Good day and welcome to the B&G Foods Third Quarter 2015 Financial Results Conference Call. Today's conference call is being recorded. You can access detailed financial information on the quarter in the company's earnings release issued today which is available at bgfoods.com. Before the company begins its formal remarks, I need to remind everyone that the part of the discussion today including forward-looking statements, these statements are not guarantees of future performance and therefore undue reliance should not be placed upon them. We refer all of you to the B&G Foods most recent Annual Report on Form 10-K and subsequent SEC filings for a more detailed discussion of risks that could impact the company's future operating results and financial condition. The company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Company will also be making references on today's call to non-GAAP financial measures, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted earnings per share, base business net sales and comparable base business net sales. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are provided in today's earning release. Tom Crimmins, the company's CFO, will start the call by discussing the company's financial results for the quarter. Next Bob Cantwell, the company's CEO, will discuss various factors that affect the company's results, selected business highlights and updates on the Green Giant acquisition and his thoughts concerning the remainder of 2015. Now I'd like to turn the call over to Mr. Tom Crimmins, CFO. Tom? Thomas P. Crimmins - Chief Financial Officer & Executive VP-Finance: Thank you, operator. Good afternoon, everyone, and thank you for joining us today. Net sales for the third quarter of 2015 increased 2.1% to $213.3 million…

Thank you, sir. We'll take our first question from Sean Naughton with Piper Jaffray. Sean P. Naughton - Piper Jaffray & Co (Broker): Hi. Good afternoon and thanks for taking the questions. Robert C. Cantwell - President, Chief Executive Officer & Director: Sure. Sean P. Naughton - Piper Jaffray & Co (Broker): Just on the gross margin, clearly very impressive, up 340 basis points, sounds like just on pricing and some lower delivery costs, you did have some headwinds. Can you talk about how you think about the sustainability of that trend as we look forward here? And then also was there anything from your relationship with DSC that was in that number as well? Robert C. Cantwell - President, Chief Executive Officer & Director: Well, the last part of that question, nothing yet on DSC because the transition has really just begun, so we will not really see those savings until the latter part of 2016. We for a lot reasons with the pricing increases and fundamentally some lower cost and flat cost in most areas, we expect and continue to expect our margins to be better than prior year on a go-forward basis. And part of this is mix too. We've had a very positive mix as brands like Ortega and [technical difficulty] (18:31) – as Cream of Wheat and Ortega have grown very nicely and a few others, even Grandma's Molasses, for example, has really helped the mix on margin. So we expect that to continue, excluding some of the onetime charges. And Tom didn't mention some of the onetime charges that were in the gross profit and gross margin from last year that we didn't have this year. Sean P. Naughton - Piper Jaffray & Co (Broker): Okay. And then just any comments just on the…

We'll take our next question from Jon Andersen with William Blair. Jon R. Andersen - William Blair & Co. LLC: Hey, good afternoon, guys. Robert C. Cantwell - President, Chief Executive Officer & Director: Hi. Jon R. Andersen - William Blair & Co. LLC: I wanted to ask a little bit more about the price and volume dynamic that you referred to, Bob. Are you happy or comfortable, maybe is a better word with what you're seeing in terms of the price coming in I guess ahead of your initial expectations of $10 million to $12 million for the year, but you know, the volume is a little softer. And are you rethinking or maybe exploring a need to invest in price in order to get the volumes back up? Thanks. Robert C. Cantwell - President, Chief Executive Officer & Director: At this point, no, because the promotional spending we've pulled back and where we've seen some price benefits, which has helped us improve margins, were sales that we were making it either too lower a margin or negative margin last year, especially in the early part of last year. So we went into this year understanding we're going to lose some of that volume because we just weren't promoting, running those deep, deep deals, and we're very comfortable where it has come out. Yeah, the volume expectations are kind of in line with where we expected and the shortfalls are somewhat in line with where we expected, and we're seeing some better results on the top-line just because of incremental pricing above and beyond what we expected. So we're really comfortable with this decision; now we're lapping this. It's really just a little bit more here in the fourth quarter, but we're entering into next year with really not…

We'll take our next question from Farha Aslam with Stephens.

Hi. Good evening. Robert C. Cantwell - President, Chief Executive Officer & Director: Hi.

Could we talk about the Canadian dollar? What percentage of your sales are in Canadian dollar? Would do you expect the negative impact of the Canadian dollar weakening or is that going to be entirely offset with this maple benefit of like $5 million? Robert C. Cantwell - President, Chief Executive Officer & Director: Yes, the maple syrup is kind of locked in because we've already bought it, and we sell it basically through July 1 through June 30 of next year. The ongoing exchange rate, the comparison gets a little closer as the months go on as the exchange rate was dropping pretty dramatically last year at this time. But you're looking at a business today in Canada without Green Giant that's around $25 million in sales. So it's right around in the mid-$20s million. And we've been affected at the same rate. It's kind of about $0.10 on a dollar. That will affect us in the high-$2 million range on sales for this year in total.

