RubinBrown Food & Beverage Year in Review 2013

Public Company Subsector Constituents: Food Production Companies

Projected Revenue Growth (NTM)

EBITDA Margin (LTM)

EBITDA Margin (NTM)

Enterprise

Revenue (LTM)

EBITDA (LTM)

Revenue (NTM)

EBITDA (NTM)

EV/Revenue (LTM)

EV/EBITDA (LTM)

EV/Revenue (NTM)

EV/EBITDA (NTM)

Company Name B&G Foods Inc .

Value Market Cap

2 664 6 $ 2, .

1 812 4 $ 1, .

$

687 1 6 . 535.6 879.8 448.9 840.2 186.7 691.5 519.4 743.0 200.3

$

178 0 1 .

25 9% 807 8 $ . 8 . 17.0% 548.3 15.3% 904.5 14.6% 522.6 4.8% 861.9 12.9% 224.5 4.9% 733.6 6.1% 548.6 7.3% n/a 7.9% 262.1 13.6% 108.4 4.1% n/a 16.9% 40.6 4.0% n/a -2.1% n/a 25 9% 904 5 $ . 9 . -2.1% 40.6 10.2% 505.7 7.9% 548.3

17 6% 209 1 $ . 2 . 2.4% n/a 2.8% 142.6 16.4% 86.5 2.6% 114.5 20.2% 33.9 6.1% 45.1 5.6% n/a

25 9% 3 9x . .

15 0x . 20.7x 11.5x 18.2x 29.1x 29.7x 15.1x 11.7x 18.4x 21.3x 15.2x 10.6x 6.0x

3 3x . 3.4x 1.7x 2.3x 1.4x 3.2x 0.7x 0.7x

12 7x .

Tootsie Roll Industries Inc. J&J Snack Foods Corp.

1,881.2 1,549.7 1,195.6 1,176.4

1,938.1 1,654.7

91.0

n/a

3.5x

n/a

134.5

15.8% 1.8x 16.6% 2.7x 13.3% 1.4x 15.1% 3.8x 6.1% 0.7x

10.9x 13.8x 10.3x 21.1x 11.3x

Boulder Brands, Inc. Diamond Foods, Inc.

950.7 580.8 727.9 470.1 365.6 269.9 257.5 261.2

65.5 40.4 24.2 33.7 31.9 54.4 15.8 12.5

Annie's, Inc.

716.8 509.2 372.3 328.9 291.4 267.4

Calavo Growers Inc. Farmer Brothers Co.

n/a n/a

0.7x 0.4x

n/a n/a

John B Sanfilippo & Son Inc.

n/a

n/a

n/a

Inventure Foods, Inc. Lifeway Foods Inc. Bridgford Foods Corp.

30.9% 24.1 17.8% 14.2

9.2% 1.5x 13.1% 2.9x

1.1x 2.5x

12.1x 18.9x

92.0

80.9 68.8 54.0 17.3

87.6 71.0 48.1 17.6

129.0

5.3 6.5 5.5

n/a

n/a

n/a n/a n/a n/a

0.6x 1.8x 0.4x 1.2x

n/a

n/a n/a n/a n/a

Rocky Mountain Chocolate Factory

38.4

5.7% n/a

1.7x

Golden Enterprises Inc.

138.1

n/a n/a

n/a n/a

9.7x

n/a n/a

Tofutti Brands Inc.

15.0

(0.3)

-55.4x

M i

ax mum

2 664 6 $ , .

1 938 1 $ , .

$

879 8 8 .

$

178 0 1 .

30 9% 209 1 $ . 2 . 2.4% 14.2 11.6% 83.8 6.1% 65.8

25 9% 3 9 . . x 6.1% 0.4x 14.4% 1.8x 14.2% 1.5x

29 7

. x

3 4

. x

21 1

. x

Minimum

17.3

17.6

15.0

(0.3)

-55.4x 11.8x 15.1x

0.7x 2.0x 1.7x

10.3x 13.9x 12.4x

Mean

745.0 372.3

634.2 365.6

409.7 448.9

46.6 31.9

Median

$ in millions Source: Capital IQ Includes Food Production Companies with LTM Revenue less than $1 billion.

Food & Beverage Sector: 2013 Review

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