MZTI on Nasdaq

T. Marzetti Company

American food group

The T. Marzetti Company is the Specialty Food Group of the Lancaster Colony Corporation. T. Marzetti produces numerous salad dressings, fruit and vegetable dips, frozen baked goods, and specialty brand items. It is one of the largest food and beverage companies based in Central Ohio.3 Its shares trade on Nasdaq under the symbol MZTI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$1.9BRevenue, fiscal 20264
$191.6MNet income, fiscal 20264
1896Founded1

Compare with Lamb Weston, Kraft Heinz or BARFRESH FOOD GROUP INC., or pick any stock.

  • TickerMZTI on Nasdaq1
  • Industryfood processing1
  • HeadquartersWesterville, Ohio1
  • Websitewww.marzetti.com
  • Incorporated inOH5
  • Business address380 Polaris Parkway, Westerville, Oh 430825
  • Filer categoryLarge accelerated filer5

The T. Marzetti Company is the Specialty Food Group of the Lancaster Colony Corporation. T. Marzetti produces numerous salad dressings, fruit and vegetable dips, frozen baked goods, and specialty brand items. It is one of the largest food and beverage companies based in Central Ohio. Headquartered in Westerville, Ohio, the T. Marzetti Company was founded by Teresa Marzetti.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

24.7%Gross margin4
12.4%Operating margin4
9.9%Net margin4
1.1%Revenue growth, 20264
18.2%Return on equity4
0.18×Debt to equity4
$206.1MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Retail brought in 52% of the revenue T. Marzetti Company broke down this way in fiscal 2026.

  1. Retail$1.0B452%down 0% from 2025
  2. Foodservice$927.1M448%up 2% from 2025
Business segments by year
Business segments202420252026
Retail$988.4M$1.0B$1.0B
Foodservice$883.3M$905.7M$927.1M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue75¢$1.5B
  • Selling, general and admin13¢$254.6M
  • Income tax3¢$50.4M
  • Profit10¢$191.6M

Out of $1.9B in revenue.4

Where each dollar of operating cash went, fiscal 2026

  • Capital spending27¢$77.7M
  • Dividends paid38¢$108.8M
  • Share buybacks13¢$36.3M
  • Kept or used elsewhere22¢$61.1M

Out of $283.8M of cash from operations.4

Financial statements

Revenue891011124$1.9B in 2026+48% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.3B$1.3B20192020: $1.3B$1.3B2020+2%2021: $1.5B$1.5B2021+10%2022: $1.7B$1.7B2022+14%2023: $1.8B$1.8B2023+9%2024: $1.9B$1.9B2024+3%2025: $1.9B$1.9B2025+2%2026: $1.9B$1.9B2026+1%
Gross profit891011124$477.3M in 2026+46% since 2019
0$200.0M$400.0M$600.0M2019: $326.2M$326.2M20192020: $358.0M$358.0M2020+10%2021: $386.7M$386.7M2021+8%2022: $355.7M$355.7M2022−8%2023: $388.6M$388.6M2023+9%2024: $432.3M$432.3M2024+11%2025: $455.6M$455.6M2025+5%2026: $477.3M$477.3M2026+5%
Operating income891011124$238.7M in 2026+25% since 2019
0$100.0M$200.0M$300.0M2019: $190.9M$190.9M20192020: $175.9M$175.9M2020−8%2021: $185.9M$185.9M2021+6%2022: $111.9M$111.9M2022−40%2023: $141.5M$141.5M2023+26%2024: $199.4M$199.4M2024+41%2025: $220.3M$220.3M2025+11%2026: $238.7M$238.7M2026+8%
Net income891011124$191.6M in 2026+27% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $150.5M$150.5M20192020: $137.0M$137.0M2020−9%2021: $142.3M$142.3M2021+4%2022: $89.6M$89.6M2022−37%2023: $111.3M$111.3M2023+24%2024: $158.6M$158.6M2024+43%2025: $167.3M$167.3M2025+6%2026: $191.6M$191.6M2026+14%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2026-06-302025-06-302024-06-30
Net Sales$1.9B$1.9B$1.9B
Cost of Sales$1.5B$1.5B$1.4B
Gross Profit$477.3M$455.6M$432.3M
Selling, General and Administrative Expenses$254.6M$230.2M$218.1M
Restructuring, Impairment and Other, Net-$16.0M$5.1M$14.9M
Operating Income$238.7M$220.3M$199.4M
Interest Expense-$1.8M$0$0
Pension Settlement Charge$0-$14.0M$0
Other, Net$5.0M$7.1M$6.2M
Income Before Income Taxes$242.0M$213.5M$205.5M
Taxes Based on Income$50.4M$46.1M$46.9M
Net Income$191.6M$167.3M$158.6M
Basic (in dollars per share)$6.98$6.08$5.77
Diluted (in dollars per share)$6.98$6.07$5.76
Basic (in shares)27.4M shares27.5M shares27.4M shares
Diluted (in shares)27.4M shares27.5M shares27.5M shares

