Wednesday, 5 November 2003

Dean Foods Company Announces Third Quarter Results

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Wednesday, 5 November 2003

Pro Forma Diluted Earnings Per Share Up 11% to $0.52

Strategic Brand Portfolio Delivers 31% Volume Growth

DALLAS, Nov. 5 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
today announced that for the quarter ended September 30, 2003 the company
earned $0.76 per diluted share, compared with $0.45 per share in the third
quarter of 2002. Net income for the third quarter totaled $122.2 million,
compared with $68.7 million in the third quarter of 2002. During the quarter,
the company recorded a $65.9 million gain ($40.3 million net of taxes) related
to the July sale of the company’s frozen pre-whipped topping business.

Third quarter net sales totaled $2.3 billion in 2003, an increase of 3%
over the third quarter of 2002, due primarily to higher raw material costs
that are passed on to customers in the form of higher selling prices,
increased volumes at White Wave and the acquisition of Melody Farms in June.

On a pro forma basis (as defined below), diluted earnings per share for
the third quarter totaled $0.52, an increase of 11% compared with pro forma
earnings of $0.47 per share in last year’s third quarter. Pro forma net
income for the third quarter grew 17% to $83.1 million compared with pro forma
net income of $71.1 million in the third quarter of 2002.

“On balance, we reported another quarter of solid results, and I’m pleased
with how our business performed,” said Gregg Engles, chairman and chief
executive officer. “The Dairy Group, Specialty Foods, White Wave and Leche
Celta continued to turn in solid results, and our strategic brand portfolio
delivered overall volume growth of 31%.”

The company reported third quarter operating income of $240.9 million
versus $166.3 million in the third quarter of 2002. Pro forma operating
income totaled $177.1 million, an increase of 3% over pro forma operating
income of $171.2 million in the third quarter of 2002. Pro forma third
quarter 2003 operating income margins were 7.7%, flat versus the pro forma
results from the third quarter of last year. Flat operating income margin
comparisons to last year were primarily due to improved results in the Dairy
Group segment, offset by a decline in Morningstar margins primarily due to
increased investment behind the company’s strategic brands.

Long-term debt at September 30, 2003 was approximately $2.6 billion,
including $188.3 million due within one year that is reported as part of
current liabilities. At the end of the quarter, approximately $834 million of
the company’s $2.8 billion bank facility was available for future borrowings.

MODIFICATION OF BANK FACILITY

The company noted that during the quarter it successfully modified its
bank facility to lower its interest rate margin. At the same time, the
company increased its revolving credit facility and its Term A loan to
$1 billion each, from $800 million and $765 million respectively. The company
decreased its Term B loan from $990 million to $750 million.

ACQUISITIONS

In October 2003, Dean Foods completed the acquisition of Kohler Mix
Specialties from Michael Foods for $156 million in cash. With annual sales of
approximately $190 million, Kohler has three plants and processes ultra
pasteurized creams, creamers and ice cream mixes.

On June 30, Dean Foods announced that it had signed a definitive agreement
to purchase Horizon Organic Holdings Corp. for $24 per share. The companies
continue to expect the transaction to close in December of 2003.

OUTLOOK FOR 2003 AND 2004

“We remain focused and committed to increasing shareholder value at Dean
Foods,” said Engles. “We continue to expect fourth quarter earnings between
$0.54 and $0.56 per share and full year 2003 earnings in the range of $2.03 to
$2.05 per share. As we did last quarter, we have attempted to incorporate the
rise in raw milk prices into our projections for the balance of the year, and
we remain confident in our ability to manage rising raw milk costs
effectively.”

With regard to next year, Dean Foods expects 2004 pro forma earnings per
share will be between $2.28 to $2.34, assuming a constant share count for the
year.

SEGMENT RESULTS

Dairy Group net sales for the third quarter totaled $1.83 billion, an
increase of 4% from $1.76 billion in the third quarter of 2002. The third
quarter sales increase was due to higher raw milk costs that were passed along
to customers in the form of increased selling prices, as well as the
acquisition of Melody Farms in June.

Dairy Group pro forma operating income in the third quarter improved 21%
to $163 million, and pro forma operating margins increased 127 basis points to
8.91% of sales. The Dairy Group’s operating margin was historically high in
the third quarter primarily because raw milk prices were at historically low
levels during the quarter. The third quarter average Class I mover, which is
an indicator of the company’s Class I raw milk prices, averaged $11.48 per
hundred-weight in the third quarter of 2003, a 9% increase versus last year.

