Utz Brands, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - September 3, 2020

Attached files

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EX-99.5 - EXHIBIT 99.5 - Utz Brands, Inc.tm2029975d1_ex99-5.htm
EX-99.4 - EXHIBIT 99.4 - Utz Brands, Inc.tm2029975d1_ex99-4.htm
EX-99.3 - EXHIBIT 99.3 - Utz Brands, Inc.tm2029975d1_ex99-3.htm
EX-99.1 - EXHIBIT 99.1 - Utz Brands, Inc.tm2029975d1_ex99-1.htm
EX-21.1 - EXHIBIT 21.1 - Utz Brands, Inc.tm2029975d1_ex21-1.htm
EX-16.1 - EXHIBIT 16.1 - Utz Brands, Inc.tm2029975d1_ex16-1.htm
EX-14.1 - EXHIBIT 14.1 - Utz Brands, Inc.tm2029975d1_ex14-1.htm
EX-10.16 - EXHIBIT 10.16 - Utz Brands, Inc.tm2029975d1_ex10-16.htm
EX-10.15 - EXHIBIT 10.15 - Utz Brands, Inc.tm2029975d1_ex10-15.htm
EX-10.14 - EXHIBIT 10.14 - Utz Brands, Inc.tm2029975d1_ex10-14.htm
EX-10.13 - EXHIBIT 10.13 - Utz Brands, Inc.tm2029975d1_ex10-13.htm
EX-10.12 - EXHIBIT 10.12 - Utz Brands, Inc.tm2029975d1_ex10-12.htm
EX-10.10 - EXHIBIT 10.10 - Utz Brands, Inc.tm2029975d1_ex10-10.htm
EX-10.4 - EXHIBIT 10.4 - Utz Brands, Inc.tm2029975d1_ex10-4.htm
EX-10.3 - EXHIBIT 10.3 - Utz Brands, Inc.tm2029975d1_ex10-3.htm
EX-10.2 - EXHIBIT 10.2 - Utz Brands, Inc.tm2029975d1_ex10-2.htm
EX-10.1 - EXHIBIT 10.1 - Utz Brands, Inc.tm2029975d1_ex10-1.htm
EX-3.3 - EXHIBIT 3.3 - Utz Brands, Inc.tm2029975d1_ex3-3.htm
EX-3.2 - EXHIBIT 3.2 - Utz Brands, Inc.tm2029975d1_ex3-2.htm
EX-3.1 - EXHIBIT 3.1 - Utz Brands, Inc.tm2029975d1_ex3-1.htm
8-K - FORM 8-K - Utz Brands, Inc.tm2029975-1_8k.htm

Exhibit 99.2

 

SELECTED HISTORICAL COMBINED FINANCIAL

 

The following selected financial data is only a summary for the combined financial statements of Utz Brands Holdings, LLC (“Utz” or the “Company”) and should be read in conjunction with Utz’s combined financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” filed as Exhibit 99.3 to the Current Report on Form 8-K of which these Selected Historical Combined Financial and Other Date are part (the “Super 8-K”). Utz’s historical results are not necessarily indicative of future results, and the results for any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The following selected statement of operations data and statement of cash flows data for Utz’s quarterly thirteen and twenty-six weeks ended June 28, 2020 and June 30, 2019, and the following balance sheet data as of June 28, 2020 and December 29, 2019 have been derived from Utz’s unaudited consolidated financial statements filed as Exhibit 99.3 to the Super 8-K.

 

Statements of Operations

 

(in thousands)
(unaudited)

 

   Thirteen weeks ended   Twenty-six weeks ended 
   June 28,
2020		   June 30,
2019		   June 28,
2020		   June 30,
2019		 
Net sales  $241,977   $188,432   $470,006   $366,844 
Cost of goods sold   157,096    126,617    305,111    248,497 
Gross profit   84,881    61,815    164,895    118,347 
Selling and administrative expenses                    
Selling   49,598    36,324    97,931    73,460 
Administrative   18,484    10,082    38,424    23,476 
Total selling and administrative expenses   68,082    46,406    136,355    96,936 
Gain on sale of assets                    
Gain on disposal of property, plant and equipment   25    287    93    1,016 
Gain on sale of routes, net   627    2,798    1,031    5,240 
Total gain on sale of assets   652    3,085    1,124    6,256 
Income from operations   17,451    18,494    29,664    27,667 
Other (expense) income                    
Interest expense   (9,987)   (12,851)   (19,630)   (25,395)
Other income (expense)   259    (1,337)   839    (204)
Other expense, net   (9,728)   (14,188)   (18,791)   (25,599)
Income before taxes   7,723    4,306    10,873    2,068 
Income tax expense   1,171    1,389    2,629    1,766 
Net income   6,552    2,917    8,244    302 
Net income attributable to noncontrolling interest   —    (715)   ―    (1,420)
Net income attributable to controlling interest  $6,552   $2,202   $8,244   $(1,118)
Other comprehensive loss                    
Interest Rate Swap   (709)   ―    (7,917)   ― 
Comprehensive income (loss)  $5,843   $2,202   $327   $(1,118)

 

 

 

 

Statements of Cash Flow

 

(in thousands)
(unaudited)

   Twenty-six weeks ended 
   June 28,
2020		   June 30,
2019		 
Net cash provided by (used in) operating activities  $20,313   $(9,323)
Net cash (used in) provided by investing activities   (18,011)   23,630 
Net cash used in financing activities   (7,384)   (10,043)

 

Balance Sheet

 

(in thousands)
(unaudited)

   June 28,
2020		   December 29,
2019		 
Total assets  $791,015   $778,547 
Total liabilities   829,236    811,899 
Total (deficit) equity   (38,221)   (33,352)

 

 

 

Utz Brands, Inc. Reports