Milling & Baking News - September 23, 2008 - 16

Financial Results

General Mills income rises 19%
excluding mark-to-market losses
MINNEAPOLIS - Operating results
were strong in the first quarter at General Mills, Inc., though the company
sustained a net income decline of 4%
after marketing-to-market commodity
position losses. Company executives
were pleased by the results and raised
the full-year earnings outlook.
For the first quarter ended Aug. 24,
General Mills posted net earnings of
$278.5 million, equal to 83c per share
on the common stock, down from
$288.9 million, or 85c per share, during
the same quarter of the previous year.
Results included the impact of
mark-to-market downward commodity valuation adjustments (non-cash)
of $91 million in the first quarter of
2009, versus $1 million in last year's
first quarter.
Net sales for the quarter were
$3,497.3 million, up 14% from $3,012
million during the same quarter of the
previous year.
"We're off to a great start in 2009,

powered by strong consumer demand
for our products in markets around
the world," said Ken Powell, chairman
and chief executive
officer. "Our U.S. Retail sales grew 13%,
International sales
rose 15% and Bakeries and Foodservice
sales were up 17%
for the quarter. Operating profits showed
strong growth despite the input cost
pressure and our
increased consumer
marketing investment. This broad momentum has us well on track to deliver
solid sales and earnings growth for the
full year."
The U.S. Retail segment had an operating profit of $526.3 million, up 11%
from $473.3 million during the same
quarter of the previous year. Sales for
the segment were $2,290.3 million, up

Executive
M illing

rARGEI GROUP

Mill Owners , Directors, Managers

REQUIRED SKILL LEVEL

No milling experience required

COURSE CONTENT

November 10th - 14th , 2008

Raw Materiel Kernel structure Influence 0 wheat characteristics
on yield and mill petlprmence Usage of various types of wheat for

different finished products

Cleaning section including special cisterns for Myoutimin
reduction and top adults flour production

Overview of the milling proces s including pmcdeals in the scho ol

mill

coumen

tAatl is IGP Conference Center and The New Hall Roo Flour Mill
Cut: $1,800.00 US per participant (lunch included)
Fahsloas Travel to & from Manhatt n,KS, Hotel Birmakfarst and
evening meals
Instr uct ion By: Kendall McFall,KSU and Wolfgang Gruber,Buhler
Sw izedand

from $2,031.7 million during the same
quarter of the previous year.
The Baking Products division saw
sales soar 25% behind strong gains in
Betty Crocker dessert mixes and Gold
Medal flour.
The company's Pillsbury USA division posted sales
growth of 6%, driven
by improvement in
Grands biscuits and
Totino's frozen pizza
and snacks, while
General Mills' Snacks
division rose 14% behind growth in Nature Valley and Fiber
One grain snack bars.
The Bakeries and
Foodservice segment
had an operating profit of $26.7 million, down 22% from $34 million during the same quarter of the previous
year. Sales for the segment were $516.9
million, up from $440.9 million.
The company updated its 2009
guidance to a range of $3.81 to $3.85
per share, up from a range of $3.78 to
$3.83 per share. MBN

Finished product handling and storage
Product safely and quality control Performance evaluation in a
flour mill, Factors that influence an investment decision
COURSE GOALS

Underemnd ing the undery hg principle of the milling process end
the parameters that can be influenced by either raw material or
the milling system

Learnin g which critical control points to check in order to judge
whether an operation is running corre tly

B
Please contact Kendall McFall at 7855325932 or Catty McGlothin
at 795-532-4070 for reservations or help with booking a hotel room.

16 / September 23, 2008

Milling & Baking News

Upcoming Courses:

November Pm- 21st

Maint enan ce Course (electrical and

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Milling & Baking News - September 23, 2008

Table of Contents for the Digital Edition of Milling & Baking News - September 23, 2008