Exhibit 99
Agrilink
Financial Highlights
--------------------
Unaudited Six Months Year-to-Date December 2001
(Dollars in Millions)
Variance
-------------------------
6 Mos. 6 Mos.
vs. vs.
Actual Plan Prior Year
------ -------- ----------
Equivalent Units
Brand 20.7 (2.1) (1.9)
Non-Brand 26.0 (2.8) (8.0)
------- ------- ------
Total 46.7 (4.9) (9.9)
Net Sales $543.8 $(60.1) $(46.9)
Gross Margin 116.5 (11.8) 5.1
Gross Margin % 21.4% 0.2% 2.6%
Earnings Before Split 18.1 5.8 5.5
EBITDA 69.8 (1.8) (2.5)
Based on results for the first six months, management believes the fiscal 2002
plan EBITDA will be achieved.
Agrilink
Gross Margin Percentage
-----------------------
Unaudited Year-to-Date December 2001
July August September October November December January February March April May June
---- ------ --------- ------- -------- -------- ------- -------- ----- ----- ----- ----
Actual 17.2% 17.4% 20.3% 23.9% 24.8% 23.1%
Prior Year 20.4% 18.5% 17.4% 18.4% 18.9% 19.9% 17.5% 19.9% 22.5% 17.4% 16.5% 16.6%
Agrilink
Consolidated Earnings Before Split
----------------------------------
Unaudited Year-to-Date Six Months Ending December
(Dollars in Millions)
2002 2002 2001
Actual Plan Actual
-------- -------- --------
Business Unit EBITDA $ 69.8 $ 71.6 $ 72.3
Interest (35.7) (39.1) (39.5)
Depreciation (15.4) (15.3) (15.2)
Amortization (0.6) (4.9) (5.0)
------ ------ ------
Earnings Before Split $ 18.1 $ 12.3 $ 12.6
====== ====== ======
Agrilink
EBITDA Variance
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Unaudited Year-to-Date Six Months Ending December 2001
(Dollars in Millions)
YTD December YTD December
vs. Plan vs. Prior Year
------------ --------------
Actual EBITDA $ 69.8 $ 69.8
2002 Plan EBITDA/2001 Actual EBITDA 71.6 72.3
------ ------
Variance (1.8) (2.5)
Major Variances
Volume/Mix/Pricing/Other $ (8.0) $ 16.9
Production Costs 1.2 (4.6)
Freight & Warehousing (1.8) (6.2)
Marketing 1.2 (7.0)
Fixed Expenses 1.1 1.5
Gain from Pension Curtailment 2.5 2.5
Severance (0.8) (2.7)
All Other 2.8 (2.9)
------ ------
Variance $ (1.8) $ (2.5)
====== ======
Agrilink
Consolidated Balance Sheet
--------------------------
(Excluding AgriFrozen in Prior Year)
Unaudited December
(Dollars in Millions)
2002 2002 2001
Actual Plan Actual
--------- --------- ----------
Assets
Cash $ 5.9 $ 7.8 $ 5.8
Accounts Receivable 99.6 127.7 134.6
Inventories 388.7 384.8 360.5
Other Current 25.9 31.4 37.8
--------- --------- ---------
Total Current 520.1 551.7 538.7
Fixed Assets 297.3 304.4 309.5
Intangibles 248.2 243.9 253.7
Other Non-Current 44.0 41.8 50.5
--------- --------- ---------
Total Assets $ 1,109.6 $ 1,141.8 $ 1,152.4
========= ========= =========
Liabilities
Short-Term Debt $ 114.8 $ 108.0 $ 103.7
Current Portion LTD 15.6 15.6 16.6
Other Current 135.7 173.5 162.8
--------- --------- ---------
Total Current 266.1 297.1 283.1
Long-Term Debt 629.4 629.4 637.3
Other Non-Current 55.4 60.6 67.3
--------- --------- ---------
Total Liabilities 950.9 987.1 987.7
Pro-Fac Equity 158.7 154.7 164.7
--------- --------- ---------
Total Liabilities and Equity $ 1,109.6 $ 1,141.8 $ 1,152.4
========= ========= =========
Agrilink
Key Ratios
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Unaudited Year-to-Date December 2001
Bank Covenant Actual
------------- ------
Key Financial Ratios
LTM EBITDA (adjusted for non-cash severance) $110.0 Min. $121.2
Leverage Ratio (Debt/EBITDA) 5.90 Max. 5.33
Interest Coverage Ratio (EBITDA/Interest) 1.55 Min 1.80
Fixed Charge Coverage Ratio 1.00 Min 1.18