Compare T. Marzetti Company with another company

Corporate structure

T. Marzetti Company sits at the top of its group. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of T. Marzetti Company

  • T. Marzetti Company Westerville, Ohio
    • Bachan’s, Inc. Subsidiary · Delaware, United States
    • Fostoria Glass Company Subsidiary · West Virginia, United States
    • Lancaster Energy Corporation Subsidiary · Ohio, United States
    • Lancaster Glass Corporation Subsidiary · Ohio, United States
    • Marzetti Manufacturing Company Subsidiary · Ohio, United States
    • Sister Schubert’s Homemade Rolls, Inc. Subsidiary · Alabama, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What T. Marzetti Company reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$604.6M4 Jun 30, 2026$579.6M4 Jun 30, 2025+4.3%
Computer equipment and software$19.9M4 Jun 30, 2026$17.3M4 Jun 30, 2025+15.4%
Construction in progress$66.4M4 Jun 30, 2026$40.9M4 Jun 30, 2025+62.5%
Property and equipment, before depreciation$1.0B4 Jun 30, 2026$968.0M4 Jun 30, 2025+6.3%
Accumulated depreciation$477.2M4 Jun 30, 2026$433.5M4 Jun 30, 2025+10.1%
Property and equipment, net$551.6M4 Jun 30, 2026$534.5M4 Jun 30, 2025+3.2%
Finance-lease assets$10.2M4 Jun 30, 2026$1.6M4 Jun 30, 2025+551.7%
Operating-lease assets (leased space)$42.6M4 Jun 30, 2026$52.2M4 Jun 30, 2025−18.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$25.1M4 Jun 30, 2026$161.5M4 Jun 30, 2025−84.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$500.5M4 Jun 30, 2026$222.8M4 Jun 30, 2025+124.7%
Finite-lived intangibles, net$125.4M4 Jun 30, 2026$04 Jun 30, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$205.1M4 Jun 30, 2026$169.3M4 Jun 30, 2025+21.1%
Raw materials$44.6M4 Jun 30, 2026$42.5M4 Jun 30, 2025+4.9%
Finished goods$160.4M4 Jun 30, 2026$126.8M4 Jun 30, 2025+26.6%

Properties, in its own words

We use 2.8 million square feet of space for our operations. Of this space, 0.9 million square feet are leased. These amounts exclude facilities operated by third-party service providers.

