Missouri | 45-3355106 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer o | Accelerated filer o |
Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller reporting company o |
PART I. | FINANCIAL INFORMATION | Page |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. | ||
Item 1. | ||
Item 1A. | ||
Item 6. | ||
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Net Sales | $ | 236.9 | $ | 219.3 | |||
Cost of goods sold | 131.2 | 121.3 | |||||
Gross Profit | 105.7 | 98.0 | |||||
Selling, general and administrative expenses | 72.1 | 63.5 | |||||
Amortization of intangible assets | 3.2 | 3.2 | |||||
Other operating expenses, net | 0.1 | — | |||||
Operating Profit | 30.3 | 31.3 | |||||
Interest expense | 19.2 | 13.0 | |||||
Other income | — | (0.6 | ) | ||||
Earnings before Income Taxes | 11.1 | 18.9 | |||||
Income tax provision | 3.5 | 6.1 | |||||
Net Earnings | $ | 7.6 | $ | 12.8 | |||
Earnings per share: | |||||||
Basic | $ | 0.23 | $ | 0.37 | |||
Diluted | $ | 0.23 | $ | 0.37 | |||
Weighted-Average Common Shares Outstanding: | |||||||
Basic | 32.6 | 34.4 | |||||
Diluted | 32.7 | 34.4 |
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Net Earnings | $ | 7.6 | $ | 12.8 | |||
Pension and postretirement benefit adjustments, net of tax of ($0.2) and $0, respectively | 0.3 | — | |||||
Foreign currency translation adjustments | (0.8 | ) | (0.1 | ) | |||
Total Comprehensive Income | $ | 7.1 | $ | 12.7 |
December 31, 2012 | September 30, 2012 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 310.9 | $ | 58.2 | |||
Receivable from Ralcorp | 0.9 | — | |||||
Receivables, net | 66.7 | 56.5 | |||||
Inventories | 100.1 | 78.6 | |||||
Deferred income taxes | 1.6 | 1.1 | |||||
Prepaid expenses and other current assets | 9.6 | 15.3 | |||||
Total Current Assets | 489.8 | 209.7 | |||||
Property, net | 396.3 | 405.1 | |||||
Goodwill | 1,370.1 | 1,366.6 | |||||
Other intangible assets, net | 736.6 | 736.0 | |||||
Other assets | 22.0 | 14.9 | |||||
Total Assets | $ | 3,014.8 | $ | 2,732.3 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt | $ | 17.5 | $ | 15.3 | |||
Accounts payable | 42.2 | 50.0 | |||||
Other current liabilities | 79.7 | 61.1 | |||||
Total Current Liabilities | 139.4 | 126.4 | |||||
Long-term debt | 1,190.7 | 930.3 | |||||
Deferred income taxes | 314.0 | 314.9 | |||||
Other liabilities | 129.5 | 129.2 | |||||
Total Liabilities | 1,773.6 | 1,500.8 | |||||
Stockholders' Equity | |||||||
Common stock | 0.3 | 0.3 | |||||
Additional paid-in capital | 1,275.2 | 1,272.6 | |||||
Retained earnings | 44.2 | 36.6 | |||||
Accumulated other comprehensive loss | (25.1 | ) | (24.6 | ) | |||
Treasury stock, at cost | (53.4 | ) | (53.4 | ) | |||
Total Stockholders' Equity | 1,241.2 | 1,231.5 | |||||
Total Liabilities and Stockholders' Equity | $ | 3,014.8 | $ | 2,732.3 |
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Cash Flows from Operating Activities | |||||||
Net earnings | $ | 7.6 | $ | 12.8 | |||
Adjustments to reconcile net earnings to net cash flow provided by operating activities: | |||||||
Depreciation and amortization | 16.2 | 14.9 | |||||
Premium from issuance of long-term debt | 15.0 | — | |||||
Stock-based compensation expense | 2.5 | 0.8 | |||||
Deferred income taxes | (3.8 | ) | (3.9 | ) | |||
Other, net | 0.2 | (0.4 | ) | ||||
Other changes in current assets and liabilities, net of business acquisitions: | |||||||
Increase in receivables, net | (9.8 | ) | (42.5 | ) | |||
