EXHIBIT 99.1
DEAN HOLDING COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
For the Three Months Ended March 31, 2005
| Historical | Adjustments | Pro Forma | ||||||||||
| (In thousands) | ||||||||||||
| Net sales | $ | 1,063,298 | $ | (157,157 | ) | $ | 906,141 | |||||
| Cost of sales | 813,280 | (122,624 | ) | 690,656 | ||||||||
| Gross profit | 250,018 | (34,533 | ) | 215,485 | ||||||||
| Operating costs and expenses | 181,017 | (17,668 | ) | 163,349 | ||||||||
| Other expense | 13,724 | (132 | ) | 13,592 | ||||||||
| Income from continuing operations before income taxes | 55,277 | (16,733 | ) | 38,544 | ||||||||
| Income taxes | 21,003 | (6,221 | ) | 14,782 | ||||||||
| Income from continuing operations | $ | 34,274 | $ | (10,512 | ) | $ | 23,762 | |||||
DEAN HOLDING COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
For the Year Ended December 31, 2004
| Historical | Adjustments | Pro Forma | ||||||||||
| (In thousands) | ||||||||||||
| Net sales | $ | 4,309,875 | $ | (676,768 | ) | $ | 3,633,107 | |||||
| Cost of sales | 3,318,899 | (536,677 | ) | 2,782,222 | ||||||||
| Gross profit | 990,976 | (140,091 | ) | 850,885 | ||||||||
| Operating costs and expenses | 725,385 | (87,726 | ) | 637,659 | ||||||||
| Other expense | 53,090 | (339 | ) | 52,751 | ||||||||
| Income from continuing operations before income taxes | 212,501 | (52,026 | ) | 160,475 | ||||||||
| Income taxes | 81,141 | (19,072 | ) | 62,069 | ||||||||
| Income from continuing operations | $ | 131,360 | $ | (32,954 | ) | $ | 98,406 | |||||
DEAN HOLDING COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
As of March 31, 2005
| Historical | Adjustments | Pro Forma | ||||||||||
| (In thousands, except share data) | ||||||||||||
ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 7,332 | $ | (88 | ) | $ | 7,244 | |||||
| Accounts receivables, net | 293,011 | (30,139 | ) | 262,872 | ||||||||
| Inventories | 212,357 | (103,960 | ) | 108,397 | ||||||||
| Other current assets | 76,194 | (10,464 | ) | 65,730 | ||||||||
| Total current assets | 588,894 | (144,651 | ) | 444,243 | ||||||||
| Property, plant and equipment | 633,939 | (125,172 | ) | 508,767 | ||||||||
| Goodwill | 1,425,252 | (306,473 | ) | 1,118,779 | ||||||||
| Identifiable intangible and other assets | 225,951 | (21,966 | ) | 203,985 | ||||||||
| Total | $ | 2,874,036 | $ | (598,262 | ) | $ | 2,275,774 | |||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable and accrued expenses | $ | 352,018 | $ | (57,235 | ) | $ | 294,783 | |||||
| Income taxes payable | 4,961 | — | 4,961 | |||||||||
| Current portion of long-term debt | 99,896 | (219 | ) | 99,677 | ||||||||
| Total current liabilities | 456,875 | (57,454 | ) | 399,421 | ||||||||
| Long-term debt | 766,377 | (5,266 | ) | 761,111 | ||||||||
| Deferred income taxes | 228,945 | (43,319 | ) | 185,626 | ||||||||
| Other long-term liabilities | 151,589 | (19,584 | ) | 132,005 | ||||||||
| Stockholder’s equity: | ||||||||||||
| Common stock, 1,000 shares issued and outstanding at March 31, 2005 with a par value $0.01 per share | — | — | — | |||||||||
| Additional paid-in capital | 1,391,603 | — | 1,391,603 | |||||||||
| Retained earnings | 476,163 | (475,101 | ) | 1,062 | ||||||||
| Receivable from parent | (578,723 | ) | — | (578,723 | ) | |||||||
| Accumulated other comprehensive income (loss) | (18,793 | ) | 2,462 | (16,331 | ) | |||||||
| Total stockholder’s equity | 1,270,250 | (472,639 | ) | 797,611 | ||||||||
| Total | $ | 2,874,036 | $ | (598,262 | ) | $ | 2,275,774 | |||||
