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. |