Spin-off - WK Kellogg Co
Form Type: 10-Q
Filing Date: 2025-05-06
Corporate Action: Spin-off
Type: Update
Accession Number: 000162828025022671
Filing Summary: WK Kellogg Co's quarterly report for the period ended March 29, 2025, highlights significant financial data including a net income of $18 million compared to $33 million in the previous year. The net sales decreased to $663 million from $707 million. The restructuring costs totaled $14 million, linked to the strategic priority of modernizing its supply chain which includes plans to close its Omaha, Nebraska plant. In a historical context, the document notes the completion of a significant spin-off on October 2, 2023, where Kellanova spun off its North American cereal business, creating WK Kellogg Co as an independent entity. This spin-off involved multiple agreements delineating asset and liability distributions between the two companies. Total assets as of March 29, 2025, are reported at $2.016 billion, with total liabilities of $1.689 billion. The report also includes updates on cash flows and equity, indicating a net cash reduction of $13 million in cash and cash equivalents. The company emphasizes compliance with financial reporting requirements and notes various operational strategies post-spin-off.
Additional details:
Common Stock Shares: 86148263
Net Income: 18
Net Sales: 663
Restructuring Costs: 14
Total Assets: 2016
Total Liabilities: 1689
Retained Earnings: 19
Form Type: ARS
Filing Date: 2025-03-12
Corporate Action: Spin-off
Type: New
Accession Number: 000162828025012386
Filing Summary: WK Kellogg Co underwent a significant corporate restructuring through the Spin-Off from Kellanova, where Kellanova contributed assets, liabilities, and operations of its North American cereal business to WK Kellogg Co. This reorganization concluded on October 2, 2023, with Kellanova distributing one share of WK Kellogg Co stock for every four shares of Kellanova stock to its shareholders, allowing WK Kellogg to begin independent trading under the ticker symbol 'KLG' on the New York Stock Exchange. As of February 14, 2025, WK Kellogg Co had 86,196,959 shares of common stock outstanding. Additionally, a restructuring plan was announced, which involves consolidating the manufacturing network by closing a plant in Omaha, Nebraska, with a phased reduction in production commencing late 2025 and full closure by the end of 2026. The restructuring plan aims to modernize supply chain capabilities and aims for completion by the end of fiscal year 2026.
Additional details:
Title Of Class: Common Stock
Trading Symbol: KLG
Market Value Non Affiliates: $1.4 billion
Common Shares Outstanding As Of: 2025-02-14: 86,196,959
Largest Customer: Wal-Mart Stores, Inc.
Percentage Of Sales: 29% of consolidated net sales during 2024
Form Type: 10-K
Filing Date: 2025-02-25
Corporate Action: Spin-off
Type: Update
Accession Number: 000162828025007817
Filing Summary: WK Kellogg Co's Annual Report for the fiscal year ended December 28, 2024, outlines the company's operational and financial performance. The report highlights the success of the Spin-Off strategy, which aims to enhance shareholder value by creating a separate entity, Kellanova, focused on evolving its portfolio, including cereals and snacks. The report discusses the challenges faced during the fiscal year, including supply chain disruptions and increased costs. Financial tables reflect total revenues, net income, and comprehensive income variances compared to the previous year, with details on the management's strategic focus on reinvesting into the business to drive growth. Furthermore, it provides insights into risk factors, market conditions, and management's discussion of financial performance, including significant changes in revenue streams and the impact of inflation on costs. The company also plans to file its definitive proxy statement for the upcoming Annual Meeting of Shareholders within the regulatory timeline, emphasizing transparency with shareholders.
Additional details:
Cik: 001959348
Market Value: 1.4 billion
Shares Outstanding: 86,196,959
Strategic Focus: spin-off to enhance shareholder value
Fiscal Year End: 2024-12-28
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