Exhibit 99.1
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands)
| Three Months Ended September 30, 2011 | Three Months Ended October 1, 2010 | |||||||
Sales | $ | 3,291,898 | $ | 3,117,214 | ||||
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Costs and Expenses: | ||||||||
Cost of services provided | 2,963,905 | 2,812,110 | ||||||
Depreciation and amortization | 127,958 | 125,271 | ||||||
Selling and general corporate expenses | 47,724 | 43,686 | ||||||
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| 3,139,587 | 2,981,067 | |||||||
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Operating income | 152,311 | 136,147 | ||||||
Interest and other financing costs, net | 111,089 | 108,744 | ||||||
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Income from continuing operations before income taxes | 41,222 | 27,403 | ||||||
Provision (benefit) for income taxes | (13,103 | ) | 6,305 | |||||
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Income from continuing operations | 54,325 | 21,098 | ||||||
Income (loss) from discontinued operations, net of tax (1) | (11,772 | ) | 5 | |||||
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Net income | 42,553 | 21,103 | ||||||
Less: Net income attributable to noncontrolling interest | 760 | — | ||||||
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Net income attributable to ARAMARK shareholder | $ | 41,793 | $ | 21,103 | ||||
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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 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 September 30, 2011 | Fiscal Year Ended October 1, 2010 | |||||||
Sales | $ | 13,082,377 | $ | 12,419,064 | ||||
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Costs and Expenses: | ||||||||
Cost of services provided | 11,836,780 | 11,247,115 | ||||||
Depreciation and amortization | 510,516 | 502,892 | ||||||
Selling and general corporate expenses | 186,870 | 191,561 | ||||||
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| 12,534,166 | 11,941,568 | |||||||
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Operating income | 548,211 | 477,496 | ||||||
Interest and other financing costs, net | 426,262 | 444,510 | ||||||
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Income from continuing operations before income taxes | 121,949 | 32,986 | ||||||
Provision for income taxes | 9,020 | 663 | ||||||
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Income from continuing operations | 112,929 | 32,323 | ||||||
Loss from discontinued operations, net of tax (1) | (11,732 | ) | (1,635 | ) | ||||
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Net income | 101,197 | 30,688 | ||||||
Less: Net income attributable to noncontrolling interest | 1,125 | — | ||||||
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Net income attributable to ARAMARK shareholder | $ | 100,072 | $ | 30,688 | ||||
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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 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 30, 2011 | October 1, 2010 | |||||||
| Assets | ||||||||
Current Assets | $ | 2,128,024 | $ | 1,718,968 | ||||
Current Assets Held for Sale (1) | 2,798 | 92,079 | ||||||
Property and Equipment, net | 1,004,690 | 1,047,691 | ||||||
Goodwill | 4,640,606 | 4,522,667 | ||||||
Other Intangible Assets | 1,748,417 | 1,913,634 | ||||||
Other Assets | 985,017 | 926,876 | ||||||
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| $ | 10,509,552 | $ | 10,221,915 | |||||
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| Liabilities and Equity | ||||||||
Current Liabilities (2) | $ | 2,051,029 | $ | 1,931,077 | ||||
Current Liabilities Held for Sale (1) | — | 17,525 | ||||||
Long-Term Borrowings | 5,588,614 | 5,350,178 | ||||||
Other Liabilities | 1,231,922 | 1,341,442 | ||||||
Common Stock Subject to Repurchase | 158,061 | 184,736 | ||||||
Total Equity | 1,479,926 | 1,396,957 | ||||||
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| $ | 10,509,552 | $ | 10,221,915 | |||||
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Note:
| (1) | In the fourth quarter of fiscal 2011, ARAMARK Corporation 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. |
| (2) | Includes $49.1 million and $51.6 million of current maturities of long-term borrowings as of September 30, 2011 and October 1, 2010, respectively. |
ARAMARK CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED CASH FLOW DATA
