EX-99.2 4 j9786401exv99w2.txt EXHIBIT 99.2 Exhibit 99.2 H. J. HEINZ COMPANY Unaudited Pro Forma Consolidated Statement of Income Six months ended October 31, 2001
Adjustments for the Historical Transaction Pro Forma ---------- ----------- ----------- (in thousands) Sales $4,491,514 $ (876,391)(a) $3,615,123 Cost of products sold 2,866,619 (597,553)(b) 2,269,066 ---------- ---------- ---------- Gross profit 1,624,895 (278,838) 1,346,057 Selling, general, and administrative expenses 839,572 (137,363)(b) 702,209 ---------- ---------- ---------- Operating income 785,323 (141,475) 643,848 Interest income 9,627 (914)(c) 8,713 Interest expense 150,630 (30,838)(d) 119,792 Other expenses, net 11,743 484 (e) 12,227 ---------- ---------- ---------- Income before income taxes 632,577 (112,035) 520,542 Provision for income taxes 223,862 (37,395)(f) 186,467 ---------- ---------- ---------- Net income from continuing operations $ 408,715 $ (74,640) $ 334,075 ========== ========== ========== Diluted income from continuing operations per share $ 1.16 $ 0.95 ========== ========== Average common shares outstanding -- diluted 352,652 352,652 ========== ========== Basic income from continuing operations per share $ 1.17 $ 0.96 ========== ========== Average common shares outstanding -- basic 349,516 349,516 ========== ==========
NOTE: For the six months ended October 31, 2001 there were $16.2 million pretax ($0.04 earnings per share) of special items in the historical results of which $7.9 million pretax ($0.02 earnings per share) were related to SKF Foods and $8.3 million pretax ($0.02 earnings per share) to continuing operations. See Heinz's Quarterly report filed on Form 10-Q for the quarter ended October 30, 2002 for further details. H. J. HEINZ COMPANY Unaudited Pro Forma Consolidated Statement of Income Six months ended October 31, 2001 (a) Represents the revenues of Heinz's U.S. tuna, U.S. and Canadian pet food and pet snacks, U.S. private label soup and private label gravy, College Inn broth and U.S. infant feeding businesses, all of which were transferred to SKF Foods as a result of the transaction. (b) Represents costs directly attributable to the businesses described in (a) above that were transferred to SKF Foods as a result of the transaction. (c) Represents the interest income directly attributable to the businesses that were transferred to SKF Foods as a result of the transaction. (d) Represents the interest expense on approximately $1.1 billion of debt that was paid as a result of the transaction. Based on the outstanding floating rate debt, a variation interest rates of 1/8% would cause interest expense to fluctuate approximately $0.2 million annually. (e) Represents other miscellaneous expenses directly attributable to those businesses that were transferred to SKF Foods as a result of the transaction. (f) Represents the tax provision associated with the income taxes that were transferred to SKF Foods as a result of the transaction.