Fourth Quarter Pro Forma Diluted Earnings Per Share Up 14% to $0.56
2003 Pro Forma Diluted Earnings Per Share Grew 11% to $2.05
Dean Foods Reiterates 2004 Guidance of $2.28 – $2.34 Per Share
DALLAS, Feb. 12 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
today announced that the company earned $0.54 per diluted share for the
quarter ended December 31, 2003, compared with $0.42 per share in the fourth
quarter of 2002. Net income for the fourth quarter totaled $86.5 million,
compared with $63.1 million in the prior year fourth quarter.
Net sales for the fourth quarter totaled $2.5 billion, an increase of 12%
over the fourth 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 acquisitions of Melody Farms and
Kohler Mix Specialties.
On a pro forma basis (as defined below), diluted earnings per share for
the fourth quarter totaled $0.56, an increase of 14% compared with pro forma
earnings of $0.49 per share in last year’s fourth quarter. Pro forma net
income for the fourth quarter grew 19% to $89.9 million compared with pro
forma net income of $75.5 million in the fourth quarter of 2002.
“I’m pleased with our results for the fourth quarter and 2003,” said Gregg
Engles, chairman and chief executive officer. “We delivered 14% pro forma
earnings per share growth for the quarter and 11% growth for the full year.
We strengthened and focused our business, better positioning ourselves for the
future. I am proud of the commitment and teamwork our employees have
demonstrated throughout the year and would like to thank them for all of their
efforts.”
Operating income in the fourth quarter totaled $183.7 million versus
$172.2 million in the fourth quarter of 2002. Pro forma fourth quarter
operating income totaled $189.2 million, an increase of 5% over pro forma
operating income of $179.8 million in the fourth quarter of 2002. Pro forma
2003 operating income margins were 7.54%, down 49 basis points versus the
fourth quarter of the prior year. The decline in consolidated margins was due
primarily to higher raw milk costs, the decline in Morningstar/White Wave
margins and the negative impact of the supermarket strikes in California. The
company noted that the supermarket strikes impacted operating income by
approximately $4 million during the quarter, in line with expectations.
Long-term debt at December 31, 2003 was approximately $2.8 billion,
including $180.2 million due within one year that is reported as part of
current liabilities. At the end of the year, approximately $778 million of
the company’s $2.8 billion bank facility was available for future borrowings.
Pursuant to the company’s share repurchase authorization, during the
fourth quarter the company repurchased 1.45 million shares of common stock
during the quarter at an average price of $32.36 per share, for an aggregate
purchase price of $47 million. Approximately $115 million remains available
for spending under the share repurchase program.
OUTLOOK FOR 2004
“As we begin the new year, we remain committed to increasing shareholder
value at Dean Foods,” said Engles. “In 2004, we will continue to rationalize,
streamline and coordinate our operations, particularly in manufacturing and
distribution, with the goal of maximizing efficiency and driving branded
growth. We will also continue our efforts to build our portfolio of branded
products by leveraging the experience we have gained to date and focusing our
resources on our biggest, most successful brands, including Silk and Horizon
Organic, our brands focused on health and wellness.
“We continue to expect to deliver 2004 pro forma earnings per share
between $2.28 to $2.34, assuming a constant share count. In the first
quarter, we anticipate earnings in the range of $0.44 to $0.46 per share,”
said Engles.
RECENT EVENTS
On January 2, 2004, Dean Foods completed the acquisition of the 87% equity
interest in Horizon Organic it did not already own. Horizon Organic markets
the leading brand of certified organic milk in both the United States and the
United Kingdom. Horizon Organic’s product line in the United States includes
organic milk and a full line of organic dairy products. In the U.K., the
company markets organic milk, yogurt and butter under the Rachel’s Organic
brand.
Also in January, Dean Foods acquired Ross Swiss Dairies, based in Los
Angeles, Calif. The company distributes, markets and sells dairy and other
refrigerated products throughout southern California, Nevada and Arizona.
Ross Swiss Dairies has annual revenues of approximately $120 million.
In late December 2003, the Dean Specialty Foods Group completed the
acquisition of the Cremora brand from Eagle Family Foods, Inc. The Cremora
brand has annual sales of $16 million and is the second largest retail brand
of powdered non-dairy creamers in the United States.
In October 2003, Dean Foods completed the acquisition of Kohler Mix
Specialties from Michael Foods. With annual sales of approximately
$190 million, Kohler has three plants and processes ultra pasteurized creams,
creamers and ice cream mixes.
