EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, 2013 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 14,678 | ||
Receivables, net | 339,157 | |||
Income taxes receivable | 5,541 | |||
Inventories | 126,108 | |||
Deferred income taxes | 14,158 | |||
Prepaid expenses and other current assets | 11,474 | |||
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Total current assets | 511,116 | |||
Property, plant and equipment, net | 512,023 | |||
Goodwill | 44,057 | |||
Identifiable intangible and other assets, net | 178,029 | |||
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Total | $ | 1,245,225 | ||
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Liabilities and Parent’s Net Investment | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 257,580 | ||
Current portion of long-term debt | — | |||
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Total current liabilities | 257,580 | |||
Long-term debt | 233,643 | |||
Deferred income taxes | 100,670 | |||
Other long-term liabilities | 59,386 | |||
Parent’s net investment: | ||||
Parent’s net investment | 597,301 | |||
Accumulated other comprehensive loss | (3,355 | ) | ||
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Total parent’s net investment | 593,946 | |||
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Total | $ | 1,245,225 | ||
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DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2013 | ||||
Net sales | $ | 4,194,584 | ||
Cost of sales | 3,327,923 | |||
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Gross profit | 866,661 | |||
Operating costs and expenses: | ||||
Selling and distribution | 607,642 | |||
General and administrative | 67,933 | |||
Amortization of intangibles | 2,160 | |||
Facility closing and reorganization costs | 5,516 | |||
Goodwill impairment | 7,894 | |||
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Total operating costs and expenses | 691,145 | |||
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Operating income | 175,516 | |||
Other expense: | ||||
Interest expense | 11,720 | |||
Other expense, net | 99,773 | |||
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Total other expense | 111,493 | |||
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Income from continuing operations before income taxes | 64,023 | |||
Income taxes | 25,370 | |||
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Income from continuing operations | 38,653 | |||
Loss on sale of discontinued operations, net of tax | (2,100 | ) | ||
Loss from discontinued operations, net of tax | (23 | ) | ||
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Net income | 36,530 | |||
Other comprehensive loss, net of tax | 1,086 | |||
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Comprehensive income | $ | 37,616 | ||
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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, 2013 | $ | 714,794 | $ | (4,441 | ) | $ | 710,353 | |||||
Share-based compensation expense | 5 | — | �� | 5 | ||||||||
Activity with parent | (154,028 | ) | — | (154,028 | ) | |||||||
Net income | 36,530 | — | 36,530 | |||||||||
Other comprehensive income (loss): | ||||||||||||
Pension liability adjustment | — | 1,362 | 1,362 | |||||||||
Cumulative translation adjustment | — | (276 | ) | (276 | ) | |||||||
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Balance, December 31, 2013 | $ | 597,301 | $ | (3,355 | ) | $ | 593,946 | |||||
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3
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2013 | ||||
Cash flows from operating activities: | ||||
Net income | $ | 36,530 | ||
Loss from discontinued operations | 23 | |||
Loss on sale of discontinued operations | 2,100 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 84,244 | |||
Share-based compensation expense | 5 | |||
Gain on disposition of assets and operations | (763 | ) | ||
Write-down of impaired assets | 1,751 | |||
Deferred income taxes | 25,539 | |||
Other, net | 2 | |||
Changes in operating assets and liabilities: | ||||
Receivables, net | 3,113 | |||
Inventories | (2,057 | ) | ||
Prepaid expenses and other assets | (1,159 | ) | ||
Accounts payable and accrued expenses | 66,938 | |||
Income tax receivable/payable | (5,496 | ) | ||
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Net cash provided by operating activities – continuing operations | 210,770 | |||
Net cash used in operating activities – discontinued operations | (880 | ) | ||
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Net cash provided by operating activities | 209,890 | |||
Cash flows from investing activities: | ||||
Payments for property, plant and equipment | (57,649 | ) | ||
Cash outflow for acquisitions and investments | (1 | ) | ||
Proceeds from sale of fixed assets | 2,608 | |||
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Net cash used in investing activities | (55,042 | ) | ||
Cash flows from financing activities: | ||||
Net proceeds from receivables-backed facility | 226,358 | |||
Repayment for receivables-backed facility | (173,259 | ) | ||
Contribution to parent | (205,195 | ) | ||
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Net cash used in financing activities | (152,096 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | 1 | |||
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Increase in cash and cash equivalents | 2,753 | |||
Cash and cash equivalents, beginning of period | 11,925 | |||
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Cash and cash equivalents, end of period | $ | 14,678 | ||
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