Heinz Assures Investors it Will Meet 2006 Targets

24/04/06 H.J. Heinz Company issued a letter to shareholders assuring investors that it would meet its financial goals for 2006 and expects further growth next year following a successful restructuring effort. The Pittsburgh-based food maker forecast 2006 earnings of $2.10 to $2.16 per share and 2007 growth per share at the upper end of 6 percent to 8 percent.

Comprehensive fourth quarter and Fiscal 2006 earnings results will be released June 1.

"Following a successful transformation restructuring process, Heinz has established a solid new foundation for growth with leading brands in established and select developing geographies," said Chairman, President and CEO William R. Johnson. "It is important that we communicate to shareholders the scope of the important change that has been achieved, and the capabilities we have built and are refining to drive increased shareholder value in Fiscal 2007 and beyond."

Heinz has been selling underperforming businesses over the past three years to focus on its core brands and to boost growth in three food categories: ketchup and sauces, meals and snacks, and infant nutrition.

It also is focusing on established markets, such as North America, Europe and Australia, and specific developing ones, such as Russia, India and China.