Thursday, 12 February 2004

Dean Foods Company Reports Record Fourth Quarter and Full Year Results

Back to all newsroom
Thursday, 12 February 2004

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

All the latest from Dean Foods

familyofproducts

Latest news

Find out how we’re fueling lives from the farm to the table.

6 May, 2020
Dean Foods Completes Sale of its Miami, Florida Facility to Mana Saves McArthur, LLC
DALLAS--(BUSINESS WIRE)--Dean Foods today announced that it has completed the previously announced s...
learn-more
1 May, 2020
Dean Foods Completes Sale of Assets to Dairy Farmers of America
DALLAS--( BUSINESS WIRE )--Dean Foods Company ("Dean Foods" or the "Company") today announced that i...
learn-more
30 April, 2020
Dean Foods Completes Sales of its Uncle Matt’s Business and the Majority of the Meadow Gold Hawaii...
DALLAS--(BUSINESS WIRE)--Dean Foods ("Dean Foods" or the "Company") today announced that it has comp...
learn-more
22 April, 2020
Dean Foods Announces Asset Purchase Agreement with MGD Acquisition, LLC for the Sale of the Majority...
MGD Acquisition to Operate Meadow Gold Hawaii as an Ongoing Business to Continue Serving the Hawaiia...
learn-more
13 April, 2020
Dean Foods Announces Termination of Agreement in Principle with Industrial Realty Group, LLC for the...
Reached Agreement in Principle with an Interested Party for the Sale of Dean Foods’ Hilo Facility ...
learn-more
4 April, 2020
Dean Foods Receives Court Approval for the Sale of Substantially All of Its Assets
DALLAS--(BUSINESS WIRE)--Dean Foods Company ("Dean Foods" or the "Company") today announced that the...
learn-more
1 April, 2020
Dean Foods Reaches Agreement in Principle With Industrial Realty Group, LLC for the Sale of Dean Foo...
DALLAS--(BUSINESS WIRE)--Dean Foods Company ("Dean Foods" or the "Company") today announced that it ...
learn-more
31 March, 2020
Dean Foods Announces Dairy Farmers of America as Winning Bidder for Substantially All of Its Assets
Prairie Farms Dairy, Mana Saves McArthur, LLC, Producers Dairy Foods and Harmoni, Inc. to Purchase A...
learn-more
17 February, 2020
Dean Foods Enters Into Asset Purchase Agreement with Dairy Farmers of America
Dairy Farmers of America to Serve as Proposed “Stalking Horse Bidder” in a Court-Supervised Sale...
learn-more
20 December, 2019
Dean Foods Receives Final Court Approval for $850 Million in Debtor-In-Possession Financing
DALLAS --(BUSINESS WIRE)--Dec. 20, 2019-- Dean Foods Company (NYSE: DF) (“Dean Foods” or the “...
learn-more
14 November, 2019
Dean Foods Company Receives Court Approval of “First Day” Motions to Support Normal Busi...
Obtains Interim Approval to Access DIP Financing Customers Receiving Uninterrupted Supply of Dairy P...
learn-more
12 November, 2019
Dean Foods Company Initiates Voluntary Reorganization with New Financial Support from Existing Lende...
Company Secures Commitments for $850 Million in DIP Financing to Support Operations In Advanced Disc...
learn-more
25 October, 2019
Dean Foods Company Announces Date for Third Quarter 2019 Earnings Release and Conference Call
DALLAS , Oct. 25, 2019 /PRNewswire/ --  Dean Foods Company (NYSE: DF) today announced that it will ...
learn-more
6 September, 2019
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...
learn-more
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...
learn-more
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...
learn-more
View the newsroom

We’re proud to support national organizations that are nourishing children, promoting animal welfare, and helping in times of disaster.

White papers
farm