EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, 2014 | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ | 13,656 | |
Receivables, net | 340,194 | ||
Income taxes receivable | 7,338 | ||
Inventories | 121,104 | ||
Deferred income taxes | 15,146 | ||
Prepaid expenses and other current assets | 13,669 | ||
Total current assets | 511,107 | ||
Property, plant and equipment, net | 493,471 | ||
Goodwill | 44,057 | ||
Identifiable intangible and other assets, net | 176,301 | ||
Total | $ | 1,224,936 | |
Liabilities and Parent’s Net Investment | |||
Current liabilities: | |||
Accounts payable and accrued expenses | 274,390 | ||
Total current liabilities | 274,390 | ||
Long-term debt | 246,987 | ||
Deferred income taxes | 115,983 | ||
Other long-term liabilities | 47,628 | ||
Parent’s net investment: | |||
Parent’s net investment | 544,227 | ||
Accumulated other comprehensive loss | (4,279 | ) | |
Total parent’s net investment | 539,948 | ||
Total | $ | 1,224,936 | |
DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2014 | |||
Net sales | $ | 4,476,796 | |
Cost of sales | 3,692,027 | ||
Gross profit | 784,769 | ||
Operating costs and expenses: | |||
Selling and distribution | 608,375 | ||
General and administrative | 54,827 | ||
Amortization of intangibles | 1,634 | ||
Restructuring and non-recurring costs | 15,891 | ||
Total operating costs and expenses | 680,727 | ||
Operating income | 104,042 | ||
Other expense: | |||
Interest expense | 11,859 | ||
Other expense, net | 88,086 | ||
Total other expense | 99,945 | ||
Income from continuing operations before income taxes | 4,097 | ||
Income tax benefit | (9,887 | ) | |
Gain from discontinued operations, net of tax | 332 | ||
Net income | 14,316 | ||
Other comprehensive loss, net of tax | (923 | ) | |
Comprehensive income | $ | 13,393 |
DEAN HOLDING COMPANY
INFORMATION RELATED TO CONSOLIDATED STATEMENT OF PARENT'S NET INVESTMENT
(Unaudited)
(In thousands)
Parent's Net Investment | Accumulated Other Comprehensive Income (loss) | Total Parent's Net Investment | |||||||||
Balance, January 1, 2014 | $ | 597,301 | $ | (3,355 | ) | $ | 593,946 | ||||
Share-based compensation expense | 2 | — | 2 | ||||||||
Activity with parent | (67,392 | ) | — | (67,392 | ) | ||||||
Net income | 14,316 | — | 14,316 | ||||||||
Other comprehensive income: | |||||||||||
Pension Liability adjustment | — | (122 | ) | (122 | ) | ||||||
Cumulative translation adjustment | — | (802 | ) | (802 | ) | ||||||
Balance, December 31, 2014 | $ | 544,227 | $ | (4,279 | ) | $ | 539,948 |
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFROMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2014 | |||
Cash flows from operating activities: | |||
Net income | 14,316 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 79,705 | ||
Share-based compensation expense | 2 | ||
Gain on divestitures and other, net | (2,663 | ) | |
Write-off of financing costs | 15,263 | ||
Deferred income taxes | 14,257 | ||
Other, net | 4,073 | ||
Receivables, net | (1,576 | ) | |
Inventories | 5,004 | ||
Prepaid expenses and other assets | (1,855 | ) | |
Accounts payable and accrued expenses | 10,558 | ||
Income taxes receivable/payable | (1,781 | ) | |
Net cash provided by operating activities | 135,303 | ||
Cash flows from investing activities: | |||
Payments for property, plant and equipment | (55,363 | ) | |
Proceeds from sale of fixed assets | 7,604 | ||
Net cash used in investing activities | (47,759 | ) | |
Cash flows from financing activities: | |||
Proceeds from receivables-backed facility | 662,584 | ||
Payments for receivables-backed facility | (657,096 | ) | |
Intercompany | (92,388 | ) | |
Net cash used in financing activities | (86,900 | ) | |
Effect of exchange rate changes on cash and cash equivalents | (1,666 | ) | |
Decrease in cash and cash equivalents | (1,022 | ) | |
Cash and cash equivalents, beginning of period | 14,678 | ||
Cash and cash equivalents, end of period | $ | 13,656 |