Morningstar/White Wave net sales in the third quarter totaled
$257 million, down 1.7% compared to last year. Strong results at White Wave
offset the previously-announced termination of the Nestle co-packing business
at Morningstar; increased couponing, slotting and market development spending
for the company’s strategic brand portfolio, which under GAAP are recorded as
reductions to sales; and the sale of Morningstar’s frozen pre-whipped topping
business in July.

Pro forma operating income in the third quarter for Morningstar/White Wave
was $1 million, and the segment reported pro forma operating margins of 0.4%.
Operating margins in the Morningstar/White Wave segment were significantly
affected by increased marketing and promotional spending and the impact of the
White Wave management incentive program, which will terminate in March 2004.

Specialty Foods’ net sales totaled $166 million, a 1% increase over the
prior year third quarter, and operating income was $27 million, a decline of
5%. Third quarter operating income margin declined 107 basis points to 16.2%.
The decline in operating income and margin was attributable to start up costs
associated with moving aseptic production lines from Michigan to Illinois, as
well as higher natural gas costs.

RESULTS FOR NINE MONTHS ENDED SEPTEMBER 30, 2003

The company’s net sales declined 1% to $6.7 billion for the nine months
ended September 30, 2003, compared with $6.8 billion during the first nine
months of 2002. The decline is due primarily to lower raw milk costs in the
first seven months of the year that were passed on to customers in the form of
lower selling prices. Net income for the first nine months of 2003 totaled
$269.2 million, compared with $112.3 million in 2002. Diluted earnings per
share for the nine months ended September 30, 2003 totaled $1.73, compared
with $0.79 in the first nine months of 2002.

Pro forma net income for the nine months (as defined below) totaled
$231.0 million, an increase of 13% over $203.8 million last year. Pro forma
diluted earnings per share for the first nine months of 2003 totaled $1.50, an
increase of 11% compared with $1.35 in the first nine months of 2002.

The company reported operating income for the period ended
September 30, 2003 of $582.3 million versus $490.4 million in 2002, an
increase of 19%. Pro forma operating income for the first nine months of 2003
totaled $519.9 million, an increase of 4% over pro forma operating income of
$501.9 million last year. Pro forma operating income margins for the nine
months were 7.8%, an increase of 36 basis points versus the pro forma results
of the prior year’s first nine months.

COMPARISON OF PRO FORMA INFORMATION TO GAAP INFORMATION

The pro forma financial information contained in this press release
eliminates non-recurring or one-time gains or losses, as well as plant closing
costs, and is provided in order to allow investors to make meaningful
comparisons of the company’s operating performance between periods and to view
the company’s business from the same perspective as the company’s management.
A full reconciliation table between earnings per share for the three and nine
month periods ended September 30, 2003 calculated according to Generally
Accepted Accounting Principles (GAAP) and on a pro forma basis is attached.

The company’s pro forma earnings guidance for 2003 and 2004 excludes any
potential non-recurring or one-time gains and losses and plant closing
charges.

For the third quarter of 2003, the pro forma results reported above differ
from the company’s results under GAAP by excluding a non-recurring gain of
$65.9 million ($40.3 million net of income tax) related to the sale of the
company’s frozen pre-whipped topping business and a $2.1 million restructuring
charge ($1.3 million net of income tax) related primarily to the process of
moving Morningstar’s plants into the Dairy Group and restructuring a
distribution facility in the Northeast.

For the third quarter of 2002, the pro forma results reported above differ
from the company’s results under GAAP by excluding $4.9 million of
restructuring charges ($3.1 million net of income tax) related to closing a
Morningstar plant in Arizona.

For the nine months ended September 30, 2003 the pro forma results
reported above differ from the company’s results reported under GAAP by
excluding a non-recurring gain of $65.9 million ($40.3 million net of income
tax) related to the sale of the company’s frozen pre-whipped topping business
and restructuring charges of $3.5 million ($2.1 million net of income tax)
related to plant closings.

For the first nine months of 2002, the pro forma results reported above
differ from the company’s 2002 results reported under GAAP by excluding the
following: $11.4 million ($7.1 million net of income tax) in plant closing
charges; $0.6 million net income from discontinued operations; and a one-time
total charge of $85.0 million, net of income tax, related to the write-down of
certain trademarks and goodwill due to the implementation of Financial
Accounting Standard (FAS) 142, “Goodwill and Other Intangible Assets.”

