detained, resolving the problem with FDA is time consuming, expensive and uncertain. Without an adequate or informed approach to your import program, the specialized federal government process and roadblocks can seem impossible to overcome. To compound the problems, working with foreign establishments presents inherent difficulties based on cultural differences business practices and language barriers. Other foreign and domestic and legal requirements intersect with FDA's import and export program, some for the better, some not. For example, not all foreign firms are treated the same under the FDA's law. A clear example is the FDA's uses of automatic detention based on the country of origin, type of product or an establishment's history. With the growing use of off-shore operations, managing imported products can and does present obvious and hidden problems. Learning Objectives: - FDA's new cost-saving import programs - Understand how U.S. Customs and FDA legal requirements intersect - Know how to manage foreign suppliers - Understand FDA's internal procedures - Learn how to mitigate and resolve import detentions - Learn how to avoid common problems - Develop practical ways to improve your import and export business Who Should Attend: The FDA's regulatory controls for imported and exported devices have become increasingly pervasive and stringent. Foreign manufacturers, foreign exporters and domestic initial importers face greater scrutiny and are subject to expensive consequences if they do not plan carefully. Attendees need to understand the FDA's and the US Customs Border Patrol's regulatory criteria, inter-agency agreements and intra-agency procedures. The conference provides attendees with the opportunity to understand their work's inter-relationship with other attendees' roles. Agenda: Day 01(8:30 AM - 4:30 PM) 08.30 AM - 09.00 AM: Registration 09.00 AM: Session Start Day 1 - Morning FDA's legal requirements - Statutory authority - Regulations Foreign manufacturers obligations - U.S. initial importers obligations - User Fees - How does FDA do its job - What is CPB and how do they do their job Selecting foreign suppliers - Inspection history - Samples analyzed - Vendor Audit Day 1 / Afternoon Product Import Procedures - Entry Process (U.S. Customs/FDA) - How to Pick the right Custom House Broker - Documentation - FDA Form 2877 - CPB Form 3461 - Medical Device Affirmations of Compliance (AofC) - Electronic Entry Filing - FDA's PREDICT computer screening program - U.S. Customs Automated Commercial Environment (ACE) program - Product sampling / testing - Detention, block list, automatic detention - Quality standards - Country of origin - Product type (Case Study) Day 02 (8:30 AM - 4:00 PM) Day 2 / Morning Detention - Options for a detained shipment - Negotiating with FDA and U.S. Customs - What to say - What not to say - When to give up - Release from Detention and Government Refusal Remedies - Reducing the risk of detention (Group study for mitigating detention risks) Day 2 / Afternoon Enforcement - U.S. Customs and FDA authority - Burden of proof - Assistant U.S. attorney - Government remedies Special provisions - Counterfeit - Import for export - International trade shows - Investigational device - Compassionate Use For more information about this conference visit http://www.researchandmarkets.com/research/lcf8pd/fdas_new_import


FDA's import and export program is complex and keeps changing. The FDA's and the U.S. Custom's new import and enforcement program operates with a streamlined computer system and can leave firms at a loss to understand the short term and long term effects of a detained shipment. The law now requires foreign firms to register and submit specific information to enter U.S. commerce. Foreign establishments are subject to FDA inspections and quality testing. Failing either FDA activity typically prevents a foreign firm's product from entering U.S. commerce. If product is detained, resolving the problem with FDA is time consuming, expensive and uncertain. Without an adequate or informed approach to your import program, the specialized federal government process and roadblocks can seem impossible to overcome. To compound the problems, working with foreign establishments presents inherent difficulties based on cultural differences business practices and language barriers. Other foreign and domestic and legal requirements intersect with FDA's import and export program, some for the better, some not. For example, not all foreign firms are treated the same under the FDA's law. A clear example is the FDA's uses of automatic detention based on the country of origin, type of product or an establishment's history. With the growing use of off-shore operations, managing imported products can and does present obvious and hidden problems. Learning Objectives: - FDA's new cost-saving import programs - Understand how U.S. Customs and FDA legal requirements intersect - Know how to manage foreign suppliers - Understand FDA's internal procedures - Learn how to mitigate and resolve import detentions - Learn how to avoid common problems - Develop practical ways to improve your import and export business Agenda: Day 01(8:30 AM - 4:30 PM) 08.30 AM - 09.00 AM: Registration 09.00 AM: Session Start Day 1 - Morning FDA's legal requirements - Statutory authority - Regulations Foreign manufacturers obligations - U.S. initial importers obligations - User Fees - How does FDA do its job - What is CPB and how do they do their job Selecting foreign suppliers - Inspection history - Samples analyzed - Vendor Audit Day 1 / Afternoon Product Import Procedures - Entry Process (U.S. Customs/FDA) - How to Pick the right Custom House Broker - Documentation - FDA Form 2877 - CPB Form 3461 - Medical Device Affirmations of Compliance (AofC) - Electronic Entry Filing - FDA's PREDICT computer screening program - U.S. Customs Automated Commercial Environment (ACE) program - Product sampling / testing - Detention, block list, automatic detention - Quality standards - Country of origin - Product type (Case Study) Day 02 (8:30 AM - 4:00 PM) Day 2 / Morning Detention - Options for a detained shipment - Negotiating with FDA and U.S. Customs - What to say - What not to say - When to give up - Release from Detention and Government Refusal Remedies - Reducing the risk of detention (Group study for mitigating detention risks) Day 2 / Afternoon Enforcement - U.S. Customs and FDA authority - Burden of proof - Assistant U.S. attorney - Government remedies Special provisions - Counterfeit - Import for export - International trade shows - Investigational device - Compassionate Use For more information about this conference visit http://www.researchandmarkets.com/research/hd9q64/fdas_new_import Research and Markets Laura Wood, Senior Manager press@researchandmarkets.com For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/two-day-programme-fdas-new-import-program-for-2017---strict-precision-philadelphia-pa-united-states---august-24-25-2017---research-and-markets-300441163.html


News Article | February 17, 2017
Site: www.businesswire.com

Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release. Denise Morrison, Campbell’s President and Chief Executive Officer, said, “ I am not satisfied with our sales performance this quarter. Declines were most prominent in Campbell Fresh driven by a market share decline and weather-related issues in carrots, capacity constraints from the Bolthouse Farms Protein PLUS recall last June, and Garden Fresh Gourmet. Although V8 shelf-stable beverages declined, I am encouraged by the positive momentum in our core U.S. soup, simple meals and Pepperidge Farm snacks businesses. U.S. soup sales increased in the quarter, driven by our ready-to-serve varieties, such as Chunky and new Well Yes!, which performed above expectations. “ C-Fresh performance was below our expectations. The new C-Fresh management team has conducted an extensive review of the business and has determined the recovery will take longer to execute than we originally planned. As a result, we no longer expect C-Fresh to grow this fiscal year. Despite these challenges, we remain confident in the growth potential of the packaged fresh category. C-Fresh continues to be an important strategic business for Campbell to meet growing consumer demand for fresh foods and interest in health and well-being. “ We continued to over-deliver on our cost savings initiative, and now expect to achieve our target a year ahead of schedule. We have increased our savings target from $300 million by the end of fiscal 2018 to $450 million by the end of fiscal 2020. Looking ahead, we expect to improve our sales performance in the back half and are maintaining our guidance for the fiscal year.” The company reported earnings of $0.33 per share in the quarter. In the second quarter of fiscal 2017, the company performed an interim impairment assessment on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and the Garden Fresh reporting unit as operating performance was well below expectations and the new leadership team of the Campbell Fresh division initiated a strategic review. This performance and review led to a revised outlook for future sales, earnings and cash flow. The current quarter results reflect a pre-tax non-cash impairment charge of $147 million, or $0.45 per share, to reduce the carrying value of the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit. The current quarter results also reflect a pre-tax non-cash impairment charge of $65 million, or $0.13 per share, to reduce the carrying value of the intangible assets of the Garden Fresh reporting unit. The prior-year quarter included pre-tax charges related to cost savings initiatives of $16 million, or $0.03 per share, and a pre-tax gain related to a pension benefit mark-to-market adjustment of $7 million, or $0.01 per share. Excluding items impacting comparability in both periods, adjusted EPS increased 5 percent to $0.91 per share, compared with $0.87 per share in the year-ago quarter. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release. Sales decreased 1 percent to $2.171 billion driven by the decline in organic sales, partially offset by the favorable impact of currency translation. Organic sales decreased 2 percent driven by lower volume and higher promotional spending. Gross margin increased from 37.2 percent to 38.0 percent. Excluding items impacting comparability in the prior year, adjusted gross margin improved 0.7 percentage points. The increase in adjusted gross margin was primarily driven by productivity improvements and the benefits from cost savings initiatives, partly offset by higher supply chain costs and inflation, as well as higher promotional spending. The adjusted gross margin increase reflects the continued gross margin expansion in Americas Simple Meals and Beverages. The increase in supply chain costs was primarily driven by higher carrot costs in the quarter due to the adverse impact on crop yields of heavy rains in December and January. Marketing and selling expenses increased 6 percent to $237 