That's helpful. And then just a question on Green Giant. So as you think about bringing up your operational capabilities to take in Green Giant, are you hiring people right now? Will that cost be in the fourth quarter and are you going to take that extraordinary or include it in normal operations? Robert C. Cantwell - President, Chief Executive Officer & Director: The ongoing labor costs once we hire people we're going to take on, including in operations. The one-time expenses, especially on the hire people such as recruiters and stuff probably take as a one-time cost. Some will happen in the fourth quarter. We've got a lot of activity looking for people as we speak. A lot of it's not really going to come into play until the first and second quarter of next as we build out this organization. So I think more of the dollars spend will happen in the first quarter of next year. We've started looking, but by the time you actually find people and you get into holidays and things and when people want to leave their jobs, the year is almost over.

Great. That was key questions. Thank you.

We'll take our next question from Andrew Lazar with Barclays.

Good afternoon, Bob and Tom. Robert C. Cantwell - President, Chief Executive Officer & Director: Good afternoon. Thomas P. Crimmins - Chief Financial Officer & Executive VP-Finance: How are you?

I guess two things for me. First, I just wanted to come back to the underlying volume performance for a minute just to make sure I understand it. If I'm not mistaken, I think on the last quarter's call there was maybe like $3 million or $4 million of sales that were going to get shifted from 2Q into 3Q. If that happened, if we were to adjust that out for a minute to get a sense of what the underlying base business is doing, that would suggest volumes maybe were down not $2 million but maybe $4 million (31:12), and I don't know if that's really like an accurate run rate or way to think about things going forward, or if I'm not looking at that properly. Robert C. Cantwell - President, Chief Executive Officer & Director: Well, you're looking at it properly as we came into this quarter because we saw that benefit of $3.5 million of incremental sales in the early part of July, so we did get that. And then we've had some things at the end of the quarter that really got pushed into the fourth quarter here. I guess the way I look at this is as we look at a year-to-date basis, our base business sales is basically relatively flat, up 0.1%. $2.2 million of that – it could be $2.2 million higher, except for the exchange rate in Canada that affected our sales by $2.2 million. And we've got pluses and minuses on the volume. You know Pirate's brands didn't move as high as we would have liked it to in this quarter. I mean it still had a okay, strong quarter. It just didn't really produce some of the higher volume trends we were hoping and that was offset by some really good brands that were relatively higher.

Got it. Robert C. Cantwell - President, Chief Executive Officer & Director: So I think it's timing. Certainly quarters are important. We're looking at these brands since most of these brands are 100-plus years old on an annual basis more than quarters, and some things just move within the quarters. We're looking to pretty much finish this year on the base business flat to up a little bit. It's going to be up a little bit, but it's not going to be up a lot.

Yes. But with that kind of pricing obviously I realize that's a pretty significant result. Is there a way to get a sense of what caused some of the sales to be pushed into 4Q? And was that a substantial amount or not particularly? Robert C. Cantwell - President, Chief Executive Officer & Director: It's not the same size as it was the $3.5 million to $4 million that happened in the second quarter.

Got you. Robert C. Cantwell - President, Chief Executive Officer & Director: But a $2 million that just – some of it's just part of the transitional timing and things as we've gone through transition with DSC as we're working through some kinks on how things get shipped at quarters' ends and the movement between warehouses, et cetera, that we're still working through those kinks.

Got it. Okay, that's helpful. Thank you. And then it's sort of like a big elephant in the room from a retailer perspective and this isn't just as it relates to B&G but, of course, to the industry as a whole, but obviously a lot of the potential changes and a lot of the discussion out there around changes around the industry's largest retail customer, which may or may not come to pass and we may not know the form of what they'll be yet. But I'm trying to get a sense just from you, particularly because you're having good success in pulling back on ineffective trade spend. And I don't know, just some people look at those things and say, is that consistent with what a large customer may want to do for the industry as a whole, not just you, going forward? So maybe even just your broader or general thoughts on that would be helpful. Robert C. Cantwell - President, Chief Executive Officer & Director: I think in general ineffective trade spend doesn't work for the customers either. So smarter trade spending, sometime more often trade spending that's smarter is better for the customer as well as it's better for all of us. In all of this, there's been no pushback from our customers when we pulled back some of this trade spending. So I think it's part of an overall support of the brand that seems to have worked well with us this year. So we don't see that as a problem. And we'll see what happens in the future. But as we look at going forward, we're not looking to do today anything differently in 2016 on the brands that we currently own, differently in a big plus or minus way versus what we did in 2015.