(Increase) decrease in receivable from Ralcorp | (0.9 | ) | 41.3 | ||||
Increase in inventories | (19.0 | ) | (12.5 | ) | |||
Decrease in prepaid expenses and other current assets | 5.7 | 1.9 | |||||
Increase in accounts payable and other current and non-current liabilities | 9.9 | 13.8 | |||||
Net Cash Provided by Operating Activities | 23.6 | 26.2 | |||||
Cash Flows from Investing Activities | |||||||
Business acquisitions | (9.2 | ) | — | ||||
Capital expenditures | (5.0 | ) | (9.1 | ) | |||
Net Cash Used by Investing Activities | (14.2 | ) | (9.1 | ) | |||
Cash Flows from Financing Activities | |||||||
Proceeds from issuance of Senior Notes | 250.0 | — | |||||
Repayments of long-term debt | (2.2 | ) | — | ||||
Change in net investment of Ralcorp | — | (13.8 | ) | ||||
Payments of debt issuance costs | (4.6 | ) | — | ||||
Changes in intercompany debt | — | 7.8 | |||||
Excess tax benefit from stock-based compensation arrangements | 0.2 | — | |||||
Net Cash Provided by (Used by) Financing Activities | 243.4 | (6.0 | ) | ||||
Effect of Exchange Rate Changes on Cash | (0.1 | ) | 0.1 | ||||
Net Increase in Cash and Cash Equivalents | 252.7 | 11.2 | |||||
Cash and Cash Equivalents, Beginning of Year | 58.2 | 1.7 | |||||
Cash and Cash Equivalents, End of Period | $ | 310.9 | $ | 12.9 |
Receivables | $ | 0.5 | ||
Inventories | 2.6 | |||
Prepaid expenses and other current assets | 0.1 | |||
Property | 0.1 | |||
Goodwill | 3.6 | |||
Other intangible assets | 3.8 | |||
Accounts payable | (1.3 | ) | ||
Other current liabilities | (0.2 | ) | ||
Total acquisition cost | $ | 9.2 |
Balance, September 30, 2012 | $ | 1,366.6 | |
Acquisition of Attune Foods, Inc. | 3.6 | ||
Currency translation adjustment | (0.1 | ) | |
Balance, December 31, 2012 | $ | 1,370.1 |
December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount | ||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Customer relationships | $ | 156.6 | $ | (34.0 | ) | $ | 122.6 | $ | 153.9 | $ | (32.1 | ) | $ | 121.8 | |||||||||
Trademarks/brands | 92.1 | (21.7 | ) | 70.4 | 91.0 | (20.4 | ) | 70.6 | |||||||||||||||
$ | 248.7 | $ | (55.7 | ) | $ | 193.0 | $ | 244.9 | $ | (52.5 | ) | $ | 192.4 | ||||||||||
Not subject to amortization: | |||||||||||||||||||||||
Trademarks/brands | 543.6 | — | 543.6 | 543.6 | — | 543.6 | |||||||||||||||||
$ | 792.3 | $ | (55.7 | ) | $ | 736.6 | $ | 788.5 | $ | (52.5 | ) | $ | 736.0 |
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Net earnings for basic and diluted earnings per share | $ | 7.6 | $ | 12.8 | |||
Weighted-average shares for basic earnings per share | 32.6 | 34.4 | |||||
Effect of dilutive securities: | |||||||
Stock appreciation rights | 0.1 | — | |||||
Restricted stock units | — | — | |||||
Total dilutive securities | 0.1 | — | |||||
Weighted-average shares for diluted earnings per share | 32.7 | 34.4 | |||||
Basic earnings per share | $ | 0.23 | $ | 0.37 | |||
Diluted earnings per share | $ | 0.23 | $ | 0.37 |
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Advertising and promotion expenses | $ | 30.6 | $ | 31.3 | |||
Repair and maintenance expenses | $ | 9.3 | $ | 8.9 |
December 31, 2012 | September 30, 2012 | ||||||
Receivables, net | |||||||
Trade | $ | 64.7 | $ | 55.3 | |||
Other | 2.3 | 1.5 | |||||
67.0 | 56.8 | ||||||
Allowance for doubtful accounts | (0.3 | ) | (0.3 | ) | |||
$ | 66.7 | $ | 56.5 | ||||
Inventories | |||||||
Raw materials and supplies | $ | 27.3 | $ | 18.2 | |||
Finished products | 72.8 | 60.4 | |||||
$ | 100.1 | $ | 78.6 | ||||