million. Excluding items impacting comparability in the prior year, adjusted marketing and selling expenses increased 5 percent primarily due to higher advertising and consumer promotion expenses. Administrative expenses decreased 5 percent to $139 million. Excluding items impacting comparability in the prior year, adjusted administrative expenses decreased 3 percent primarily due to lower incentive compensation costs compared to the prior year, partly offset by higher benefit-related costs and investments in long-term innovation. EBIT decreased 50 percent to $205 million, principally driven by the impairment charges in the current-year quarter. Excluding items impacting comparability, adjusted EBIT decreased 1 percent to $417 million reflecting lower sales and higher marketing and selling expenses, partly offset by a higher adjusted gross margin percentage. Net interest expense increased 4 percent to $28 million reflecting higher average interest rates on the debt portfolio, partly offset by lower levels of debt. The tax rate increased to 42.9 percent as compared with a tax rate of 31.5 percent in the prior year. Excluding items impacting comparability, the adjusted tax rate decreased 3.8 percentage points to 27.8 percent as the timing of tax expense on an adjusted basis was favorably impacted by the goodwill impairment. The outlook for the full-year adjusted tax rate remains unchanged and is expected to be approximately 32 percent. Sales decreased 1 percent to $4.373 billion driven by a 1 percent decline in organic sales, partly offset by the favorable impact of currency translation. EBIT decreased 9 percent to $662 million. Excluding items impacting comparability, adjusted EBIT was comparable to the prior year at $905 million reflecting a higher adjusted gross margin percentage and lower administrative expenses, offset by higher marketing and selling expenses and volume declines. Net interest expense increased 2 percent to $56 million reflecting higher average interest rates on the debt portfolio, partly offset by lower levels of debt. The tax rate increased 3.2 percentage points to 35.1 percent. Excluding items impacting comparability, the adjusted tax rate decreased 2.7 percentage points to 30.2 percent. Cash flow from operations decreased to $667 million from $754 million a year ago primarily due to changes in accrued liabilities, principally accrued taxes and accrued incentive compensation. In fiscal 2015, Campbell launched a comprehensive reorganization and multi-year cost savings initiatives with targeted annualized cost savings of $300 million by fiscal 2018. Campbell now expects to achieve $300 million in cost savings by the end of fiscal 2017, a year earlier than anticipated. Based on the success of the program to date and the identification of additional savings opportunities, the savings target is being increased from $300 million by the end of fiscal 2018 to $450 million by the end of fiscal 2020. Campbell continues to expect sales to increase by 0 to 1 percent, adjusted EBIT to increase by 1 to 4 percent, and adjusted EPS to increase by 2 to 5 percent, or $3.00 to $3.09 per share. This guidance assumes the impact from currency translation will be nominal. A non-GAAP reconciliation is not provided for 2017 guidance since certain items are not estimable, such as pension and postretirement mark-to-market adjustments, and these items are not considered to be part of the company's ongoing business results. An analysis of net sales and operating earnings by reportable segment follows: Sales in the quarter were comparable to the prior year at $1.231 billion. Excluding the favorable impact of currency translation, segment sales decreased 1 percent driven by declines in V8 beverages, partly offset by gains in soup, Prego pasta sauces and Plum products. Sales of U.S. soup increased 1 percent driven by gains in ready-to-serve soups, mostly offset by declines in broth and condensed soups. Segment operating earnings increased 8 percent to $313 million. The increase was driven by a higher gross margin percentage, partly offset by increased advertising and consumer promotion expenses. Sales in the quarter were comparable to the prior year at $680 million. Excluding the favorable impact of currency translation, segment sales decreased 1 percent primarily driven by declines in Kelsen, primarily in the U.S., and Arnott’s biscuits, partly offset by gains in Pepperidge Farm. Pepperidge Farm sales increased due to gains in Goldfish crackers and Pepperidge Farm cookies, partly offset by declines in fresh bakery and frozen products. Segment operating earnings decreased 4 percent to $135 million. The decrease was primarily driven by a lower gross margin percentage. Sales in the quarter decreased 8 percent to $260 million driven by lower sales of carrots, Bolthouse Farms refrigerated beverages, and Garden Fresh Gourmet, partly offset by gains in refrigerated soup. Segment operating earnings decreased from $21 million to a loss of $3 million reflecting increased carrot costs due to the adverse impact on crop yields of heavy rains in December and January, as well as the cost impact of lower beverage operating efficiency and lower sales. Unallocated corporate expenses for the quarter were $241 million compared to $29 million in the prior year. The current-year quarter included the pre-tax non-cash impairment charges of $212 million related to the Campbell Fresh segment. The prior-year quarter included $7 million of pre-tax charges associated with Campbell’s initiatives to implement