EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, 2009 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 6,258 | ||
Receivables, net | 283,201 | |||
Inventories | 115,568 | |||
Prepaid expenses and other current assets | 7,312 | |||
Total current asset | 412,339 | |||
Property, plant and equipment, net | 526,198 | |||
Goodwill | 1,099,682 | |||
Identifiable intangible and other assets | 187,934 | |||
Total | $ | 2,226,153 | ||
Liabilities and Parent’s Net Investment | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 212,184 | ||
Current portion of long-term debt | 160 | |||
Total current liabilities | 212,344 | |||
Long-term debt | 126,962 | |||
Deferred income taxes | 167,459 | |||
Other long-term liabilities | 32,096 | |||
Parent’s net investment: | ||||
Parent’s net investment | 1,690,096 | |||
Accumulated other comprehensive loss | (2,804 | ) | ||
Total parent’s net investment | 1,687,292 | |||
Total | $ | 2,226,153 | ||
DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2009 | |||
Net sales | $ | 3,694,744 | |
Cost of sales | 2,691,595 | ||
Gross profit | 1,003,149 | ||
Operating costs and expenses: | |||
Selling and distribution | 595,233 | ||
General and administrative | 54,777 | ||
Amortization of intangibles | 2,217 | ||
Facility closing and reorganization costs | 1,966 | ||
Total operating costs and expenses | 654,193 | ||
Operating income | 348,956 | ||
Other (income) expense: | |||
Interest expense | 15,774 | ||
Other (income) expense, net | 143,048 | ||
Total other expense | 158,822 | ||
Income from continuing operations before income taxes | 190,134 | ||
Income taxes | 71,156 | ||
Net income | $ | 118,978 | |
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 | Total Parent’s Net Investment | ||||||||||||
Balance, January 1, 2009 | $ | 1,309,263 | $ | 4,224 | $ | 1,313,487 | |||||||||
Share-based compensation expense | 2,006 | — | 2,006 | ||||||||||||
Activity with parent | 259,849 | — | 259,849 | ||||||||||||
Net income | 118,978 | — | 118,978 | $ | 118,978 | ||||||||||
Other comprehensive income: | |||||||||||||||
Pension liability adjustment | — | (7,563 | ) | (7,563 | ) | (7,563 | ) | ||||||||
Cumulative translation adjustment | — | 535 | 535 | 535 | |||||||||||
Comprehensive income | — | — | — | $ | 111,950 | ||||||||||
Balance, December 31, 2009 | $ | 1,690,096 | $ | (2,804 | ) | $ | 1,687,292 | ||||||||
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2009 | ||||
Cash flows from operating activities: | ||||
Net income | $ | 118,978 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 73,469 | |||
Share-based compensation expense | 2,006 | |||
Loss on disposition of assets and operations | 1,943 | |||
Write-down of impaired assets | 986 | |||
Deferred income taxes | 31,065 | |||
Other | 221 | |||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Receivables, net | 13,968 | |||
Inventories | (2,272 | ) | ||
Prepaid expenses and other assets | 17,461 | |||
Accounts payable and accrued expenses | (114,964 | ) | ||
Income taxes | 639 | |||
Net cash provided by operating activities | 143,500 | |||
Cash flows from investing activities: | ||||
Payments for property, plant and equipment | (81,292 | ) | ||
Payments for acquisitions and investments, net of cash received | (13,983 | ) | ||
Proceeds from sale of fixed assets | 1,522 | |||
Net cash used in investing activities | (93,753 | ) | ||
Cash flows from financing activities: | ||||
Repayment of debt | (142,705 | ) | ||
Net payments for receivables-backed facility | (164,663 | ) | ||
Distribution from parent | 258,520 | |||
Net cash used in financing activities | (48,848 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | 324 | |||
Increase in cash and cash equivalents | 1,223 | |||
Cash and cash equivalents, beginning of period | 5,035 | |||
Cash and cash equivalents, end of period | $ | 6,258 | ||