CONFERENCE CALL WEBCAST

A webcast to discuss the company’s financial results and outlook will be
held at 9:00 a.m. ET today and may be heard live by visiting the “Webcasts”
section of the company site at www.deanfoods.com .

ABOUT DEAN FOODS

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, sour cream, cottage
cheese, yogurt, dips, dressings and soy milk. The company is also a leading
manufacturer of pickles and other specialty food products, juice, juice drinks
and water. The company operates over 120 plants in 36 U.S. states and Spain,
and employs approximately 28,000 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 sales, operating income,
marketing expenses, depreciation, amortization, interest expense, capital
expenditures, taxes and 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 during 2003 and 2004, including
targeted sales, operating income, marketing expenses, depreciation,
amortization, interest expense, capital expenditures, taxes and earnings per
share 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 company’s
ability to profit from its branding initiatives depends on a number of factors
including primarily consumer acceptance of the company’s products. 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.

                              (Tables to follow)


                              DEAN FOODS COMPANY
                (Dollars in thousands, except per share data)

                                        GAAP               PRO FORMA [A]
                                 Three Months Ended      Three Months Ended
                                   September 30,           September 30,
                                  2003        2002        2003        2002

    Net sales                  $2,306,848  $2,229,726  $2,306,848  $2,229,726
    Cost of sales               1,713,311   1,636,306   1,713,311   1,636,306

      Gross profit                593,537     593,420     593,537     593,420

    Operating costs and
     expenses                     416,430     422,246     416,430     422,246
    Plant closing costs             2,118       4,921
    Other operating income        (65,892)

      Operating income            240,881     166,253     177,107     171,174

    Interest expense &
     financing charges on
     preferred securities          45,806      56,720      45,806      56,720
    Earnings from
     unconsolidated affiliates        (22)       (254)        (22)       (254)
    Other (income) expense         (1,826)        352      (1,826)        352

      Income from continuing
       operations before
       income taxes               196,923     109,435     133,149     114,356
    Income taxes                   74,758      41,403      50,014      43,248
    Minority interest                   3          25           3          25

      Income from continuing
       operations                 122,162      68,007      83,132      71,083
    Income from discontinued
     operations, net of tax                       692

        Net income               $122,162     $68,699     $83,132     $71,083


    Basic earnings per share:
        Income from continuing
         operations                 $0.79       $0.50
        Income from
         discontinued
         operations                  0.00        0.01
        Net income                  $0.79       $0.51       $0.54       $0.52

        Basic average common
         shares (000's)           155,090     135,856     155,090     135,856

    Diluted earnings per share:
        Income from continuing
         operations                 $0.76       $0.45
        Income from
         discontinued
         operations                  0.00        0.00
        Net income                  $0.76       $0.45       $0.52       $0.47

        Diluted average common
         shares (000's)           161,089     163,576     161,089     163,576

     [A] Pro forma results differ from our results reported under GAAP by
         excluding the following items in order to report both periods on a
         comparable basis:

         In the third quarter of 2003 pro forma results exclude the gain on
         the sale of our frozen pre-whipped topping business and plant closing
         costs.  In the third quarter of 2002 pro forma results exclude plant
         closing costs and the results of discontinued operations.


                              DEAN FOODS COMPANY
                (Dollars in thousands, except per share data)

                                        GAAP               PRO FORMA [B]
                                 Nine Months Ended       Nine Months Ended
                                   September 30,           September 30,
                                  2003        2002        2003        2002

    Net sales                  $6,674,298  $6,751,189  $6,674,298  $6,751,189
    Cost of sales               4,908,375   5,012,480   4,908,375   5,012,480

      Gross profit              1,765,923   1,738,709   1,765,923   1,738,709

    Operating costs and
     expenses                   1,246,033   1,236,847   1,246,033   1,236,847
    Plant closing costs             3,453      11,424
    Other operating income        (65,892)

      Operating income            582,329     490,438     519,890     501,862

    Interest expense &
     financing charges on
     preferred securities         151,182     174,933     151,182     174,933
    Earnings from
     unconsolidated affiliates       (201)     (2,061)       (201)     (2,061)
    Other (income) expense         (2,597)        816      (2,597)        816

      Income from continuing
       operations before
       income taxes               433,945     316,750     371,506     328,174
    Income taxes                  164,782     120,009     140,546     124,348
    Minority interest                   3          41           3          41

      Income from continuing
       operations                 269,160     196,700     230,957     203,785
    Income from discontinued
     operations, net of tax                       585

