Dean Foods (DFODQ) 8-K Other Events

Exhibit 99.1

SELECTED FINANCIAL DATA

     The following selected financial data as of and for each of the five years in the period ended December 31, 2004 has been derived from our audited Consolidated Financial Statements filed as Exhibit 99.2 to this Current Report on Form 8-K. The selected financial data do not purport to indicate results of operations as of any future date or for any future period. The selected financial data should be read in conjunction with our Consolidated Financial Statements filed as Exhibit 99.2 to this Current Report on Form 8-K.

	Year Ended December 31 (1)
	2004			2003			2002			2001			2000
	(Dollars in thousands, except share data)
Operating data:
Net sales(2)	$	10,036,277		$	8,390,985		$	8,202,248		$	5,928,452		$	5,499,712
Cost of sales		7,657,746			6,231,720			6,082,977			4,547,885			4,150,170
Gross profit		2,378,531			2,159,265			2,119,271			1,380,567			1,349,542
Operating costs and expenses:
Selling and distribution		1,434,102			1,273,737			1,246,534			790,651			756,445
General and administrative		333,179			304,422			318,479			175,885			174,353
Amortization of intangibles(3)		5,173			3,605			6,224			49,823			49,776
Facility closing and reorganization costs		24,575			11,787			19,050			9,550			2,747
Other operating (income) expense(4)		(5,899	)		(68,719	)		—			(17,305	)		7,500
Total operating costs and expenses		1,791,130			1,524,832			1,590,287			1,008,604			990,821
Operating income		587,401			634,433			528,984			371,963			358,721
Other (income) expense:
Interest expense(5)		198,900			173,945			188,990			103,822			99,329
Financing charges on trust issued preferred securities		—			14,164			33,578			33,581			33,595
Equity in (earnings) losses of unconsolidated affiliates		—			(244	)		7,899			23,620			(11,453	)
Other (income) expense, net		(370	)		(2,530	)		2,953			4,795			(233	)
Total other expense		198,530			185,335			233,420			165,818			121,238
Income from continuing operations before income taxes		388,871			449,098			295,564			206,145			237,483
Income taxes		149,710			173,559			106,589			75,225			92,489
Minority interest in earnings(6)		—			—			30			31,431			29,911
Income from continuing operations		239,161			275,539			188,945			99,489			115,083
Gain (loss) on sale of discontinued operations, net of tax		—			—			(8,231	)		—			—
Income from discontinued operations, net of tax		46,213			80,164			56,221			11,787			3,636
Income before cumulative effect of accounting change		285,374			355,703			236,935			111,276			118,719
Cumulative effect of accounting change, net of tax		—			—			(61,519	)		(1,446	)		—
Net income	$	285,374		$	355,703		$	175,416		$	109,830		$	118,719
Basic earnings per common share:
Income from continuing operations	$	1.55		$	1.90		$	1.40		$	1.18		$	1.36
Loss on sale of discontinued operations		—			—			(0.06	)		—			—
Income (loss) from discontinued operations		0.30			0.55			0.42			0.14			.04
Cumulative effect of accounting change		—			—			(0.46	)		(0.02	)		—
Net income	$	1.85		$	2.45		$	1.30		$	1.30		$	1.40
Diluted earnings per common share:
Income from continuing operations	$	1.49		$	1.77		$	1.29		$	1.09		$	1.24
Loss on sale of discontinued operations		—			—			(0.05	)		—			—
Income (loss) from discontinued operations		0.29			0.50			0.35			0.11			.03
Cumulative effect of accounting change		—			—			(0.38	)		(0.01	)		—
Net income	$	1.78		$	2.27		$	1.21		$	1.19		$	1.27
Average common shares:
Basic		154,635,979			145,201,412			135,031,274			84,454,194			84,585,129
Diluted		160,704,576			160,695,670			163,163,904			110,676,222			110,013,792
Other data:
Ratio of earnings to combined fixed charges and preferred stock dividends(7)		2.84x			3.07x			2.32x			2.76x			2.68x
Balance sheet data (at end of period):
Total assets	$	7,756,368		$	6,992,536		$	6,582,266		$	6,691,897		$	3,780,478
Long-term debt(8)		3,251,728			2,787,984			2,724,100			3,064,363			1,353,269
Other long-term liabilities		322,378			257,111			288,242			169,754			53,753
Mandatorily redeemable convertible trust issued preferred securities		—			—			585,177			584,605			584,032
Total stockholders’ equity		2,663,599			2,543,979			1,643,293			1,475,880			598,832

(1) Balances have been adjusted to give effect to (1) the spin-off of our indirect majority owned subsidiary TreeHouse Foods, Inc. completed June 27, 2005, (2) the sale of our Marie’s salad dressings and dips and Dean’s dips operations on August 22, 2005, and (3) the sale of our Puerto Rico operations on December 30, 2002 as discontinued operations.

(2)	Net sales have been restated to reflect the adoption of Emerging Issues Task Force (“EITF”) Issue No. 01-09 “Accounting for Consideration Given by a Vendor to a Customer.” The net effect was to decrease net sales by $33.7 million and $29.9 million in 2001 and 2000, respectively. There was no impact on our net income as a result of the adoption of this issue.
(3)	On January 1, 2002, we adopted Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets,” which requires, among other things, that goodwill and other intangible assets with indefinite lives no longer be amortized and that recognized intangible assets with finite lives be amortized over their respective useful lives. As required by SFAS No. 142, our results for periods prior to 2002 have not been restated.
(4)	Results for 2004 include a gain of $5.9 million primarily related to the settlement of litigation. Results for 2003 include a gain of $66.2 million on the sale of our frozen pre-whipped topping and frozen creamer operations and a gain of $2.5 million related to the divestiture of 11 facilities in 2001. Results for 2001 include a gain of $47.5 million on the divestiture of 11 facilities offset by an expense of $28.5 million resulting from a payment to a supplier as consideration for modifications to an agreement and an impairment charge of $1.7 million on a water plant. Results in 2000 include litigation settlement costs of $7.5 million.
(5)	Results for 2004 include a charge of $32.6 million to write-off deferred financing costs related to the refinancing of our credit facility. Results for 2001 and 2000 have been restated to reflect the adoption of SFAS No. 145 “Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13 and Technical Corrections.” Gains and losses that were previously recorded as extraordinary items related to the early extinguishment of debt, which were a $7.3 million loss in 2001 and a $7.7 million gain in 2000, have been reclassified to interest expense. There was no effect on net income.
(6)	In December 2001, in connection with our acquisition of the former Dean Foods Company (“Legacy Dean”), we purchased Dairy Farmers of America’s 33.8% interest in our Dairy Group.
(7)	For purposes of calculating the ratio of earnings to combined fixed charges and preferred stock dividends, “earnings” represents income before income taxes plus fixed charges. “Fixed charges” consist of interest on all debt, amortization of deferred financing costs and the portion of rental expense that we believe is representative of the interest component of rent expense.
(8)	Includes amounts outstanding under subsidiary lines of credit and the current portion of long-term debt.

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