Thursday, 13 February 2003

Dean Foods Company Reports Record Fourth Quarter and Year End Results

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Thursday, 13 February 2003

DALLAS, Feb 13, 2003 /PRNewswire-FirstCall via COMTEX/ —

Fourth Quarter 2002 Pro Forma Diluted EPS Grew 19% to $0.74 Full Year 2002 Pro Forma Diluted EPS Increased 17% to $2.78 Company Announces Additional $150 Million Share Repurchase Authorization Dean Foods Increases 2003 Pro Forma Diluted EPS Guidance to $3.11 to $3.16, Representing Growth of 12-14% for the Year First Quarter 2003 Pro Forma Diluted EPS Target Raised to 62 to 64 Cents

Dean Foods Company
(NYSE: DF) today announced its financial results for the quarter and year ended
December 31, 2002. Fourth quarter net sales totaled $2.2 billion, an increase of
39% over the fourth quarter of 2001. Net income for the fourth quarter was $63.1
million, an increase of 166% versus $23.7 million in the fourth quarter of 2001.
Diluted earnings per share grew 70% to $0.63, compared with $0.37 in the fourth
quarter of 2001.

On a pro forma basis (as defined below), diluted earnings per share for the
fourth quarter totaled $0.74, an increase of 19% compared with pro forma
earnings of $0.62 per share in last year’s fourth quarter. Pro forma net income
for the fourth quarter grew 77% to $75.8 million compared with pro forma net
income of $42.8 million in the fourth quarter of 2001.

“Our company accomplished a great deal in 2002,” said Gregg Engles, chairman and
chief executive officer. “We successfully integrated legacy Dean Foods — a
public company with approximately $4 billion in revenue, over 50 processing
facilities and 14,000 employees — making us one of the nation’s largest food
and beverage companies. We achieved in excess of $100 million in synergies in
the first year following the merger. We executed against our plan by making
strategic acquisitions, completing divestitures and entering into strategic
alliances. During 2002 we invested approximately $130 million behind our
strategic brands.

“Most importantly, we delivered pro forma earnings per share growth of 17% in
our first full year as a combined company. I am extremely proud of our results
this year and would like to thank our employees for their dedication and hard
work,” Engles said.

“In 2002, we invested behind our strategic brand platforms — International
Delight(R), Silk(R), Sun Soy(R), Hershey’s(R), Folgers(R) Jakada(TM), Land
O’Lakes(R), Dean’s(R) and Marie’s(R) dips and dressings. Volumes of these
strategic brands grew 32% in the fourth quarter versus last year. Given our
expectations for their continued vigorous growth, we plan to spend approximately
$190 million in marketing, advertising, promotion and slotting in 2003 to
support and grow these innovative brands,” remarked Engles.

The company reported fourth quarter operating income of $172.2 million versus
$107.6 million in the fourth quarter of 2001, an increase of 60%. Pro forma
operating income totaled $179.8 million, an increase of 62% over pro forma
operating income of $111.0 million in the fourth quarter of 2001. Pro forma
fourth quarter 2002 operating income margins were 8.03%, an increase of 114
basis points versus the pro forma results from the fourth quarter of last year.
Operating income margin improvement was due primarily to improvement in Dairy
Group margins and the contribution of Specialty Foods, offset to some degree by
increased marketing spending at Morningstar/White Wave.

Long-term debt at December 31, 2002 was approximately $2.7 billion, including
$173.4 million in reported current liabilities. At the end of the year,
approximately $728 million of the company’s $2.7 billion bank facility was
available for future investments.

SHARE REPURCHASE

During the fourth quarter, the company repurchased over 2.75 million shares of
its common stock in the open market at an average price of $36.78 per share, for
a total price of approximately $100 million. In early January, the company
announced that its Board of Directors approved a $150 million increase to the
company’s share repurchase program.

To date in 2003, the company has repurchased an additional 3.24 million shares
at an average price of $39.70 per share, totaling $129 million. The share
repurchases completed in 2003 will positively impact the company’s diluted
earnings per share results by approximately seven cents during the year.

Dean Foods also announced today that its Board of Directors approved another
$150 million increase to the company’s share repurchase program. The program
permits the company to purchase shares of its common stock or its trust issue
preferred securities in open market or privately negotiated transactions.

OUTLOOK

“As a result of our share repurchase activity and the underlying strength in our
business, we are raising our 2003 estimate of pro forma earnings per share to a
range of $3.11 to $3.16, implying earnings per share growth of 12 to 14% for the
year. As well, we are increasing our first quarter estimate to a range of 62 to
64 cents per share,” said Engles.

