date:May 16, 2014
bargain purchase price gain during the year earlier period, net income in the first quarter of 2014 was down 6%.
Gross margin during the quarter was 48.6%, an improvement of 40 basis points from the first quarter of 2013. Lower ingredient costs as a percentage of sales was the principal driver of the improvement.
Partially offsetting the ingredient decreases were lower manufacturing efficiencies and carrying costs associated with the acquired Hostess facilities, Flowers said.
Allen L. Shiver