Property, net | |||||||
Land | $ | 13.0 | $ | 13.0 | |||
Buildings and leasehold improvements | 138.8 | 135.3 | |||||
Machinery and equipment | 419.3 | 410.3 | |||||
Software | 21.9 | 21.9 | |||||
Construction in progress | 9.7 | 19.0 | |||||
602.7 | 599.5 | ||||||
Accumulated depreciation | (206.4 | ) | (194.4 | ) | |||
$ | 396.3 | $ | 405.1 | ||||
Accounts Payable | |||||||
Trade | $ | 37.1 | $ | 41.3 | |||
Other items | 5.1 | 8.7 | |||||
$ | 42.2 | $ | 50.0 | ||||
Other Current Liabilities | |||||||
Advertising and promotion | $ | 22.3 | $ | 20.4 | |||
Accrued interest | 28.6 | 7.4 | |||||
Compensation | 8.4 | 13.8 | |||||
Miscellaneous accrued taxes | 4.5 | 3.9 | |||||
Deferred revenue | 9.6 | 10.2 | |||||
Income taxes payable | 1.2 | — | |||||
Other | 5.1 | 5.4 | |||||
$ | 79.7 | $ | 61.1 | ||||
Other Liabilities | |||||||
Pension and other postretirement benefit obligations | $ | 114.4 | $ | 116.5 | |||
Deferred compensation | 10.9 | 8.6 | |||||
Other | 4.2 | 4.1 | |||||
$ | 129.5 | $ | 129.2 |
Fair Value | ||||||||||
Derivative Instrument | Balance Sheet Location | December 31, 2012 | September 30, 2012 | |||||||
Commodity contracts | Prepaid expenses and other current assets | $ | 0.5 | $ | 1.3 | |||||
Natural gas futures | Prepaid expenses and other current assets | 0.1 | 0.3 | |||||||
$ | 0.6 | $ | 1.6 |
Amount of Loss Recognized in Earnings | ||||||||||
Three months ended December 31, | ||||||||||
Derivative Instrument | Location of Loss Recognized in Earnings | 2012 | 2011 | |||||||
Participation in Ralcorp's derivative program | Cost of goods sold | $ | — | $ | 2.1 | |||||
Commodity contracts | Cost of goods sold | 0.5 | — | |||||||
Natural gas futures | Cost of goods sold | 0.2 | — |
December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||
Deferred compensation investment | $ | 2.1 | $ | 2.1 | $ | — | $ | 1.4 | $ | 1.4 | $ | — | |||||||||||
Derivative instruments | 0.6 | — | 0.6 | 1.6 | — | 1.6 | |||||||||||||||||
Deferred compensation liabilities (1) | 10.9 | — | 10.9 | 8.6 | — | 8.6 |
December 31, 2012 | September 30, 2012 | ||||||
7.375% Senior Notes maturing February 2022, including net premium | $ | 1,039.8 | $ | 775.0 | |||
Term Loan maturing 2017 | 168.4 | 170.6 | |||||
Revolving Credit Facility (1) | — | — | |||||
$ | 1,208.2 | $ | 945.6 | ||||
Less: Current Portion | (17.5 | ) | (15.3 | ) | |||
Total long-term debt | $ | 1,190.7 | $ | 930.3 |
Pension Benefits | |||||||
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Components of net periodic benefit cost | |||||||
Service cost | $ | 1.1 | $ | 1.1 | |||
Interest cost | 0.4 | 0.3 | |||||
Expected return on plan assets | (0.4 | ) | (0.5 | ) | |||
Recognized net actuarial loss | 0.2 | 0.2 | |||||
Recognized prior service cost | 0.1 | 0.1 | |||||
Net periodic benefit cost | $ | 1.4 | $ | 1.2 |
Other Benefits | |||||||
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Components of net periodic benefit cost | |||||||
Service cost | $ | 0.6 | $ | 0.6 | |||
Interest cost | 1.0 | 1.1 | |||||
Recognized net actuarial loss | 0.4 | 0.3 | |||||
Recognized prior service credit | (0.3 | ) | (0.3 | ) | |||
Net periodic benefit cost | $ | 1.7 | $ | 1.7 |
Stock Options | Restricted Stock Units | Cash Settled Restricted Stock Units | Stock Settled Stock Appreciation Rights | Cash Settled Stock Appreciation Rights | ||||||||||
Outstanding at September 30, 2012 | 1,820,000 | 362,500 | 76,750 | 356,243 | 31,735 | |||||||||
