EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, 2011 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 10,123 | ||
Receivables, net | 324,702 | |||
Inventories | 119,099 | |||
Deferred income taxes | 23,594 | |||
Prepaid expenses and other current assets | 5,558 | |||
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Total current assets | 483,076 | |||
Property, plant and equipment, net | 527,227 | |||
Goodwill | 46,428 | |||
Indentifiable intangible and other assets, net | 186,003 | |||
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Total | $ | 1,242,734 | ||
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Liabilities and Parent’s Net Investment | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 220,729 | ||
Income taxes payable | 2,270 | |||
Current portion of debt | 12 | |||
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Total current liabilities | 223,011 | |||
Long-term debt | 225,611 | |||
Deferred income taxes | 102,982 | |||
Other long-term liabilities | 45,791 | |||
Parent's net investment: | ||||
Parent’s net investment | 649,398 | |||
Accumulated other comprehensive loss | (4,059 | ) | ||
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Total parent’s net investment | 645,339 | |||
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Total | $ | 1,242,734 | ||
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DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2011 | ||||
Net sales | $ | 4,213,534 | ||
Cost of sales | 3,326,008 | |||
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Gross profit | 887,526 | |||
Operating costs and expenses: | ||||
Selling and distribution | 633,143 | |||
General and administrative | 75,381 | |||
Amortization of intangibles | 2,145 | |||
Facility closing and reorganization costs | 709 | |||
Litigation settlement | — | |||
Goodwill impairment | 1,053,164 | |||
Other operating income | — | |||
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Total operating costs and expenses | 1,764,542 | |||
Operating loss | (877,016 | ) | ||
Other expense: | ||||
Interest expense | 11,146 | |||
Other expense, net | 76,140 | |||
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Total other expense | 87,286 | |||
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Loss from continuing operations before income taxes | (964,302 | ) | ||
Income tax benefit | (64,908 | ) | ||
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Net loss | $ | (899,394 | ) | |
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DEAN HOLDING COMPANY
INFORMATION RELATED TO CONSOLIDATED STATEMENT OF PARENT'S NET INVESTMENT
(Unaudited)
(In thousands)
Parent's net Investment | Accumulated Other Comprehensive Loss | Total Parent's Net Investment | Comprehensive Loss | |||||||||||||
Balance, January 1, 2011 | $ | 1,729,917 | $ | (2,829 | ) | $ | 1,727,088 | |||||||||
Share-based compensation expense | 1,062 | — | 1,062 | |||||||||||||
Activity with parent | (182,187 | ) | — | (182,187 | ) | |||||||||||
Net loss | (899,394 | ) | — | (899,394 | ) | $ | (899,394 | ) | ||||||||
Other comprehensive loss | ||||||||||||||||
Pension liability adjustment | — | (276 | ) | (276 | ) | (276 | ) | |||||||||
Cumulative translation adjustment | — | (954 | ) | (954 | ) | (954 | ) | |||||||||
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Comprehensive loss | $ | (900,624 | ) | |||||||||||||
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Balance, December 31, 2011 | $ | 649,398 | $ | (4,059 | ) | $ | 645,339 | |||||||||
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DEAN HOLDINGS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2011 | ||||
Cash flows from operating activities: | ||||
Net loss | $ | (899,394 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 80,700 | |||
Share-based compensation | 1,062 | |||
Loss on disposition of assets | 4,891 | |||
Write-down of impaired assets | 1,662 | |||
Goodwill impairment | 1,053,164 | |||
Deferred income taxes | (94,016 | ) | ||
Other, net | 326 | |||
Changes in operating assets and liabilities, net of acquisitions and divestitures: | ||||
Receivables | (27,236 | ) | ||
Inventories | (2,676 | ) | ||
Prepaid expenses and other assets | 3,398 | |||
Accounts payable and other accrued expenses | 37,834 | |||
Income taxes | (598 | ) | ||
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Net cash provided by operating activities | 159,117 | |||
Cash flows from investing activities: | ||||
Net additions to property, plant and equipment | (69,014 | ) | ||
Proceeds from insurance | 786 | |||
Proceeds from sale of fixed assets | 1,637 | |||
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Net cash used in investing activities | (66,591 | ) | ||
Cash flows from financing activities: | ||||
Proceeds from receivables-backed facility | 1,725,892 | |||
Payments for receivables-backed facility | (1,629,432 | ) | ||
Distribution from parent | (185,891 | ) | ||
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Net cash used in financing activities | (89,431 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | (1,093 | ) | ||
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Increase in cash and cash equivalents | 2,002 | |||
Cash and cash equivalents, beginning of period | 8,121 | |||
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Cash and cash equivalents, end of period | $ | 10,123 | ||
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