FLOWERS FOODS INC
For the period ended Dec 30, 2023. Filed Feb 21, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 21, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 2. Properties
Our principal executive offices are company owned and located in Thomasville, Georgia. The company also leases properties that are used for shared services functions and our IT group and owns several properties for our corporate offices. The company also has an additional shared services center in Phoenix, Arizona.
We operate 46 bakeries across the continental U.S. Each of the listed bakeries is company owned except for Modesto, California and Philadelphia, Pennsylvania. We believe that our bakeries have adequate production utilization and can meet the current operational requirements for the operation of the business. As discussed in Item 1., Business, of this Form 10-K, the company is restructuring its plant operation responsibilities from the sales function to the supply chain function. This transition began in Fiscal 2023 and is anticipated to be completed for the remaining bakeries in Fiscal 2024. Additionally, across the continental U.S. in the markets we serve, we own approximately 140 warehouse/distribution centers and lease approximately 509 warehouse/distribution centers.
The table below sets forth the production and sales operations in our bakeries:
| Alabama | Kansas | Tennessee |
|---|---|---|
| Birmingham (P) | Lenexa (PS) | Cleveland (P) |
| Montgomery (P) | Kentucky | Crossville (PS)* |
| Tuscaloosa (P) | Bardstown (PS) | Knoxville (PS) |
| Arizona | London (PS)* | Texas |
| Mesa (PS)* | Louisiana | Denton (PS) |
| Tolleson (P) | Baton Rouge (PS) | El Paso (PS) |
| Arkansas | Lafayette (P) | Houston (P) |
| Batesville (PS) | New Orleans (PS) | Houston (PS) |
| Texarkana (P) | Maine | San Antonio (PS) |
| California | Lewiston (P) | Tyler (PS) |
| Modesto (Leased) (P) | Lewiston (PS) | Utah |
| Colorado | Nevada | West Jordan (PS) |
| Johnstown (P) | Henderson (PS) | Virginia |
| Florida | North Carolina | Lynchburg (P) |
| Bradenton (PS) | Goldsboro (PS) | Norfolk (PS) |
| Jacksonville (PS) | Jamestown (PS) | |
| Lakeland (P) | Newton (PS) | |
| Miami (PS) | Oregon | |
| Georgia | Milwaukie (PS) | |
| Atlanta (P) | Pennsylvania | |
| Savannah (P) | Oxford (PS) | |
| Suwanee (P) | Philadelphia (Leased) (PS) | |
| Thomasville (PS) | ||
| Tucker (P) | ||
| Villa Rica (P) | ||
| P - Production Only | ||
| PS - Production and Sales | ||
| *Only thrift store sales | ||
We believe our facilities are well-maintained and adequate, that they are being appropriately utilized and that they have sufficient production utilization for their present intended purposes. Utilization is actual labor time as a percent of available hours of production in a week (based on 120 hours/week for three shifts). On a consolidated basis during Fiscal 2023, our average quarterly production utilization ranged from 89% to 98% across all bakeries. During heightened periods of demand, the company can improve utilization by streamlining production with longer production runs and fewer differentiated products produced. Production utilization is not materially different when a sales facility is also located at the bakery.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.