US packaged bakery foods maker Flower Foods has reiterated its 2004 sales and earnings guidance and said it is on the lookout for potential acquisitions.
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The company backed its previous guidance for fiscal 2004 of an estimated US$1.45bn to $1.5bn in sales, and income of 3.75% to 4% of sales.
George E. Deese, president and chief executive officer, said the company expects to grow organically and through acquisition. New products and expansion of the territory served by the company’s direct-store-delivery routes (DSD) were cited as part of the plan for internal growth.
The company said it would consider acquisitions of all sizes, but it is particularly targeting fresh bakery companies with sales ranging from $10m to $100m as well as frozen bread and roll and snack cake companies with sales of $10m to $35m as part of its growth plan.
“We are constantly reviewing potential acquisitions,” Deese said. “We look for both an operational and financial fit that will enhance our ability to build shareholder value over time.”
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