EX-99.1 9 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

(Unaudited)

(In thousands)

 

Management believes that presentation of sales and operating income growth in the fiscal 2004 and 2003 third quarter and nine-month periods, 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 operating results between fiscal periods. 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

          Nine Months Ended

       
     July 2,
2004


    June 27,
2003


    %
Change


    July 2,
2004


    June 27,
2003


    %
Change


 

ARAMARK Corporation Consolidated Sales (as reported)

   $ 2,594,924     $ 2,340,554     11 %   $ 7,571,310     $ 6,859,800     10 %

Estimated effect of Calendar Shift

     24,425       —               30,964       —          

Effect of Currency Translation

     —         25,195             —         123,490        

Effect of Acquisitions and Divestitures

     (81,578 )     (9,053 )           (225,515 )     (21,169 )      
    


 


       


 


     

ARAMARK Corporation Consolidated Sales (as adjusted)

   $ 2,537,771     $ 2,356,696     8 %   $ 7,376,759     $ 6,962,121     6 %
    


 


       


 


     

ARAMARK Corporation Consolidated Operating Income (as reported)

   $ 131,950     $ 128,453     3 %   $ 376,620     $ 352,300     7 %

Estimated effect of Calendar Shift

     2,617       —               2,743       —          

Effect of Currency Translation

     —         1,283             —         6,356        

Effect of Acquisitions and Divestitures

     (4,052 )     (2 )           (14,875 )     (1,384 )      
    


 


       


 


     

ARAMARK Corporation Consolidated Operating Income (as adjusted)

   $ 130,515     $ 129,734     1 %   $ 364,488     $ 357,272     2 %
    


 


       


 


     

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

   $ 474,696     $ 362,701     31 %   $ 1,364,112     $ 1,052,255     30 %

Effect of Currency Translation

     —         25,195             —         123,490        
    


 


       


 


     

Food and Support Services - International - Sales, Excluding Translation

   $ 474,696     $ 387,896     22 %   $ 1,364,112     $ 1,175,745     16 %
    


 


       


 


     

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

   $ 19,010     $ 16,181     17 %   $ 58,306     $ 47,252     23 %

Effect of Currency Translation

     —         1,283             —         6,356        
    


 


       


 


     

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

   $ 19,010     $ 17,464     9 %   $ 58,306     $ 53,608     9 %