        Net income before
         cumulative effect of
         accounting change        269,160     197,285     230,957     203,785

    Cumulative effect of
     accounting change                        (84,983)

        Net income               $269,160    $112,302    $230,957    $203,785


    Basic earnings per share:
        Income from continuing
         operations                 $1.90       $1.46
        Income from
         discontinued
         operations                  0.00        0.00
        Cumulative effect of
         accounting change           0.00       (0.63)
        Net income                  $1.90       $0.83       $1.63       $1.51

        Basic average common
         shares (000's)           141,709     134,753     141,709     134,753

    Diluted earnings per share:
        Income from continuing
         operations                 $1.73       $1.30
        Income from
         discontinued
         operations                  0.00        0.00
        Cumulative effect of
         accounting change           0.00       (0.51)
        Net income                  $1.73       $0.79       $1.50       $1.35

        Diluted average common
         shares (000's)           160,404     163,011     160,404     163,011

     [B] Pro forma results differ from our results reported under GAAP by
         excluding the following items in order to report both periods on a
         comparable basis:

         In the first nine months of 2003 pro forma results exclude the gain
         on the sale of our frozen pre-whipped topping business, plant closing
         costs and a gain on the disposition of a closed plant.  In the first
         nine months of 2002 pro forma results exclude plant closing costs,
         the results of discontinued operations, and the cumulative effect of
         accounting change related to the write-down of certain trademarks and
         goodwill due to the implementation of FAS 142, "Goodwill and Other
         Intangible Assets".


                              DEAN FOODS COMPANY

                Earnings per Share Summary and Reconciliation

                                    Three Months Ended      Nine Months Ended
                                       September 30,           September 30,
                                     2003        2002        2003        2002
    GAAP diluted earnings per
     share                          $0.76       $0.45       $1.73       $0.79

    Pro forma adjustments:
       Plant closing costs           0.01        0.02        0.02        0.05
       Gain on sale of frozen
        pre-whipped topping
        business                    (0.25)                  (0.25)
       Cumulative effect of
        accounting change [C]                                            0.51

    Pro forma diluted earnings
     per share                      $0.52       $0.47       $1.50       $1.35

     [C] Cumulative effect of accounting change in 2002 related to the write-
         down of certain trademarks and goodwill due to the implementation of
         FAS 142, "Goodwill and Other Intangible Assets".


                             Segment Information
                            (Dollars in thousands)

                                        GAAP               Pro Forma [D]
                                 Three Months Ended      Three Months Ended
                                    September 30,           September 30,
                                  2003        2002        2003        2002
    Revenue
      Dairy Group              $1,825,657  $1,763,725  $1,825,657  $1,763,725
      Morningstar Foods/White
       Wave                       256,721     261,099     256,721     261,099
      Specialty Foods             165,748     164,103     165,748     164,103
      Corporate / Other            58,722      40,799      58,722      40,799
      Consolidated             $2,306,848  $2,229,726  $2,306,848  $2,229,726

    Operating Income
      Dairy Group                $161,515    $134,835    $162,576    $134,835
      Morningstar Foods/White
       Wave                        65,836      19,861       1,001      24,782
      Specialty Foods              26,827      28,321      26,827      28,321
      Corporate / Other           (13,297)    (16,764)    (13,297)    (16,764)
      Consolidated               $240,881    $166,253    $177,107    $171,174

                                         GAAP               Pro Forma [E]
                                  Nine Months Ended       Nine Months Ended
                                    September 30,           September 30,
                                   2003        2002        2003        2002
    Revenue
      Dairy Group              $5,230,031  $5,339,943  $5,230,031  $5,339,943
      Morningstar Foods/White
       Wave                       758,867     763,475     758,867     763,475
      Specialty Foods             504,362     502,681     504,362     502,681
      Corporate / Other           181,038     145,090     181,038     145,090
      Consolidated             $6,674,298  $6,751,189  $6,674,298  $6,751,189

    Operating Income
      Dairy Group                $462,226    $398,182    $464,622    $404,685
      Morningstar Foods/White
       Wave                        88,423      73,801      23,588      78,722
      Specialty Foods              77,672      74,475      77,672      74,475
      Corporate / Other           (45,992)    (56,020)    (45,992)    (56,020)
      Consolidated               $582,329    $490,438    $519,890    $501,862

     [D] Pro forma results differ from our results reported under GAAP by
         excluding the following items in order to report both periods on a
         comparable basis:

         In the third quarter of 2003 pro forma results exclude the gain on
         the sale of our frozen pre-whipped topping business and plant closing
         costs.  In the third quarter of 2002 pro forma results exclude plant
         closing costs.

