EX-99 20 dex99.htm SUPPLEMENTAL FINANCIAL INFORMATION FOR DEAN HOLDING COMPANY Supplemental Financial Information for Dean Holding Company

EXHIBIT 99

DEAN HOLDING COMPANY

CONSOLIDATED BALANCE SHEET INFORMATION

(Unaudited)

(In thousands)

 

     December 31, 2010  

Assets

  

Current assets:

  

Cash and cash equivalents

   $ 8,121   

Receivables, net

     296,490   

Inventories

     116,424   

Deferred income taxes

     37,592   

Prepaid expenses and other current assets

     7,291   
        

Total current assets

     465,918   

Property, plant and equipment, net

     540,732   

Goodwill

     1,099,682   

Identifiable intangible and other assets

     189,918   
        

Total

   $ 2,296,250   
        

Liabilities and Parent’s Net Investment

  

Current liabilities:

  

Accounts payable and accrued expenses

   $ 203,435   

Income tax payable

     2,887   

Current portion of long-term debt

     11   
        

Total current liabilities

     206,333   

Long-term debt

     127,516   

Deferred income taxes

     211,147   

Other long-term liabilities

     24,166   

Parent’s net investment:

  

Parent’s net investment

     1,729,917   

Accumulated other comprehensive loss

     (2,829
        

Total parent’s net investment

     1,727,088   
        

Total

   $ 2,296,250   
        


DEAN HOLDING COMPANY

CONSOLIDATED OPERATING INFORMATION

(Unaudited)

(In thousands)

 

     Year Ended
December 31, 2010
 

Net sales

   $ 3,874,236   

Cost of sales

     2,960,452   
        

Gross profit

     913,784   

Operating costs and expenses:

  

Selling and distribution

     621,149   

General and administrative

     65,785   

Amortization of intangibles

     2,190   

Facility closing and reorganization costs

     1,394   
        

Total operating costs and expenses

     690,518   
        

Operating income

     223,266   

Other (income) expense:

  

Interest expense

     10,922   

Other (income) expense, net

     89,380   
        

Total other expense

     100,302   
        

Income from continuing operations before income taxes

     122,964   

Income taxes

     53,629   
        

Income from continuing operations

     69,335   

Loss from discontinued operations, net of tax

     (121
        

Net income

   $ 69,214   
        


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
    Total Parent’s
Net
Investment
 

Balance, January 1, 2010

   $ 1,690,096      $ (2,804   $ 1,687,292     

Share-based compensation expense

     1,462        —          1,462     

Activity with parent

     (30,855     —          (30,855  

Net income

     69,214        —          69,214      $ 69,214   

Other comprehensive income:

        

Pension liability adjustment

     —          (542     (542     (542

Cumulative translation adjustment

     —          517        517        517   
              

Comprehensive income

     —          —          —        $ 69,189   
                                

Balance, December 31, 2010

   $ 1,729,917      $ (2,829   $ 1,727,088     
                          


DEAN HOLDING COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION

(Unaudited)

(In thousands)

 

     Year Ended
December 31, 2010
 

Cash flows from operating activities:

  

Net income

   $ 69,214   

Loss from discontinued operations

     121   

Adjustments to reconcile net income to net cash provided by operating activities:

  

Depreciation and amortization

     75,236   

Share-based compensation expense

     1,462   

Loss on disposition of assets and operations

     464   

Write-down of impaired assets

     306   

Deferred income taxes

     6,427   

Other

     193   

Changes in operating assets and liabilities, net of acquisitions:

  

Receivables, net

     (13,671

Inventories

     (856

Prepaid expenses and other assets

     (4,293

Accounts payable and accrued expenses

     (25,408

Income taxes

     1,862   
        

Net cash provided by operating activities

     111,057   

Cash flows from investing activities:

  

Payments for property, plant and equipment

     (90,621

Proceeds from sale of fixed assets

     1,247   
        

Net cash used in investing activities

     (89,374

Cash flows from financing activities:

  

Distribution from parent

     (20,243
        

Net cash used in financing activities

     (20,243

Effect of exchange rate changes on cash and cash equivalents

     423   
        

Increase in cash and cash equivalents

     1,863   

Cash and cash equivalents, beginning of period

     6,258   
        

Cash and cash equivalents, end of period

   $ 8,121