SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): May 29, 2008
H.J. HEINZ COMPANY
(Exact name of registrant as specified in its charter)
Pennsylvania | 1-3385 | 25-0542520 |
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
One PPG Place, Suite 3100, Pittsburgh, Pennsylvania | | 15222 |
(Address of principal executive offices) | | (Zip Code) |
412-456-5700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Attached is H.J. Heinz Company's press release dated May 29, 2008 furnished herewith as Exhibit 99.1.
This press release presents the business measure of organic sales growth, which is defined as volume plus price. This measure is utilized by senior management to provide investors with a more complete understanding of underlying sales trends by providing sales growth on a consistent basis.
This press release also presents the business measure of operating free cash flow as defined below. This measure is utilized by senior management and the board of directors to gauge our business operating performance, including the progress of management to profitably monetize low return assets.
The limitation of operating free cash flow is that it adjusts for cash used for capital expenditures and cash received from disposals of property, plant and equipment, the net of which is no longer available to the Company for other purposes.
Management compensates for this limitation by using the GAAP operating cash flow number as well. Operating free cash flow does not represent residual cash flow available for discretionary expenditures and does not provide insight to the entire scope of the historical cash inflows or outflows of our operations that are captured in the other cash flow measures reported in the statement of cash flows.
Disclosed on Exhibit 99.1 is supplemental information regarding reconciliation and calculation of the non-GAAP measures discussed above in connection with the financial results for the fourth quarters and fiscal years ended April 30, 2008 and May 2, 2007.
ITEM 7.01 REGULATION FD
Attached is H.J. Heinz Company's press release dated May 29, 2008 furnished herewith as Exhibit 99.2 announcing an increase to the Company's dividend.
ITEM 8.01 OTHER EVENTS
Also attached is a copy of the five-year Summary of Financial Results presented at the analyst meeting held on May 29, 2008, furnished herewith as Exhibit 99.3. During the first quarter of Fiscal 2008, the Company changed its segment reporting to reclassify its business in India from the Rest of World segment to the Asia/Pacific segment, reflecting organizational changes. Prior periods have been conformed to the current presentation.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit Number | |
| (Referenced to | |
| Item 601 of | |
Regulation S-K) | Description of Exhibit |
| 99.1 | H.J. Heinz Company Press Release dated |
| May 29, 2008 |
| |
| 99.2 | H.J. Heinz Company Press Release dated |
| May 29, 2008 |
| |
| 99.3 | H.J. Heinz Company Summary of Financial |
| Results dated May 29, 2008 |
SIGNATURE
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 hereunto duly authorized.
| | H.J. HEINZ COMPANY |
| | |
| | By | /s/ Arthur B. Winkleblack |
| | | Arthur B. Winkleblack |
| | | Executive Vice President and |
| | | Chief Financial Officer |
| | | |
Dated: | May 29, 2008 | | |
EXHIBIT INDEX
Exhibit No. | Description |
| 99.1 | H. J. Heinz Company Press Release dated |
| May 29, 2008 |
| |
| 99.2 | H.J. Heinz Company Press Release dated |
| May 29, 2008 |
| |
| 99.3 | H.J. Heinz Company Summary of Financial |
| Results dated May 29, 2008 |
