EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, 2010 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 8,121 | ||
Receivables, net | 296,490 | |||
Inventories | 116,424 | |||
Deferred income taxes | 37,592 | |||
Prepaid expenses and other current assets | 7,291 | |||
Total current assets | 465,918 | |||
Property, plant and equipment, net | 540,732 | |||
Goodwill | 1,099,682 | |||
Identifiable intangible and other assets | 189,918 | |||
Total | $ | 2,296,250 | ||
Liabilities and Parent’s Net Investment | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 203,435 | ||
Income tax payable | 2,887 | |||
Current portion of long-term debt | 11 | |||
Total current liabilities | 206,333 | |||
Long-term debt | 127,516 | |||
Deferred income taxes | 211,147 | |||
Other long-term liabilities | 24,166 | |||
Parent’s net investment: | ||||
Parent’s net investment | 1,729,917 | |||
Accumulated other comprehensive loss | (2,829 | ) | ||
Total parent’s net investment | 1,727,088 | |||
Total | $ | 2,296,250 | ||
DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2010 | ||||
Net sales | $ | 3,874,236 | ||
Cost of sales | 2,960,452 | |||
Gross profit | 913,784 | |||
Operating costs and expenses: | ||||
Selling and distribution | 621,149 | |||
General and administrative | 65,785 | |||
Amortization of intangibles | 2,190 | |||
Facility closing and reorganization costs | 1,394 | |||
Total operating costs and expenses | 690,518 | |||
Operating income | 223,266 | |||
Other (income) expense: | ||||
Interest expense | 10,922 | |||
Other (income) expense, net | 89,380 | |||
Total other expense | 100,302 | |||
Income from continuing operations before income taxes | 122,964 | |||
Income taxes | 53,629 | |||
Income from continuing operations | 69,335 | |||
Loss from discontinued operations, net of tax | (121 | ) | ||
Net income | $ | 69,214 | ||
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, 2010 | $ | 1,690,096 | $ | (2,804 | ) | $ | 1,687,292 | |||||||||
Share-based compensation expense | 1,462 | — | 1,462 | |||||||||||||
Activity with parent | (30,855 | ) | — | (30,855 | ) | |||||||||||
Net income | 69,214 | — | 69,214 | $ | 69,214 | |||||||||||
Other comprehensive income: | ||||||||||||||||
Pension liability adjustment | — | (542 | ) | (542 | ) | (542 | ) | |||||||||
Cumulative translation adjustment | — | 517 | 517 | 517 | ||||||||||||
Comprehensive income | — | — | — | $ | 69,189 | |||||||||||
Balance, December 31, 2010 | $ | 1,729,917 | $ | (2,829 | ) | $ | 1,727,088 | |||||||||
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2010 | ||||
Cash flows from operating activities: | ||||
Net income | $ | 69,214 | ||
Loss from discontinued operations | 121 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 75,236 | |||
Share-based compensation expense | 1,462 | |||
Loss on disposition of assets and operations | 464 | |||
Write-down of impaired assets | 306 | |||
Deferred income taxes | 6,427 | |||
Other | 193 | |||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Receivables, net | (13,671 | ) | ||
Inventories | (856 | ) | ||
Prepaid expenses and other assets | (4,293 | ) | ||
Accounts payable and accrued expenses | (25,408 | ) | ||
Income taxes | 1,862 | |||
Net cash provided by operating activities | 111,057 | |||
Cash flows from investing activities: | ||||
Payments for property, plant and equipment | (90,621 | ) | ||
Proceeds from sale of fixed assets | 1,247 | |||
Net cash used in investing activities | (89,374 | ) | ||
Cash flows from financing activities: | ||||
Distribution from parent | (20,243 | ) | ||
Net cash used in financing activities | (20,243 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | 423 | |||
Increase in cash and cash equivalents | 1,863 | |||
Cash and cash equivalents, beginning of period | 6,258 | |||
Cash and cash equivalents, end of period | $ | 8,121 | ||