WhiteWave Foods Reports Strong Fourth Quarter And Full Year 2012 Results

ABOUT THE WHITEWAVE FOODS COMPANY

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®.

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 Private Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to, among other things, projections of net sales growth, operating income, net income and earnings per share, as well as expected capital expenditures, interest expense, tax rate and corporate costs, growth of our business, expected financial performance and Dean Foods’ intention to effect a spin-off or other disposition of its ownership interest in us and the timing and form of such spin-off. 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, 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 Company cannot control the timing, manner and completion of the spin-off or other disposition by Dean Foods of its ownership interest in the Company, and any spin-off or other disposition by Dean Foods of its remaining ownership interest in the Company could be subject to various conditions, including the receipt by Dean Foods of any necessary regulatory or other approvals, satisfactory market conditions and in the case of a tax-free spin-off or other tax-free disposition, Dean Foods’ maintenance of the private letter ruling from the Internal Revenue Service and/or Dean Foods' receipt of an opinion of counsel. 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.

The WhiteWave Foods Company
Consolidated Statements of Operations
(Unaudited)
			GAAP
			Years Ended December 31,
			2012				2011					2010
			(Dollars in Thousands, Except Share and Per Share Data)
Net sales			$	2,175,374			$	1,916,830			$	1,713,390
Net sales to related parties				109,513				108,921				107,923
Related party fees				4,551				-				-
Total net sales				2,289,438				2,025,751				1,821,313
Cost of sales				1,485,494				1,341,310				1,210,816
Gross profit				803,944				684,441				610,497
Related party license income				36,034				42,680				39,378
Operating costs and expenses:
Selling and distribution				492,130				414,724				384,512
General and administrative				167,595				136,703				139,888
Total operating costs and expenses				659,725				551,427				524,400
Operating income				180,253				175,694				125,475
Other expense:
Interest expense				9,924				9,149				10,583
Other expense, net				957				122				377
Total other expense				10,881				9,271				10,960
Income from continuing operations before income taxes				169,372				166,423				114,515
Income tax expense				56,858				52,089				33,159
Income from continuing operations				112,514				114,334				81,356
Gain on sale of discontinued operations, net of tax				403				3,616				5,693
Income (loss) from discontinued operations, net of tax				2,056				(27,105	)			(16,686	)
Net income				114,973				90,845				70,363
Net (income) loss attributable to non-controlling interest				(1,279	)			16,550				8,735
Net income attributable to The WhiteWave Foods Company			$	113,694			$	107,395			$	79,098
Basic earnings (loss) per common share:
Income from continuing operations attributable to The WhiteWave Foods Company			$	0.73				0.76				0.54
Net discontinued operations				0.01				(0.04	)			(0.01	)
Net income attributable to The WhiteWave Foods Company			$	0.74				0.72				0.53
Diluted earnings (loss) per common share:
Income from continuing operations attributable to The WhiteWave Foods Company			$	0.73				0.76				0.54
Net discontinued operations				0.01				(0.04	)			(0.01	)
Net income attributable to The WhiteWave Foods Company			$	0.74				0.72				0.53

	The WhiteWave Foods Company
	Condensed Consolidated Balance Sheets
	(Unaudited)
				GAAP
				December 31,
					2012				2011
				(Dollars in thousands, except share and per share data)
	ASSETS
	Cash and cash equivalents			$	69,373			$	96,987
	Other current assets				313,448				276,782
	Total current assets				382,821				373,769
	Property, plant, and equipment, net				624,642				587,259
	Identifiable intangible and other assets, net				1,160,548				1,147,657
	Total Assets			$	2,168,011			$	2,108,685
	LIABILITIES AND EQUITY
	Total current liabilities, excluding debt			$	307,542			$	237,250
	Total long-term debt, including current portion				780,550				456,171
	Other long-term liabilities				294,963				274,578
	Equity attributable to The WhiteWave Foods Company				784,956				1,135,919
	Non-controlling interest				-				4,767
	Total equity				784,956				1,140,686
	Total Liabilities and Equity			$	2,168,011			$	2,108,685

Unaudited Pro Forma Adjusted Condensed Consolidated Financial Information

The WhiteWave Foods Company ("WhiteWave", "our", "we", "us", or the "Company") was incorporated on July 17, 2012 as a wholly-owned subsidiary of Dean Foods to acquire the capital stock of WWF Operating Company ("WWF Opco"), a wholly-owned subsidiary of Dean Foods. Prior to our initial public offering, WWF Opco held substantially all of the historical assets and liabilities related to our business that we acquired pursuant to the contribution described below. We had nominal assets and no liabilities, and conducted no operations prior to the completion of our initial public offering.

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