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magazine’s 2014 Top Military Friendly Employers list, named on Trust Across America’s 2013 Top Ten Most Trustworthy Public Companies, and named one of the 2014 40 Best Companies for Leaders by Chief Executive Magazine. 

Our employees are involved in their communities and are committed to making a difference where they live and work. As a company, we support their efforts through programs such as On Our Way to Ending Hunger, now in its fourth year. Through this program we made cash and product donations of over $5 million this year in 39 communities where we have manufacturing locations and to food banks throughout the country. 

We also continued our effort to improve lives interna- tionally through nutrition and educational programming for children and families in Guatemala. Since the inception of Project Spammy in 2010, we have contributed over 8.5 million cans of Spammy ® , a shelf-stable poultry product that is fortified with vitamins and minerals. Many of our employees have made the trip to Guatemala to help with the project work. 

Board member changes Susan I. Marvin, President of Marvin Windows and Doors, chose not to stand for re-election to the Hormel Foods Board of Directors in January. Marvin served as an excellent Director from July 2002 to January 2014. We appreciate the valuable input and contributions Susan made to the growth and success of Hormel Foods. 

In July, the company announced the election of three new members to the Hormel Foods Board of Directors. Gary C. Bhojwani, 46, is the Chairman of Allianz Life Insurance Company of North America and will be departing that position effective January 1, 2015. Sally J. Smith, 56, is the President and Chief Executive Officer of Buffalo Wild Wings, Inc. Steven A. White, 53, serves as the President of Comcast West Division. 

Senior management changes In January, William F. Snyder, Senior Vice President, Supply Chain, announced his retirement after providing many years of leadership in the operations and supply chain areas. Bryan D. Farnsworth advanced to Senior Vice President, Supply Chain, and Richard A. Carlson progressed to Vice President, Quality Management. 

David P. Juhlke, Vice President, Human Resources, also announced his retirement in January, after years of supporting the company’s expansion through employee growth and development. As a result, Lawrence C. Lyons was promoted to Vice President, Human Resources. 

In May, Michael L. Devine retired from the position of Vice President, Grocery Products Operations, after a long career of strong leadership in operations. Donald J. Temperley advanced to Vice President, Grocery Products Operations. 

In September, the company announced the advance- ment of Mark D. Vaupel, Director of Information Technology Services, to the new role of Vice President of Information Technology Services, placing a higher focus on the efforts to support the company’s strate- gies and growth goals with technology. 

Outlook In fiscal 2015, we expect to exceed our stated goals of 5% sales growth and 10% earnings growth. We anticipate pork and turkey commodity prices and pork operating margins to normalize as the year progresses, with grain markets remaining beneficial, allowing our businesses to focus on increasing their value-added portfolios and capitalizing on our solid brand leader- ship in over 30 retail categories. Our strong balance sheet positions us to drive strategic growth through both acquisitions and internal investments. We will support the expansion of our China business by constructing a new refrigerated meats manufacturing facility, planned to be operational by late 2016. 

The dedication and perseverance of our employees help us maintain our leadership in so many critical areas, and I would like to acknowledge, with gratitude, their important contributions to the success of this organization. This team will continue to grow our business by focusing on delivering foods for the way we live: wholesome, nutritious, and innovative products that meet the needs of today’s busy and discerning consumers around the globe. 

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