Tuesday, 7 August 2007

Dean Foods Company Reports Second Quarter Results

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Tuesday, 7 August 2007
   Steep and Sustained Increases in Dairy Commodity Costs Pressure Results

DALLAS, Aug. 7 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
today announced that the Company earned $0.21 per diluted share from
continuing operations for the quarter ended June 30, 2007, compared with $0.53
per diluted share from continuing operations in the second quarter of 2006.
Net income from continuing operations for the second quarter totaled $28.2
million, compared with $74.8 million in the prior year’s second quarter.

On an adjusted basis (as defined below), diluted earnings per share were
$0.30, compared to $0.55 in the prior year’s second quarter. Adjusted net
income for the second quarter was $41.6 million, compared to adjusted net
income of $76.6 million in the second quarter of 2006. The decrease in
adjusted net income and earnings per share is primarily related to the
increase in interest expense as a result of the recapitalization connected to
the special cash dividend of $15 per share that was paid in early April and
the decline in operating results in the quarter. Interest expense in the
quarter totaled $88.9 million, compared to $48.8 million in the second quarter
of 2006.



   Summary of Dean Foods Second Quarter 2007 Segment and Operating Results
                                           % Growth Rate
    Dairy Group:
         Fluid Milk Volume                       0.5%
         Operating Income                       -8.8%
    WhiteWave Foods:
         Net Sales                               7.9%
         Operating Income                        8.3%
    Consolidated Adjusted Operating Income      -9.6%

“Our results are reflective of the unusually volatile and difficult
environment we are operating in this year,” said Gregg Engles, Chairman and
Chief Executive Officer. “Raw milk prices have increased steadily through the
first half of the year, and have recently hit all-time highs. At the same
time, the ramp up of promotional pricing and additional investments behind the
Horizon Organic brand during this time of significant raw organic milk
oversupply has dampened WhiteWave Foods profit growth.”

Net sales for the second quarter totaled $2.8 billion, an increase of 15%
from net sales for the second quarter of 2006, due to the passthrough of
higher commodity dairy costs and increased sales at WhiteWave Foods.

Consolidated operating income in the second quarter totaled $153.6
million, a decrease of 10.0% from $171.3 million in the second quarter of
2006. Operating margin for the second quarter was 5.4%, as compared to 6.9% in
the second quarter of the prior year. Adjusted second quarter consolidated
operating income totaled $157.4 million, a decrease of 9.6% from $174.2
million in the second quarter of 2006. The adjusted second quarter operating
margin was 5.5%, down 149 basis points from the second quarter of the prior
year.

DAIRY GROUP

Dairy Group net sales for the second quarter were $2.5 billion, a 16%
increase from $2.2 billion in net sales for the second quarter of 2006. The
sales increase was due primarily to the pass-through of higher overall dairy
commodity costs to customers and increased volumes. The second quarter average
Class I mover, which is an indicator of the Company’s raw milk costs, averaged
$16.25 per hundred-weight, a 48% increase from the same period in 2006. Class
II butterfat prices averaged $1.57 per pound in the second quarter, 26% higher
than the second quarter of 2006.

Dairy Group segment operating income in the second quarter was $165.3
million, compared to $181.2 million in the second quarter of 2006. Dairy Group
operating margin decreased 177 basis points to 6.6% of sales, primarily due to
increased costs related to higher dairy commodities and the passthrough of the
higher raw dairy costs.

WHITEWAVE FOODS

WhiteWave Foods segment reported second quarter net sales of $325.6
million, compared to second quarter 2006 net sales of $301.8 million. Sales
growth was strong across the branded portfolio with net sales of Horizon
Organic milk, International Delight and Land O’Lakes brands increasing in the
low double digits, while sales of Silk increased in the high single digits
over the second quarter of 2006.

Segment operating income in the second quarter for WhiteWave Foods was
$31.7 million, compared to $29.3 million in the second quarter of 2006.
Segment operating margins were essentially flat with year ago results at 9.7%
of sales reflecting increased volume leverage and efficiencies offset by lower
contribution from Horizon Organic due to increased brand spending and lower
overall gross profit margins.

CORPORATE EXPENSE

Corporate and other expenses totaled $39.5 million, compared to $36.2
million in the second quarter of 2006. The increase was largely driven by
increased investments in support of the Company’s strategic initiatives.

