<PAGE> 1
FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D C 20549
(Mark One)
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended APRIL 25, 1998
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( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________________ to ______________________
Commission file number 1-9787
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FLOWERS INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
GEORGIA 58-0244940
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(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
1919 FLOWERS CIRCLE, THOMASVILLE, GEORGIA
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(Address of principal executive offices)
31757
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(Zip Code)
912/226-9110
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(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
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APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
TITLE OF EACH CLASS OUTSTANDING AT JUNE 1, 1998
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COMMON STOCK, $.625 PAR VALUE 99,809,232
<PAGE> 2
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 2(a) First Amendment to the Stock Purchase Agreement dated
March 31, 1998 among the Company, Bermore Ltd., Artal Luxembourg
S.A., and Keebler Foods Company. Previously filed under form 10-Q
dated June 8, 1998.
Exhibit 27 - Financial data schedule for the sixteen weeks ended
April 25, 1998. Previously filed under form 10-Q dated
June 8, 1998.
Exhibit 27.1 - Restated financial data schedule for the fiscal year
ended June 29, 1996.
Exhibit 27.2 - Restated financial data schedule for the twelve weeks
ended September 21, 1996, the twenty-four weeks ended December 14,
1996, the thirty-six weeks ended March 8, 1997 and the fiscal year
ended June 28, 1997.
Exhibit 27.3 - Restated financial data schedule for the twelve weeks
ended September 20, 1997 and the twenty-four weeks ended December 13,
1997.
(b) Reports on Form 8-K
The Company filed a report on Form 8-K on February 18, 1998, as
amended by the Form 8-K/A filed on March 13, 1998 to report the
Company's acquisition of a majority interest in Keebler Foods
Company, a Delaware corporation, and the change in the Company's
fiscal year end.
<PAGE> 3
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 thereunto duly authorized.
FLOWERS INDUSTRIES, INC.
/s/ Amos R. McMullian
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By: Amos R. McMullian
Chairman of the Board
/s/ Jimmy M. Woodward
-----------------------------------
By: Jimmy M. Woodward
Treasurer and Chief Accounting
Officer
June 22, 1998
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Date
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FLOWERS
INDUSTRIES, INC. CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET
FOR THE PERIOD INDICATED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-29-1996
<PERIOD-START> JUL-02-1995
<PERIOD-END> JUN-29-1996
<CASH> 25,039
<SECURITIES> 0
<RECEIVABLES> 120,301
<ALLOWANCES> 0
<INVENTORY> 68,576
<CURRENT-ASSETS> 230,227
<PP&E> 684,577
<DEPRECIATION> 264,107
<TOTAL-ASSETS> 849,443
<CURRENT-LIABILITIES> 181,748
<BONDS> 0
0
0
<COMMON> 55,398
<OTHER-SE> 249,926
<TOTAL-LIABILITY-AND-EQUITY> 849,443
<SALES> 1,238,564
<TOTAL-REVENUES> 1,250,584
<CGS> 674,762
<TOTAL-COSTS> 1,202,244
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 13,004
<INCOME-PRETAX> 48,340
<INCOME-TAX> 18,185
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 30,768
<EPS-PRIMARY> 0.35<F1>
<EPS-DILUTED> 0.35<F1>
<FN>
<F1>
Earnings per share amounts on this financial data schedule have been restated
for the adoption of Statement of Financial Accounting Standards No. 128,
"Earnings Per Share", which requires dual presentation of basic and diluted
earnings per share. In addition, these earnings per share amounts, as well as
the common stock par value and other stockholders' equity amounts, have been
adjusted to reflect a three-for-two stock split effected in the form of a stock
dividend paid on May 2, 1997 to shareholders of record on April 18, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FLOWERS
INDUSTRIES, INC. CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET
FOR THE PERIODS INDICATED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> JUN-28-1997 JUN-28-1997 JUN-28-1997 JUN-28-1997
<PERIOD-START> JUN-30-1996 JUN-30-1996 JUN-30-1996 JUN-30-1996
<PERIOD-END> SEP-21-1996 DEC-14-1996 MAR-08-1997 JUN-28-1997
<CASH> 19,897 4,972 4,886 31,080
<SECURITIES> 0 0 0 0
<RECEIVABLES> 125,750 161,735 117,925 113,628
<ALLOWANCES> 0 0 0 0
<INVENTORY> 99,399 88,173 95,990 104,577
<CURRENT-ASSETS> 262,124 273,311 237,375 271,531
<PP&E> 696,834 724,606 742,684 747,013
<DEPRECIATION> 270,939 284,574 294,534 299,014
<TOTAL-ASSETS> 827,526 857,224 836,403 898,187
<CURRENT-LIABILITIES> 182,152 217,776 186,907 242,469
<BONDS> 0 0 0 0
0 0 0 0
0 0 0 0
<COMMON> 55,398 55,398 55,398 55,398
<OTHER-SE> 259,276 266,555 271,582 284,614
<TOTAL-LIABILITY-AND-EQUITY> 827,526 857,224 836,403 898,187
<SALES> 322,710 704,000 1,009,954 1,437,713
<TOTAL-REVENUES> 362,201 745,347 1,053,124 1,484,497
<CGS> 182,272 398,806 561,747 787,799
<TOTAL-COSTS> 329,276 693,247 991,112 1,396,703
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 7,447 12,485 17,423 25,109
<INCOME-PRETAX> 32,925 52,100 62,012 87,794
<INCOME-TAX> 12,446 19,694 23,441 33,191
<INCOME-CONTINUING> 0 0 0 0
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 19,948 32,211 44,381 62,324
<EPS-PRIMARY> .23<F1> .37<F1> .51<F1> .71<F1>
<EPS-DILUTED> .23<F1> .37<F1> .51<F1> .71<F1>
<FN>
<F1>
Earnings per share amounts on this financial data schedule have been restated
for the adoption of Statement of Financial Accounting Standards No. 128,
"Earnings Per Share", which requires dual presentation of basic and diluted
earnings per share. In addition, these earnings per share amounts, as well as
the common stock par value and other stockholders' equity amounts, have been
adjusted to reflect a three-for-two stock split effected in the form of a stock
dividend paid on May 2, 1997 to shareholders of record on April 18, 1997.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FLOWERS
INDUSTRIES, INC. CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET
FOR THE PERIODS INDICATED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> JAN-03-1998 JAN-03-1998
<PERIOD-START> JUN-29-1997 JUN-29-1997
<PERIOD-END> SEP-20-1997 DEC-13-1997
<CASH> 7,991 10,178
<SECURITIES> 0 0
<RECEIVABLES> 115,439 153,623
<ALLOWANCES> 0 0
<INVENTORY> 128,653 106,598
<CURRENT-ASSETS> 275,058 294,882
<PP&E> 761,540 760,778
<DEPRECIATION> 310,052 321,470
<TOTAL-ASSETS> 910,700 933,336
<CURRENT-LIABILITIES> 231,700 253,895
<BONDS> 0 0
0 0
0 0
<COMMON> 55,398 55,398
<OTHER-SE> 289,932 293,782
<TOTAL-LIABILITY-AND-EQUITY> 910,700 933,336
<SALES> 308,387 712,953
<TOTAL-REVENUES> 310,063 716,196
<CGS> 165,476 374,783
<TOTAL-COSTS> 294,699 677,393
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 5,308 10,750
<INCOME-PRETAX> 15,364 38,803
<INCOME-TAX> 5,992 14,939
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 (8,842)
<NET-INCOME> 14,529 27,557
<EPS-PRIMARY> .16 .32
<EPS-DILUTED> .16 .31
</TABLE>