The following table summarizes our principal manufacturing locations (including aggregation of multiple facilities):

The rest of Item 2

Location · Principal Products Produced · Business Segment(s) · Terms of Occupancy

Altoona, IA · Frozen pasta · Retail and Foodservice · Owned

Atlanta, GA · Sauces and dressings · Retail and Foodservice · Owned

Bedford Heights, OH · Frozen breads · Retail and Foodservice · Owned

Columbus, OH · Sauces, dressings, dips · Retail and Foodservice · Owned

Horse Cave, KY · Sauces, dressings, frozen rolls · Retail and Foodservice · Owned

Luverne, AL · Frozen rolls · Retail and Foodservice · Owned

Vineland, NJ · Frozen breads · Retail and Foodservice · Owned

Wareham, MA (1) · Croutons · Retail and Foodservice · Leased

(1)Fully leased for term expiring in fiscal 2029.

The following table summarizes our principal warehouses (including aggregation of multiple facilities), which are used to distribute products to our customers:

Location · Business Segment(s) · Terms of Occupancy

Columbus, OH (1) · Retail and Foodservice · Leased

Dallas, TX · Retail and Foodservice · Third-party service

Grove City, OH · Retail and Foodservice · Owned and third-party service

Horse Cave, KY · Retail and Foodservice · Owned

Union City, GA (2) · Retail and Foodservice · Leased

(1)Fully leased for terms expiring in fiscal 2027.

(2)Fully leased for term expiring in fiscal 2034.

Item 2 of the 10-K filed Aug 25, 2026.15

The story

Teresa (née Piacentini) Marzetti was born in 1878 in Florence, Italy and came to the United States at the age of 18. After arriving in Columbus, Ohio by way of Genoa and then Ellis Island, New York, she married Joseph Marzetti, who was also an immigrant born in Italy. In 1896, Teresa and Joseph founded an Italian restaurant primarily serving students of the Ohio State University in Columbus. According to company lore, Teresa wrote down her goal in founding the company on a scrap of paper: "We will start a new place and serve good food. At a profit if we can, at a loss if we must, but we will serve good food." Joseph Marzetti died in 1911, but Teresa continued to run the business and in 1919, she opened a second location on Gay Street, followed by the closure of the original University District site a few years later. Marzetti remarried in April of 1924 to Carl Schaufele.

A Marzetti staple was its homemade salad dressings, which began to be sold via mail shortly following the founding of the business, along with diet mayonnaise. Employee Katharine Hill is credited with the creation of Marzetti's dressing line. While it is sometimes said that Teresa invented the Midwestern casserole dish Johnny Marzetti and named it after her brother-in-law, the company said that there is no evidence for this story and it is not one the T. Marzetti corporation shares. Attribution of the dish to Teresa dates to at least 1973 in a statement by the president of T. Marzetti. In 1940, Marzetti's operations moved to 16 East Broad Street, across from the Ohio Statehouse, its most well-known location and one which was well-regarded in the city.

By 1955, Marzetti's upstairs kitchen of the restaurant became a full-scale factory, and the Marzetti brand of salad dressings found its way into grocery stores throughout Ohio due to initial success with takeout from the restaurant. By the late 1960's, the company built a dressing production plant in Columbus' Clintonville neighborhood on Indianola Avenue which served clients including Kmart, Big Bear Stores, and Kroger. After Teresa Marzetti's death in 1972, the restaurant closed, but the company and factory have continued on to this day.

Today, the company has expanded its operations at other plants including two additional plants in Columbus, as well as in Horse Cave, Kentucky. The plant in Milpitas, California was closed in 2025.

From Wikipedia’s article on T. Marzetti Company, shared under CC BY-SA 4.0.6

Leadership

Who has led T. Marzetti Company, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (23)

Products and brands

Products

Caviar

Condiments

Croutons and toppings

Desserts and glazes

Read the full text

Dips

Dressings

Egg noodles

Frozen breads and rolls

Light and reduced-calorie dressings

Fresh bread

Brands

Marzetti (dressings and dips)

New York Brand (frozen breads and croutons)

Sister Schubert's (frozen breads)

Amish Kitchens (egg noodles)

Chatham Village (croutons)

Cardini's (dressings)

Girard's (dressings), now licensed to a subsidiary of Haco AG, Bern, Switzerland

Inn Maid (egg noodles)