The company also announced that Jim Greisinger, President of Dean
Specialty Foods Group, retired effective February 1, 2004. “Following the
merger between Dean Foods and Suiza Foods, Jim has provided invaluable
leadership to the organization,” said Engles. “We appreciate his many
contributions and wish him the very best upon his retirement.” Blake
Anderson, formerly Senior Vice President of Marketing for Dean Specialty Foods
Group, has been promoted to President of Dean Specialty Foods Group. Anderson
joined Dean Foods in 2002 from New World Pasta where he was Vice President,
Sales and Trade Marketing. Prior to that, Anderson was with Vlasic Foods
International. Anderson began his career at Campbell Soup Company, where he
held a number of sales and leadership positions over 22 years.
SEGMENT RESULTS
Dairy Group net sales for the fourth quarter rose 11% to $1.92 billion,
from $1.72 billion in the fourth quarter of 2002. The sales increase was due
primarily to higher raw milk costs that were passed along to customers in the
form of increased selling prices. The fourth quarter average Class I mover,
which is an indicator of the company’s Class I raw milk prices, averaged
$14.16 per hundred-weight in the fourth quarter of 2003, a 36% increase versus
last year.
Dairy Group pro forma operating income in the fourth quarter improved 18%
to $154 million, and pro forma operating margins improved 46 basis points to
8.03% of sales. Dairy Group operating improvements offset the negative margin
impact from higher raw milk prices and the southern California grocery
strikes.
Morningstar/White Wave net sales in the fourth quarter increased 20% to
$351 million compared to 2002. The increase was driven by the pass through of
higher raw milk and butterfat prices on Morningstar’s private label products,
the addition of Kohler Mix Specialties, strong sales and volume growth at
White Wave, as well as lower couponing, slotting and market development
spending, which under GAAP are recorded as reductions to sales. The increase
was partially offset by the sale of Morningstar’s frozen pre-whipped topping
business in July 2003, the previously announced termination of the Nestle
co-packing business at Morningstar and the impact of the southern California
supermarket strikes.
Pro forma operating income in the fourth quarter for Morningstar/White
Wave was $30.7 million, with pro forma operating margins of 8.77%, a decline
of 414 basis points compared to the prior year fourth quarter, but a
sequential 838 basis point improvement from the third quarter of 2003.
Operating margins in the Morningstar/White Wave segment declined due primarily
to higher raw milk and butterfat costs, the sale of the frozen pre-whipped
topping business, the addition of the lower margin Kohler Mix Specialties
business and an increase in the White Wave management incentive program
accrual, which will terminate in March 2004.
Specialty Foods’ net sales in the fourth quarter totaled $180 million, a
5% increase over the 2002 fourth quarter, driven primarily by strong volume
growth in non-dairy powdered coffee creamer and pickle sales. Operating
income was $25.4 million, an increase of 4%, and operating income margin
declined slightly to 14.1%, due to higher slotting fees and increased raw
material costs.
RESULTS FOR YEAR ENDED DECEMBER 31, 2003
For the year ended December 31, 2003, the company’s net sales increased 2%
to $9.2 billion, compared with $9.0 billion during 2002. Sales growth was due
primarily to the acquisitions of Kohler Mix Specialties, Melody Farms and
White Wave (acquired May 2002) and was offset by the previously announced
termination of the Nestle co-packing business, and the sale of the frozen
pre-whipped topping business in July.
Net income for 2003 totaled $355.7 million, compared with $175.4 million
in 2002. Diluted earnings per share for the year ended December 31, 2003
totaled $2.27, compared with $1.21 in 2002.
Pro forma net income for the year (as defined below) totaled $320.9
million, an increase of 15% over $279.3 million last year. 2003 pro forma
diluted earnings per share were $2.05, an increase of 11% compared with $1.84
in the prior year.
Operating income for the year ended December 31, 2003 totaled
$766.0 million versus $662.6 million in 2002, an increase of 16%. Pro forma
operating income for 2003 totaled $709.1 million, an increase of 4% over pro
forma operating income of $681.7 million last year. Pro forma operating
income margins for the year were 7.7%, an increase of 14 basis points versus
the 2002 pro forma results.
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
twelve-month periods ended December 31, 2003 calculated according to Generally
Accepted Accounting Principles (GAAP) and on a pro forma basis is attached.
Additionally, the company’s pro forma earnings guidance for 2004 excludes
any potential non-recurring or one-time gains and losses and plant closing
charges.
