B&G Foods Announces First Quarter 2007 Financial Results.

PARSIPPANY, N.J. -- B&G Foods, Inc. (AMEX: BGF), a manufacturer and distributor of high-quality, shelf-stable foods, today announced financial results for the thirteen weeks ended March 31, 2007 (first quarter of 2007).

Financial Results for the First Quarter

Net sales for the first quarter of 2007 increased 11.6% to $103.7 million from $93.0 million for the thirteen weeks ended April 1, 2006 (first quarter of 2006). The Cream of Wheat acquisition completed effective February 25, 2007 accounted for $6.5 million of the net sales increase. The remaining $4.2 million increase in net sales related to increases in sales price and unit volume. Gross profit for the first quarter of 2007 increased 17.3% to $32.7 million from $27.9 million in the first quarter of 2006. Gross profit expressed as a percentage of net sales increased 1.5% to 31.5% for the first quarter of 2007 from 30.0% in the first quarter of 2006. The increase in gross profit expressed as a percentage of net sales was primarily due to Cream of Wheat's gross profit for the month of March, which improved our overall gross profit expressed as a percentage of net sales for March by 1.8%. Operating income increased 19.0% to $18.7 million for the first quarter of 2007, from $15.7 million in the first quarter of 2006.

Net income was $4.1 million for the first quarter of 2007 compared to $3.0 million for the first quarter of 2006. Earnings per share of Class A common stock increased to $0.20 in the first quarter of 2007 from $0.16 in the first quarter of 2006 and loss per share of Class B common stock for the first quarter of 2007 was $0.01 compared to $0.05 in the first quarter of 2006.

For the first quarter of 2007, EBITDA (see "About Non-GAAP Financial Measures" below) increased 21.0% to $21.1 million from $17.5 million for the first quarter of 2006.

David L. Wenner, Chief Executive Officer of B&G Foods, stated, "Our solid first quarter performance was driven by the positive contribution from our recently-acquired Cream of Wheat business as well as by sales price and unit volume increases. We continue to manage expenses effectively, and believe we are well-positioned to execute our growth and operating strategies throughout fiscal 2007."

Conference Call

B&G Foods will hold a webcast and conference call at 4:30 pm ET today, May 7, 2007. The call will be webcast live over the Internet from the Investor Relations section of B&G Foods' website at www.bgfoods.com under "Investor Relations--Company Overview." Participants should follow the instructions provided on the website for the download and installation of audio applications necessary to join the webcast. The call can also be accessed live over the phone by dialing [phone] or for international callers by dialing [phone].

A replay of the call will be available one hour after the call and can be accessed by dialing [phone] or [phone] for international callers; the password is 6433614. The replay will be available from May 7, 2007 through May 14, 2007.

About Non-GAAP Financial Measures

EBITDA (net income before net interest expense, income taxes, depreciation and amortization) is a "non-GAAP (Generally Accepted Accounting Principles) financial measure." A non-GAAP financial measure is defined as a numerical measure of our financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in our consolidated balance sheets and related consolidated statements of operations and cash flows.

Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. A reconciliation of EBITDA with the most directly comparable GAAP measure is included below for the first quarter of 2007 and the first quarter of 2006, along with the components of EBITDA.

About B&G Foods, Inc.

B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, shelf-stable foods across the United States, Canada and Puerto Rico. B&G Foods' products include hot cereals, jams, jellies and fruit spreads, canned meats and beans, spices, seasonings, marinades, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, Mexican-style sauces, taco shells and kits, salsas, pickles and peppers and other specialty food products. B&G Foods competes in the retail grocery, food service, specialty store, private label, club and mass merchandiser channels of distribution. Based in Parsippany, New Jersey, B&G Foods' products are marketed under many recognized brands, including Ac'cent, B&G, B&M, Brer Rabbit, Cream of Rice, Cream of Wheat, Emeril's, Grandma's Molasses, Joan of Arc, Las Palmas, Maple Grove Farms of Vermont, Ortega, Polaner, Red Devil, Regina, San Del, Sa-son Ac'cent, Trappey's, Underwood, Vermont Maid and Wright's.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of B&G Foods to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates" or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in B&G Foods' filings with the Securities and Exchange Commission.

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