EX-99.1 2 exhibittopensionasu8k.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1

U.S. GAAP to Non-GAAP Reconciliations

In addition to reporting U.S. GAAP operating results, the Company has historically reported non-GAAP financial information. Refer also to the Company's Quarterly Reports on Form 10-Q and its Annual Report on Form 10-K for the periods presented for additional information on its GAAP to non-GAAP adjustments.

Pinnacle Foods Inc.
Revised Amounts Reflecting Reclassification of Benefit Plan Components
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit
(in Millions)
(Unaudited)

For the fiscal year ended December 25, 2016
 
 
 
 
Gross
 
 
Gross
 
Profit
 
 
Profit
 
Margin
Reported GAAP
 
$
916.1

 
29.3
%
Reclassification of pension expense/(benefit)
 
0.2

 
 
Revised (GAAP)
 
$
916.3

 
29.3
%
Acquisition, merger and other restructuring charges
 
7.1

 
 
Other non-cash items
 
(2.1
)
 
 
Revised Adjusted (Non-GAAP)
 
$
921.3

 
29.5
%

For the fiscal year ended December 31, 2017
 
 
 
 
Gross
 
 
Gross
 
Profit
 
 
Profit
 
Margin
Reported GAAP
 
$
868.1

 
27.6
%
Reclassification of pension expense/(benefit)
 
(2.0
)
 
 
Revised (GAAP)
 
$
866.1

 
27.5
%
Accelerated depreciation expense
 
22.6

 
 
Acquisition, merger and other restructuring charges
 
17.2

 
 
Other non-cash items
 
5.3

 
 
Revised Adjusted (Non-GAAP)
 
$
911.2

 
29.0
%

For the quarter ended March 26, 2017
 
 
 
 
Gross
 
 
Gross
 
Profit
 
 
Profit
 
Margin
Reported GAAP
 
$
211.1

 
27.6
%
Reclassification of pension expense/(benefit)
 
(0.5
)
 
 
Revised (GAAP)
 
$
210.6

 
27.5
%
Acquisition, merger and other restructuring charges
 
5.3

 
 
Other non-cash items
 
2.0

 
 
Revised Adjusted (Non-GAAP)
 
$
217.9

 
28.4
%





For the quarter ended June 25, 2017
 
 
 
 
Gross
 
 
Gross
 
Profit
 
 
Profit
 
Margin
Reported GAAP
 
$
164.4

 
22.1
%
Reclassification of pension expense/(benefit)
 
(0.5
)
 
 
Revised (GAAP)
 
$
163.9

 
22.0
%
Accelerated depreciation expense
 
23.6

 
 
Acquisition, merger and other restructuring charges
 
8.3

 
 
Other non-cash items
 
7.4

 
 
Revised Adjusted (Non-GAAP)
 
$
203.2

 
27.3
%

For the quarter ended September 24, 2017
 
 
 
 
Gross
 
 
Gross
 
Profit
 
 
Profit
 
Margin
Reported GAAP
 
$
219.3

 
29.2
%
Reclassification of pension expense/(benefit)
 
(0.5
)
 
 
Revised (GAAP)
 
$
218.8

 
29.2
%
Acquisition, merger and other restructuring charges
 
1.1

 
 
Other non-cash items
 
(3.7
)
 
 
Revised Adjusted (Non-GAAP)
 
$
216.2

 
28.8
%

For the quarter ended December 31, 2017
 
 
 
 
Gross
 
 
Gross
 
Profit
 
 
Profit
 
Margin
Reported GAAP
 
$
273.4

 
30.9
%
Reclassification of pension expense/(benefit)
 
(0.5
)
 
 
Revised (GAAP)
 
$
272.9

 
30.9
%
Accelerated depreciation expense
 
(1.0
)
 
 
Acquisition, merger and other restructuring charges
 
2.4

 
 
Other non-cash items
 
(0.4
)
 
 
Revised Adjusted (Non-GAAP)
 
$
273.9

 
31.0
%