Granted | 300,000 | 57,000 | 10,000 | — | — | |||||||||
Exercised or delivered | — | — | — | (54,480 | ) | — | ||||||||
Forfeited or canceled | — | — | — | — | — | |||||||||
Outstanding at December 31, 2012 | 2,120,000 | 419,500 | 86,750 | 301,763 | 31,735 |
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Balanced | $ | 141.6 | $ | 127.7 | |||
Sweetened | 59.5 | 56.3 | |||||
Unsweetened | 35.8 | 35.3 | |||||
$ | 236.9 | $ | 219.3 |
Three Months Ended December 31, 2012 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Sales | $ | — | $ | 223.3 | $ | 20.9 | $ | (7.3 | ) | $ | 236.9 | ||||||||
Cost of goods sold | — | 122.2 | 16.3 | (7.3 | ) | 131.2 | |||||||||||||
Gross Profit | — | 101.1 | 4.6 | — | 105.7 | ||||||||||||||
Selling, general and administrative expenses | 2.5 | 65.4 | 4.2 | — | 72.1 | ||||||||||||||
Amortization of intangible assets | — | 3.2 | — | — | 3.2 | ||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | ||||||||||||||
Operating (Loss) Profit | (2.5 | ) | 32.4 | 0.4 | — | 30.3 | |||||||||||||
Interest expense | 19.2 | — | — | — | 19.2 | ||||||||||||||
(Loss) Earnings before Income Taxes | (21.7 | ) | 32.4 | 0.4 | — | 11.1 | |||||||||||||
Income tax (benefit) expense | (7.0 | ) | 10.4 | 0.1 | — | 3.5 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (14.7 | ) | 22.0 | 0.3 | — | 7.6 | |||||||||||||
Equity earnings in subsidiary | 22.3 | — | — | (22.3 | ) | — | |||||||||||||
Net Earnings | $ | 7.6 | $ | 22.0 | $ | 0.3 | $ | (22.3 | ) | $ | 7.6 | ||||||||
Total Comprehensive Income (Loss) | $ | 7.1 | $ | 22.2 | $ | (0.4 | ) | $ | (21.8 | ) | $ | 7.1 |
Three Months Ended December 31, 2011 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Sales | $ | — | $ | 206.1 | $ | 19.4 | $ | (6.2 | ) | $ | 219.3 | ||||||||
Cost of goods sold | — | 112.8 | 14.7 | (6.2 | ) | 121.3 | |||||||||||||
Gross Profit | — | 93.3 | 4.7 | — | 98.0 | ||||||||||||||
Selling, general and administrative expenses | — | 60.4 | 3.1 | — | 63.5 | ||||||||||||||
Amortization of intangible assets | — | 3.2 | — | — | 3.2 | ||||||||||||||
Operating Profit | — | 29.7 | 1.6 | — | 31.3 | ||||||||||||||
Interest expense | — | 11.9 | 1.1 | — | 13.0 | ||||||||||||||
Other expense (income) | — | 3.3 | (3.9 | ) | — | (0.6 | ) | ||||||||||||
Earnings before Income Taxes | — | 14.5 | 4.4 | — | 18.9 | ||||||||||||||
Income tax expense | — | 4.8 | 1.3 | — | 6.1 | ||||||||||||||
Net Earnings | $ | — | $ | 9.7 | $ | 3.1 | $ | — | $ | 12.8 | |||||||||
Total Comprehensive Income | $ | — | $ | 9.7 | $ | 3.0 | $ | — | $ | 12.7 |
December 31, 2012 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 302.5 | $ | 2.6 | $ | 5.8 | $ | — | $ | 310.9 | |||||||||
Receivable from Ralcorp | — | 0.9 | — | — | 0.9 | ||||||||||||||
Receivables, net | — | 59.6 | 12.3 | (5.2 | ) | 66.7 | |||||||||||||
Inventories | — | 92.8 | 7.3 | — | 100.1 | ||||||||||||||
Deferred income taxes | 1.5 | — | 0.1 | — | 1.6 | ||||||||||||||
Prepaid expenses and other current assets | 2.8 | 6.3 | 0.5 | — | 9.6 | ||||||||||||||
Total Current Assets | 306.8 | 162.2 | 26.0 | (5.2 | ) | 489.8 | |||||||||||||
Property, net | — | 345.8 | 50.5 | — | 396.3 | ||||||||||||||
Goodwill | — | 1,363.5 | 6.6 | — | 1,370.1 | ||||||||||||||
Other intangible assets, net | — | 736.6 | — | — | 736.6 | ||||||||||||||
Intercompany receivable | 384.3 | — | — | (384.3 | ) | — | |||||||||||||
Investment in subsidiaries | 2,097.1 | — | — | (2,097.1 | ) | — | |||||||||||||
Other assets | 17.3 | 2.2 | 2.5 | — | 22.0 | ||||||||||||||
