B&G Foods Delivers Strong Net Sales and Earnings Growth for Fourth Quarter and Full-Year 2010

B&G Foods, Inc. BGS today reported financial results for the fourth quarter and full-year 2010. Highlights * Net sales increased 4.6% to $141.9 million for the quarter and 2.5% to $513.3 million for the year * Net income increased more than 100% for the quarter to $14.3 million and 85.6% for the year to $32.4 million * Diluted earnings per share increased 866.7% to $0.29 for the quarter and 52.3% to $0.67 for the year * Adjusted diluted earnings per share* increased 100% to $0.28 for the quarter and 47.5% to $0.90 for the year * EBITDA* increased 28.7% to $32.8 million for the quarter and 16.2% to $119.7 million for the year * The Company expects to deliver 2011 EBITDA of $123.0 million to $126.0 million “Our record-breaking fourth quarter results capped a remarkable year for B&G Foods,” stated David L. Wenner, President and Chief Executive Officer of B&G Foods. “Unit volume and net pricing gains, cost reductions and a favorable sales mix combined to lift our quarterly and annual EBITDA to record levels thanks to the efforts of our sales, manufacturing and marketing teams. Earnings per share also set a company record, with adjusted diluted earnings per share reaching $0.90 for the full year. Our balance sheet is as strong as it has ever been, with our EBITDA to net debt leverage ratio at an all-time low. The Board of Directors' recent decision to raise the dividend rate by 24% reflects our present strength and confidence in the 2011 outlook for our business.”