(Unaudited)
(In Thousands)
| Fiscal Year Ended September 30, 2011 | Fiscal Year Ended October 1, 2010 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 101,197 | $ | 30,688 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 516,290 | 508,875 | ||||||
Income taxes deferred | (39,890 | ) | (45,553 | ) | ||||
Stock-based compensation expense | 17,317 | 21,300 | ||||||
Loss on sale of Galls | 11,998 | — | ||||||
Changes in noncash working capital | (93,065 | ) | 101,339 | |||||
Net change in proceeds from sale of receivables | (220,855 | ) | (14,585 | ) | ||||
Other operating activities | 11,694 | 31,946 | ||||||
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Net cash provided by operating activities | 304,686 | 634,010 | ||||||
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Cash flows from investing activities: | ||||||||
Net purchases of property and equipment and client contract investments | (272,277 | ) | (264,078 | ) | ||||
Acquisitions, divestitures, and other investing activities | (90,870 | ) | (89,426 | ) | ||||
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Net cash used in investing activities | (363,147 | ) | (353,504 | ) | ||||
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Cash flows from financing activities: | ||||||||
Net payments of long-term borrowings | (8,984 | ) | (323,304 | ) | ||||
Net change in funding under the Receivables Facility | 225,905 | — | ||||||
Proceeds from issuance of common stock | 4,593 | 3,273 | ||||||
Repurchase of stock | (16,149 | ) | (10,809 | ) | ||||
Dividends paid to Parent | (132,900 | ) | — | |||||
Proceeds from sale of noncontrolling interest | 48,369 | — | ||||||
Other financing activities | (9,979 | ) | (13,381 | ) | ||||
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Net cash provided by (used in) financing activities | 110,855 | (344,221 | ) | |||||
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Increase (decrease) in cash and cash equivalents | $ | 52,394 | $ | (63,715 | ) | |||
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ARAMARK CORPORATION AND SUBSIDIARIES
SALES AND OPERATING INCOME BY SEGMENT
SUPPLEMENTAL DATA
(Unaudited)
(In Thousands)
| Three Months Ended September 30, 2011 | Three Months Ended October 1, 2010 | |||||||
| Sales | ||||||||
Food and Support Services - North America | $ | 2,284,728 | $ | 2,198,836 | ||||
Food and Support Services - International | 675,648 | 588,643 | ||||||
Uniform and Career Apparel (1) | 331,522 | 329,735 | ||||||
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| $ | 3,291,898 | $ | 3,117,214 | |||||
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| Operating Income | ||||||||
Food and Support Services - North America | $ | 114,538 | $ | 99,815 | ||||
Food and Support Services - International | 24,561 | 16,797 | ||||||
Uniform and Career Apparel (1) | 27,228 | 30,512 | ||||||
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| 166,327 | 147,124 | |||||||
Corporate | (14,016 | ) | (10,977 | ) | ||||
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| $ | 152,311 | $ | 136,147 | |||||
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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 and therefore not reflected in the data above. 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 September 30, 2011 | Fiscal Year Ended October 1, 2010 | |||||||
| Sales | ||||||||
Food and Support Services - North America | $ | 9,018,979 | $ | 8,654,700 | ||||
Food and Support Services - International | 2,723,330 | 2,437,697 | ||||||
Uniform and Career Apparel (1) | 1,340,068 | 1,326,667 | ||||||
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| $ | 13,082,377 | $ | 12,419,064 | |||||
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| Operating Income | ||||||||
Food and Support Services - North America | $ | 400,527 | $ | 350,593 | ||||
Food and Support Services - International | 79,857 | 75,341 | ||||||
Uniform and Career Apparel (1) | 117,347 | 102,665 | ||||||
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| 597,731 | 528,599 | |||||||
Corporate | (49,520 | ) | (51,103 | ) | ||||
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| $ | 548,211 | $ | 477,496 | |||||
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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 and therefore not reflected in the data above. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented. |