Wednesday, 8 January 2003

Dean Foods Authorizes Additional $150 Million Share Repurchase

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Wednesday, 8 January 2003

Company Repurchases $100 Million in Common Stock in the Fourth Quarter of

2002;
Dean Foods Completes Sale of Puerto Rico Operations;

Company Reaffirms Guidance of $3.00 to $3.05 Diluted Earnings Per Share For

2003

DALLAS, Jan. 8 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
announced today that its Board of Directors approved a $150 million increase
to the company’s open market share repurchase program for the company’s common
stock. Pursuant to the program, Dean Foods may, from time to time, purchase
shares of its common stock.

In the fourth quarter of 2002, Dean Foods bought back just over
2.75 million shares of its common stock in the open market at an average price
of $36.78 per share, concluding the balance of its previous share repurchase
authorization. The repurchase totaled just over $100 million and will be
slightly accretive to 2003 earnings per share.

Dean Foods also announced that it completed the sale of its Puerto Rico
dairy operations, receiving approximately $122 million in cash for the sale.
The company said that the sale was motivated by its desire to more closely
align its assets and management resources with the company’s ongoing strategic
direction. In addition, the company noted that the sale of the Puerto Rico
operations will be slightly dilutive to 2003 results.

The combined effect of the sale of Puerto Rico and the company’s fourth
quarter share repurchases will not impact Dean Foods’ previously-stated
guidance of $3.00 to $3.05 per diluted share for 2003. The company confirmed
that it continues to expect to grow diluted earnings per share 8-10% for the
foreseeable future.

Dean Foods Company is one of the nation’s leading food and beverage
companies. The company produces a full line of company-branded and private
label dairy and dairy-related products such as milk and milk-based beverages,
ice cream, coffee creamers, half and half, whipping cream, whipped toppings,
sour cream, cottage cheese, yogurt, dips, dressings and soy milk. The company
is also a leading supplier of pickles and other specialty food products,
juice, juice drinks and water. The company operates over 120 plants in
38 U.S. states and Spain, and employs more than 30,000 people.

Some of the statements in this press release are “forward-looking” and are
made pursuant to the safe harbor provision of the Securities Litigation Reform
Act of 1995. These “forward-looking” statements include statements relating
to, among other things, the company’s projected earnings per share. These
statements involve risks and uncertainties that may cause results to differ
materially from the statements set forth in this press release. The company’s
ability to meet targeted financial and operating results depends on a variety
of economic, competitive and governmental factors, many of which are beyond
the company’s control and which are described in the company’s filings with
the Securities and Exchange Commission. The forward-looking statements in
this press release speak only as of the date of this release. The company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to such statements to reflect any change in its
expectations with regard thereto or any changes in the events, conditions or
circumstances on which any such statement is based.

Contacts: Cory Olson

                Senior Vice President and Treasurer
                (214) 303-3645

                P.I. Aquino
                Assistant Treasurer
                (214) 303-3437

SOURCE Dean Foods Company

-0- 01/08/2003

/CONTACT: Cory Olson, Senior Vice President and Treasurer,
+1-214-303-3645, or P.I. Aquino, Assistant Treasurer, +1-214-303-3437, both of
Dean Foods Company/

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