FOURTH QUARTER RECONCILIATION OF PRO FORMA RESULTS WITH GAAP RESULTS

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:


     — Restructuring 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.
— $8.2 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 fourth quarter of 2001, the pro forma results reported above differ from
the company’s results under GAAP by excluding the following items:


     — $8.7 million ($4.5 million net of taxes and minority interest) for
plant closing costs in Texas and Michigan.
— $12.5 million ($6.1 million net of taxes and minority interest) in
goodwill and other intangible amortization.
— $17.3 million in other operating income ($11.4 million net of taxes
and minority interest) comprised of the gain on the divestiture of
11 plants as part of the Dean Foods merger, the payment to Dairy
Farmers of America as consideration for changes to the combined
company’s milk supply arrangements, and the impairment of a plant in
Michigan.
— A $21.1 million charge ($12.9 million net of taxes) resulting from
the write-off of the company’s initial investment in Consolidated
Container Corporation.
— $4.4 million ($2.7 million net of taxes) in other non-recurring costs
to write down of the company’s investments in Dairy.com and Smilk.
— A $4.3 million extraordinary loss, net of taxes, for the write-off of
deferred financing costs related to the early retirement of the
company’s former credit facilities.

Pro forma results are provided in order to allow investors to make meaningful
comparisons of the company’s operating performance between periods. A
reconciliation table between diluted earnings per share calculated according to
GAAP and pro forma diluted earnings per share (as defined above) is attached.

SEGMENT RESULTS

Dairy Group net sales for the fourth quarter totaled $1.7 billion, an increase
of 29% over $1.3 billion in the fourth quarter of 2001. Fourth quarter sales
growth was due primarily to the addition of the legacy Dean dairies.

Dairy Group pro forma operating income in the fourth quarter improved 67% to
$130.4 million, and pro forma operating margins increased 170 basis points to
7.57% of sales, due to synergies from the merger transaction and lower raw milk
costs. The average Class I mover in the fourth quarter was $10.42 per hundred
weight, as determined on a monthly basis by the USDA, representing a 28% decline
versus last year.

Morningstar/White Wave net sales in the fourth quarter totaled $293.3 million,
an increase of 35%. The increase was due primarily to the addition of legacy
Dean’s National Refrigerated Products segment and White Wave.

Pro forma operating income in the fourth quarter for Morningstar/White Wave was
$37.9 million, flat in comparison to last year, and operating margins were down
457 basis points to 12.91%, due to incremental marketing spending against the
company’s branded and value-added growth platforms and the inclusion of White
Wave.

Specialty Foods’ net sales totaled $170.9 million and operating income was $24.4
million, or 14.28% of sales.

RESULTS FOR TWELVE MONTHS ENDED DECEMBER 31, 2002

The company recorded net sales growth of 51% to $9.0 billion for the twelve
months ended December 31, 2002, compared with $6.0 billion during 2001. 2002 net
income totaled $175.4 million, compared with $109.8 million in 2001, an increase
of 60% over the prior year. Diluted earnings per share for the year ended
December 31, 2002 totaled $1.81, compared with $1.78 in 2001.

Pro forma net income for the year (as defined below) totaled $281.1 million, an
increase of 82% over $154.2 million last year. Pro forma diluted earnings per
share for 2002 totaled $2.78, an increase of 17% compared with $2.38 in 2001.

The company reported 2002 operating income of $662.6 million versus $385.1
million in 2001, an increase of 72%. Pro forma operating income for 2002 totaled
$681.7 million, an increase of 60% over pro forma operating income of $425.7
million last year. Pro forma operating income margins for the year were 7.58%,
an increase of 46 basis points versus the pro forma results of the prior year.

FULL YEAR RECONCILIATION OF PRO FORMA RESULTS WITH GAAP RESULTS

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: restructuring 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; an $8.2 million
net after tax loss on the sale of Puerto Rico; and $0.9 million net of taxes in
plant closing charges in Puerto Rico.

For 2001, the pro forma results reported above differ from the company’s 2001
results reported under GAAP by excluding the following: $9.6 million ($4.8
million net of taxes and minority interest) in plant closing charges; $53.1
million ($28.6 million net of taxes and minority interest) in goodwill and other
intangible amortization; $17.3 million ($11.4 million net of taxes and minority
interest) in other operating income related to the divestiture of 11 plants, a
payment to Dairy Farmers of America as consideration for changes to the
company’s milk supply agreement, and an impairment charge related to a Dairy
Group plant in Michigan; $4.4 million ($2.7 million net of taxes) for the
write-down of investments; and $22.8 million ($13.9 million net of taxes) for
write-down and restructuring costs associated with Consolidated Container. In
addition, pro forma 2001 results reported above differ from the results reported
under GAAP by excluding $1.4 million for the cumulative effect of the accounting
change for the adoption of FAS 133 in the first quarter of 2001 and a $4.3
million extraordinary loss, net of taxes, for the write-off of deferred finance
costs.