Okay. Robert C. Cantwell - President, Chief Executive Officer & Director: So this was really a one-time resetting on things that we were overspending in the two years prior.

Got it. Okay. That's helpful. And then I guess lastly just any early feedback from key customers or stakeholders around your planned purchase of Green Giant? Have you gotten unsolicited feedback from key retail partners? I'm just curious what that has looked like. Robert C. Cantwell - President, Chief Executive Officer & Director: We're getting a lot of positives and probably the biggest positive is they've heard from our announcement, they've heard from the conference calls that we're going to double the marketing support of this brand, and they're anxious to see what that actually means. So I think we've gotten a lot of positives that we're going to support the category because doubling the marketing support of the brand supports the category, too. And if we can drive more usage out of the frozen section, everybody benefits; hopefully Green Giant more than that competition, but getting more consumers to the section makes a difference. So really certainly no negatives and a lot of positives, especially with the amount of support we're looking to put back behind the brand.

Thanks very much.

And we'll take our next question from Robert Moskow with Credit Suisse. Robert Moskow - Credit Suisse Securities (USA) LLC (Broker): Hey, thanks. Bob, I think you mentioned a few kinks in the system that you're finding during this transition to DSC, and I think the subject has been discussed already to some extent, but you did mention last quarter that the shortfall was specifically caused by a shortage of freight carriers heading into the Fourth of July holiday. Maybe you can just give us – is that truly what caused that shift and did that resolve itself in the third quarter and maybe just be a little more specific as to what are the DSC people finding in your system that needs to be corrected? Robert C. Cantwell - President, Chief Executive Officer & Director: Certainly the shortfall in carriers at the end of the second quarter was what affected them. The first week out of the box we were up almost $4 million in sales versus prior year on a comparative basis. So those orders really went out that following week and we knew that when we had the conference call. I think the difference with us and DSC is they're just better at what they do than we were and everything is about systems and everything works. It's less about the people and the people follow the systems where we were just the opposite. We didn't have the sophisticated systems at warehouse and people made a lot of decisions on the floor. So you had a lot of legacy people who knew when certain orders came in for B&G's almost 2,000 SKUs that weren't just a typical shipment to Kroger with 150 items on it. It could be a foodservice order that needs to get there by…

We'll go next to Eric Larson with Buckingham Research Group.

Yeah, good afternoon everyone. Most of the questions have been answered, just a couple follow-ups. I think in your prepared comments you did say that the promotional activity was a little bit greater in the northeast. Did I hear that correctly? Or was that related to the discussion of the retailer that's in bankruptcy? Robert C. Cantwell - President, Chief Executive Officer & Director: No, it's actually been – it's been softening that's – it's not bad, but it's been more promotional activity on some of our smaller brands in the northeast. We have some legacy brands here in the northeast like B&G pickles, Polaner Jams and Jellies, B&M Beans, Vermont Maid Syrups. And it just seems that the retailer activity and our competitors are a little bit more aggressive here, where we're not seeing that aggression on brands like Ortega and Cream of Wheat, and the larger brands that are more national in scope. And we don't see aggressive promotional activity on those brands even in the northeast. It's much more regional, it's much more our regional brands, which is at the end of the day, they're not that large a brands for us, so it's not a big deal, and we've been able to absorb that and be competitive.

Okay. And then just a follow-up on I think on Andrew's question. You've been very successful this year in dialing back your price competitive activity and from a strategic point of view, I don't know how you attacked the problem this year or the issue, it may have been tactfully done where you do certain brands. Is there more upside to maybe reducing some of your promotional spending again next year as well? Or do you think that the majority of the inefficiency will be kind of completed this year? Robert C. Cantwell - President, Chief Executive Officer & Director: Well, you can always do more, and you can always do better, but the majority has been completed. I mean, we knew the trade programs that were completely inefficient in the two years prior that just needed to be pulled back on. So we're always looking to be more efficient in our spend because it's substantial dollars we spend, just like anybody else in this industry. But you won't see large gains in pricing as you did this year.

Okay. And then just one other quick follow-on. Your Cream of Wheat revenues were really strong in the quarter and that's a very profitable brand for you. And I think you put some innovation against that brand, and pardon me for forgetting what that was, I don't know if it was a single-serve cup, or – I remember you put some innovation against that. Is that why the brand is responding so well and does that give you confidence that that could continue its momentum on the upside? Robert C. Cantwell - President, Chief Executive Officer & Director: Well, what's interesting, it's kind of the Green Giant analogy that you need innovation to build out your base business too. So as that innovation got presented to the major retailers, and the major retailers took it and it was helpful in the third quarter. But a large part of the gain in the third quarter was our base business, getting additional distribution on our core items in a couple of the larger key retailers. So taking the innovation in helps us sell in some of the core better. So we got the benefit of both, but most of the Cream of Wheat increase was from the core items this quarter.

