Weekly Food Industry Report: May 25, 2013
Every week, we take a look into the biggest financial news to emerge from the world of food. Here's this week's:
Hormel Foods: Hormel Foods released their second quarter reports for the second quarter of the 2013 fiscal year. They were especially pleased with a 21.1% sales growth in their Grocery Products line, as well as a 49.1% growth in their International & Other line from 2012. Their total sales increase grew by 7%.
Noodles and Company: Noodles & Company announced today they have filed a proposal to offer its Class A common stock to the public, but no numbers have been confirmed. Noodles & Company will list their stock under the symbol NDLS, with Morgan Stanley & Co, LLC and UBS Securities LLC managing the offer.
Del Monte Foods and Natural Balance Pet Foods: The two companies announced they have agreed to merge. Both companies are pleased about their potential future growth as well as the strengthened dominance in the pet foods market. The merger is anticipated to close in mid-June.
Molson Coors Brewing Company: Molson Coors Brewing Company announced their quarterly dividend of $0.32 on Class A and B common shares starting May 31, 2013 and payable June 17, 2013. Additionally, Molson Coors Brewing Company declared a quarterly dividend of CDN$0.32 with the same dates.
Joe’s Crab Shack: Joe’s Crab Shack announced new summer dishes and drinks available through August 26, 2013. Their Southern Summer menu includes a variety of new entrees with seafood and beer, as well as new starters, specialty drinks and desserts. These features will be available at all 130 locations.
CirTran’s Playboy Energy Drink: CirTran Corporation revealed Playboy’s proposal to block Play Beverages and CirTran Beverages from debuting Playboy Energy Drink, filed February 1, 2013. Playboy hoped to prevent these companies from using the rabbit trademark on their drinks. Judge Robert W Gettleman denied this motion, so CirTran will continue to sell Playboy Energy Drinks worldwide.
Red Robin Gourmet Burgers: Red Robin Gourmet Burgers report their financial results at the end of the first quarter of the 2013 fiscal year with the 2.3% increase in their total company revenues. Red Robin executives noted season changes and media might have had a slight impact on less consumer traffic and subsequent earnings. However, they believe their current success will lead them to continued profit and greater growth.
Hooters: Hooters announced they intend to praise the military on Memorial Day by having veterans and active troops enjoy 10 free wings with their drink purchases at locations across the U.S. Additionally, Hooters Girls will wear camouflage shorts to show support. From now through June 24, 2013, Hooters will also promote Hooters for Heroes, a fundraising effort to get customers to donate money and raise awareness for non-profit military organizations.