RECAPITALIZATION

During the quarter, the Company completed a recapitalization of its
balance sheet through the placement of a new $4.8 billion senior credit
facility and the return of $1.94 billion to shareholders through a $15 per
share special cash dividend.

The new facility consists of a combination of a $1.5 billion 5-year senior
secured revolving credit facility, a $1.5 billion 5-year senior secured term
loan A, and a $1.8 billion 7-year senior secured term loan B. The Company also
replaced its receivables facility with a new three year, $600 million
receivables facility.

In connection with the recapitalization, the Company entered into
approximately $3 billion of fixed rate interest hedges to take advantage of
the inversion in the forward yield curve and mitigate interest rate risk for a
significant portion of its debt going forward.

Total debt, net of cash on hand, at June 30, 2007, was approximately $5.3
billion.

CASH FLOW

Cash flow from continuing operations through the first six months of 2007
totaled $170.5 million, compared to $264.6 million in the first half of 2006.
The decline in cash flow from operations is due in part to the increase in
working capital needs and higher year over year interest expense.

Capital expenditures through the first two quarters of 2007 totaled $103.1
million, compared to $113.6 million in capital expenditures in the first half
of 2006.

OUTLOOK FOR THE REMAINDER OF 2007

“Looking ahead to the third quarter, we expect rapidly rising and record
high raw milk prices to pressure results,” said Jack Callahan, Chief Financial
Officer. “The pass-through mechanisms are working reasonably well, but we are
cautious about how consumers will react to these higher retail prices. We
expect Dairy Group third quarter operating income to be below year ago levels,
consistent with our experience in the second quarter. At WhiteWave, we expect
the full quarter impact of the increased investment behind the Horizon brand
to overshadow the solid performance across the balance of the portfolio, which
will likely result in WhiteWave operating income below year ago results in the
third quarter.

Given this outlook, we expect the third quarter to be even more difficult
and volatile than the second. Adjusted earnings could range between $0.24 and
$0.28 per share for the third quarter. Assuming decreases in the Class I mover
in the fourth quarter and some moderation in investment required for Horizon
Organic, we may be able to hit the low end of our current 2007 guidance of
$1.52 to $1.58.”

RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2007

Net sales for the six months ended June 30, 2007 totaled $5.5 billion, an
increase of 10% from net sales for the same period of last year, due to the
passthrough of higher dairy commodity costs and increased sales at WhiteWave
Foods. Net income from continuing operations for the first half of the year
totaled $91.4 million, compared with $129.5 million in the first six months of
2006. Diluted earnings per share from continuing operations for the six
months ended June 30, 2007 totaled $0.67, compared to $0.92 for the first six
months of 2006.

On an adjusted basis (as defined below), net income from continuing
operations for the six months totaled $108.7 million, compared to $134.0
million in the same period of 2006. Adjusted diluted earnings per share from
continuing operations for the first six months of 2007 totaled $0.80 compared
to $0.95 in the first six months of 2006.

COMPARISON OF ADJUSTED INFORMATION TO GAAP INFORMATION

The adjusted financial results contained in this press release are from
continuing operations and are adjusted to eliminate the net expense or net
gain related to the items identified below. This information 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 company management. Because the Company cannot predict
the timing and amount of charges associated with non-recurring items or
facility closings and reorganizations, management does not consider these
costs when evaluating the Company’s performance, when making decisions
regarding the allocation of resources, in determining incentive compensation
for management, or in determining earnings estimates. These costs are not
presented in any of the Company’s operating segments. This non-GAAP financial
information is provided as additional information for investors and is not in
accordance with or an alternative to GAAP. These non-GAAP numbers may be
different than similar measures used by other companies. A full reconciliation
table between earnings per share for the three and six month periods ended
June 30, 2007 calculated according to GAAP and on an adjusted basis is
attached.

For the quarter ended June 30, 2007, the adjusted results reported above
differ from the Company’s results under GAAP by excluding the following
facility closing, reorganization, and other nonrecurring charges:

    --  a $2.5 million charge ($1.5 million net of income tax) related to the
       realignment of our Dairy Group's finance and accounting organization,
       as well as previously announced facility closings;
    --  a $1.3 million charge ($0.8 million net of income tax) resulting from
        the sale of our tofu business;
    --  a $13.5 million write-off ($8.3 million net of income tax) of
        financing costs resulting from the completion of our new senior credit
        facility; and
    --  a $4.5 million charge ($2.8 million net of income tax) related to
        non-recurring special dividend costs.