Okay. Thank you very much. Robert C. Cantwell - President, Chief Executive Officer & Director: Okay.

And we'll go next to Kevin Ziets with Citigroup.

Hi. Thanks for taking my questions. I guess the first one is on the equity issuance. What will your leverage target would be post an issuance or are you just trying to build capacity for additional acquisitions and sort of how quickly do you think maybe you could think about going after additional M&A? Robert C. Cantwell - President, Chief Executive Officer & Director: Well, I think as we've always looked at and if you've followed B&G for a number of years, our balance sheet's extremely important to us. And having our balance sheet always loaded to be able to do the next acquisition is very important to us, certainly important to our shareholders, because these are accretive acquisitions and accretive cash flow acquisitions have been a win for all our shareholders for many years. So getting leverage down, as we've always said, we don't want our leverage to really be much more than five times and keeping leverage below 5 times is important to us. So if we do an equity issuance, we're going to try to get leverage below 5 times so we're ready for the next acquisition. And we're always ready for the next acquisition. We certainly want to absorb and transition Green Giant in over the next number of months, but we're not going to – not look at something that comes to market that would make sense for B&G either. But we've got a lot of transition work on Green Giant, and that's first and foremost here. And really getting our balance sheet ready, as you look into kind of the late winter, early spring time, is perfect for us to be able to do it assuming the market is there. And perfect to be ready for the next acquisition assuming one comes along.

That makes sense. And then in terms of the doubling of the marketing spend. I guess I just wanted to be clear, is that where you think it is needed for the stabilization? Or is part of that also driving spend for the innovation that you're expecting to bring to market? Robert C. Cantwell - President, Chief Executive Officer & Director: It's a combination. A lot of it would be more toward the innovation, it's certainly about the brand. So it's first and foremost about the brand. But it's first and foremost – second it's to support the brand going forward. So certainly letting the market know we're here, and we're stabilizing is important, but it's more of a longer term goal to build this brand and grow this brand in the future, not just stabilize it.

Okay. And so it sounds to me – tell me if I'm wrong, that you think it's more in advertising and brand building than necessarily promotion and trade spend? Or am I wrong about that? Robert C. Cantwell - President, Chief Executive Officer & Director: We're talking the piece that where we say double the marketing spend, and General Mills was spending around $15 million $16 million in the last 12 months. You go back three years or four years they were spending double that. And we're really taking it back to the double and that's all about marketing. That's advertising, that's social media, that's TV, that's print, all the typical go-to-market advertising. It's not trade promotions.

Okay. And do you think there is additional trade promotion that needs to be adjusted? Robert C. Cantwell - President, Chief Executive Officer & Director: We don't see that. I mean the brand is on a price level during promotional periods. It's very competitive with the competitors today. There is no reason, we believe in this brand and the power of this brand. We need to market it. We don't need to price below the competition.

Okay. I appreciate that. And then my last question is on the – you mentioned digital and social media campaign for Ortega. I'm wondering, I guess, if overall advertising spend away from obviously Green Giant, is going to tick up here in the fourth quarter and sort of what your thoughts are on additional or similar campaigns moving forward? Robert C. Cantwell - President, Chief Executive Officer & Director: If I understand your question right, I mean, we're planning on spending the level of marketing we basically spent last year on our existing business. And a lot of that spend has been transitioned a little bit more oriented to social and digital media. As we go forward, we'll see the results from that, but we're pretty excited about what those results can look like, and the Green Giant's going to be a combination of many things and certainly digital and social media really fit for this brand too. It's such an iconic figure. It's an iconic brand. It sells well through social media, so there's a lot of opportunity there, but there's a lot of opportunity with traditional advertising on Green Giant also.

Okay. So it's just a shift in the existing spend, not additional spend? Robert C. Cantwell - President, Chief Executive Officer & Director: Not additional.

Okay. Thanks so much.

And that's the final question we have today. And Mr. Cantwell I'll turn the call back over to you for any closing remarks. Robert C. Cantwell - President, Chief Executive Officer & Director: Okay. I want to thank you again for joining the call today. We look forward to a strong finish to 2015 and are very excited about adding Green Giant to our portfolio of brands this quarter. Thank you.

Ladies and gentlemen, this does conclude today's conference. We appreciate your participation.