For the fourth quarter of 2003, the pro forma results reported above
differ from the company’s results under GAAP by excluding the following:
-- $8.3 million charge ($5.2 million net of income tax) related
primarily to the closure of a Dairy Group plant in South Gate, Calif.
and the reorganization of Morningstar and the Dairy Group's Northeast
and Midwest regions.
-- $2.8 million non-recurring gain ($1.8 million net of income tax) due
to favorably resolved contingencies related to the sale of 11 plants
to National Dairy Holdings in 2001 and the sale of the frozen pre-
whipped topping business in July.
For the fourth quarter of 2002, the pro forma results reported above
differ from the company’s results under Generally Accepted Accounting
Principles (GAAP) by excluding the following items:
-- Plant closing charges of $7.6 million ($4.7 million net of taxes)
related to closing a Dairy Group plant in Ohio, an ice cream
production line in Colorado and a regional administrative office in
Michigan.
-- $7.9 million net after-tax loss from discontinued operations related
to the sale of the Puerto Rico operations. The sale of the Puerto
Rico dairy operations was announced and completed in the fourth
quarter, reflecting Dean Foods' desire to more closely align assets
and management resources with the company's ongoing strategic
direction.
-- An income tax benefit of $6.6 million related to a favorable tax
settlement with the IRS.
-- A $10 million ($6.3 million net of taxes) charge to record the
company's share of operating losses generated by Consolidated
Container Corporation during the year. During the fourth quarter,
Consolidated Container, in which Dean Foods owns a minority interest,
restructured its credit facilities. As part of this restructuring,
Dean Foods replaced its previously established $10 million guarantee
with a $10 million cash investment in Consolidated Container. As a
result, Dean Foods recorded a portion of Consolidated Container's
2002 losses, equal to $10 million.
For the year ended December 31, 2003 the pro forma results reported above
differ from the company’s results reported under GAAP by excluding a non-
recurring gain totaling $68.7 million ($42.1 million net of income tax)
related to the sale of the company’s frozen pre-whipped topping business and
resolved contingencies related to the sale of 11 plants to National Dairy
Holdings in 2001 as discussed above. Pro forma results also exclude charges
of $11.8 million ($7.3 million net of income tax) related to reorganizations
and plant closings.
For the year ended December 31, 2002 the pro forma results reported above
differ from the company’s 2002 results reported under GAAP by excluding the
following items: charges of $19.1 million ($11.8 million net of tax) related
to plant closings; 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”; a $10 million ($6.3 million net of taxes) loss related to
the company’s investment in Consolidated Container; an income tax benefit of
$6.6 million related to a favorable tax settlement with the IRS; and a
$7.4 million net after tax loss from discontinued operations related to the
sale of Puerto Rico.
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 leading food and beverage companies in
the United States. Its Dairy Group division is the largest processor and
distributor of milk and other dairy products in the country, with an extensive
refrigerated direct-store-delivery network. Through its White Wave and
Horizon Organic subsidiaries, Dean Foods Company is also the nation’s leading
manufacturer of soymilk, organic milk and other organic foods. The company’s
Specialty Foods Group is a leading manufacturer of pickles and other specialty
food products. Dean Foods Company and its subsidiaries operate over
120 plants in 36 U.S. states and Spain, and employ 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 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
December 31, December 31,
2003 2002 2003 2002
Net sales $2,510,318 $2,240,275 $2,510,318 $2,240,275
Cost of sales 1,899,832 1,630,294 1,899,832 1,630,294
Gross profit 610,486 609,981 610,486 609,981
Operating costs and
expenses 421,323 430,185 421,323 430,185
Plant closing costs 8,334 7,626
Other operating income (2,827)
Operating income 183,656 172,170 189,163 179,796
Interest expense 44,116 47,937 44,116 47,937
Financing charges on
preferred securities 8,394 8,394
(Earnings) loss from
unconsolidated affiliates (43) 9,960 (43) (40)
Other (income) expense (32) 1,844 (32) 1,844
Income from continuing
operations before
income taxes 139,615 104,035 145,122 121,661
Income taxes 53,071 32,978 55,216 46,138
Minority interest 1 5 1 5
Income from continuing
operations 86,543 71,052 89,905 75,518
Loss from discontinued
operations, net of tax (7,937)
Net income $86,543 $63,115 $89,905 $75,518
Basic earnings per share:
Income from continuing
operations $0.56 $0.52
Loss from discontinued
operations 0.00 (0.06)
Net income $0.56 $0.46 $0.58 $0.56
Basic average common
shares (000's) 155,564 135,856 155,564 135,856
Diluted earnings per share:
Income from continuing
operations $0.54 $0.47
Loss from discontinued
operations 0.00 (0.05)
Net income $0.54 $0.42 $0.56 $0.49
Diluted average common
shares (000's) 161,403 163,650 161,403 163,650
[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 fourth quarter of 2003 pro forma results exclude plant closing
costs and an adjustment to the gain on the sale of our frozen pre-whipped
topping business. Also excluded is an additional gain on the divestiture of
11 plants in connection with the acquisition of Old Dean, which was recorded
after contingencies were resolved favorably. In the fourth quarter of 2002
pro forma results exclude plant closing costs; the write-off of our share of
losses generated by Consolidated Container, an unconsolidated affiliate in
which we hold a minority interest; a tax benefit related to a favorable tax
settlement; and the results of discontinued operations.
