8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) May 1, 2003 (April 30, 2003)

AURORA FOODS INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-14255	94-3303521
(Commission File Number)	(IRS Employer Identification No.)
11432 Lackland Road, St. Louis, Missouri	63146
(Address of Principal Executive Offices)	(Zip Code)

(314) 801-2300

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits.
	Item 9. Regulation FD Disclosure (including Disclosure of Results of Operations and Financial Condition provided under Item 12).
SIGNATURES
EXHIBIT INDEX
EX-99.1 Press Release

AURORA FOODS INC.

FORM 8-K

Item 7. Financial Statements and Exhibits.

(c) Exhibits

99.1 Press Release dated April 30, 2003.

Item 9. Regulation FD Disclosure (including Disclosure of Results of Operations and Financial Condition provided under Item 12).

     The information in this report is furnished pursuant to Item 9, “Regulation FD Disclosure” and Item 12, “Disclosure of Results of Operations and Financial Condition.”

     On April 30, 2003, Aurora Foods Inc. issued a press release announcing its financial results for the first quarter of fiscal 2003. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference. The information in this Form 8-K is being furnished under Item 9 and Item 12 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 1, 2003

	AURORA FOODS INC.
By:	/s/ William R. McManaman
	William R. McManaman Executive Vice President and Chief Financial Officer

3

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated April 30, 2003.

4 EX-99.1 3 c76624exv99w1.htm EX-99.1 PRESS RELEASE

Exhibit 99.1

Contact: Thomas Franco
Alan Oshiki
Broadgate Consultants, Inc.
212-232-2222

For Immediate Release

Aurora Foods Reports First Quarter Results

ST.  LOUIS, April 30, 2003 — Aurora Foods Inc. (NYSE: AOR), a producer and marketer of leading food brands, today announced results for the first quarter ended March 31, 2003. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was $30.5 million compared with EBITDA of $13.2 million in the same period last year. The first quarter 2002 EBITDA included a charge of $19.8 million, primarily related to trade promotion expenses.

     Net sales in the first quarter 2003 were $190.2 million versus $194.1 million in the first quarter 2002. The first quarter 2002 net sales included a charge of $17.7 million (of the total $19.8 million charge affecting EBITDA), primarily related to trade promotion expenses.

     Aurora’s net loss in the first quarter 2003 was $4.3 million, or $0.06 per share, as compared to a prior-year loss, before the cumulative effect of accounting changes, of $12.9 million, or $0.19 per share, which also included the effect of the previously mentioned charge. The net loss in the first quarter 2002 of $180.3 million, or $2.52 per share, included the cumulative effect of the change in accounting, net of tax, of $167.4 million related to the adoption of the Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets.

-more-

     “We believe we are getting Aurora’s business stabilized,” said Dale F. Morrison, Aurora’s Chairman and Chief Executive Officer. “The first quarter EBITDA is in line with our business plan for 2003 and, with the late timing of Easter and the trade changes we made in the quarter, we expected volumes to be lower than the prior year. The initiatives we have implemented to increase productivity and reduce complexity have begun to make a positive impact. For example, we reduced inventories by more than $22 million during the first quarter.”

     In the first quarter 2003, Aurora’s unit volume was down 9.3% from the prior year period, primarily in retail seafood, Duncan Hines® and syrup. In the seafood and Duncan Hines businesses, sales were planned to be lower than a year ago due to the timing of the Easter holiday this year versus last year. Syrup sales were also planned below year-ago levels due to the Company’s transition to an everyday low price strategy. Sales were materially below plan for Duncan Hines due to very aggressive competitive activity in the baking arena and the fact that the Company’s shipments to customers were significantly less than consumption.

     As of March 31, 2003, Aurora was in compliance with its loan agreements, as amended, and had in excess of $28 million in liquidity.

     The Company’s divestiture process is continuing. While it is difficult to predict divestiture timing, no transaction announcement is expected in the near term.

     Attached are Aurora’s financial data for the first quarter ended March 31, 2003.

-more-

Conference Call/Webcast

     Aurora will host a conference call and simultaneous Webcast to discuss its first quarter 2003 results on Wednesday, April 30, 2003, at 11:00 a.m. Eastern Time. Interested parties should dial 1-800-289-0504 in the U.S. or 1-913-981-5549 outside of the U.S., or go to http://www.firstcallevents.com/service/ajwz380369930gf12.html to listen to the call. A replay of the call will be available from 2:00 p.m. Eastern Time on Wednesday, April 30, until 12:00 a.m. Eastern Time on Wednesday, May 7, at 1-888-203-1112 in the U.S. or 1-719-457-0820 outside of the U.S. (access code for both replays: 540602) and at the same Web site address.

About Aurora Foods Inc.

     Aurora Foods Inc., based in St. Louis, Missouri, is a producer and marketer of leading food brands, including Duncan Hines® baking mixes; Log Cabin®, Mrs. Butterworth’s® and Country Kitchen® syrups; Lender’s® bagels; Van de Kamp’s® and Mrs. Paul’s® frozen seafood; Aunt Jemima® frozen breakfast products; Celeste® frozen pizza and Chef’s Choice® skillet meals. More information about Aurora may be found on the Company’s Web site at www.aurorafoods.com.

CAUTIONARY NOTE: Statements contained in this press release that are not historical facts are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from the forward-looking statements contained in this release and which may affect the Company’s prospects in general. For a summary of such risks and uncertainties, see the Company’s periodic reports and other filings with the Securities and Exchange Commission.

