Milling & Baking News - January 10, 2012 - 21

Ending at record high, grain-based shares beat broader market in ’11
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2008. Over the ﬁrst nine months of shares overall did not fare as well 2011, the St. Louis-based company Year-end close for in 2011 as stocks of other consumer enjoyed a 19% gain in total revenues Grain-Based Foods Share and a 34% jump in earnings per share. products companies. Still, the 7.5% gain bested most of Growth in the number of bakery cafes Index with change from the other individual sectors of the in recent years has been moderate. As previous year, 2000-2011 S.&P.500, including energy, up 2.8%; of September 2011, there were 1,504 materials, down 11.6%; industrials, Panera bakery cafes in operation, up Point Per cent Year Close change change down 2.9%; consumer discretionary, from 1,026 in December 2006. 2011 12154.32 846 7.5% Ranking second in share price up 4.4%; ﬁnancials, down 18.4%; 2010 11307.96 958 9.3% information technology, up 1.3%; and performance in the index was The 2009 10350.06 1,203 13.2% telecom services, up 0.8%. Sectors Hain Celestial Group Inc., up 35% 2008 9146.77 -2,511 -21.5% that outperformed grain-based foods in 2011. The sharp advance followed 2007 11657.58 115 1.0% shares were health care, up 10.2%, and a 59% gain in 2010, when Melville, 2006 11542.79 1,856 19.2% N.Y.-based Hain again was the utilities, up 14.8%. 2005 9687.18 -1165 -10.7% Back to the plus side, 14 of the 24 second best performer. By contrast, 2004 10852.64 1,390 14.7% companies in the Grain-Based Foods Hain was the worst performing 2003 9,462.92 -487 -4.9% 2002 9,918.02 287 3.0% Share Index ended the year with a stock in the Grain-Based Foods Share 2001 9,662.41 336 3.6% Index in 2009. gain, with 10 losing ground. 2000 9,326.84 2,444 35.5% Hain made four acquisitions last Two companies, both baking, had stock splits in 2011. Flowers Foods, year. In February, the company Inc., Thomasville, Ga., issued a 3-for- said it had acquired two companies that same month, Hain bought Daniels 2 stock dividend in June, while Grupo in Europe — Danival SAS, a Group in the United Kingdom, a Bimbo S.A.B. de C.V. (which is not manufacturer of certiﬁed organic food maker of chilled foods. The company attributed strong included in the index) shares split products with facilities in France, and GG UniqueFiber AS, a manufacturer ﬁnancial results in 2011 to improving 4-for-1 in April. One company was added to the of all natural high ﬁber crackers in consumption trends in the natural and grain-based index — Dunkin’ Brands Norway. In October, Hain announced organic sectors served by Hain as well Group, Inc., Canton, Mass., which rose the acquisition of the Europe’s Best as better cost controls and inventory 29% following a July 26 initial public brand of all natural, frozen fruit and management and cash conversion. The share price of Ralcorp Holdings, offering at $19 per share. Dunkin’ shares vegetable products in Canada. Later Inc., St. Louis, moved wildly quickly surged as high as through 2011, mirroring $31.94 per share, but have Grain-Based Foods Share Index major developments at been gradually sliding the company. That the since then. In November, performance in 2011 company would be the additional shares were sold third best performer in in a secondary offering High Low Close Change % change the Grain-Based Foods from existing investors (not ADM 38.02 23.69 28.60 -$1.48 -4.9% Share Index, with a 32% the company) at $25.62 per Bridgford 13.92 6.80 9.60 -$4.65 -32.6% gain, seemed unlikely at share. Bunge 76.13 54.03 57.20 -$8.32 -12.7% various points during the One company, Tasty Campbell Soup 35.66 29.69 33.24 -$1.51 -4.3% year. Shares were drifting Baking Co., was deleted ConAgra 26.72 22.20 26.40 $3.82 16.9% Corn Products 59.50 36.65 52.59 $6.59 14.3% along through the ﬁrst four from the Grain-Based Dunkin’ Brands 31.94 23.24 24.98 NA NA months of 2011 within a Foods Share Index in Flowers Foods (s) 23.13 15.95 18.98 -$0.02 5.8% range that had prevailed 2011, after its acquisition General Mills 40.80 34.54 40.41 $22.47 13.5% much of the previous ﬁve by Flowers Foods, Inc. Hain Celestial 38.47 25.59 36.66 $1.07 35.5% years. Everything changed Tasty had been included J & J Snack 55.58 41.91 53.28 $26.22 8.1% May 4 when Omahasince the index and its Kellogg 57.70 48.10 50.57 $1.30 -1.0% based ConAgra Foods, Inc. predecessor indices were Kraft Foods 38.05 30.21 37.36 -$13.72 18.6% offered to acquire Ralcorp created by Milling & Baking Krispy Kreme 10.08 5.10 6.54 -$24.97 -6.3% in a $4.9 billion transaction. News several decades ago. Lance 24.09 17.06 22.50 $15.52 -4.0% Ralcorp shares surged to The top performer in MGP Ingredients 10.89 4.25 5.04 -$18.40 -54.6% an all-time high, but share the index in 2011 was a Panera Bread Co. 145.46 94.62 141.45 $130.34 39.8% prices tumbled when the familiar name — Panera PepsiCo 71.89 58.50 66.35 -$34.86 1.6% company repeatedly, and Bread Co., St. Louis, up Ralcorp Holdings 91.35 59.23 85.50 $20.17 31.5% ultimately with success, 40%. The sharp gain J.M. Smucker 80.25 61.16 78.17 $13.16 19.1% spurned the ConAgra bid. followed a 51% advance in Sara Lee 20.26 15.66 18.92 -$46.73 8.1% During the summer, Ralcorp 2010, when the company Seaboard 2705.00 1650.00 2036.00 $45.00 2.3% management announced plans ranked fourth. Gains were s = stock split during year to spin off the Post cereal 28% in 2009 and 46% in
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Milling & Baking News - January 10, 2012

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