Pfeiffer (dressings)

Reames (egg noodles)

Romanoff (caviar)

Jack Daniel's mustard

Angelic Bakehouse (bread, wraps, and crusts)

Flatout (flatbreads and flatbread products)

Chick-fil-A sauce

From Wikipedia’s article on T. Marzetti Company, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Bachan’s, Inc. Delaware7
  • Fostoria Glass Company West Virginia7
  • Lancaster Energy Corporation Ohio7
  • Lancaster Glass Corporation Ohio7
  • Marzetti Manufacturing Company Ohio7
  • Sister Schubert’s Homemade Rolls, Inc. Alabama7
  • T. Marzetti Company Ohio7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • LANCASTER COLONY CORPOct 7, 1994 to May 16, 20255

Timeline

  1. Oct 9, 20268-K Executive or director change47
  2. Sep 11, 2026New chief executive Luis Viso becomes CEO16
  3. Aug 25, 20268-K Results of operations48
  4. Aug 19, 20268-K Other events49
  5. May 4, 20268-K Results of operations50
  6. May 1, 20268-K New debt or obligation; Other events51
  7. Mar 9, 20268-K Entered a material agreement; New debt or obligation52
  8. Feb 11, 20268-K Executive or director change; Other events53
  9. Feb 3, 20268-K Results of operations; Other events54
  10. Nov 20, 20258-K Executive or director change; Shareholder vote; Other events55
  11. Nov 4, 20258-K Results of operations56
  12. Aug 21, 20258-K Results of operations57
  13. Aug 13, 20258-K Other events58
  14. Mar 1, 2018New chief executive David Alan Ciesinski becomes CEO17
  15. Jun 8, 2004New chief executive John B. Gerlach Jr. becomes CEO18
  16. Jan 3, 1994Went public Listed on NASDAQ1
  17. 1896Founded Founded1

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/202659

When it reported results

  1. Aug 25, 2026Reported quarterly or annual results48
  2. May 4, 2026Reported quarterly or annual results50
  3. Feb 3, 2026Reported quarterly or annual results54
  4. Nov 4, 2025Reported quarterly or annual results56
  5. Aug 21, 2025Reported quarterly or annual results57
  6. Apr 30, 2025Reported quarterly or annual results60
  7. Feb 4, 2025Reported quarterly or annual results61
  8. Oct 31, 2024Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

240 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 47 major events, 144 insider forms, 17 large holders, 12 other. The latest 20:

  1. Oct 13, 2026DEF 14A EDGAR
  2. Oct 9, 20268-K EDGAR
  3. Sep 11, 20264 EDGAR
  4. Sep 10, 2026144 EDGAR
  5. Aug 28, 20264 EDGAR
  6. Aug 28, 20264 EDGAR
  7. Aug 28, 20264 EDGAR
  8. Aug 28, 20264 EDGAR
  9. Aug 25, 202610-K EDGAR
  10. Aug 25, 20268-K EDGAR
  11. Aug 20, 20264 EDGAR
  12. Aug 20, 20264 EDGAR
  13. Aug 20, 20264 EDGAR
  14. Aug 20, 20264 EDGAR
  15. Aug 20, 20264 EDGAR
  16. Aug 20, 20264 EDGAR
  17. Aug 19, 20268-K EDGAR
  18. Aug 18, 20264 EDGAR
  19. Aug 18, 20264 EDGAR
  20. Aug 18, 20264 EDGAR

