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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 MARCH 31, 2005.
   
( )
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
  
May 6, 2005
   
29,643,576
 
 
 
 
 

 





 
 
 
 
 

 


RALCORP HOLDINGS, INC.

INDEX

   
PAGE
PART I.
FINANCIAL INFORMATION
  
     
Item 1.
Financial Statements
  
     
 
Condensed Consolidated Statement of Earnings
1   
     
 
Condensed Consolidated Statement of Comprehensive Income
1   
     
 
Condensed Consolidated Balance Sheet
2   
     
 
Condensed Consolidated Statement 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
14   
     
PART II.
OTHER INFORMATION
  
     
Item 2.
Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities
14   
     
Item 4.
Submission of Matters to a Vote of Security Holders
14   
     
Item 6.
Exhibits and Reports on Form 8-K
15   
     
SIGNATURES
    













 
 
(i)
 
 
 
 
 
 
PART I.    FINANCIAL INFORMATION
 
 
Item 1.       Financial Statements.
 
RALCORP HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EASRNINGS (Unaudited)
(Dollars in millions except per share data)
 

   
Three Months Ended
  
Six Months Ended
  
   
March 31,
  
March 31,
  
 
 
2005
 
2004
 
2005
 
2004
 
                   
Net Sales
  
$
386.6
  
$
383.4
  
$
826.7
  
$
745.9
  
Cost of products sold
    
(309.5
)
  
(303.1
)
  
(661.0
)
  
(595.0
)
Gross Profit
    
77.1
   
80.3
   
165.7
   
150.9
 
Selling, general and administrative expenses
    
(52.3
)
  
(50.5
)
  
(104.4
)
  
(95.5
)
Interest expense, net
    
(4.1
)
  
(3.8
)
  
(8.0
)
  
(5.5
)
Restructuring charges
    
-
   
(.3
)
  
(.1
)
  
(.6
)
Litigation settlement income
    
-
   
.8
   
-
   
.8
 
Earnings before Income Taxes
                          
  and Equity Earnings
    
20.7
   
26.5
   
53.2
   
50.1
 
Income taxes
    
(7.5
)
  
(9.7
)
  
(19.4
)
  
(18.3
)
Earnings before Equity Earnings
    
13.2
   
16.8
   
33.8
   
31.8
 
Equity in earnings (loss) of Vail Resorts, Inc.,
                          
  net of related deferred income taxes
    
4.7
   
(.5
)
  
.7
   
(3.8
)
Net Earnings
  
$
17.9
  
$
16.3
  
$
34.5
  
$
28.0
  
                           
Earnings per Share
                         
  Basic
  
$
.61
  
$
.56
  
$
1.17
  
$
.96
  
  Diluted
  
$
.59
  
$
.54
  
$
1.13
  
$
.94
  
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 
 
 
RALCORP HOLDINGS, INC.
CONDENSED CONSOLIDATED STAEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in millions)
 

   
Three Months Ended
  
Six Months Ended
  
   
March 31,
  
March 31,
  
   
2005
 
2004
 
2005
 
2004
  
                   
Net Earnings
  
$
17.9
  
$
16.3
  
$
34.5
  
$
28.0
  
Other comprehensive income
    
2.7
   
.1
   
2.7
   
1.0
 
Comprehensive Income
  
$
20.6
  
$
16.4
  
$
37.2
  
$
29.0
  
                           
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 
 
 
 
 
1
 
 
 
 
 
 
 
 
 
 
RALCORP HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in millions)
 

   
Mar. 31,
 
Sep. 30,
 
 
 
2005
 
2004
  
           
Assets
              
Current Assets
              
  Cash and cash equivalents
  
$
7.0
  
$
23.7
  
  Investment in Ralcorp Receivables Corporation
    
39.0
   
98.0
 
  Receivables, net
    
27.6
   
23.6
 
  Inventories
    
174.1
   
175.1
 
  Deferred income taxes
    
5.5
   
6.3
 
  Prepaid expenses and other current assets
    
4.9
   
3.6
 
    Total Current Assets
    
258.1
   
330.3
 
Investment in Vail Resorts, Inc.
    
81.8
   
80.7
 
Property, Net
    
345.9
   
342.9
 
Goodwill
    
367.1
   
367.1
 
Other Intangible Assets, Net
    
93.4
   
89.0
 
Other Assets
    
15.7
   
11.6
 
    Total Assets
  
$
1,162.0
  
$
1,221.6
  
               
Liabilities and Shareholders' Equity
              
Current Liabilities
              
  Accounts payable
  
$
80.1
  
$
115.0
  
  Other current liabilities
    
58.1
   
84.3
 
    Total Current Liabilities
    
138.2
   
199.3
 
Long-term Debt
    
379.5
   
425.7
 
Deferred Income Taxes
    
59.7
   
58.2
 
Other Liabilities
    
98.0
   
94.2
 
    Total Liabilities
    
675.4
   
777.4
 
Shareholders' Equity
              
  Common stock
    
.3
   
.3
 
  Capital in excess of par value
    
118.6
   
117.3
 
  Retained earnings
    
464.0
   
429.5
 
  Common stock in treasury, at cost
    
(64.8
)
  
(68.4
)
  Unearned portion of restricted stock
    
(4.3
)
  
(4.6
)
  Accumulated other comprehensive loss
    
(27.2
)
  
(29.9
)
    Total Shareholders' Equity
    
486.6
   
444.2
 
    Total Liabilities and Shareholders' Equity
  
$
1,162.0
  
$
1,221.6