Attached files
EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
| December 31, 2009 | ||||
| Assets |
||||
| Current assets: |
||||
| Cash and cash equivalents |
$ | 6,258 | ||
| Receivables, net |
283,201 | |||
| Inventories |
115,568 | |||
| Prepaid expenses and other current assets |
7,312 | |||
| Total current asset |
412,339 | |||
| Property, plant and equipment, net |
526,198 | |||
| Goodwill |
1,099,682 | |||
| Identifiable intangible and other assets |
187,934 | |||
| Total |
$ | 2,226,153 | ||
| Liabilities and Parent’s Net Investment |
||||
| Current liabilities: |
||||
| Accounts payable and accrued expenses |
$ | 212,184 | ||
| Current portion of long-term debt |
160 | |||
| Total current liabilities |
212,344 | |||
| Long-term debt |
126,962 | |||
| Deferred income taxes |
167,459 | |||
| Other long-term liabilities |
32,096 | |||
| Parent’s net investment: |
||||
| Parent’s net investment |
1,690,096 | |||
| Accumulated other comprehensive loss |
(2,804 | ) | ||
| Total parent’s net investment |
1,687,292 | |||
| Total |
$ | 2,226,153 | ||
DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
| Year Ended December 31, 2009 | |||
| Net sales |
$ | 3,694,744 | |
| Cost of sales |
2,691,595 | ||
| Gross profit |
1,003,149 | ||
| Operating costs and expenses: |
|||
| Selling and distribution |
595,233 | ||
| General and administrative |
54,777 | ||
| Amortization of intangibles |
2,217 | ||
| Facility closing and reorganization costs |
1,966 | ||
| Total operating costs and expenses |
654,193 | ||
| Operating income |
348,956 | ||
| Other (income) expense: |
|||
| Interest expense |
15,774 | ||
| Other (income) expense, net |
143,048 | ||
| Total other expense |
158,822 | ||
| Income from continuing operations before income taxes |
190,134 | ||
| Income taxes |
71,156 | ||
| Net income |
$ | 118,978 | |
DEAN HOLDING COMPANY
INFORMATION RELATED TO CONSOLIDATED STATEMENT OF PARENT’S NET INVESTMENT
(Unaudited)
(In thousands)
| Parent’s Net Investment |
Accumulated Other Comprehensive Income (Loss) |
Total Parent’s Net Investment |
Total Parent’s Net Investment |
||||||||||||
| Balance, January 1, 2009 |
$ | 1,309,263 | $ | 4,224 | $ | 1,313,487 | |||||||||
| Share-based compensation expense |
2,006 | — | 2,006 | ||||||||||||
| Activity with parent |
259,849 | — | 259,849 | ||||||||||||
| Net income |
118,978 | — | 118,978 | $ | 118,978 | ||||||||||
| Other comprehensive income: |
|||||||||||||||
| Pension liability adjustment |
— | (7,563 | ) | (7,563 | ) | (7,563 | ) | ||||||||
| Cumulative translation adjustment |
— | 535 | 535 | 535 | |||||||||||
| Comprehensive income |
— | — | — | $ | 111,950 | ||||||||||
| Balance, December 31, 2009 |
$ | 1,690,096 | $ | (2,804 | ) | $ | 1,687,292 | ||||||||
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
| Year Ended December 31, 2009 |
||||
| Cash flows from operating activities: |
||||
| Net income |
$ | 118,978 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||
| Depreciation and amortization |
73,469 | |||
| Share-based compensation expense |
2,006 | |||
| Loss on disposition of assets and operations |
1,943 | |||
| Write-down of impaired assets |
986 | |||
| Deferred income taxes |
31,065 | |||
| Other |
221 | |||
| Changes in operating assets and liabilities, net of acquisitions: |
||||
| Receivables, net |
13,968 | |||
| Inventories |
(2,272 | ) | ||
| Prepaid expenses and other assets |
17,461 | |||
| Accounts payable and accrued expenses |
(114,964 | ) | ||
| Income taxes |
639 | |||
| Net cash provided by operating activities |
143,500 | |||
| Cash flows from investing activities: |
||||
| Payments for property, plant and equipment |
(81,292 | ) | ||
| Payments for acquisitions and investments, net of cash received |
(13,983 | ) | ||
| Proceeds from sale of fixed assets |
1,522 | |||
| Net cash used in investing activities |
(93,753 | ) | ||
| Cash flows from financing activities: |
||||
| Repayment of debt |
(142,705 | ) | ||
| Net payments for receivables-backed facility |
(164,663 | ) | ||
| Distribution from parent |
258,520 | |||
| Net cash used in financing activities |
(48,848 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents |
324 | |||
| Increase in cash and cash equivalents |
1,223 | |||
| Cash and cash equivalents, beginning of period |
5,035 | |||
| Cash and cash equivalents, end of period |
$ | 6,258 | ||