The 240 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

16 open-market trades by officers, directors and large owners since October 2021: 5 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026Viso LuisStrategic Advisor to CEOSale997$100.81$100.5KForm 4
Jun 11, 2026Viso LuisStrategic Advisor to CEOSale1,221$109.31$133.5KForm 4
Jun 10, 2026Pigott, Thomas K.VP, CFO and Asst. SecretaryBuy900$109.01$98.1KForm 4
Feb 13, 2025Ciesinski David AlanPresident and CEOSale17,000$191.19$3.3MForm 4
Aug 27, 2024Fullen Elliot K.DirectorBuy3,000$169.00$507.0KForm 4
Mar 8, 2024Knight George F. IIIDirectorBuy75$206.51$15.5KForm 4
Feb 16, 2024Bird KristinPresident-Foodservice DivisionSale1,207$192.66$232.5KForm 4
Dec 14, 2022Bird KristinPresident-Foodservice DivisionSale1,535$198.73$305.1KForm 4
Dec 12, 2022Stealey Carl R.President-T Marzetti RetailSale591$200.89$118.7KForm 4
Nov 10, 2022Bird KristinPresident-Foodservice DivisionSale159$209.41$33.3KForm 4
Nov 10, 2022Ciesinski David AlanPresident and CEOSale2,225$209.16$465.4KForm 4
Nov 8, 2022Ciesinski David AlanPresident and CEOSale7,926$210.01$1.7MForm 4
Sep 14, 2022Nagle David S.Chief Supply Chn Off-TMarzettiSale1,369$169.02$231.4KForm 4
Sep 7, 2022Nagle David S.Chief Supply Chn Off-TMarzettiSale720$172.51$124.2KForm 4
May 19, 2022Thomas K. PigottVP, CFO and Asst. SecretaryBuy800$121.70$97.4KForm 4
Dec 14, 2021HARRIS ALAN FDirectorBuy3,195$156.37$499.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026David A. CiesinskiPresident and CEO60$1.0M$5.7M69
2026Thomas K. PigottChief Financial Officer, Vice President and Assistant Secretary61$650.0K$2.1M69
2026Kristin J. BirdPresident, Foodservice Division55$539.0K$1.4M69
2026Tanya BermanFormer President, Retail Division62$539.0K$1.4M69
2026Luis VisoChief Supply Chain Officer66$515.0K$1.4M69
2025David A. CiesinskiPresident and CEO60$975.0K$5.4M69
2025Thomas K. PigottChief Financial Officer, Vice President and Assistant Secretary61$624.0K$2.0M69
2025Kristin J. BirdPresident, Foodservice Division55$508.0K$1.4M69
2025Luis VisoChief Supply Chain Officer66$500.0K$1.3M69
2025Tanya BermanFormer President, Retail Division62$104.9K$1.1M69
2024David A. CiesinskiPresident and CEO60$935.0K$5.4M69
2024Thomas K. PigottChief Financial Officer, Vice President and Assistant Secretary61$599.0K$2.0M69
2024Kristin J. BirdPresident, Foodservice Division55$479.0K$1.4M69
2024Luis VisoChief Supply Chain Officer66$479.0K$1.3M69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,742,494$313.1M0.0%+117,615
Vanguard Portfolio Management LLC1,384,677$158.1M0.0%+75,837
Aqr Capital Management LLC1,272,897$145.3M0.1%+443,132
State Street Corp1,048,423$119.7M0.0%+61,147
First Trust Advisors LP997,959$113.9M0.1%+194,252
Vanguard Capital Management LLC878,715$100.3M0.0%+2,554
Charles Schwab Investment Management Inc829,614$94.7M0.0%+75,995
Dimensional Fund Advisors LP714,080$81.5M0.0%+158,378
Geode Capital Management, LLC712,648$81.4M0.0%+49,506
Goldman Sachs Group Inc698,457$79.7M0.0%+446,802
Morgan Stanley375,917$42.9M0.0%+119,117
Renaissance Technologies LLC327,580$37.4M0.1%−43,200
London Co Of Virginia310,255$35.4M0.2%−50,160
ProShare Advisors LLC271,477$31.0M0.0%+77,760
Northern Trust Corp255,545$29.2M0.0%+4,281
Norges Bank253,300$28.9M0.0%New
Two Sigma Investments, LP229,146$26.2M0.0%+151,993
Principal Financial Group Inc225,352$25.7M0.0%−5,982
Fuller & Thaler Asset Management, Inc.214,286$24.5M0.1%+126,019
Grantham, Mayo, Van Otterloo & Co. LLC197,642$22.6M0.1%+3,795
Bank Of America Corp /de/182,294$20.8M0.0%+37,105
Bank of New York Mellon Corp180,801$20.6M0.0%−7,383
Invesco Ltd.178,241$20.3M0.0%+652
UBS Group AG171,995$19.6M0.0%+36,952
Silvercrest Asset Management Group LLC162,570$18.6M0.1%−38,838