For the quarter ended June 30, 2006, the adjusted results reported above
differ from the Company’s results under GAAP by excluding the following
facility closing and reorganization charges:

    --  a $2.4 million charge ($1.4 million net of income tax) related to the
        Dairy Group's facility closings and reorganizations, including the
        closing of our Union, NJ plant; and
    --  a $0.6 million charge ($0.4 million net of income tax) related to
        reorganization and consolidation activities at WhiteWave Foods.

For the six months ended June 30, 2007, the adjusted results reported
above differ from the Company’s results under GAAP by excluding the following
facility closing, reorganization, and other nonrecurring charges:

    --  an $8.3 million charge ($5.1 million net of income tax) related to the
        realignment of our Dairy Group's finance and accounting organization
        as well as previously announced facility closings;
    --  a $1.3 million charge ($0.8 million net of income tax) resulting from
        the sale of our tofu business;
    --  a $13.5 million write-off ($8.4 million net of income tax) of
        financing costs resulting from the completion of our new senior credit
        facility; and
    --  a $4.9 million charge ($3.0 million net of income tax) related to
        non-recurring special dividend costs.

For the six months ended June 30, 2006, the adjusted results reported
above differ from the Company’s results under GAAP by excluding the following
facility closing and reorganization charges:

    --  a $5.1 million charge ($3.1 million net of income tax) related to the
        Dairy Group's facility closings and reorganizations, including the
        closing of our Union, NJ plant; and
    --  a $2.3 million charge ($1.4 million net of income tax) related to
        reorganization and consolidation activities at WhiteWave Foods.

    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 “Webcast”
section of the Company site at http://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 products
sold under more than 50 familiar local and regional brands and a wide array of
private labels. The Company’s WhiteWave Foods subsidiary markets and sells a
variety of well-known dairy and dairy-related products, such as Silk(R)
soymilk, Horizon Organic(R) milk and other dairy products, International
Delight(R) coffee creamers, and Land O’Lakes(R) creamers and other fluid dairy
products. WhiteWave Foods’ Rachel’s Organic(R) brand is the largest organic
milk brand and third largest organic yogurt brand in the United Kingdom.

FORWARD-LOOKING STATEMENTS

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, projected sales, operating income, net income 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, including targeted sales, operating income, net income and earnings
per share depends on a variety of economic, competitive and governmental
factors, including raw material availability and costs, the demand for the
company’s products, 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 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.



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


                                        GAAP                ADJUSTED [A]
                                 Three Months Ended      Three Months Ended
                                      June 30,                June 30,
                                  2007        2006        2007        2006

    Net sales                  $2,843,645  $2,477,884  $2,843,645  $2,477,884
    Cost of sales               2,155,595   1,794,037   2,155,595   1,794,037

      Gross profit                688,050     683,847     688,050     683,847

    Operating costs and
     expenses                     530,613     509,608     530,613     509,608
    Facility closings,
     reorganizations and other
     costs                          3,800       2,950          --          --

      Operating income            153,637     171,289     157,437     174,239

    Interest expense               88,941      48,768      88,941      48,768
    Debt refinancing and
     special dividend costs        18,068          --          --          --
    Other (income) expense             23         (86)         23         (86)

      Income from continuing
       operations before
        income taxes               46,605     122,607      68,473     125,557
    Income taxes                   18,428      47,812      26,848      48,973

    Income from continuing
     operations                    28,177      74,795      41,625      76,584
    Income (loss) from
     discontinued operations,
        net of tax                    239     (45,927)         --          --

        Net income                $28,416     $28,868     $41,625     $76,584


    Basic earnings per share:
      Income from continuing
       operations                   $0.22       $0.55       $0.32       $0.57
      Income (loss) from
       discontinued operations         --       (0.34)         --          --
        Net income                  $0.22       $0.21       $0.32       $0.57

        Basic average common
         shares (000's)           130,017     135,037     130,017     135,037

