Quarterly Results

12 Months Ended

Apr. 28, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results

Quarterly Results

	2013
	First (13 Weeks)		Second (13 Weeks)		Third (13 Weeks)		Fourth (13 Weeks)		Total (52 Weeks)
	(Unaudited) (In thousands, except per share amounts)
Sales	$	2,783,451	$	2,821,533	$	2,933,331	$	2,990,571	$	11,528,886
Gross profit	1,001,944		1,013,016		1,106,515		1,073,995		4,195,470
Income from continuing operations attributable to H.J. Heinz Company common shareholders, net of tax	286,177		294,705		308,214		198,519		1,087,615
Net income attributable to H.J. Heinz Company	258,027		289,444		269,546		195,886		1,012,903
Per Share Amounts:
Net income from continuing operations—diluted	$	0.89	$	0.91	$	0.95	$	0.61	$	3.37
Net income from continuing operations—basic	0.89		0.92		0.96		0.62		3.39
Cash dividends	0.515		0.515		0.515		0.515		2.06

	2012
	First (13 Weeks)		Second (13 Weeks)		Third (13 Weeks)		Fourth (13 1/2 Weeks)		Total (52 1/2 Weeks)
	(Unaudited) (In thousands, except per share amounts)
Sales	$	2,817,706	$	2,803,271	$	2,874,927	$	3,011,668	$	11,507,572
Gross profit	983,620		966,890		1,033,598		1,010,681		3,994,789
Income from continuing operations attributable to H.J. Heinz Company common shareholders, net of tax	234,493		244,934		288,283		206,664		974,374
Net income attributable to H.J. Heinz Company	226,114		237,009		284,694		175,342		923,159
Per Share Amounts:
Net income from continuing operations—diluted	$	0.72	$	0.76	$	0.89	$	0.64	$	3.01
Net income from continuing operations—basic	0.73		0.76		0.90		0.65		3.03
Cash dividends	0.48		0.48		0.48		0.48		1.92

During Fiscal 2013, the Company's results included the following special items:

•As a result of the proposed merger, the Company incurred $44.8 million pre-tax in SG&A ($27.8 million after-tax or $0.09 per share) of transaction-related costs, including legal, accounting and other professional fees, during the fourth quarter of Fiscal 2013. See Note 21 for further explanation.

•Also during the fourth quarter of Fiscal 2013, the Company closed a factory in South Africa resulting in a $3.5 million pre-tax charge in costs of products sold ($2.6 million after-tax or $0.01 per share) primarily related to asset write-downs.

•On February 8, 2013, the Venezuelan government announced the devaluation of its currency relative to the U.S. dollar, changing the official exchange rate from 4.30 to 6.30, resulting in a $42.7 million pre-tax ($39.1 million after-tax or $0.12 per share) currency translation loss in other expense, net, during the fourth quarter of Fiscal 2013. See Note 20 for further explanation.

•During the third quarter of Fiscal 2013, the Company renegotiated the terms of the Foodstar Holdings Pte earn-out that was due in Fiscal 2014 resulting in a $12.1 million pre-tax and after-tax charge ($0.04 per share) in SG&A. See Note 11 for further explanation.

During Fiscal 2012 the Company invested in productivity initiatives designed to increase manufacturing effectiveness and efficiency as well as accelerate overall productivity on a global scale (see Note 4). The pre-tax and after-tax charges as well as the EPS impact of these productivity initiatives on the Company's Fiscal 2012 quarterly results are as follows:

	2012
	Pre-tax charges		After-tax charges		EPS impact
	(Unaudited) (In millions, except per share amounts)
First Quarter	$	40.2	$	28.1	$	0.09
Second Quarter	37.3		25.6		0.08
Third Quarter	33.7		22.6		0.07
Fourth Quarter	94.3		67.7		0.21
Total	$	205.4	$	144.0	$	0.45
(Totals may not add due to rounding)