B&G Foods details equity offering program

B&G Foods details equity offering program

PARSIPPANY, NJ. — B&G Foods, Inc. on Aug. 23 filed a prospectus supplement with the Securities and Exchange Commission under which it may offer and sell up to 7.5 million shares of its common stock from time to time through an “at-the-market” (ATM) equity offering program.

An ATM is a type of follow-on offering of stock utilized by publicly traded companies in order to raise capital over time.

B&G Foods said it plans to use net proceeds from any sales of its common stock under the offering for general corporate purposes, which could include, among other things, repayment, refinancing, redemption or repurchase of long-term debt or possible acquisitions.

Earlier this month, Kenneth C. Keller, president and chief executive officer of B&G Foods, said in a conference call with analysts that the Parsippany-based company still remains a larger business than it was in 2019, driven by continued growth and interest in cooking, baking and eating at home.

B&G Foods net income for the second quarter ended July 3 totaled $24.55 million, equal to 38¢ per share on the common stock, down 46% from $44.91 million, or 70¢ per share, in the prior-year period. Adjusted net income, which excludes acquisition and divestiture related and non-recurring expenses, fell 42% to $27.1 million from $46 million.

Net sales also fell, sliding 9.4% to $464.38 million from $512.54 million the year before.