     [E] Pro forma results differ from our results reported under GAAP by
         excluding the following items in order to report both periods on a
         comparable basis:

         In the first nine months of 2003 pro forma results exclude the gain
         on the sale of our frozen pre-whipped topping business, plant closing
         costs and a gain on the disposition of a closed plant.  In the first
         nine months of 2002 pro forma results exclude plant closing costs.


                              DEAN FOODS COMPANY

                           Condensed Balance Sheet
                            (Dollars in Thousands)

                                               September 30,      December 31,
    ASSETS                                          2003              2002

    Cash and cash equivalents                      $19,980           $45,896
    Other current assets                         1,344,847         1,265,250
      Total current assets                       1,364,827         1,311,146

    Property, plant & equipment                  1,693,581         1,628,424

    Intangibles & other assets                   3,689,056         3,642,696

        Total Assets                            $6,747,464        $6,582,266


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Total current liabilities                   $1,248,980        $1,268,143

    Long-term debt                               2,443,515         2,554,482

    Other long-term liabilities                    577,816           531,171

    Mandatorily redeemable TIPES                                     585,177

    Stockholders' equity:
      Common stock                                   1,559             1,330
      Additional paid-in capital                 1,528,062           979,113
      Retained earnings                            987,715           718,555
      Other comprehensive income                   (40,183)          (55,705)
         Total stockholders' equity              2,477,153         1,643,293

        Total Liabilities and
         Stockholders' Equity                   $6,747,464        $6,582,266


                              DEAN FOODS COMPANY

                      Condensed Statement of Cash Flows
                            (Dollars in Thousands)


                                               Nine Months Ended September 30,
    Operating Activities                             2003              2002
      Net income                                  $269,160          $112,302
      Depreciation and amortization                142,137           131,350
      Income from unconsolidated
       affiliates                                     (201)           (2,060)
      Gain on sale of frozen pre-whipped
       topping business                            (65,892)
      Cumulative effect of accounting
       change                                                         84,983
      Deferred income taxes                        103,071            30,910
      Changes in current assets and
       liabilities                                (106,443)           64,209
      Other                                         (3,706)            8,292
          Net cash provided by continuing
           operations                              338,126           429,986
          Net cash provided by discontinued
           operations                                                  3,995
          Net cash provided by operations          338,126           433,981

    Investing Activities
      Net additions to property, plant
       and equipment                              (199,462)         (148,665)
      Cash outflows for acquisitions               (61,092)         (213,586)
      Net proceeds from divestitures                89,950             2,561
      Proceeds from sale of fixed assets             9,889             3,857
          Net cash used in continuing operations  (160,715)         (355,833)
          Net cash used in discontinued
           operations                                                 (3,715)
          Net cash used in investing activities   (160,715)         (359,548)

    Financing Activities
      Proceeds from the issuance of debt           175,136           193,729
      Repayment of debt                           (301,091)         (370,892)
      Issuance of common stock, net of
       expenses                                     81,979            68,288
      Redemption of common stock                  (152,472)
      Other                                         (6,879)             (762)
          Net cash used in financing activities   (203,327)         (109,637)

    Decrease in cash and cash equivalents          (25,916)          (35,204)
    Beginning cash balance                          45,896            78,260

    Ending cash balance                            $19,980           $43,056

Contact: Cory Olson

Senior Vice President and Treasurer

(214) 303-3645

P.I. Aquino

Assistant Treasurer

(214) 303-3437

SOURCE Dean Foods Company 11/05/2003

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

Web site: http://www.deanfoods.com

(DF)

CO: Dean Foods Company

ST: Texas

IN: FOD REA

SU: ERN ERP CCA MAV

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Dean Foods Concludes Strategic Alternatives Review; Focuses on Go-Forward Strategy Under New Leaders...
DALLAS , Sept. 6, 2019 /PRNewswire/ --  Dean Foods Company (NYSE: DF) (" Dean Foods " or the "Compa...
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6 August, 2019
Dean Foods Announces Second Quarter 2019 Results
DALLAS , Aug. 6, 2019 /PRNewswire/ -- Dean Foods Company (NYSE: DF) today reported second quarter 20...
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26 July, 2019
Dean Foods Appoints Eric Beringause as President and CEO
Industry Veteran Brings More Than Three Decades of Experience in Food, Beverage and Consumer Product...
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