EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, | ||||
2007 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 16,199 | ||
Receivables, net | 327,112 | |||
Income taxes receivable | 2,381 | |||
Inventories | 116,915 | |||
Deferred income taxes | 19,034 | |||
Prepaid expenses and other current assets | 8,492 | |||
Total current assets | 490,133 | |||
Property, plant and equipment, net | 500,185 | |||
Goodwill | 1,076,052 | |||
Indentifiable intangible and other assets | 192,764 | |||
Total | $ | 2,259,134 | ||
Liabilities and Parent’s Net Investment | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 291,483 | ||
Current portion of long-term debt | 159 | |||
Total current liabilities | 291,642 | |||
Long-term debt | 543,681 | |||
Deferred income taxes | 145,144 | |||
Other long-term liabilities | 90,045 | |||
Parent’s net investment: | ||||
Parent’s net investment | 1,193,029 | |||
Accumulated other comprehensive loss | (4,407 | ) | ||
Total parent’s net investment | 1,188,622 | |||
Total | $ | 2,259,134 | ||
DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended | ||||
December 31, | ||||
2007 | ||||
Net sales | $ | 4,254,637 | ||
Cost of sales | 3,309,764 | |||
Gross profit | 944,873 | |||
Operating costs and expenses: | ||||
Selling and distribution | 609,951 | |||
General and administrative | 74,982 | |||
Amortization of intangibles | 1,759 | |||
Facility closing and reorganization costs | 1,826 | |||
Total operating costs and expenses | 688,518 | |||
Operating income | 256,355 | |||
Other expense: | ||||
Interest expense | 39,287 | |||
Other income, net | 66,790 | |||
Total other expense | 106,077 | |||
Income from continuing operations before income taxes | 150,278 | |||
Income taxes | 52,994 | |||
Net income | $ | 97,284 | ||
DEAN HOLDING COMPANY
INFORMATION RELATED TO CONSOLIDATED STATEMENT OF PARENT’S NET INVESTMENT
(Unaudited)
(In thousands)
INFORMATION RELATED TO CONSOLIDATED STATEMENT OF PARENT’S NET INVESTMENT
(Unaudited)
(In thousands)
Accumulated | ||||||||||||||||
Other | Total | |||||||||||||||
Parent’s Net | Comprehensive | Parent’s Net | Comprehensive | |||||||||||||
Investment | Income (Loss) | Investment | Income | |||||||||||||
Balance, January 1, 2007 | $ | 947,209 | $ | (6,848 | ) | $ | 940,361 | |||||||||
Share-based compensation expense | 2,062 | — | 2,062 | |||||||||||||
Activity with parent | 148,793 | — | 148,793 | |||||||||||||
Net income | 97,284 | — | 97,284 | $ | 97,284 | |||||||||||
Other comprehensive income: | ||||||||||||||||
Amounts reclassified to income statement related to hedging activities | — | (204 | ) | (204 | ) | (204 | ) | |||||||||
Cumulative translation adjustment | — | 416 | 416 | 416 | ||||||||||||
Transfer from parent | — | 67 | 67 | 67 | ||||||||||||
Minimum pension liability adjustment | — | 2,162 | 2,162 | 2,162 | ||||||||||||
Comprehensive income | $ | 99,725 | ||||||||||||||
Adoption of FIN 48 | (2,319 | ) | — | (2,319 | ) | |||||||||||
Balance, December 31, 2007 | $ | 1,193,029 | $ | (4,407 | ) | $ | 1,188,622 | |||||||||
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
Year Ended | ||||
December 31, 2007 | ||||
Cash flows from operating activities: | ||||
Net income | $ | 97,284 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 71,751 | |||
Share-based compensation expense | 2,062 | |||
Gain on disposition of assets | (2,093 | ) | ||
Write-down of impaired assets | 2,507 | |||
Deferred income taxes | (3,480 | ) | ||
Other | 765 | |||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Receivables | (39,638 | ) | ||
Inventories | (13,820 | ) | ||
Prepaid expenses and other assets | 2,990 | |||
Accounts payable and accrued expenses | 11,296 | |||
Income taxes payable | (723) | |||
Net cash provided by operating activities | 128,901 | |||
Cash flows from investing activities: | ||||
Additions to property, plant and equipment | (67,877 | ) | ||
Cash outflows for acquisitions | (278 | ) | ||
Proceeds from sale of fixed assets | 5,280 | |||
Net cash used in investing activities | (62,875 | ) | ||
Cash flows from financing activities: | ||||
Repayment of debt | (250,164 | ) | ||
Net proceeds from receivables backed facility | 37,193 | |||
Distribution from parent | 149,303 | |||
Net cash used in financing activities | (63,668 | ) | ||
Decrease in cash and cash equivalents | 2,358 | |||
Cash and cash equivalents, beginning of period | 13,841 | |||
Cash and cash equivalents, end of period | $ | 16,199 | ||