EX-99 9 df-20141231x10kxexx99.htm EXHIBIT 99 DF-2014.12.31-10K-EX-99
EXHIBIT 99

 
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
 
 
December 31, 2014 
 
Assets
 
Current assets:
 
Cash and cash equivalents
$
13,656

Receivables, net
340,194

Income taxes receivable
7,338

Inventories
121,104

Deferred income taxes
15,146

Prepaid expenses and other current assets
13,669

Total current assets
511,107

Property, plant and equipment, net
493,471

Goodwill
44,057

Identifiable intangible and other assets, net
176,301

Total
$
1,224,936

Liabilities and Parent’s Net Investment
 
Current liabilities:
 
Accounts payable and accrued expenses
274,390

Total current liabilities
274,390

Long-term debt
246,987

Deferred income taxes
115,983

Other long-term liabilities
47,628

Parent’s net investment:
 
Parent’s net investment
544,227

Accumulated other comprehensive loss
(4,279
)
Total parent’s net investment
539,948

Total
$
1,224,936

 
 






DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
 
 
Year Ended
December 31, 2014
 
 
Net sales
$
4,476,796

Cost of sales
3,692,027

Gross profit
784,769

Operating costs and expenses:
 
Selling and distribution
608,375

General and administrative
54,827

Amortization of intangibles
1,634

Restructuring and non-recurring costs
15,891

Total operating costs and expenses
680,727

Operating income
104,042

Other expense:
 
Interest expense
11,859

Other expense, net
88,086

Total other expense
99,945

Income from continuing operations before income taxes
4,097

Income tax benefit
(9,887
)
Gain from discontinued operations, net of tax
332

Net income
14,316

Other comprehensive loss, net of tax
(923
)
Comprehensive income
$
13,393








DEAN HOLDING COMPANY
INFORMATION RELATED TO CONSOLIDATED STATEMENT OF PARENT'S NET INVESTMENT
(Unaudited)
(In thousands)
 
 
Parent's Net Investment
 
Accumulated Other Comprehensive Income (loss)
 
Total Parent's Net
Investment
 
Balance, January 1, 2014
$
597,301

 
$
(3,355
)
 
$
593,946

Share-based compensation expense
2

 

 
2

Activity with parent
(67,392
)
 

 
(67,392
)
Net income
14,316

 

 
14,316

Other comprehensive income:
 
 
 
 
 
Pension Liability adjustment

 
(122
)
 
(122
)
Cumulative translation adjustment

 
(802
)
 
(802
)
Balance, December 31, 2014
$
544,227

 
$
(4,279
)
 
$
539,948







DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFROMATION
(Unaudited)
(In thousands)
 
Year Ended
December 31, 2014
 
 
Cash flows from operating activities:
 
Net income
14,316

Adjustments to reconcile net income to net cash provided by operating activities:
 
Depreciation and amortization
79,705

Share-based compensation expense
2

Gain on divestitures and other, net
(2,663
)
Write-off of financing costs
15,263

Deferred income taxes
14,257

Other, net
4,073

Receivables, net
(1,576
)
Inventories
5,004

Prepaid expenses and other assets
(1,855
)
Accounts payable and accrued expenses
10,558

Income taxes receivable/payable
(1,781
)
Net cash provided by operating activities
135,303

Cash flows from investing activities:
 
Payments for property, plant and equipment
(55,363
)
Proceeds from sale of fixed assets
7,604

Net cash used in investing activities
(47,759
)
Cash flows from financing activities:
 
Proceeds from receivables-backed facility
662,584

Payments for receivables-backed facility
(657,096
)
Intercompany
(92,388
)
Net cash used in financing activities
(86,900
)
Effect of exchange rate changes on cash and cash equivalents
(1,666
)
Decrease in cash and cash equivalents
(1,022
)
Cash and cash equivalents, beginning of period
14,678

Cash and cash equivalents, end of period
$
13,656