 Pinnacle Foods 2011 Wells Fargo Securities Consumer, Gaming & Lodging Conference May 24, 2011 Exhibit 99.1 |
 2 Forward-Looking Statements and GAAP Reconciliation Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved or whether such performance or results will ever be achieved. Forward-looking information is based on information available at the time and management’s good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statements are made. Pinnacle Foods Finance LLC (“Pinnacle Foods,” “Pinnacle” or the “Company”) assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. SEC rules regulate the use of “non-GAAP financial measures” in public disclosures, such as “Free Cash Flow”, “EBITDA” “Adjusted EBITDA” and “Consolidated EBITDA”, that are derived on the basis of methodologies other than in accordance with generally accepted accounting principles, or “GAAP.” These rules govern the manner in which non-GAAP financial measures may be publicly presented and prohibit in all filings with the SEC, among other things: • exclusion of charges or liabilities that require, or will require, cash settlement or would have required cash settlement, absent an ability to settle in another manner, from a non-GAAP financial measure; and • adjustment of a non-GAAP financial measure to eliminate or smooth items identified as non-recurring, infrequent or unusual, when the nature of the charge or gain is such that it has occurred in the past two years or is reasonably likely to recur within the next two years. We have included non-GAAP financial measures in this presentation, including Free Cash Flow, EBITDA, Adjusted EBITDA and Consolidated EBITDA, that may not comply with the SEC rules governing the presentation of non-GAAP financial measures. In addition, the Company’s measurements of Consolidated EBITDA are based on definitions of EBITDA included in certain of the Company’s debt agreements and, as a result, may not be comparable to those of other companies. Also, Free Cash Flow may not be comparable to similarly titled amounts presented by other companies. |
 3 In a Tough Environment, Pinnacle Delivered Solid Results in 2010. * Product Contribution = Gross Margin less consumer marketing and brokerage **After adjusting actual results for adjustments per Senior Credit Facility and Bond Indentures |
 4 Q1 2011 performance in line with our expectations *After adjusting actual results for adjustments per Senior Credit Facility and Bond Indentures |
 5 Key Performance Drivers • Brand strength • Pinnacle brands hold #1 or #2 market position in 8 of 12 major category segments in which they compete • Limited private label penetration • Enhanced innovation capabilities driving improved pipeline • New agency partners |
 6 Category Segments Major Brands Market Position IRI Market Share Frozen Vegetables #1 26.7 Shelf-Stable Pickles, Peppers and Relish #1 18.4 Baking Mixes and Frostings #2 17.1 Frozen Complete Bagged Meals #2 18.4 Table Syrups #2 18.9 Frozen Prepared Seafood #2 19.0 Frozen Waffles, Pancakes and French Toast #2 12.4 Frozen Breakfast Entrées / Savory Handhelds #2 7.1 Canned Meat #3 8.7 Bagels #3 7.1 Single-Serve Frozen Dinners and Entrées #4 8.4 Frozen Pizza-for-One #4 10.4 Source: IRI - 52 week end May 1, 2011 - Total US Food Iconic, Leading Brand Equities Pinnacle holds the #1 or #2 market position in 8 of the 12 major category segments |
 7 Enhanced Innovation Capabilities Driving Improved Pipeline New Consumers Health & Wellness Premium / Experience New Segment |
 8 Improved Marketing/Alignment with New Agency Partners Agency Key Clients BBDO (Creative Advertising) Starbucks, GE, Fed Ex, Mars, Diageo, Gillette TBWA (Creative Advertising) Apple, Absolute, Adidas, Visa, McDonalds, P+G Zenith Optimedia (Media Buying) HP, Lexus, Nestle, Verizon, Darden, P+G |
 9 Media coverage for new campaigns has been positive |
 10 Duncan Hines Advertising |
 11 Aunt Jemima Advertising |
 12 Key Performance Drivers • Brand strength • Pinnacle brands hold #1 or #2 market position in 8 of 12 major category segments in which they compete • Limited private label penetration • Enhanced innovation capabilities driving improved pipeline • New agency partners • Portfolio diversification • Participation in a broad set of categories • Scale where needed – 5 th largest frozen food company |
 13 Participation in a Broad Set of Categories ___________________________ LTM Net Sales as of 12/26/10. Duncan Hines Grocery Division Birds Eye Frozen Division Specialty Foods Division |
 14 $ Sales ($MM) $5,342 16.8 $1,712 5.4 $1,508 4.7 $1,450 4.6 $1,288 4.0 $1,231 3.9 $913 2.9 $801 2.5 $618 1.9 $553 1.7 $ Share Source: SymphonyIRI Group InfoScan Reviews - 52 week end Dec. 26, 2010 - Total US Food Pinnacle Ranks Fifth in Frozen Foods |
 15 Key Performance Drivers • Brand strength • Pinnacle brands hold #1 or #2 market position in 8 of 12 major category segments in which they compete • Limited private label penetration • Enhanced innovation capabilities driving improved pipeline • New agency partners • Portfolio diversification • Participation in a broad set of categories • Scale where needed – 5 th largest frozen food company • Nimble, responsive organization • Experienced senior team • Management alignment to value creation • Speed – Birds Eye integration |