    Diluted earnings per
     share:
      Income from continuing
       operations                   $0.21       $0.53       $0.30       $0.55
      Income (loss) from
       discontinued operations         --       (0.32)         --          --
        Net income                  $0.21       $0.21       $0.30       $0.55

        Diluted average common
         shares (000's)           138,385     140,434     138,385     140,434

[A] Adjusted results differ from results reported under GAAP by excluding
income and expense related to discontinued operations, facility closings,
reorganizations, financing costs related to the recapitalization of the
balance sheet, and other items. More information about these items is
included in the earnings release under the heading “Comparison of Adjusted
Information to GAAP Information.”



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


                                        GAAP                ADJUSTED [B]
                                  Six Months Ended        Six Months Ended
                                      June 30,                June 30,
                                  2007        2006        2007        2006

    Net sales                  $5,473,394  $4,986,925  $5,473,394  $4,986,925
    Cost of sales               4,098,070   3,651,732   4,098,070   3,651,732

      Gross profit              1,375,324   1,335,193   1,375,324   1,335,193

    Operating costs and
     expenses                   1,057,959   1,018,455   1,057,959   1,018,455
    Facility closings,
     reorganizations and other
     costs                          9,575       7,352          --          --

      Operating income            307,790     309,386     317,365     316,738

    Interest expense              141,183      96,304     141,183      96,304
    Debt refinancing and
     special dividend costs        18,446          --          --          --
    Other (income) expense            (56)         14         (56)         14

      Income from continuing
       operations before
          income taxes            148,217     213,068     176,238     220,420
    Income taxes                   56,837      83,579      67,583      86,463

    Income from continuing
     operations                    91,380     129,489     108,655     133,957
    Income (loss) from
     discontinued operations,
        net of tax                    856     (47,829)         --          --

        Net income                $92,236     $81,660    $108,655    $133,957


    Basic earnings per share:
      Income from continuing
       operations                   $0.70       $0.96       $0.84       $0.99
      Income (loss) from
       discontinued operations       0.01       (0.36)         --          --
        Net income                  $0.71       $0.60       $0.84       $0.99

        Basic average common
         shares (000's)           129,457     135,103     129,457     135,103

    Diluted earnings per
     share:
      Income from continuing
       operations                   $0.67       $0.92       $0.80       $0.95
      Income (loss) from
       discontinued operations       0.01       (0.34)         --          --
        Net income                  $0.68       $0.58       $0.80       $0.95

        Diluted average common
         shares (000's)           136,562     141,105     136,562     141,105

[B] Adjusted results differ from results reported under GAAP by excluding
income and expense related to discontinued operations, facility closings,
reorganizations, financing costs related to the recapitalization of the
balance sheet, and other items. More information about these items is
included in the earnings release under the heading “Comparison of Adjusted
Information to GAAP Information.”



                               DEAN FOODS COMPANY

                  Earnings Per Share Summary and Reconciliation

                                          Three Months Ended  Six Months Ended
                                                June 30,          June 30,
                                             2007     2006     2007     2006
    GAAP diluted earnings per share from
      continuing operations                 $0.21    $0.53    $0.67    $0.92

    Adjustments:
      Facility closings, reorganizations
       and other costs                       0.01     0.02     0.04     0.03
      Debt refinancing and special
       dividend costs                        0.08        -     0.09        -

    Adjusted diluted earnings per share     $0.30    $0.55    $0.80    $0.95



                               Segment Information
                              (Dollars in thousands)

                                 Three Months Ended       Six Months Ended
                                      June 30,                June 30,
                                  2007        2006        2007        2006
    Net sales
      Dairy Group              $2,518,078  $2,176,058  $4,825,140  $4,383,718
      WhiteWave Foods Company     325,567     301,826     648,254     603,207
        Total                  $2,843,645  $2,477,884  $5,473,394  $4,986,925

    Segment operating income
     (loss)
      Dairy Group                $165,255    $181,167    $336,308    $337,799
      WhiteWave Foods Company      31,723      29,289      59,498      51,502
      Corporate / Other           (39,541)    (36,217)    (78,441)    (72,563)
        Subtotal                  157,437     174,239     317,365     316,738
      Facility closings,
       reorganizations and
       other costs                 (3,800)     (2,950)     (9,575)     (7,352)
        Total operating income   $153,637    $171,289    $307,790    $309,386



