ARAMARK CORP - FORM 8-K - EX-99.1 - FINANCIAL REPORTS AND SCHEDULES - November 14, 2012

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Exhibit 99.1

ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands)
 
 
Three Months
Ended
 
Three Months
Ended
 
September 28, 2012
 
September 30, 2011
Sales
$
3,401,160

 
$
3,291,898

Costs and Expenses:
 
 
 
Cost of services provided
3,050,530

 
2,963,905

Depreciation and amortization
133,245

 
127,958

Selling and general corporate expenses
51,037

 
47,724

 
3,234,812

 
3,139,587

Operating income
166,348

 
152,311

Interest and Other Financing Costs, net
86,603

 
111,089

Income from Continuing Operations Before Income Taxes
79,745

 
41,222

Provision (Benefit) for Income Taxes
11,439

 
(13,103
)
Income from Continuing Operations
68,306

 
54,325

Loss from Discontinued Operations, net of tax (1)
—

 
(11,772
)
Net income
68,306

 
42,553

Less: Net income attributable to noncontrolling interest
1,204

 
760

Net income attributable to ARAMARK shareholder
$
67,102

 
$
41,793

 
Note:
(1)
In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation in the accompanying financial schedule. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented. Included in loss from discontinued operations for the three months ended September 30, 2011 is a net loss of approximately $12.0 million related to the sale of Galls.




ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands)
 
 
Fiscal Year
Ended
 
Fiscal Year
Ended
 
September 28, 2012
 
September 30, 2011
Sales
$
13,505,426

 
$
13,082,377

Costs and Expenses:
 
 
 
Cost of services provided
12,191,419

 
11,836,780

Depreciation and amortization
529,213

 
510,516

Selling and general corporate expenses
202,567

 
186,870

 
12,923,199

 
12,534,166

Operating income
582,227

 
548,211

Interest and Other Financing Costs, net
401,757

 
426,262

Income from Continuing Operations Before Income Taxes
180,470

 
121,949

Provision for Income Taxes
38,871

 
9,020

Income from Continuing Operations
141,599

 
112,929

Income (loss) from Discontinued Operations, net of tax (1)
297

 
(11,732
)
Net income
141,896

 
101,197

Less: Net income attributable to noncontrolling interest
3,648

 
1,125

Net income attributable to ARAMARK shareholder
$
138,248

 
$
100,072

 
Note:
(1)
In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation in the accompanying financial schedule. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented. Included in income (loss) from discontinued operations for the fiscal year ended September 30, 2011 is a net loss of approximately $12.0 million related to the sale of Galls.





ARAMARK CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
(In Thousands)
 
 
September 28, 2012
 
September 30, 2011
Assets
 
 
 
Current Assets
$
2,161,172

 
$
2,130,822

Property and Equipment, net
1,000,579

 
1,004,690

Goodwill
4,729,474

 
4,640,606

Other Intangible Assets
1,595,149

 
1,748,417

Other Assets
1,000,748

 
985,017

 
$
10,487,122

 
$
10,509,552

 
 
 
 
Liabilities and Equity
 
 
 
Current Liabilities (1)
$
2,142,512

 
$
2,051,029

Long-Term Borrowings
5,375,819

 
5,588,614

Other Liabilities
1,218,050

 
1,234,885

Common Stock Subject to Repurchase
167,461

 
158,061

Total Equity
1,583,280

 
1,476,963

 
$
10,487,122

 
$
10,509,552


Note:
(1)
Includes $37.5 million and $49.1 million of current maturities of long-term borrowings as of September 28, 2012 and September 30, 2011, respectively.




ARAMARK CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED CASH FLOW DATA
(Unaudited)
(In Thousands)
 
 
Fiscal Year
Ended
 
Fiscal Year
Ended
 
September 28, 2012
 
September 30, 2011
Cash flows from operating activities:
 
 
 
Net income
$
141,896

 
$
101,197

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
529,213

 
516,290

Income taxes deferred
(66,613
)
 
(39,890
)
Share-based compensation expense
15,678

 
17,317

Loss on sale of Galls
—

 
11,998

Changes in noncash working capital
65,777

 
(93,065
)
Net change in proceeds from sale of receivables
—

 
(220,855
)
Other operating activities
59,538

 
11,694

Net cash provided by operating activities
745,489

 
304,686

Cash flows from investing activities:
 
 
 
Net purchases of property and equipment, client contract investments and other
(342,876
)
 
(272,277
)
Acquisitions, divestitures, and other investing activities
(138,700
)
 
(90,870
)
Net cash used in investing activities
(481,576
)
 
(363,147
)
Cash flows from financing activities:
 
 
 
Net payments of long-term borrowings
(285,491
)
 
(8,984
)
Net change in funding under the Receivables Facility
37,895

 
225,905

Dividends paid to Parent
(53,720
)
 
(132,900
)
Proceeds from sale of noncontrolling interest
—

 
48,369

Proceeds from issuance of common stock
11,258

 
4,593

Repurchase of stock
(37,704
)
 
(16,149
)
Other financing activities
(12,785
)
 
(9,979
)
Net cash (used in) provided by financing activities
(340,547
)
 
110,855

Increase (decrease) in cash and cash equivalents
$
(76,634
)
 
$
52,394




ARAMARK CORPORATION AND SUBSIDIARIES
SALES AND OPERATING INCOME BY SEGMENT
SUPPLEMENTAL DATA
(Unaudited)
(In Thousands)
 
 
Three Months
Ended
 
Three Months
Ended
 
September 28, 2012
 
September 30, 2011
Sales
 
 
 
Food and Support Services - North America
$
2,359,794

 
$
2,284,728

Food and Support Services - International
699,028

 
675,648

Uniform and Career Apparel (1)
342,338

 
331,522

 
$
3,401,160

 
$
3,291,898

 
 
 
 
Operating Income
 
 
 
Food and Support Services - North America
$
124,168

 
$
114,538

Food and Support Services - International
24,058

 
24,561

Uniform and Career Apparel (1)
31,125

 
27,228

 
179,351

 
166,327

Corporate
(13,003
)
 
(14,016
)
 
$
166,348

 
$
152,311


Note:
(1)
In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation in the accompanying financial schedule. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented.




ARAMARK CORPORATION AND SUBSIDIARIES
SALES AND OPERATING INCOME BY SEGMENT
SUPPLEMENTAL DATA
(Unaudited)
(In Thousands)
 
 
Fiscal Year
Ended
 
Fiscal Year
Ended
 
September 28, 2012
 
September 30, 2011
Sales
 
 
 
Food and Support Services - North America
$
9,413,217

 
$
9,018,979

Food and Support Services - International
2,729,453

 
2,723,330

Uniform and Career Apparel (1)
1,362,756

 
1,340,068

 
$
13,505,426

 
$
13,082,377

 
 
 
 
Operating Income
 
 
 
Food and Support Services - North America
$
425,597

 
$
400,527

Food and Support Services - International
89,880

 
79,857

Uniform and Career Apparel (1)
118,096

 
117,347

 
633,573

 
597,731

Corporate
(51,346
)
 
(49,520
)
 
$
582,227

 
$
548,211


Note:
(1)
In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation in the accompanying financial schedule. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented.



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