Pro forma results are provided in order to allow investors to make meaningful
comparisons of the company’s operating performance between periods. A
reconciliation table between earnings per share calculated according to GAAP and
pro forma earnings per share (as defined above) is attached.

CONFERENCE CALL WEBCAST

A webcast to discuss the company’s financial results and outlook will be held at
9:00 a.m. EST 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, whipped toppings, sour cream, cottage
cheese, yogurt, dips, dressings and soy milk. The company is also a leading
supplier of pickles and other specialty food products, juice, juice drinks and
water. The company operates over 120 plants in 38 U.S. states and Spain, and
employs approximately 30,000 people.

Some of the statements in this press release are “forward-looking” and are made
pursuant to the safe harbor provision of the Securities Litigation Reform Act of
1995. These “forward-looking” statements include statements relating to, among
other things, the company’s projected earnings per share. These statements
involve risks and uncertainties that may cause results to differ materially from
the statements set forth in this press release. The company’s ability to meet
targeted financial and operating results during 2003, including targeted sales,
operating margins, earnings per share and cash flow 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,
2002 2001 2002 2001

Net sales $2,240,275 $1,611,270 $2,240,275 $1,611,270
Cost of sales 1,630,294 1,230,124 1,630,294 1,230,124

Gross profit 609,981 381,146 609,981 381,146

Operating costs and
expenses 430,185 282,171 430,185 270,187
Plant closing costs 7,626 8,708
Other operating
(income) expense (17,305)

Operating income 172,170 107,572 179,796 110,959

Interest expense &
financing charges
on preferred
securities 56,331 32,478 56,331 32,479
(Earnings) loss from
unconsolidated
affiliates 9,960 21,055 (40) (71)
Other nonrecurring
costs 4,439
Other (income)
expense 1,844 (1,340) 1,844 (1,340)

Income from
continuing
operations before
income taxes 104,035 50,940 121,661 79,891

Income taxes 32,978 18,180 46,138 29,579
Minority interest 5 5,322 5 8,541

Income from
continuing
operations 71,052 27,438 75,518 41,771

Income from
discontinued
operations 294 613 294 1,078
Loss on sale of
discontinued
operations (8,231)
Net income (loss)
from discontinued
operations (7,937) 613 294 1,078

Net income
before
extraordinary
loss 63,115 28,051 75,812 42,849

Extraordinary loss (4,317)

Net income $63,115 $23,734 $75,812 $42,849

Basic earnings per
share:
Income from
continuing
operations $0.78 $0.46
Income (loss)
from discontinued
operations (0.08) 0.01
Extraordinary loss 0.00 (0.07)
Net income $0.70 $0.40 $0.84 $0.72

Basic average common
shares (000’s) 90,571 59,607 90,571 59,607

Diluted earnings per
share:
Income from
continuing
operations $0.70 $0.42
Income (loss)
from discontinued
operations (0.07) 0.01
Extraordinary loss 0.00 (0.06)
Net income $0.63 $0.37 $0.74 $0.62

Diluted average common
shares (000’s) 109,100 77,543 109,100 77,543

[A] Pro forma results for the fourth quarter of 2002 differ from our
results reported under GAAP by excluding the following nonrecurring
costs: plant closing costs; the write-off of our investment in
Consolidated Container, an unconsolidated affiliate in which we hold
a minority interest; a tax benefit related to a favorable tax
settlement; and the loss on the sale of discontinued operations.

Pro forma results for the fourth quarter of 2001 differ from our
results reported under GAAP by eliminating goodwill and other
intangible amortization and excluding the following items: plant
closing costs; a gain on the divestiture of 11 plants in connection
with the acquisition of Old Dean; a payment to Dairy Farmers of
America for modifications to our milk supply arrangements; the
write-off of our investment in Consolidated Container; the
impairment in value of a water plant in Michigan as well as two
other small investments; and an extraordinary loss related to the
write-off of deferred financing costs in connection with our
acquisition of Old Dean.

See the Earnings per Share Summary and Reconciliation for the net
effect of these adjustments.

