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February 11, 2013
16:12 EDTBNNYAnnie's reports Q3 adjusted EPS 15c, consensus 14c
Reports Q3 adjusted net revenue $37.9M, consensus $36.6M. Annie's said that as a result of the voluntary product recall, it recorded charges that negatively impacted net sales and net income for Q3. Annie's expects to recover a substantial portion of the recall-related costs from its product recall insurance and it may seek to recover additional costs from the third-party flour mill. Any recovery would be recorded to offset the charges once recovery is probable. Such recovery is expected to occur and be recorded in future quarters.
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