a new enterprise design, to reduce costs and to streamline its organizational structure. The prior-year quarter also included a $7 million pre-tax gain related to a pension benefit mark-to-market adjustment. Campbell will host a conference call to discuss these results today at 9:00 a.m. Eastern Time. To join, dial +1 (703) 639-1316. The conference ID is 40985838. Access to a live webcast of the call with accompanying slides, as well as a replay of the call, will be available at investor.campbellsoupcompany.com. A recording of the call will also be available until midnight on March 3, 2017, at +1 (404) 537-3406. The access code for the replay is 40985838. Campbell (NYSE:CPB) is driven and inspired by our Purpose, “ Real food that matters for life’s moments.” We make a range of high-quality soups and simple meals, beverages, snacks and packaged fresh foods. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to what’s important today. Led by our iconic Campbell’s brand, our portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens and Garden Fresh Gourmet. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com. This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements, including the statements made regarding sales, EBIT and EPS guidance for fiscal 2017, rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include (1) the company’s ability to manage changes to its organizational structure and/or business processes; (2) the company’s ability to realize projected cost savings and benefits from its efficiency programs; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power in the market; (4) the impact of changes in consumer demand for the company’s products and favorable perception of the company’s brands; (5) the impact of product quality and safety issues, including recalls and product liabilities; (6) the risks associated with trade and consumer acceptance of the company’s initiatives, including its trade and promotional programs; (7) the practices, including changes to inventory practices, and increased significance of certain of the company’s key trade customers; (8) the impact of disruptions to the company’s supply chain, including fluctuations in the supply or costs of energy and raw and packaging materials; (9) the impact of non-U.S. operations, including trade restrictions, public corruption and compliance with foreign laws and regulations; (10) the impact of business portfolio changes; (11) the uncertainties of litigation and regulatory actions against the company; (12) disruption to the independent contractor distribution models used by certain of the company’s businesses, including the results of litigation or regulatory actions that could affect their independent contractor classification; (13) the company’s ability to protect its intellectual property rights; (14) the impact of an impairment to goodwill or other intangible assets; (15) the impact of increased liabilities and costs related to the company’s defined benefit pension plans; (16) the impact of a material failure in or breach of the company’s information technology systems; (17) the company’s ability to attract and retain key talent; (18) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions, law, regulation and other external factors; (19) the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, terrorism, armed hostilities, natural disasters or other calamities; and (20) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release. Certain amounts in the prior year were reclassified to conform to the current-year presentation. The company adopted new accounting guidance for stock-based compensation in the first quarter of 2017. Certain amounts in the prior year were reclassified to conform to the current-year presentation. Reconciliation of GAAP to Non-GAAP Financial Measures Second Quarter Ended January 29, 2017 Campbell Soup Company uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures. Management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company's historical operating results and trends in its underlying operating results, and provides transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. Organic net sales are net sales excluding the impact of currency. Management believes that excluding this item, which is not part of the ongoing business, improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows. The company believes that financial information excluding certain items that are not considered to be part of the ongoing business, such as those listed below, improves the comparability of year-to-year results. Consequently, the company believes that investors may be able to better understand its results excluding these items. The following items impacted gross margin, costs and expenses, and earnings: The following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items:


News Article | February 22, 2017
Site: www.businesswire.com

CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) President and Chief Executive Officer Denise Morrison and Senior Vice President and Chief Financial Officer Anthony DiSilvestro provided an overview of the company’s strategic direction during the Consumer Analyst Group of New York (CAGNY) Conference in Boca Raton, Fla. today. Morrison shared her perspective on the state of the food industry and the consumer environment, and highlighted the steps Campbell is taking to define the future of real food through strategic foresight. Morrison said, “ Across every industry and in every organization, the pace of change is unpredictable, unrelenting and unforgiving. The future food world will be more complex and more challenging. To fully unlock Campbell’s performance, we're looking beyond typical five-year planning horizons and establishing well-informed perspectives on opportunities and disruptions driven by the intersection of real food, health and well-being and technology.” “ Guided by our Purpose and our strategic imperatives, we set out to identify clear and compelling growth opportunities. We prioritized these growth platforms we believe will have the greatest impact on Campbell and lead to significant growth opportunities over the next decade,” said Morrison. “ We have what we need to meet the challenges of this new world. If you look closely at the 148-year history of Campbell, we are not only a company that has proven ourselves capable of dealing with profound change … we are a company with a history of leading profound change, and we are a company that has thrived in periods of profound change. I’m confident that we can and will do so again in the future.” DiSilvestro provided an update on the company’s three divisions and its multi-year cost savings program, which has generated cost savings by reducing layers of management and increasing spans of control, creating an integrated global services organization and implementing zero-based budgeting. While Campbell’s current initiatives will generate in excess of $300 million in savings, the company has identified additional areas of savings opportunity, leading the company to increase its aggregate savings target to $450 million by the end of fiscal 2020. The company expects to achieve these additional savings by further optimizing its supply chain network, primarily in North America; evolving its operating model over time to focus resources on growth opportunities and drive additional efficiencies; and more fully integrating recent acquisitions to generate cost synergies and improve effectiveness by leveraging enterprise scale and capabilities. Cost savings to date have contributed to recent margin expansion and funded reinvestments in the business. DiSilvestro said, “ Our strategy is to reinvest a portion of these savings in order to drive growth. We'll do this a number of ways including increasing marketing support on our key brands, funding new product launches and investing against our real food initiative; making investments in long-term innovation; focusing on geographic expansion in faster-growing spaces; and building our capabilities in digital and e-commerce.” Today’s presentation will be archived on investor.campbellsoupcompany.com and available for replay later today. Campbell (NYSE:CPB) is driven and inspired by our Purpose, “ Real food that matters for life’s moments.” We make a range of high-quality soups and simple meals, beverages, snacks and packaged fresh foods. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to what’s important today. Led by our iconic Campbell’s brand, our portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens and Garden Fresh Gourmet. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com. This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements include statements made regarding the company’s marketing strategies and its new enterprise structure and cost reduction initiative. Forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include (1) the company’s ability to manage changes to its organizational structure and/or business processes; (2) the company’s ability to realize projected cost savings and benefits from its efficiency programs; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power in the market; (4) the impact of changes in consumer demand for the company’s products and favorable perception of the company’s brands; (5) the impact of product quality and safety issues, including recalls and product liabilities; (6) the risks associated with trade and consumer acceptance of the company’s initiatives, including its trade and promotional programs; (7) the practices, including changes to inventory practices, and increased significance of certain of the company’s key trade customers; (8) the impact of disruptions to the company’s supply chain, including fluctuations in the supply or costs of energy and raw and packaging materials; (9) the impact of non-U.S. operations, including trade restrictions, public corruption and compliance with foreign laws and regulations; (10) the impact of business portfolio changes; (11) the uncertainties of litigation and regulatory actions against the company; (12) disruption to the independent contractor distribution models used by certain of the company’s businesses, including the results of litigation or regulatory actions that could affect their independent contractor classification; (13) the company’s ability to protect its intellectual property rights; (14) the impact of an impairment to goodwill or other intangible assets; (15) the impact of increased liabilities and costs related to the company’s defined benefit pension plans; (16) the impact of a material failure in or breach of the company’s information technology systems; (17) the company’s ability to attract and retain key talent; (18) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions, law, regulation and other external factors; (19) the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, terrorism, armed hostilities, natural disasters or other calamities; and (20) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

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