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WhiteWave Foods Reports Strong Third Quarter 2012 Results

Stocks in this article: WWAV

The adjustments below are based upon available information and certain assumptions that we believe are reasonable. The unaudited pro forma condensed consolidated financial information and unaudited pro forma adjusted condensed financial information are for illustrative and informational purposes only and do not purport to represent what our financial position or results of operations would have been if we had operated as a stand-alone public company during the periods presented or if the transactions had actually occurred as of the dates indicated, nor do they project our financial position at any future date or our results of operations or cash flows for any future period.

The pro forma adjustments to our historical financial information reflect the separation of our business from Dean Foods’ other businesses, the contribution of our business to us by Dean Foods and the subsequent elimination of Dean Foods’ net investment in us and other adjustments described in the notes to the tables presented.

The additional adjustments to our historical financial information reflect the incremental impact of the transitional sales agreements, stand-alone public company costs, and non-recurring transition costs, all of which are described in the notes to the tables presented. The additional adjustments are incremental to those adjustments applied in the preparation of the "Unaudited Pro Forma Condensed Consolidated Financial Information" in the Prospectus.

For the Year Ended December 31, 2011

 

GAAPFY 2011

 

Pro formaadjustments

    Pro forma  

Additionaladjustments

   

Pro FormaAdjustedFY 2011

 
(Dollars in Thousands, Except Share and Per Share Data)
 
Total net sales $ 2,025,751 $ 26,837

(a)

$ 2,052,588 $ (8,782 ) (e) $ 2,043,806
Cost of sales   1,341,310     9,898   (a)   1,351,208     (21,779 ) (e)   1,329,429  
Gross profit 684,441 16,939 701,380 12,997 714,377
Related party license income 42,680 (42,680 ) (b) - - -
Operating costs and expenses:
Selling and distribution 414,724 - 414,724 (1,946 ) (e) 412,778
General and administrative   136,703     9,825   (c)   146,528     13,461   (f)   159,989  
Total operating costs and expenses   551,427     9,825     561,252     11,515     572,767  
Operating income 175,694 (35,566 ) 140,128 1,482 141,610
Other expense:
Interest expense 9,149 14,317 (d) 23,466 534 (g) 24,000
Other expense, net   122     -     122     -     122  
Total other expense   9,271     14,317     23,588     534     24,122  

Income from continuing operations before income taxes

166,423 (49,883 ) 116,540 948 117,488
Income tax expense   52,089     (17,459 ) (h)   34,630     3,602   (h)   38,232  
Income from continuing operations $ 114,334   $ (32,424 ) $ 81,910   $ (2,654 ) $ 79,256  
 
Earnings per Share, Basic and Diluted:
Basic $ 0.46 (i)
Diluted $ 0.46 (i)
 
Weighted Average Shares Outstanding, Basic and Diluted:
Basic 173,000,000
Diluted 173,655,000

* See notes to Earnings Release Tables

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