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[MICHAEL FOODS LETTERHEAD]
CONTACT: MARK D. WITMER
ASSISTANT TREASURER
(952) 542-4906
FOR IMMEDIATE RELEASE
MICHAEL FOODS REPORTS FIRST QUARTER 2002 FINANCIAL RESULTS
MINNEAPOLIS, April 25 -- Michael Foods, Inc. today reported financial results
for the quarterly period ended March 31, 2002. Earnings before interest, taxes,
depreciation and amortization (EBITDA, as defined in our senior credit facility)
for the three months ended March 31, 2002 were $35.8 million compared to the
Predecessor's $31.7 million in 2001's first quarter, an increase of 13%. Net
sales for the three months ended March 31, 2002 were $278.4 million compared to
$275.6 million for the Predecessor in the 2001 period, an increase of 1%.
Commenting on results, Chairman, President and Chief Executive Officer Gregg A.
Ostrander said, "First quarter EBITDA results exceeded our expectations, with
three of our four divisions performing above planned levels. In particular, we
were pleased with the cash flow results of our Dairy Products Division, which
recorded a 43% increase in EBITDA. While not as robust on a percentage growth
basis, both Egg Products and Potato Products recorded strong EBITDA results.
Results within Refrigerated Distribution lagged prior year levels for EBITDA,
despite divisional growth in net sales. A slight decline in cheese unit sales
and higher than expected product costs, particularly in the key cheese category,
pressured EBITDA."
Ostrander concluded, "We remain focused on growing our four businesses and
generating strong cash flow. Given current business trends, and our capital
spending needs, we expect to create good levels of free cash flow this year. We
recently made a prepayment of bank debt in the amount of $11 million and expect
to continue generating cash for debt repayment in excess of our amortization
schedule."
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Unaudited segment data follows (in thousands):
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<Caption>
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Egg Refrigerated Dairy Potato
Products Distribution Products Products Corporate Total
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COMPANY
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THREE MONTHS ENDED MARCH 31, 2002:
External net sales $155,186 $63,006 $43,180 $17,057 N/A $278,429
EBITDA* 28,298 2,730 2,872 3,478 (1,533) 35,845
PREDECESSOR
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THREE MONTHS ENDED MARCH 31, 2001:
External net sales $163,529 $61,185 $35,328 $15,585 N/A $275,627
EBITDA* 24,424 3,955 2,013 2,966 (1,613) 31,745
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* as defined in our senior credit facility
CERTAIN ITEMS IN THIS RELEASE MAY BE FORWARD-LOOKING STATEMENTS, WHICH ARE MADE
IN RELIANCE UPON THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS ARE SUBJECT TO NUMEROUS
RISKS AND UNCERTAINTIES, INCLUDING CHANGES IN DOMESTIC AND INTERNATIONAL
ECONOMIC CONDITIONS. SPECIFIC RISKS AND UNCERTAINTIES INCLUDE HOW THE CASH
MANAGEMENT ACTIVITIES OF THE COMPANY, ITS CUSTOMERS AND ITS SUPPLIERS, ALONG
WITH COMPANY GROWTH PLANS, AFFECT WORKING CAPITAL COMPONENTS. ALSO, THE COMPANY
FACES NORMAL, AND AT TIMES NOTABLE, VARIANCES IN THE SUPPLY OF, AND DEMAND FOR,
EGGS, GRAIN FEED INPUTS, AND BUTTERFAT-RELATED PRODUCTS, WHICH CAN RESULT IN
PRICING AND PROFIT MARGIN VOLATILITY FOR CERTAIN EGG PRODUCTS, AND CHEESE,
BUTTER AND OTHER DAIRY ITEMS. AS A RESULT, THE COMPANY'S ACTUAL FINANCIAL
RESULTS COULD DIFFER MATERIALLY FROM THE RESULTS ESTIMATED BY, FORECASTED BY, OR
IMPLIED BY THE COMPANY IN SUCH FORWARD-LOOKING STATEMENTS.
Michael Foods, Inc. is a diversified food processor and distributor with
particular interests in egg products, refrigerated grocery products, specialty
dairy products and refrigerated potato products. Principal subsidiaries include
M. G. Waldbaum Company, Papetti's Hygrade Egg Products, Inc., Crystal Farms
Refrigerated Distribution Company, Kohler Mix Specialties, Inc. and Northern
Star Co.
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Consolidated statements of earnings follow:
MICHAEL FOODS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31,
(000'S, UNAUDITED)
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COMPANY PREDECESSOR
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2002 2001
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Net sales $ 278,429 $ 275,627
Cost of sales 227,313 227,707
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Gross profit 51,116 47,920
Selling, general & administrative expenses 29,623 27,376
Transaction expenses - 11,050
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Operating profit 21,493 9,494
Interest expense, net 12,664 3,293
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Earnings before income taxes 8,829 6,201
Income tax expense 3,470 2,430
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Earnings before extraordinary item 5,359 3,771
Extraordinary item-early extinguishment of debt, net of taxes - (9,424)
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NET EARNINGS (LOSS) $ 5,359 $ (5,653)
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Depreciation & amortization $ 13,529 $ 12,535
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EBITDA, as defined in our senior credit facility $ 35,845 $ 31,745
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04-25-02