EX-99.1 7 dex991.htm RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Reconciliation of non-GAAP financial measures

 

Exhibit 99.1

 

ARAMARK CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

ORGANIC GROWTH

(Unaudited)

(In thousands)

 

Management believes that presentation of organic sales growth in the fiscal 2004 and 2003 second quarter and six-month periods, as adjusted to eliminate the effects of acquisitions, divestitures, the forward shift in our fiscal calendar (fiscal 2003 was a 53 week year) and the impact of currency translation, provides useful information to investors because it enhances comparability between the current year and prior year reporting periods. Elimination of the currency translation effect provides constant currency comparisons without the distortion of currency rate fluctuations. The fiscal calendar shift adjustment is made since fiscal 2003 was a 53 week year, resulting in fiscal 2004 starting one week later than normal. This results in a lack of service day comparability in the Education sector when comparing quarterly operating results between fiscal years. Adjusting sales and estimated operating income for this difference in the fiscal calendar enhances comparability between the quarterly and year-to-date periods.

 

     Three Months Ended

          Six Months Ended

       
     April 2,
2004


    March 28,
2003


    %
Change


    April 2,
2004


    March 28,
2003


    %
Change


 

ARAMARK Corporation Consolidated Sales (as reported)

   $ 2,517,529     $ 2,243,306     12 %   $ 4,976,386     $ 4,519,246     10 %

Effect of Calendar Shift

     (33,000 )     —               7,000       —          

Effect of Currency Translation

     —         50,706             —         98,295        

Effect of Acquisitions and Divestitures

     (49,498 )     (12,116 )           (143,938 )     (12,116 )      
    


 


       


 


     

ARAMARK Corporation Consolidated Sales (as adjusted)

   $ 2,435,031     $ 2,281,896     7 %   $ 4,839,448     $ 4,605,425     5 %
    


 


       


 


     

ARAMARK Corporation Consolidated Operating Income (as reported)

   $ 107,249     $ 95,341     12 %   $ 244,670     $ 223,847     9 %

Effect of Calendar Shift

     (3,500 )     —               100       —          

Effect of Currency Translation

     —         2,569             —         5,073        

Effect of Acquisitions and Divestitures

     (2,248 )     (1,382 )           (10,823 )     (1,381 )      
    


 


       


 


     

ARAMARK Corporation Consolidated Operating Income (as adjusted)

   $ 101,501     $ 96,528     5 %   $ 233,947     $ 227,539     3 %
    


 


       


 


     

Food and Support Services - International - Sales (as reported)

   $ 474,902     $ 353,827     34 %   $ 889,416     $ 689,554     29 %

Effect of Currency Translation

     —         50,706             —         98,295        
    


 


       


 


     

Food and Support Services - International - Sales, Excluding Translation

   $ 474,902     $ 404,533     17 %   $ 889,416     $ 787,849     13 %
    


 


       


 


     

Food and Support Services - International - Operating Income (as reported)

   $ 23,075     $ 17,113     35 %   $ 39,296     $ 31,071     26 %

Effect of Currency Translation

     —         2,569             —         5,073        
    


 


       


 


     

Food and Support Services - International - Operating Income, Excluding Translation

   $ 23,075     $ 19,682     17 %   $ 39,296     $ 36,144     9 %