Total Assets | $ | 2,805.5 | $ | 2,610.3 | $ | 85.6 | $ | (2,486.6 | ) | $ | 3,014.8 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | 17.5 | $ | — | $ | — | $ | — | $ | 17.5 | |||||||||
Accounts payable | — | 43.7 | 3.7 | (5.2 | ) | 42.2 | |||||||||||||
Other current liabilities | 30.7 | 40.2 | 8.8 | — | 79.7 | ||||||||||||||
Total Current Liabilities | 48.2 | 83.9 | 12.5 | (5.2 | ) | 139.4 | |||||||||||||
Long-term debt | 1,190.7 | — | — | — | 1,190.7 | ||||||||||||||
Intercompany payable | — | 384.2 | 0.1 | (384.3 | ) | — | |||||||||||||
Deferred income taxes | 314.0 | — | — | — | 314.0 | ||||||||||||||
Other liabilities | 11.4 | 108.3 | 9.8 | — | 129.5 | ||||||||||||||
Total Liabilities | 1,564.3 | 576.4 | 22.4 | (389.5 | ) | 1,773.6 | |||||||||||||
Total Stockholders' Equity | 1,241.2 | 2,033.9 | 63.2 | (2,097.1 | ) | 1,241.2 | |||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,805.5 | $ | 2,610.3 | $ | 85.6 | $ | (2,486.6 | ) | $ | 3,014.8 |
September 30, 2012 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 49.7 | $ | 2.2 | $ | 6.3 | $ | — | $ | 58.2 | |||||||||
Receivables, net | — | 50.1 | 11.1 | (4.7 | ) | 56.5 | |||||||||||||
Inventories | — | 71.6 | 7.0 | — | 78.6 | ||||||||||||||
Deferred income taxes | 1.1 | — | — | — | 1.1 | ||||||||||||||
Prepaid expenses and other current assets | 9.3 | 5.4 | 0.6 | — | 15.3 | ||||||||||||||
Total Current Assets | 60.1 | 129.3 | 25.0 | (4.7 | ) | 209.7 | |||||||||||||
Property, net | — | 352.5 | 52.6 | — | 405.1 | ||||||||||||||
Goodwill | — | 1,359.9 | 6.7 | — | 1,366.6 | ||||||||||||||
Other intangible assets, net | — | 736.0 | — | — | 736.0 | ||||||||||||||
Intercompany receivable | 371.9 | — | — | (371.9 | ) | — | |||||||||||||
Investment in subsidiaries | 2,067.2 | — | — | (2,067.2 | ) | — | |||||||||||||
Other assets | 13.4 | 1.4 | 2.7 | (2.6 | ) | 14.9 | |||||||||||||
Total Assets | $ | 2,512.6 | $ | 2,579.1 | $ | 87.0 | $ | (2,446.4 | ) | $ | 2,732.3 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | 15.3 | $ | — | $ | — | $ | — | $ | 15.3 | |||||||||
Accounts payable | — | 49.6 | 5.1 | (4.7 | ) | 50.0 | |||||||||||||
Other current liabilities | 8.3 | 44.7 | 8.1 | — | 61.1 | ||||||||||||||
Total Current Liabilities | 23.6 | 94.3 | 13.2 | (4.7 | ) | 126.4 | |||||||||||||
Long-term debt | 930.3 | — | — | — | 930.3 | ||||||||||||||
Intercompany payable | — | 371.9 | — | (371.9 | ) | — | |||||||||||||
Deferred income taxes | 317.5 | — | — | (2.6 | ) | 314.9 | |||||||||||||
Other liabilities | 9.7 | 109.4 | 10.1 | — | 129.2 | ||||||||||||||
Total Liabilities | 1,281.1 | 575.6 | 23.3 | (379.2 | ) | 1,500.8 | |||||||||||||
Total Stockholders' Equity | 1,231.5 | 2,003.5 | 63.7 | (2,067.2 | ) | 1,231.5 | |||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,512.6 | $ | 2,579.1 | $ | 87.0 | $ | (2,446.4 | ) | $ | 2,732.3 |
Three Months Ended December 31, 2012 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 17.5 | $ | 6.3 | $ | (0.2 | ) | $ | — | $ | 23.6 | ||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Business acquisitions | — | (9.2 | ) | — | — | (9.2 | ) | ||||||||||||
Payments for capital expenditures | — | (4.8 | ) | (0.2 | ) | — | (5.0 | ) | |||||||||||
Payments for equity contributions | (8.1 | ) | — | — | 8.1 | — | |||||||||||||
Net Cash (Used in) Provided by Investing Activities | (8.1 | ) | (14.0 | ) | (0.2 | ) | 8.1 | (14.2 | ) | ||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Proceeds from issuance of senior notes | 250.0 | — | — | — | 250.0 | ||||||||||||||
