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WhiteWave Foods Reports Strong Fourth Quarter And Full Year 2012 Results

Stock quotes in this article: WWAV

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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