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

GAAP PRO FORMA [B]
Year Ended Year Ended
December 31, December 31,
2002 2001 2002 2001

Net sales $8,991,464 $5,974,555 $8,991,464 $5,974,555
Cost of sales 6,642,773 4,574,258 6,642,773 4,574,258

Gross profit 2,348,691 1,400,297 2,348,691 1,400,297

Operating costs and
expenses 1,667,034 1,022,938 1,667,034 974,566
Plant closing costs 19,050 9,551
Other operating
(income) expense (17,305)

Operating income 662,607 385,113 681,657 425,731

Interest expense &
financing charges
on preferred
securities 231,263 130,130 231,263 130,130
(Earnings) loss from
unconsolidated
affiliates 7,899 23,620 (2,101) (1,844)
Other nonrecurring
costs 4,439
Other expense 2,660 378 2,660 378

Income from
continuing
operations before
income taxes 420,785 226,546 449,835 297,067

Income taxes 152,988 83,114 170,487 106,193
Minority interest 46 31,431 46 41,997

Income from
continuing
operations 267,751 112,001 279,302 148,877

Income from
discontinued
operations 879 3,592 1,828 5,358
Loss on sale of
discontinued
operations (8,231)
Net income (loss)
from discontinued
operations (7,352) 3,592 1,828 5,358

Net income
before
cumulative
effect of
accounting
change 260,399 115,593 281,130 154,235

Extraordinary loss (4,317)
Cumulative effect of
accounting change (84,983) (1,446)

Net income $175,416 $109,830 $281,130 $154,235

Basic earnings per
share:
Income from
continuing
operations $2.97 $1.99
Income (loss)
from discontinued
operations (0.08) 0.06
Extraordinary loss 0.00 (0.08)
Cumulative effect of
accounting change (0.94) (0.02)
Net income $1.95 $1.95 $3.12 $2.74

Basic average common
shares (000’s) 90,021 56,303 90,021 56,303

Diluted earnings per
share:
Income from
continuing
operations $2.66 $1.81
Income (loss)
from discontinued
operations (0.07) 0.05
Extraordinary loss 0.00 (0.06)
Cumulative effect of
accounting change (0.78) (0.02)
Net income $1.81 $1.78 $2.78 $2.38

Diluted average common
shares (000’s) 108,776 73,784 108,776 73,784

[B] Pro forma results for 2002 differ from our results reported under
GAAP by excluding the following nonrecurring costs: plant closing
costs; the write-off of our investment in Consolidated Container, an
unconsolidated affiliate in which we hold a minority interest; a tax
benefit related to a favorable tax settlement; the loss on the sale
of discontinued operations and a plant closing reported in
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”.

Pro forma results for 2001 differ from the company’s results
reported under GAAP by eliminating goodwill and other intangible
amortization and excluding the following items: plant closing costs;
a gain on the divestiture of 11 plants in connection with the
acquisition of Old Dean; a payment to Dairy Farmers of America for
modifications to our milk supply arrangements; the write-off of our
investment in Consolidated Container; and the impairment in value of
a water plant in Michigan as well as two other small investments; an
extraordinary loss related to the write-off of deferred financing
costs in connection with our acquisition of Old Dean; and the
cumulative effect of accounting change due to the implementation of
FAS 133, “Accounting for Derivative Instruments and Hedging
Activities”.

See the Earnings per Share Summary and Reconciliation for the net
effect of these adjustments.

DEAN FOODS COMPANY

Condensed Balance Sheet
(Dollars in Thousands)

December 31, December 31,
ASSETS 2002 2001

Cash and cash equivalents $45,896 $74,730
Other current assets 1,265,250 1,363,736
Total current assets 1,311,146 1,438,466

Property, plant & equipment 1,628,424 1,611,358

Intangibles & other assets 3,681,825 3,682,073

Total Assets $6,621,395 $6,731,897

LIABILITIES AND STOCKHOLDERS’ EQUITY

Total current liabilities $1,267,272 $1,165,881

Long-term debt 2,554,482 2,971,525

Other long-term liabilities 571,170 534,006

Mandatorily redeemable TIPES 585,177 584,605

Stockholders’ equity:
Common stock 886 879
Additional paid-in capital 979,557 961,705
Retained earnings 718,556 543,139
Other comprehensive income (55,705) (29,843)
Total stockholders’ equity 1,643,294 1,475,880

Total Liabilities and
Stockholders’ Equity $6,621,395 $6,731,897

Earnings Per Share Summary and Reconciliation

Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001

GAAP diluted earnings per share $0.63 $0.37 $1.81 $1.78

Pro forma adjustments:

Elimination of amortization:
Goodwill amortization 0.07 0.36
Trademark amortization 0.01 0.03