Repayments of long-term debt | (2.2 | ) | — | — | — | (2.2 | ) | ||||||||||||
Payments of debt issuance costs | (4.6 | ) | — | — | — | (4.6 | ) | ||||||||||||
Excess tax benefit from stock-based compensation arrangements | 0.2 | — | — | — | 0.2 | ||||||||||||||
Proceeds from equity contributions | — | 8.1 | — | (8.1 | ) | — | |||||||||||||
Net Cash Provided by Financing Activities | 243.4 | 8.1 | — | (8.1 | ) | 243.4 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 252.8 | 0.4 | (0.5 | ) | — | 252.7 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 49.7 | 2.2 | 6.3 | — | 58.2 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 302.5 | $ | 2.6 | $ | 5.8 | $ | — | $ | 310.9 |
Three Months Ended December 31, 2011 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Cash Provided by Operating Activities | $ | — | $ | 21.1 | $ | 5.1 | $ | — | $ | 26.2 | |||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Payments for capital expenditures | — | (8.9 | ) | (0.2 | ) | — | (9.1 | ) | |||||||||||
Net Cash Used by Investing Activities | — | (8.9 | ) | (0.2 | ) | — | (9.1 | ) | |||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Change in net investment of Ralcorp | — | (12.2 | ) | (1.6 | ) | — | (13.8 | ) | |||||||||||
Changes in intercompany debt | — | — | 7.8 | — | 7.8 | ||||||||||||||
Net Cash (Used) Provided by Financing Activities | — | (12.2 | ) | 6.2 | — | (6.0 | ) | ||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | 0.1 | — | 0.1 | ||||||||||||||
Net Increase in Cash and Cash Equivalents | — | — | 11.2 | — | 11.2 | ||||||||||||||
Cash and Cash Equivalents, Beginning of Year | — | — | 1.7 | — | 1.7 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | — | $ | — | $ | 12.9 | $ | — | $ | 12.9 |
• | the impact of our separation from Ralcorp Holdings, Inc. (“Ralcorp”) and risks relating to our ability to operate effectively as a stand-alone, publicly traded company, including, without limitation: |
• | our high leverage and substantial debt, including covenants that restrict the operation of our business; |
• | our ability to achieve benefits from our separation; |
• | our obligations to indemnify Ralcorp if the separation is taxable under certain circumstances; |
• | restrictions on our taking certain actions due to tax rules and covenants with Ralcorp; |
• | changes in our cost structure, management, financing and business operations following the separation; |
• | the impact of our restated fiscal year 2011 and first quarter 2012 financial statements; |
• | significant increases in the costs of certain commodities, packaging or energy used to manufacture our products; |
• | our ability to continue to compete in our product market against manufacturers of both branded and private label cereal products and our ability to retain our market position; |
• | labor strikes or work stoppages by our employees; |
• | our ability to maintain competitive pricing, successfully introduce new products or successfully manage our costs; |
• | our ability to successfully implement business strategies to reduce costs; |
• | impairment in the carrying value of goodwill or other intangibles; |
• | the loss or bankruptcy of a significant customer; |
• | allegations that our products cause injury or illness, product recalls and product liability claims and other litigation; |
• | our ability to anticipate changes in consumer preferences and trends; |
• | changes in consumer demand for ready-to-eat cereals; |