DEAN FOODS COMPANY
(Dollars in thousands, except per share data)
GAAP PRO FORMA [B]
Year Ended Year Ended
December 31, December 31,
2003 2002 2003 2002
Net sales $9,184,616 $8,991,464 $9,184,616 $8,991,464
Cost of sales 6,808,207 6,642,773 6,808,207 6,642,773
Gross profit 2,376,409 2,348,691 2,376,409 2,348,691
Operating costs and
expenses 1,667,356 1,667,034 1,667,356 1,667,034
Plant closing costs 11,787 19,050
Other operating income (68,719)
Operating income 765,985 662,607 709,053 681,657
Interest expense 181,134 197,685 181,134 197,685
Financing charges on
preferred securities 14,164 33,578 14,164 33,578
(Earnings) loss from
unconsolidated affiliates (244) 7,899 (244) (2,101)
Other (income) expense (2,629) 2,660 (2,629) 2,660
Income from continuing
operations before
income taxes 573,560 420,785 516,628 449,835
Income taxes 217,853 152,988 195,762 170,487
Minority interest 4 46 4 46
Income from continuing
operations 355,703 267,751 320,862 279,302
Loss from discontinued
operations, net of tax (7,352)
Net income before
cumulative effect of
accounting change 355,703 260,399 320,862 279,302
Cumulative effect of
accounting change (84,983)
Net income $355,703 $175,416 $320,862 $279,302
Basic earnings per share:
Income from continuing
operations $2.45 $1.98
Loss from discontinued
operations 0.00 (0.05)
Cumulative effect of
accounting change 0.00 (0.63)
Net income $2.45 $1.30 $2.21 $2.07
Basic average common
shares (000's) 145,201 135,031 145,201 135,031
Diluted earnings per share:
Income from continuing
operations $2.27 $1.77
Loss from discontinued
operations 0.00 (0.04)
Cumulative effect of
accounting change 0.00 (0.52)
Net income $2.27 $1.21 $2.05 $1.84
Diluted average common
shares (000's) 160,696 163,164 160,696 163,164
[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 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. Also excluded is an additional gain on the divestiture of
11 plants in connection with the acquisition of Old Dean, which was recorded
after contingencies were resolved favorably. In 2002 pro forma results
exclude plant closing costs; the write-off of our share of losses generated by
Consolidated Container, an unconsolidated affiliate in which we hold a
minority interest; a tax benefit related to a favorable tax settlement; 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 Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
GAAP diluted earnings per
share $0.54 $0.42 $2.27 $1.21
Pro forma adjustments:
Plant closing costs 0.03 0.02 0.04 0.07
Gain on sale of frozen
pre-whipped topping
business (0.25)
Additional gain on
divested plants (0.01) (0.01)
Losses generated by
Consolidated Container 0.04 0.04
Settlement of income
tax issue (0.04) (0.04)
Loss from discontinued
operations 0.05 0.04
Cumulative effect of
accounting change [C] 0.52
Pro forma diluted earnings
per share $0.56 $0.49 $2.05 $1.84
[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
December 31, December 31,
2003 2002 2003 2002
Revenue
Dairy Group $1,915,997 $1,721,595 $1,915,997 $1,721,595
Morningstar Foods/White
Wave 350,632 293,276 350,632 293,276
Specialty Foods 179,845 170,923 179,845 170,923
Corporate / Other 63,844 54,481 63,844 54,481
Consolidated $2,510,318 $2,240,275 $2,510,318 $2,240,275
Operating Income
Dairy Group $146,390 $122,753 $153,875 $130,379
Morningstar Foods/White
Wave 30,174 37,867 30,747 37,867
Specialty Foods 25,384 24,399 25,384 24,399
Corporate / Other (18,292) (12,849) (20,843) (12,849)
Consolidated $183,656 $172,170 $189,163 $179,796
GAAP Pro Forma [E]
Twelve Months Ended Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
Revenue
Dairy Group $7,146,028 $7,061,538 $7,146,028 $7,061,538
Morningstar Foods/White