###

AURORA FOODS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)

			Three Months Ended March 31,
			2003			2002
			(unaudited)
Net sales			$	190,207		$	194,126
Cost of goods sold				(117,877	)		(134,459	)
	Gross profit			72,330			59,667
Brokerage, distribution and marketing expenses:
	Brokerage and distribution			(26,757	)		(27,124	)
	Consumer marketing			(4,778	)		(9,739	)
		Total brokerage, distribution and marketing expenses		(31,535	)		(36,863	)
Amortization of intangibles				(3,299	)		(2,448	)
Selling, general and administrative expenses				(15,690	)		(17,340	)
		Total operating expenses		(50,524	)		(56,651	)
	Operating income			21,806			3,016
Interest and financing expenses:
	Interest expense, net			(24,021	)		(22,269	)
	Adjustment to value of derivatives			(893	)		(1,117	)
	Amortization of discount, premium and financing costs			(1,199	)		(803	)
		Total interest and financing expenses		(26,113	)		(24,189	)
	Loss before income taxes and cumulative effect of change in accounting			(4,307	)		(21,173	)
Income tax (expense) benefit				—			8,249
	Net loss before cumulative effect of change in accounting			(4,307	)		(12,924	)
Cumulative effect of change in accounting, net of tax of $82,237				—			(167,379	)
		Net loss		(4,307	)		(180,303	)
Preferred dividends				(358	)		(331	)
	Net loss available to common stockholders		$	(4,665	)	$	(180,634	)
Basic and diluted loss per share available to common stockholders before cumulative effect of change in accounting			$	(0.06	)	$	(0.19	)
		Cumulative effect of change in accounting, net of tax		—			(2.33	)
		Basic and diluted loss per share available to common stockholders	$	(0.06	)	$	(2.52	)
Weighted average number of shares outstanding				77,155			71,753

Certain reclassifications have been made to the prior year amounts to conform to the current year presentation.

AURORA FOODS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)

				Three Months Ended March 31,
				2003			2002
				(unaudited)
Cash flows from operating activities:
	Net loss			$	(4,307	)	$	(180,303	)
	Cumulative effect of change in accounting, net of tax				—			167,379
	Adjustments to reconcile net loss to cash from operating activities:
		Depreciation			5,394			7,704
		Amortization			4,498			3,251
		Deferred income taxes			—			(8,229	)
		Recognition of non-cash loss on derivatives			893			1,117
		Non-cash interest expense			1,415			—
		Other, net			(15	)		(20	)
		Changes to operating assets and liabilities:
			Receivables		(7,346	)		17,134
			Inventories		22,440			4,887
			Prepaid expenses and other current assets		(7,213	)		(12,807	)
			Accounts payable		(15,530	)		900
			Accrued expenses		5,616			6,391
			Other non-current liabilities		(1,309	)		(1,751	)
Net cash provided by operations					4,536			5,653
Cash flows from investing activities:
	Asset additions				(1,920	)		(5,540	)
Net cash used in investment activities					(1,920	)		(5,540	)
Cash flows from financing activities:
	Senior secured revolving (repayments) borrowings, net				(5,500	)		13,800
	Repayment of borrowings				(10,788	)		(8,231	)
	Change in accounts receivable sold				1,421			(5,326	)
	Other, net				(28	)		342
Net cash (used for) provided by financing activities					(14,895	)		585
Increase (decrease) in cash and cash equivalents					(12,279	)		698
Cash and cash equivalents, beginning of period					12,904			184
Cash and cash equivalents, end of period				$	625		$	882

AURORA FOODS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)

					March 31,			December 31,
					2003			2002
					(unaudited)
	ASSETS
Current assets:
		Cash and cash equivalents			$	625		$	12,904
		Accounts receivable, net				40,868			34,944
		Inventories				72,240			94,680
		Prepaid expenses and other assets				6,087			2,984
			Total current assets			119,820			145,512
Property, plant and equipment, net						167,832			171,570
Goodwill and other intangible assets, net						901,553			903,870
Other assets						32,321			30,470
			Total assets		$	1,221,526		$	1,251,422
				LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
		Current maturities of long-term debt			$	43,269		$	43,259
		Accounts payable				30,066			45,596
		Accumulated preferred dividends payable				3,297			2,939
		Accrued liabilities				65,941			60,408
			Total current liabilities			142,573			152,202
Senior secured term debt						454,113			464,756
Senior secured revolving debt facility						148,100			153,600
Senior unsecured debt from related parties						22,102			21,951
Senior subordinated notes						401,279			401,349
Capital lease obligation						1,737			1,724
Other liabilities						14,968			15,421
			Total liabilities			1,184,872			1,211,003
Commitments and contingent liabilities
Stockholders’ equity:
		Preferred stock				37			37
		Common stock				772			772
		Paid-in capital				684,773			684,773
		Accumulated deficit				(648,928	)		(644,263	)
		Accumulated other comprehensive loss				—			(900	)
			Total stockholders’ equity			36,654			40,419
				Total liabilities and stockholders’ equity	$	1,221,526		$	1,251,422

AURORA FOODS INC.
RECONCILIATION OF OPERATING INCOME TO EBITDA
(IN THOUSANDS)

		Three Months Ended March 31,
		2003		2002
		(unaudited)
Operating income		$	21,806	$	3,016
	Depreciation and amortization		8,693		10,152
EBITDA		$	30,499	$	13,168

EBITDA represents earnings before interest and financing expenses, taxes, depreciation and amortization and before the accounting change.

The Company believes that EBITDA provides additional information for determining its ability to meet capital expenditure and debt service requirements. EBITDA does not represent and should not be considered an alternative to operating income, net income or cash flow from operations as determined by generally accepted accounting principles. EBITDA does not necessarily indicate whether cash flow will be sufficient for cash requirements and should not be deemed to represent funds available to the Company. The calculation of EBITDA does not include the commitments of the Company for capital expenditures and payment of debt and may not be comparable to similarly-titled measures of other companies.

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EX-99.1

exv99w1