                               DEAN FOODS COMPANY

                            Condensed Balance Sheets
                             (Dollars in thousands)

                                                  June 30,        December 31,
    ASSETS                                          2007              2006

    Cash and cash equivalents                      $37,426           $31,140
    Other current assets                         1,504,132         1,348,150
      Total current assets                       1,541,558         1,379,290

    Property, plant & equipment                  1,778,843         1,786,907

    Intangibles & other assets                   3,751,572         3,583,996
    Assets of discontinued operations                   --            19,980

        Total Assets                            $7,071,973        $6,770,173


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Total current liabilities, excluding
     debt                                         $872,113          $852,898

    Total long-term debt, including
     current portion                             5,357,390         3,355,851

    Other long-term liabilities                    807,733           743,234
    Liabilities of discontinued
     operations                                         --             8,791

    Stockholders' equity:
      Common stock                                   1,303             1,284
      Additional paid-in capital                    24,608           624,475
      Retained earnings                             28,416         1,229,427
      Other comprehensive income (loss)            (19,590)          (45,787)
         Total stockholders' equity                 34,737         1,809,399

        Total Liabilities and
         Stockholders' Equity                   $7,071,973        $6,770,173



                               DEAN FOODS COMPANY

                       Condensed Statements of Cash Flows
                             (Dollars in thousands)


                                                    Six Months Ended June 30,
    Operating Activities                             2007              2006
      Net income                                    $92,236          $81,660
      (Income) loss from discontinued
       operations                                      (856)          47,829
      Depreciation and amortization                 115,513          111,875
      Deferred income taxes                          10,212           55,145
      Share-based compensation                       19,088           20,262
      Write-off of deferred financing
       costs                                         13,545               --
      Changes in current assets and
       liabilities                                  (87,606)         (55,725)
      Other                                           8,351            3,526
              Net cash provided by
               continuing operations                170,483          264,572
              Net cash used in
               discontinued operations                   --           (1,693)
              Net cash provided by
               operating activities                 170,483          262,879

    Investing Activities
      Additions to property, plant and
       equipment                                   (103,092)        (113,569)
      Cash outflows for acquisitions               (129,636)         (10,960)
      Proceeds from divestitures                     12,551               --
      Proceeds from sale of fixed assets              3,228            3,404
              Net cash used in continuing
               operations                          (216,949)        (121,125)
              Net cash used in
               discontinued operations                   --           (9,505)
              Net cash used in investing
               activities                          (216,949)        (130,630)

    Financing Activities
      Proceeds from the issuance of debt          2,003,450          498,020
      Repayment of debt                             (13,266)        (524,058)
      Payment of deferred financing costs           (31,281)          (6,561)
      Issuance of common stock, net                  26,501           10,052
      Payment of dividend                        (1,942,738)              --
      Repurchase of common stock                       --           (135,679)
      Tax savings on share-based
       compensation                                  10,086           24,044
              Net cash provided (used) by
               continuing operations                 52,752         (134,182)
              Net cash provided by
               discontinued operations                   --            7,855
              Net cash provided (used) by
               financing activities                  52,752         (126,327)

    Increase in cash and cash equivalents             6,286            5,922
    Beginning cash balance                           31,140           24,456

    Ending cash balance                             $37,426          $30,378



                    Free Cash Flow Summary and Reconciliation
                             (Dollars in thousands)

                                                   Six Months Ended June 30,
                                                    2007              2006
    Net cash provided by continuing
     operations                                   $170,483          $264,572
    Additions to property, plant and
     equipment                                    (103,092)         (113,569)
      Free cash flow provided by
       operations                                  $67,391          $151,003


     Contact:    Investors:
                 Barry Sievert
                 Investor Relations
                 (214) 303-3437
                 (214) 303-3437

                 Media:
                 Marguerite Copel
                 Corporate Communications
                 (214) 721-1273

SOURCE Dean Foods Company

CONTACT: investors, Barry Sievert, Investor Relations, +1-214-303-3437,
or media, Marguerite Copel, Corporate Communications, +1-214-721-1273, both of
Dean Foods Company
Web site: http://www.deanfoods.com

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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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