 16 Pinnacle Management Team • Joined Pinnacle – June 2005 • EVP, CFO and CAO of Cendant Timeshare • CFO of International Home Foods Inc. • Joined Pinnacle – November 2008 • CMO Trane Inc. (formerly American Standard) • GM & Marketing and Sales roles at Campbell’s and Kraft • Joined Pinnacle – March 2008 • SVP Human Resources for Toys R Us • Senior VP HR Roles at Nabisco and Bloomingdales • Joined Pinnacle – April 2006 • Senior Marketing & Sales roles at Campbell’s and Nabisco • Joined Pinnacle – June 2004 • Regional Team Leader Sales for Campbell’s • Sales & Customer Service Roles for Quaker Foods • Joined Pinnacle – May 2001 • General Counsel for International Home Foods Inc. • VP and General Counsel at Stella Foods • Joined Pinnacle – June 2010 • SVP New Ventures at Frito Lay • President, Quaker Foods and Snacks • Joined Pinnacle – February 2011 • SVP Operations Excellence at Kraft • Chief Supply Chain Officer at Cadbury • Joined Pinnacle - July 2009 • North American President for Mars Inc. • President of Major League Baseball Properties • GM, marketing, and strategy roles at General Foods / Kraft |
 17 Birds Eye integration has been well executed |
 18 Key Performance Drivers • Brand strength • Pinnacle brands hold #1 or #2 market position in 8 of 12 major category segments in which they compete • Limited private label penetration • Enhanced innovation capabilities driving improved pipeline • New agency partners • Portfolio diversification • Participation in a broad set of categories • Scale where needed – 5 th largest frozen food company • Nimble, responsive organization • Experienced senior team • Management alignment to value creation • Speed – Birds Eye integration • Dependable financial model • Solid 2010 financial results; • Q1 2011 performance was consistent with internal expectations • Refinanced debt; extending maturity and lowering debt service cost • Accelerating productivity / pricing actions |
 19 Financial Performance |
 20 Fiscal 2010 and Q1 2011 Financial Summary ___________________________ 1. Prior Year reflects Pro forma for Birds Eye acquisition. to Prior Year (1) Q1 to Prior Year ($s in millions) Fiscal '10 % Fiscal '11 % Net sales $ 2,437 -4.4% $ 606 -7.6% North American Retail (ex. exited businesses) 2,012 -1.2% 509 -6.6% Gross profit 602 -1.8% 153 -1.9% % Net sales 24.7% 25.2% Advertising and consumer 59 -29.8% 15 -37.5% % Net sales 2.4% 2.5% SG&A and other 278 1.8% 53 -24.3% % Net sales 11.4% 8.7% Reported EBIT $ 265 3.5% $ 85 37.1% % Net sales 10.9% 14.0% Depreciation & Amortization 78 -6.0% 20 0.0% Reported EBITDA $ 343 1.2% $ 105 28.0% % Net sales 14.1% 17.3% Adjusted EBITDA $ 447 14.3% $ 107 -6.1% % Net sales 18.3% 17.7% Variance Variance |
 21 Fiscal 2010 and Q1 2011 Consolidated EBITDA Reconciliation |
 22 Current Debt Structure ($s in millions) Dec-10 Mar-11 Revolving Credit Facility $ - $ - Term Loan B 1,199 1,199 Term Loan D 368 368 9.25% Senior Notes 625 625 8.25% Senior Notes 400 400 10.625% Senior Subordinated Notes 199 199 Other Debt 16 15 Total Debt $ 2,807 $ 2,806 Cash (115) (176) Total Net Debt $ 2,692 $ 2,630 Total Leverage Ratio (per Senior Credit Facility and Bond Indentures) 5.7 5.8 |
 23 Accelerating Core Supply Chain Productivity Initiatives Targeting the high end of our range of 3.5% - - 4.0% of cost of products sold Productivity and pricing actions offsetting inflation Full line of sight on 2011 input costs Structured, multi-functional team and process in place Multi-year capital investment to accelerate productivity including 2011 footprint consolidations ___________________________ 1. Excluding Birds Eye |
 24 We have taken steps to drive a step change in productivity by consolidating our manufacturing footprint. • Canned Meat Consolidation: Tacoma, Washington into Fort Madison, Iowa • Announced: December 1, 2010 • Tacoma closure: Q2 2011 • Fort Madison start-up: Q3 2011 • Frozen Vegetables / Meals Consolidation: Fulton, New York into Darien, Wisconsin and Waseca, Minnesota • Announced: April 15, 2011 • Fulton closure: Q4 2011 • Darien / Waseca start-up: Q1 2012 |
 25 We have announced list pricing to partially offset inflation. PFG Category PFG Pricing Action / Date Waffles 3/28/11 Bagels 3/28/11 Vegetables low tier - 5/2/11 Seafood 5/2/11 Hungry-Man (classic fried chicken) 5/2/11 Baking Mixes/Frosting/Brownies 1/03/11 Frosting/Brownies/Decadent Cake/Cookies 6/20/11 Syrups Mrs. Butterworth’s/Log Cabin Mrs. Butterworth’s/Log Cabin/Country Kitchen 3/07/11 7/18/11 Vlasic 7/18/11 Armour 7/18/11 Nalley’s Chili 7/18/11 |
 Food for Thought: Solid 2010 Financial Results in a Challenging Environment; Q1 on track with internal expectations Successful Integration of Birds Eye Acquisition Re-energized Innovation Pipeline Accelerating Productivity, including footprint consolidation |