Post Holdings Reports Fire with No Injuries at Michael Foods Location

ST. LOUIS, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Post Holdings, Inc. (NYSE:POST) (the “Company” or “Post”) reported a fire took place on the evening of February 27, 2020, at its Michael Foods farm operation in Bloomfield, NE. All employees were safely evacuated, and no injuries were reported. The cause of the fire has yet to be determined.

The fire impacted less than 5% of the layer population of Michael Foods’ internal and external layer network. Before considering the impact of the fire, Post management guidance for Adjusted EBITDA range of $1.22-$1.27 billion for fiscal year 2020 remains unchanged. The impact of the fire on Post’s financial results, if any, has yet to be determined. To the extent the property and/or business interruption loss exceeds $2.5 million, Post management expects to be reimbursed under insurance policies; however, costs may be incurred in different reporting periods than any insurance recovery.

The Company provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for gain/loss on sale of business, income/expense on swaps, net, equity method investment adjustment, transaction and integration costs, restructuring and facility closure costs, mark-to-market adjustments on commodity and foreign exchange hedges and other charges reflected in the Company’s reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding the Company’s non-GAAP measures, see the related explanations presented under “Use of Non-GAAP Measure.”

Use of Non-GAAP Measure
The Company uses Adjusted EBITDA, a non-GAAP measure, in this press release to supplement its financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP). Adjusted EBITDA is not prepared in accordance with U.S. GAAP, as it excludes certain items, and may not be comparable to similarly-titled measures of other companies.

Management uses certain non-GAAP measures, including Adjusted EBITDA, as key metrics in the evaluation of underlying Company and segment performance, in making financial, operating and planning decisions, and, in part, in the determination of cash bonuses for its executive officers and employees. Additionally, the Company is required to comply with certain covenants and limitations that are based on variations of EBITDA in the Company’s financing documents. Management believes the use of non-GAAP measures, including Adjusted EBITDA, provides increased transparency and assists investors in understanding the underlying operating performance of the Company and its segments and in the analysis of ongoing operating trends. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items, and may not be comparable to similarly titled measures of other companies.