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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

                                 (Mark One)

(X)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2004.
   
( )
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO ____________.

Commission file number: 1-12619


Ralcorp Holdings, Inc.
(Exact name of registrant as specified in its charter)


Missouri
  
43-1766315
(State of Incorporation)
  
(I.R.S. Employer
   
Identification No.)
     
800 Market Street, Suite 2900
    
St. Louis, MO
  
63101
(Address of principal
  
(Zip Code)
Executive offices)
    

(314) 877-7000
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes (x) No ( )

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12 b-2 of the Exchange Act). Yes (x) No ( ) 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
 
 
Common Stock
  
Outstanding Shares at
par value $.01 per share
  
February 8, 2005
   
29,498,268
 
 
 
 

 
  
     
 
 
 
 
 
 
 

 
RALCORP HOLDINGS, INC.

TABLE OF CONTENTS

   
PAGE
PART I.
FINANCIAL INFORMATION
  
     
Item 1.
Financial Statements
  
     
 
Condensed Consolidated Statements of Earnings
1
     
 
Condensed Consolidated Statements of Comprehensive Income
1
     
 
Condensed Consolidated Balance Sheets
2
     
 
Condensed Consolidated Statements of Cash Flows
3
     
 
Notes to Condensed Consolidated Financial Statements
4
     
Item 2.
Management’s Discussion and Analysis of Financial
  
 
Condition and Results of Operations
8
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
13
     
Item 4.
Controls and Procedures
13
     
PART II.
OTHER INFORMATION
  
     
Item 2.
Changes in Securities and Use of Proceeds
14
     
Item 5.
Other Information
14
     
Item 6.
Exhibits and Reports on Form 8-K
14
                                        
SIGNATURES

15

 
 

 



 
 
(i)

  
     
 
 
 
 
 
 
 
 
 
 
 
PART  I.  FINANCIAL INFORMATION
Item 1.
Financial Statements.

RALCORP HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(Dollars in millions except per share data)

   
Three Months Ended
  
   
December 31,
  
   
2004
  
2003
  
           
Net Sales
  
$
440.1
  
$
362.5
  
Cost of products sold
    
(351.5
)
  
(291.9
)
Gross Profit
    
88.6
   
70.6
 
Selling, general and administrative expenses
    
(52.1
)
  
(45.0
)
Interest expense, net
    
(3.9
)
  
(1.7
)
Restructuring charges
    
(.1
)
  
(.3
)
Earnings before Income Taxes
              
  and Equity Earnings
    
32.5
   
23.6
 
Income taxes
    
(11.9
)
  
(8.6
)
Earnings before Equity Earnings
    
20.6
   
15.0
 
Equity in loss of Vail Resorts, Inc.,
              
  net of related deferred income taxes
    
(4.0
)
  
(3.3
)
Net Earnings
  
$
16.6
  
$
11.7
  
               
Earnings per Share
             
  Basic
  
$
.56
  
$
.40
  
  Diluted
  
$
.55
  
$
.39
  
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 
 
RALCORP HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in millions)
 
   
Three Months Ended
  
   
December 31,
  
   
2004
  
2003
  
           
Net Earnings
  
$
16.6
  
$
11.7
  
Other comprehensive income
    
-
   
.9
 
Comprehensive Income
  
$
16.6
  
$
12.6
  
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 

 
 
  1   
 
 
 
 
 
 
 
 
 
 

 
RALCORP HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in millions)
 
   
Dec. 31,
  
Sep. 30,
  
   
2004
  
2004
  
           
Assets
              
Current Assets
              
  Cash and cash equivalents
  
$
7.3
  
$
23.7
  
  Investment in Ralcorp Receivables Corporation
    
37.6
   
98.0
 
  Receivables, net
    
17.8
   
23.6
 
  Inventories
    
180.6
   
175.1
 
  Deferred income taxes
    
6.3
   
6.3
 
  Prepaid expenses and other current assets
    
4.8
   
3.6
 
    Total Current Assets
    
254.4
   
330.3
 
Investment in Vail Resorts, Inc.
    
74.5
   
80.7
 
Property, Net
    
342.4
   
342.9
 
Goodwill
    
367.1
   
367.1
 
Other Intangible Assets, Net
    
91.4
   
89.0
 
Other Assets
    
13.6
   
11.6
 
    Total Assets
  
$
1,143.4
  
$
1,221.6
  
               
Liabilities and Shareholders' Equity
              
Current Liabilities
              
  Accounts payable
  
$
89.4
  
$
115.0
  
  Other current liabilities
    
63.9
   
84.3
 
    Total Current Liabilities
    
153.3
   
199.3
 
Long-term Debt
    
376.7
   
425.7
 
Deferred Income Taxes
    
55.5
   
58.2
 
Other Liabilities
    
96.3
   
94.2
 
    Total Liabilities
    
681.8
   
777.4
 
Shareholders' Equity
              
  Common stock
    
.3
   
.3
 
  Capital in excess of par value
    
117.8
   
117.3
 
  Retained earnings
    
446.1
   
429.5
 
  Common stock in treasury, at cost
    
(68.3
)
  
(68.4
)
  Unearned portion of restricted stock
    
(4.4
)
  
(4.6
)
  Accumulated other comprehensive loss
    
(29.9
)
  
(29.9
)
    Total Shareholders' Equity
    
461.6
   
444.2
 
    Total Liabilities and Shareholders' Equity
  
$
1,143.4
  
$
1,221.6
  
               
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 
 
 
 

 
 
   2  
 
 
 
 
 
 
 
 
 
 
 
 
RALCORP HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in millions)
 

   
Three Months Ended
   
December 31,
  
   
2004
  
2003
  
           
Cash Flows from Operating Activities
          
Net earnings
  
$
16.6
 
$
11.7
 
Adjustments to reconcile net earnings to net
              
  cash flow provided by operating activities:
              
  Depreciation and amortization
    
12.6
   
9.9
 
  Sale of receivables, net
    
50.0
   
5.4
 
  Deferred income taxes
    
(2.7
)
  
(2.2
)
  Equity in loss of Vail Resorts, Inc.
    
6.2
   
5.0
 
  Other changes in current assets and liabilities, net
              
    of effects of business acquisitions
    
.9
   
(6.3
)
  Other, net
    
.8
   
3.5
 
    Net Cash Provided by Operating Activities
    
84.4
   
27.0
 
               
Cash Flows from Investing Activities
              
Business acquisitions, net of cash acquired
    
-
   
(287.2
)
Additions to property and intangible assets
    
(14.9
)
  
(8.0
)
    Net Cash Used by Investing Activities
    
(14.9
)
  
(295.2
)
               
Cash Flows from Financing Activities
              
Proceeds from issuance of long-term debt
    
-
   
270.0
 
Repayment of long-term debt
    
(50.0
)
  
-
 
Net borrowings under credit arrangements
    
1.0
   
-
 
Change in book cash overdrafts