• | our ability to service our outstanding debt or obtain additional financing; |
• | disruptions in the U.S. and global capital and credit markets; |
• | legal and regulatory factors, including changes in food safety, advertising and labeling laws and regulations; |
• | disruptions or inefficiencies in supply chain; |
• | fluctuations in foreign currency exchange rates; |
• | consolidations among the retail grocery and foodservice industries; |
• | change in estimates in critical accounting judgments and changes to or new laws and regulations affecting our business; |
• | losses or increased funding and expenses related to our qualified pension plan; |
• | loss of key employees; |
• | changes in weather conditions, natural disasters and other events beyond our control; and |
• | business disruptions caused by information technology failures. |
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Net Sales | $ | 236.9 | $ | 219.3 | |||
Operating Profit | 30.3 | 31.3 | |||||
Net Earnings | 7.6 | 12.8 |
Three months ended December 31, 2012 | |||
Honey Bunches of Oats | 3 | % | |
Pebbles | 5 | % | |
Other | 9 | % | |
Total | 6 | % |
Three months ended December 31, | |||||
2012 | 2011 | ||||
(% of net sales) | |||||
Gross Profit | 44.6 | % | 44.7 | % | |
Selling, General and Administrative Expenses | 30.4 | % | 29.0 | % | |
Operating Profit | 12.8 | % | 14.3 | % |
Three months ended December 31, | |||||||
2012 | 2011 | ||||||
Cash provided by operating activities | $ | 23.6 | $ | 26.2 | |||
Cash used by investing activities | (14.2 | ) | (9.1 | ) | |||
Cash provided (used) by financing activities | 243.4 | (6.0 | ) | ||||
Effect of exchange rate changes on cash | (0.1 | ) | 0.1 | ||||
Net increase in cash and cash equivalents | $ | 252.7 | $ | 11.2 |
Exhibit No. | Description | |
2.1* | Separation and Distribution Agreement dated as of February 2, 2012 by and among Ralcorp Holdings, Inc., the Company and Post Foods, LLC (Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed on February 8, 2012) | |
2.2* | Transition Services Agreement dated as of February 3, 2012 by and between Ralcorp Holdings, Inc. and the Company (Incorporated by reference to Exhibit 2.2 to the Company’s Form 8-K filed on February 8, 2012) | |
2.3* | Employee Matters Agreement dated as of February 3, 2012 by and between Ralcorp Holdings, Inc. and the Company (Incorporated by reference to Exhibit 2.3 to the Company’s Form 8-K filed on February 8, 2012) | |
2.4 | Contribution Agreement dated as of February 3, 2012 by and between Ralcorp Holdings, Inc. and the Company (Incorporated by reference to Exhibit 2.4 to the Company’s Form 8-K filed on February 8, 2012) | |
3.1 | Amended and Restated Articles of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on February 2, 2012) | |
3.2 | Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on February 2, 2012) | |
3.3 | Amendment to Certificate of Designations for Series A Junior Participating Cumulative Preferred Stock (Incorporated by reference to Exhibit 3.3 to the Company’s Form 8-K filed on January 22, 2013) | |
4.1 | Amendment to Shareholder Protection Rights Agreement with Computershare Trust Company, N.A., as rights agent, dated January 16, 2013 (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on January 17, 2013) | |
4.2 | Indenture dated as of February 3, 2012 by and among the Company, the Guarantors (as defined) and Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on February 8, 2012) | |