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How T. Marzetti Company is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMARZETTI CO2
  • CIK0000057515
  • Employer ID (EIN)13-195594315
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company15
  • Incorporated inOhio15
  • Fiscal year endsJune 302
  • Industry code (SIC)2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address380 Polaris Parkway, Westerville, OH 430822
  • Phone61422471412
  • Shares outstanding27,291,000 shares as of Aug 3, 202615
  • Public float$3.2B as of Dec 31, 202515
  • AuditorDeloitte & Touche LLP, Columbus, Ohio PCAOB ID 34; it also attests to the company’s internal control over financial reporting15
  • On EDGAR sinceFeb 10, 19942
  • Filings1,006 in all: 4 (407), 8-K (204), 10-Q (97), 5 (75), SC 13G/A (58), DEF 14A (33), 10-K (31), 3 (24)2
    All 30 form types

    SC 13G (18), 4/A (8), SC 13D/A (8), CORRESP (5), UPLOAD (5), 144 (4), S-8 (4), 10-K/A (3), SC 13D (3), 10-K405 (2), 5/A (2), 8-K/A (2), DFAN14A (2), PRE 14A (2), SCHEDULE 13G/A (2), 10-Q/A (1), 8-A12G (1), CT ORDER (1), DEFA14A (1), PREC14A (1), PRER14A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Aug 25, 2026
    Quarterly report (10-Q) May 4, 2026
    Proxy statement (DEF 14A) Oct 13, 2026
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, without par valueMZTINASDAQ Global Select Market

From the cover page of the 10-K filed Aug 25, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks T. Marzetti Company names in Item 1A of its 10-K filed Aug 25, 2026: 30 risks under these headings, as written.15