Wave 1,109,499 1,056,751 1,109,499 1,056,751
Specialty Foods 684,207 673,604 684,207 673,604
Corporate / Other 244,882 199,571 244,882 199,571
Consolidated $9,184,616 $8,991,464 $9,184,616 $8,991,464
Operating Income
Dairy Group $608,616 $520,935 $618,497 $535,064
Morningstar Foods/White
Wave 118,597 111,668 54,335 116,589
Specialty Foods 103,056 98,874 103,056 98,874
Corporate / Other (64,284) (68,870) (66,835) (68,870)
Consolidated $765,985 $662,607 $709,053 $681,657
[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 fourth quarter of 2003 pro forma results exclude plant closing
costs and an adjustment to the gain on the sale of our frozen pre-whipped
topping business. Also excluded is an additional gain on the divestiture of
11 plants in connection with the acquisition of Old Dean, which was recorded
after contingencies were resolved favorably. In the fourth 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 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. Also excluded is an additional gain on the divestiture of
11 plants in connection with the acquisition of Old Dean, which was recorded
after contingencies were resolved favorably. In 2002 pro forma results
exclude plant closing costs.
DEAN FOODS COMPANY
Condensed Balance Sheet
(Dollars in Thousands)
December 31, December 31,
ASSETS 2003 2002
Cash and cash equivalents $47,143 $45,896
Other current assets 1,353,738 1,265,250
Total current assets 1,400,881 1,311,146
Property, plant & equipment 1,773,555 1,628,424
Intangibles & other assets 3,818,100 3,642,696
Total Assets $6,992,536 $6,582,266
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $1,170,393 $1,268,143
Long-term debt 2,611,356 2,554,482
Other long-term liabilities 667,974 531,171
Mandatorily redeemable TIPES 585,177
Stockholders' equity:
Common stock 1,550 1,330
Additional paid-in capital 1,498,025 979,113
Retained earnings 1,074,258 718,555
Other comprehensive income (31,020) (55,705)
Total stockholders' equity 2,542,813 1,643,293
Total Liabilities and
Stockholders' Equity $6,992,536 $6,582,266
DEAN FOODS COMPANY
Condensed Statement of Cash Flows
(Dollars in Thousands)
Twelve Months Ended December 31,
Operating Activities 2003 2002
Net income $355,703 $175,416
Depreciation and amortization 191,885 173,994
(Income) loss from unconsolidated
affiliates (244) 7,899
Gain on sale of frozen pre-whipped
topping business (66,168)
Cumulative effect of accounting
change 84,983
Deferred income taxes 143,267 75,605
Changes in current assets and
liabilities (100,709) 98,690
Other (1,432) 26,030
Net cash provided by
continuing operations 522,302 642,617
Net cash provided by
discontinued operations 13,147
Net cash provided by
operations 522,302 655,764
Investing Activities
Net additions to property, plant
and equipment (291,662) (241,982)
Cash outflows for acquisitions (246,573) (222,149)
Net proceeds from divestitures 89,950 148,313
Proceeds from disposal of fixed assets 12,112 6,765
Net cash used in continuing
operations (436,173) (309,053)
Net cash used in discontinued
operations (5,138)
Net cash used in investing
activities (436,173) (314,191)
Financing Activities
Proceeds from the issuance of debt 349,680 637,500
Repayment of debt (322,691) (992,797)
Issuance of common stock, net of
expenses 95,270 74,988
Redemption of common stock (199,521) (87,211)
Other (7,620) (2,887)
Net cash used in financing
activities (84,882) (370,407)
Increase (decrease) in cash and cash
equivalents 1,247 (28,834)
Beginning cash balance 45,896 74,730
Ending cash balance $47,143 $45,896
Contact: Cory Olson
Senior Vice President and Treasurer
(214) 303-3645
P.I. Aquino
Assistant Treasurer
(214) 303-3437
SOURCE Dean Foods Company
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