EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, 2012 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 11,924 | ||
Receivables, net | 338,948 | |||
Inventories | 124,051 | |||
Deferred income taxes | 28,517 | |||
Prepaid expenses and other current assets | 5,342 | |||
Assets of discontinued operations | 3,875 | |||
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Total current assets | 512,657 | |||
Property, plant and equipment, net | 487,530 | |||
Goodwill | 44,057 | |||
Identifiable intangible and other assets, net | 185,432 | |||
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Total | $ | 1,229,676 | ||
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Liabilities and Parent’s Net Investment | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 242,964 | ||
Current portion of long-term debt | 1 | |||
Liabilities of discontinued operations | 2,632 | |||
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Total current liabilities | 245,597 | |||
Long-term debt | 130,879 | |||
Deferred income taxes | 90,373 | |||
Other long-term liabilities | 47,330 | |||
Parent’s net investment: | ||||
Parent’s net investment | 719,938 | |||
Accumulated other comprehensive loss | (4,441 | ) | ||
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Total parent’s net investment | 715,497 | |||
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Total | $ | 1,229,676 | ||
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DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2012 | ||||
Net sales | $ | 4,092,828 | ||
Cost of sales | 3,198,154 | |||
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Gross profit | 894,674 | |||
Operating costs and expenses: | ||||
Selling and distribution | 626,358 | |||
General and administrative | 58,793 | |||
Amortization of intangibles | 1,199 | |||
Facility closing and reorganization costs | 2,062 | |||
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Total operating costs and expenses | 688,412 | |||
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Operating income | 206,262 | |||
Other expense: | ||||
Interest expense | 11,497 | |||
Other expense, net | 98,441 | |||
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Total other expense | 109,938 | |||
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Income from continuing operations before income taxes | 96,324 | |||
Income taxes | 34,249 | |||
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Income from continuing operations | 62,075 | |||
Loss from discontinued operations, net of tax | (11,226 | ) | ||
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Net income | 50,849 | |||
Other comprehensive loss, net of tax | (382 | ) | ||
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Comprehensive income | $ | 50,467 | ||
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2
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 | ||||||||||
Balance, January 1, 2012 | $ | 649,398 | $ | (4,059 | ) | $ | 645,339 | |||||
Share-based compensation expense | 773 | — | 773 | |||||||||
Activity with parent | 18,918 | — | 18,918 | |||||||||
Net income | 50,849 | — | 50,849 | |||||||||
Other comprehensive income (loss): | ||||||||||||
Pension liability adjustment | — | (1,454 | ) | (1,454 | ) | |||||||
Cumulative translation adjustment | — | 1,072 | 1,072 | |||||||||
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Balance, December 31, 2012 | $ | 719,938 | $ | (4,441 | ) | $ | 715,497 | |||||
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3
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2012 | ||||
Cash flows from operating activities: | ||||
Net income | $ | 50,849 | ||
Loss from discontinued operations | 11,226 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 82,498 | |||
Share-based compensation expense | 773 | |||
Gain on disposition of assets and operations | (680 | ) | ||
Write-down of impaired assets | 5,767 | |||
Deferred income taxes | (16,555 | ) | ||
Other | 289 | |||
Changes in operating assets and liabilities: | ||||
Receivables, net | (14,250 | ) | ||
Inventories | (6,636 | ) | ||
Prepaid expenses and other assets | (542 | ) | ||
Accounts payable and accrued expenses | 27,738 | |||
Income tax receivable/payable | (2,335 | ) | ||
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Net cash provided by operating activities – continuing operations | 138,142 | |||
Net cash used in operating activities – discontinued operations | (10,734 | ) | ||
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Net cash provided by operating activities | 127,408 | |||
Cash flows from investing activities: | ||||
Payments for property, plant and equipment | (42,907 | ) | ||
Proceeds from sale of fixed assets | 1,985 | |||
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Net cash used in investing activities | (40,922 | ) | ||
Cash flows from financing activities: | ||||
Net proceeds from receivables-backed facility | 1,147,143 | |||
Repayment for receivables-backed facility | (1,243,637 | ) | ||
Distribution from parent | 11,075 | |||
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Net cash used in financing activities | (85,419 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | 734 | |||
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Increase in cash and cash equivalents | 1,801 | |||
Cash and cash equivalents, beginning of period | 10,123 | |||
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Cash and cash equivalents, end of period | $ | 11,924 | ||
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