  • RISKS RELATED TO HEALTH AND FOOD SAFETY
  • We may be subject to business disruptions, product recalls or other claims for real or perceived safety issues regarding our food products.
  • We may be subject to a loss of sales or increased costs due to adverse publicity or consumer concern regarding the safety, quality or healthfulness of food products, whether with our products, competing products or other related food products supplied by third parties.
  • RISKS RELATED TO OUR BUSINESS AND OPERATIONS
  • Increases in the costs, or limitations in the availability, of raw materials, packaging and freight used to produce, package and deliver our products due to inflation, geopolitical events or otherwise could adversely affect our business by increasing our costs to produce goods.
  • A disruption of production at certain manufacturing facilities could result in an inability to meet customer demand for certain of our products, which could also negatively impact our ability to maintain adequate levels of product placement with our customers on a long-term basis.
  • We may not realize the anticipated benefits of our acquisition of Bachan’s, Inc., and the integration of the acquired business may disrupt our operations, divert management attention, or result in unanticipated costs or liabilities.
  • Our Credit Agreement requires us to comply with certain restrictive covenants that impose restrictions on our operations, which could adversely affect our business.
  • Labor shortages, increased labor costs, and increased labor turnover could adversely impact our business, results of operations, financial condition and cash flows.
  • The availability and cost of warehousing and transportation for our products is vital to our success, and the loss of availability or increase in the cost of warehouse capacity and transportation could have an unfavorable impact on our business, results of operations, financial condition and cash flows.
  • Our operations are dependent on a wide array of third parties.
  • Increases in energy-related costs could negatively affect our business by increasing our costs to produce goods.
The other 20 risks
  • We may not be able to successfully consummate proposed acquisitions or divestitures, and integrating acquired businesses may present financial, managerial and operational challenges.
  • Manufacturing capacity constraints may have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • We may require significant capital expenditures to acquire new and maintain, improve or replace existing infrastructure and facilities, which could adversely affect our cash flows.
  • We may be required to incur significant costs or make operational changes to convert to more sustainable packaging, and our failure to do so effectively could adversely affect our business, reputation, results of operations, financial condition and cash flows.
  • Climate change, including drought, and increasingly stringent legal and market measures to address climate change may present challenges to our business and adversely affect our business, reputation, operations and supply chain.
  • Epidemics, pandemics or similar widespread public health emergencies and disease outbreaks, such as COVID-19, have disrupted and may cause future disruptions to consumption, supply chains, management, operations and production processes, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Our inability to successfully renegotiate collective bargaining contracts and any prolonged work stoppages could have an adverse effect on our business, results of operations, financial condition and cash flows.
  • The loss of the services of one or more members of our senior management team could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • RISKS RELATED TO THE BRANDS WE SELL AND CUSTOMER DEMAND FOR OUR PRODUCTS
  • We rely on the value of our reputation and the value of the brands we sell, and the failure to maintain and enhance these brands, including as a result of negative publicity (whether or not warranted), could adversely affect our business.
  • We manufacture and sell numerous products pursuant to license agreements and failure to maintain or renew these agreements could adversely affect our business.
  • Competitive conditions within our Retail and Foodservice markets could impact our sales volumes and operating profits.
  • Walmart is our largest Retail customer. The loss of, or a significant reduction in, Walmart’s business, or an adverse change in the financial condition of Walmart, could result in a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Chick-fil-A represents a significant portion of our Foodservice segment sales. The loss of, or a significant reduction in, this national chain restaurant’s business, or an adverse change in Chick-fil-A’s financial condition, or in the financial condition of the distributors through which Chick-fil-A buys our products, could result in a material adverse effect on our business, results of operations, financial condition and cash flows.
  • We rely on the performance of major retailers, mass merchants, wholesalers, food brokers, distributors and foodservice customers for the success of our business and, should they perform poorly or give higher priority to other brands or products, our business could be adversely affected.
  • RISKS RELATED TO CYBERSECURITY AND INFORMATION TECHNOLOGY
  • Cyber attacks, data breaches or other breaches of our information security systems have had, and in the future could have, an adverse effect on our business strategy, results of operations, financial condition and cash flows.
  • Technology failures could disrupt our operations and negatively impact our business.
  • Failure to comply with current or future federal, state and foreign laws and regulations and industry standards relating to privacy and data protection could adversely affect our business and results of operations.
  • RISKS RELATED TO REGULATORY AND LEGAL MATTERS
  • We are subject to federal, state and local government regulations that could adversely affect our business and results of operations.
  • RISKS RELATED TO INVESTMENTS IN OUR COMMON STOCK
  • Mr. Gerlach, a member of our Board of Directors, has a significant ownership interest in our Company.
  • Anti-takeover provisions could make it more difficult for a third party to acquire our Company.

Legal proceedings

From time to time we are a party to various legal proceedings. While we believe that the ultimate outcome of these various proceedings, individually and in the aggregate, is not expected to have a material effect on our consolidated financial statements, litigation is always subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages or an injunction prohibiting us from manufacturing or selling one or more products or could lead to us altering the manner in which we manufacture or sell one or more products, which could have a material impact on net income for the period in which the ruling occurs and future periods.

We are required to disclose certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will be in excess of an applied threshold not to exceed $1 million. We are using a threshold of $1 million as we believe this amount is reasonably designed to result in disclosure of such proceedings that are material to our business or financial condition. Applying this threshold, there are no environmental matters to disclose in this Form 10-K.

The opening of Item 3, Legal Proceedings.15

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