Plant closing costs 0.04 0.06 0.11 0.06

Other operating (income) expense:
Gain on divestiture of plants (0.38) (0.40)
Payment to DFA for milk supply
agreements 0.22 0.23
Impairment on Northern Falls Water 0.01 0.01

Equity in (earnings) loss from
unconsolidated affiliates:
Write off investment in
Consolidated Container 0.06 0.17 0.06 0.19

Other nonrecurring costs:
Write down investment in
Dairy.com 0.03 0.03
Write off investment in Smilk 0.01

Income taxes:
Settlement of tax issue (0.06) (0.06)

Discontinued operations:
Puerto Rico plant closing costs 0.01
Loss on sale of discontinued
operations 0.07 0.07

Extraordinary loss 0.06 0.06
Cumulative effect of accounting
change (A) 0.78 0.02

Pro forma diluted earnings
per share $0.74 $0.62 $2.78 $2.38

(A) 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”. In 2001 the
cumulative effect of accounting change was the result of the
implementation of FAS 133, “Accounting for Derivative Instruments
and Hedging Activities”.

DEAN FOODS COMPANY

Segment Information
(Dollars in thousands)

GAAP Pro Forma [C]
Three Months Ended Three Months Ended
December 31, December 31,
2002 2001 2002 2001
Revenue
Dairy Group $1,721,595 $1,332,336 $1,721,595 $1,332,336
Morningstar Foods/White
Wave 293,276 217,453 293,276 217,453
Specialty Foods 170,923 18,709 170,923 18,709
Corporate / Other 54,481 42,772 54,481 42,772
Consolidated $2,240,275 $1,611,270 $2,240,275 $1,611,270

Operating Income
Dairy Group $122,753 $105,300 $130,379 $78,197
Morningstar Foods/White
Wave 37,867 36,204 37,867 38,006
Specialty Foods 24,399 2,169 24,399 2,169
Corporate / Other (12,849) (36,101) (12,849) (7,413)
Consolidated $172,170 $107,572 $179,796 $110,959

GAAP Pro Forma [C]
Twelve Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
Revenue
Dairy Group $7,061,538 $5,042,834 $7,061,538 $5,042,834
Morningstar Foods/White
Wave 1,056,751 741,992 1,056,751 741,992
Specialty Foods 673,604 18,709 673,604 18,709
Corporate / Other 199,571 171,020 199,571 171,020
Consolidated $8,991,464 $5,974,555 $8,991,464 $5,974,555

Operating Income
Dairy Group $520,935 $323,755 $535,064 $327,011
Morningstar Foods/White
Wave 111,668 104,294 116,589 111,463
Specialty Foods 98,874 2,169 98,874 2,169
Corporate / Other (68,870) (45,105) (68,870) (14,912)
Consolidated $662,607 $385,113 $681,657 $425,731

Summary Financial Information
(Dollars in thousands)

GAAP Pro Forma [D]
Three Months Ended Three Months Ended
December 31, December 31,
2002 2001 2002 2001

Depreciation $38,064 $25,614 $39,847 $27,352
Amortization of
intangibles 1,384 12,926 1,384 941
Amortization shown in
interest expense 3,191 633 3,191 633
Capital expenditures 93,317 46,394 94,740 47,876

GAAP ProForma [D]
Twelve Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001

Depreciation $153,986 $91,929 $161,082 $98,930
Amortization of
intangibles 7,775 51,361 7,775 2,988
Amortization shown in
interest expense 12,233 2,609 12,233 2,609
Capital expenditures 241,982 131,210 247,120 137,244

[C] Pro forma results for 2002 differ from our results reported under
GAAP by excluding plant closing costs. Pro forma results for 2001
differ from our results reported under GAAP by eliminating goodwill
and other intangible amortization and excluding the following items:
plant closing costs; a gain on the divestiture of 11 plants in
connection with the acquisition of Old Dean; a payment to Dairy
Farmers of America for modifications to our milk supply
arrangements; and the impairment in value of a water plant in
Michigan.

[D] Pro forma results for 2002 differ from our results reported under
GAAP by including depreciation and capital spending related to our
discontinued operations. Pro forma results for 2001 differ from our
results reported under GAAP by eliminating goodwill and other
intangible amortization and including depreciation and capital
spending related to our discontinued operations.

Contacts: Cory Olson
Senior Vice President and Treasurer
(214) 303-3645

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


SOURCE Dean Foods Company

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

URL: https://www.deanfoods.com
http://www.prnewswire.com


Copyright (C) 2003 PR Newswire. All rights reserved.

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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...
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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 ...
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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...
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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 ...
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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...
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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...
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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 “...
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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...
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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...
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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 ...
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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...
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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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