4.3 | Registration Rights Agreement dated as of February 3, 2012, by and among the Company, Post Foods, LLC, and Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Credit Suisse Securities (USA) LLC, as representatives of the several initial purchasers (Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on February 8, 2012) | |
4.4 | Registration Rights Agreement dated as of October 25, 2012, by and among the Company, Post Foods, LLC, and Credit Suisse Securities (USA) LLC, Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several initial purchasers (Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on October 25, 2012) | |
10.27 | Fourth Amendment to Credit Agreement dated as of October 19, 2012, by and among the Company, the lenders named therein, and Barclays Bank PLC, as Administrative Agent (Incorporated by referenced to Exhibit 10.1 to the Company's Form 8-K filed on October 22, 2012) | |
31.1 | Certification of William P. Stiritz pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated February 7, 2013 | |
31.2 | Certification of Robert V. Vitale pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated February 7, 2013 | |
32.1 | Certification of William P. Stiritz and Robert V. Vitale, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated February 7, 2013 | |
101 | Interactive Data File (Form 10-Q for the quarterly period ended December 31, 2012 filed in XBRL). The financial information contained in the XBRL-related documents is “unaudited” and “unreviewed.” |
* | Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish copies of any of the omitted schedules and exhibits upon request by the U.S. Securities and Exchange Commission. |
POST HOLDINGS, INC. | |||
Date: | February 7, 2013 | By: | /s/ Robert V. Vitale |
Robert V. Vitale | |||
Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Post Holdings, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 7, 2013 | By: | /s/ William P. Stiritz | ||
William P. Stiritz | |||||
Chief Executive Officer and | |||||
Chairman of the Board of Directors |
1. | I have reviewed this quarterly report on Form 10-Q of Post Holdings, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 7, 2013 | By: | /s/ Robert V. Vitale | ||
Robert V. Vitale | |||||
Chief Financial Officer |
(a) | the quarterly report on Form 10-Q for the period ended December 31, 2012, filed on the date hereof with the Securities and Exchange Commission (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934: and |
(b) | information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 7, 2013 | By: | /s/ William P. Stiritz | ||
William P. Stiritz | |||||
Chief Executive Officer and | |||||
Chairman of the Board of Directors |
(a) | the quarterly report on Form 10-Q for the period ended December 31, 2012, filed on the date hereof with the Securities and Exchange Commission (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934: and |
(b) | information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 7, 2013 | By: | /s/ Robert V. Vitale | ||
Robert V. Vitale | |||||
Chief Financial Officer |
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Supplemental Operations Statement Information and Cash Flow Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Supplemental Operations Statement and Cash Flow Information [Abstract] | ||
Advertising and promotion expenses | $ 30.6 | $ 31.3 |
Repair and maintenance expenses | $ 9.3 | $ 8.9 |
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