HomeFoodB&G Foods details equity offering program | 2021-08-23

B&G Foods details equity offering program | 2021-08-23

PARSIPPANY, NJ. — B&G Foods, Inc. on Aug. 23 filed a prospectus complement with the Securities and Exchange Commission underneath which it might provide and promote as much as 7.5 million shares of its widespread inventory infrequently via an “at-the-market” (ATM) equity offering program.

An ATM is a sort of follow-on offering of inventory utilized by publicly traded firms with a view to elevate capital over time.

B&G Foods mentioned it plans to make use of internet proceeds from any gross sales of its widespread inventory underneath the offering for common company functions, which may embody, amongst different issues, compensation, refinancing, redemption or repurchase of long-term debt or doable acquisitions.

Earlier this month, Kenneth C. Keller, president and chief government officer of B&G Foods, mentioned in a convention name with analysts that the Parsippany-based firm nonetheless stays a bigger enterprise than it was in 2019, pushed by continued development and curiosity in cooking, baking and consuming at dwelling.

B&G Foods internet revenue for the second quarter ended July 3 totaled $24.55 million, equal to 38¢ per share on the widespread inventory, down 46% from $44.91 million, or 70¢ per share, within the prior-year interval. Adjusted internet revenue, which excludes acquisition and divestiture associated and non-recurring bills, fell 42% to $27.1 million from $46 million.

Net gross sales additionally fell, sliding 9.4% to $464.38 million from $512.54 million the 12 months earlier than.

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