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WhiteWave Foods Reports Strong Third Quarter 2012 Results


The WhiteWave Foods Company is a leading consumer packaged food and beverage company that manufactures, markets, distributes, and sells branded Plant-based Foods and Beverages, Coffee Creamers and Beverages, and Premium Dairy products throughout North America and Europe. The Company is focused on providing consumers with innovative, great-tasting food and beverage choices that meet their increasing desires for nutritious, flavorful, convenient, and responsibly produced products. The Company’s widely-recognized, leading brands distributed in North America include Silk® Plant-based Foods and Beverages, International Delight® and LAND O LAKES® Coffee Creamers and Beverages, and Horizon Organic® Premium Dairy products. Its popular European brands of Plant-based Foods and Beverages include Alpro® and Provamel®.


Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, pro forma adjusted projected sales, pro forma adjusted operating income, pro forma adjusted net income, pro forma adjusted diluted earnings per share, growth of our business and expected financial performance. 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, and the Company’s ability to access capital under its credit facilities or otherwise, 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.
WWF Operating Company
Condensed Consolidated Statements of Operations
Three Months Ended September 30, Nine Months Ended September 30,
2012 2011 2012 2011
(Dollars in Thousands, Except Share and Per Share Data)
Net sales $ 550,507 $ 484,899 $ 1,601,391 $ 1,406,502
Net sales to related parties   24,346     24,671     79,936     77,719  
Total net sales 574,853 509,570 1,681,327 1,484,221
Cost of sales   370,215     337,018     1,089,098     982,058  
Gross profit 204,638 172,552 592,229 502,163
Related party license income 10,727 11,129 32,043 31,598
Operating costs and expenses:
Selling and distribution 125,551 103,881 368,408 307,578
General and administrative   46,456     31,808     121,435     99,456  
Total operating costs and expenses   172,007     135,689     489,843     407,034  
Operating income 43,358 47,992 134,429 126,727
Other expense (income):
Interest expense 990 2,075 3,600 7,285
Other expense (income), net   97     600     780     (170 )
Total other expense   1,087     2,675     4,380     7,115  
Income from continuing operations before income taxes 42,271 45,317 130,049 119,612
Income tax expense   15,979     12,180     46,066     36,309  
Income from continuing operations 26,292 33,137 83,983 83,303
Gain on sale of discontinued operations, net of tax - 3,616 - 3,616
Loss from discontinued operations, net of tax   -     (18,527 )   -     (25,573 )
Net income 26,292 18,226 83,983 61,346
Net loss attributable to non-controlling interest   -     11,537     -     15,925  
Net income attributable to WWF Operating Company $ 26,292   $ 29,763   $ 83,983   $ 77,271  
Pro forma net income per share - basic and diluted $ 0.18   $ 0.20   $ 0.56   $ 0.52  
Weighted average shares of common stock outstanding used in computing the pro forma net income per share - basic and diluted   150,000,000     150,000,000     150,000,000     150,000,000  

Unaudited Pro Forma Adjusted Condensed Consolidated Financial Information

The tables below provide certain unaudited pro forma condensed consolidated statement of operations information and certain unaudited pro forma adjusted condensed consolidated statement of operations information for the periods presented, which have been derived by application of pro forma adjustments described in our prospectus dated October 25, 2012 (the "Prospectus") related to our initial public offering (the "IPO") and certain other adjustments described below. The unaudited pro forma condensed consolidated statements of operations and unaudited pro forma adjusted condensed consolidated statements of operations for all periods presented give effect to the IPO and the separation of our business from Dean Foods’ other businesses as if those transactions had occurred or had become effective as of January 1, 2011.

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