EX-99.4 6 j9786401exv99w4.txt EXHIBIT 99.4 Exhibit 99.4 H. J. HEINZ COMPANY Unaudited Pro-Forma Consolidated Statement of Income Fiscal Year Ended May 2, 2001
Adjustments for the Historical Transaction Pro Forma ------------- ----------- --------- (in thousands) Sales..................... $8,820,884 $(1,833,186)(a) $6,987,698 Cost of products sold..... 5,883,618 (1,476,351)(b) 4,407,267 ---------- ----------- ---------- Gross profit.............. 2,937,266 (356,835) 2,580,431 Selling, general and administrative expenses.. 1,954,912 (363,440)(b) 1,591,472 ---------- ----------- ---------- Operating income.......... 982,354 6,605 988,959 Interest income........... 22,692 (95)(c) 22,597 Interest expense.......... 332,957 (70,469)(d) 262,488 Other income, net......... 969 4,389 (e) 5,358 ---------- ----------- ---------- Income before income taxes and cumulative effect of accounting changes....... 673,058 81,368 754,426 Provision for income taxes 178,140 12,355 (f) 190,495 ---------- ----------- ---------- Income before cumulative effect of accounting change................... 494,918 69,013 563,931 Cumulative effect of accounting change........ (16,906) 1,625 (g) (15,281) ---------- ----------- ---------- Net income from continuing operations............... $ 478,012 $ 70,638 $ 548,650 ========== =========== ========== Diluted income before cumulative effect of accounting change from continuing operations per share................ $ 1.41 $ 1.61 ========== ========== Diluted income from continuing operations per share............... $ 1.36 $ 1.56 ========== ========== Average common shares outstanding -- diluted... 351,041 351,041 ========== ========== Basic income before cumulative effect of accounting change from continuing operations per share $ 1.42 $ 1.62 ========== ========== Basic income from continuing operations per share............... $ 1.37 $ 1.58 ========== ========== Average common shares outstanding -- basic..... 347,758 347,758 ========== ==========
NOTE: For the year ended May 2, 2001, there were $706.0 million pretax ($1.19 earnings per share) of special items in the historical results of which $339.3 million pretax ($0.72 earnings per share) were related to SKF Foods and $366.7 million pretax ($0.47 earnings per share) to continuing operations. See Heinz's Annual report filed on Form 10-K for the year ended May 1, 2002 for further details. H. J. HEINZ COMPANY Unaudited Pro Forma Consolidated Statement of Income Fiscal Year Ended May 2, 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 repaid as a result of the transaction. Based on the outstanding floating rate debt, a variation in interest rates of 1/8% would cause interest expense to fluctuate approximately $1.4 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 before taxes that was transferred to SKF Foods as a result of the transaction. (g) Represents the cumulative effect on prior years from the adoption of Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" attributable to the businesses that were transferred to SKF Foods as a result of the transaction.