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WhiteWave Foods Reports Preliminary Second Quarter 2013 Results

On January 3, 2013, Dean Foods sold Morningstar to an unaffiliated third party. In connection with this sale, we modified certain of the commercial agreements entered into in connection with the initial public offering between us and Morningstar. These modifications are primarily timing modifications and are not expected to have a material impact on our results of operations.

           

The WhiteWave Foods Company

Reconciliation of GAAP to Non-GAAP Information

(Unaudited)

 

GAAP QTDQ2 2013

Adjustments

Adjusted QTDQ2 2013

(In thousands, except share and per share data)
Total net sales $ 615,990 $ - $ 615,990
Operating income 41,954 4,160 (a) 46,114
Income before income taxes 45,390 (4,013 )

 (a),(b)

41,377
Net income 31,209 (2,713 )

 (a),(b),(c)

28,496
 
Earnings per Share, Basic and Diluted:

 

Basic $ 0.16 (i)
Diluted $ 0.16 (i)
Weighted Average Shares Outstanding, Basic and Diluted:
Basic 173,005,352
Diluted 173,909,653
 
           

The WhiteWave Foods Company

Reconciliation of GAAP to Non-GAAP Information

(Unaudited)

 

GAAP YTDQ2 2013

Adjustments

Adjusted YTDQ2 2013

(In thousands, except share and per share data)
Total net sales $ 1,224,234

 

 

$

- $ 1,224,234
Operating income 83,947 9,639 (a) 93,586
Income before income taxes 82,879 1,489

 (a),(b)

84,368
Net income 55,207 893

 (a),(b),(c)

56,100
 
Earnings per Share, Basic and Diluted:
Basic $ 0.32 (i)
Diluted $ 0.32 (i)
Weighted Average Shares Outstanding, Basic and Diluted:
Basic 173,002,691
Diluted 173,567,934
 
                   

The WhiteWave Foods Company

Reconciliation of GAAP to Non-GAAP Information

(Unaudited)

 

GAAP QTDQ2 2012

Pro formaadjustments

Pro forma

Additionaladjustments

Pro FormaAdjusted QTDQ2 2012

(In thousands, except share and per share data)
 
Total net sales $ 554,446 $ 5,618 (d) $ 560,064 $ (1,925 ) (h) $ 558,139
Cost of sales   359,295     2,707   (d)   362,002     (5,289 ) (h)   356,713  
Gross profit 195,151 2,911 198,062 3,364 201,426
Related party license income 10,843 (10,843 ) (e) - - -
Operating costs and expenses:
Selling and distribution 123,870 - 123,870 (481 ) (h) 123,389
General and administrative   39,917     (1,544 ) (f)   38,373     (58 ) (a)   38,315  
Total operating costs and expenses   163,787     (1,544 )   162,243     (539 )   161,704  
Operating income 42,207 (6,388 ) 35,819 3,903 39,722
Other expense:
Interest expense 961 5,039 (g) 6,000 - 6,000
Other expense, net   562     -     562     -     562  
Total other expense   1,523     5,039     6,562     -     6,562  
Income before income taxes 40,684 (11,427 ) 29,257 3,903 33,160
Income tax expense   14,301     (4,000 ) (c)   10,301     680   (c)   10,981  
Net income $ 26,383   $ (7,427 ) $ 18,956   $ 3,223   $ 22,179  
Earnings per Share, Basic and Diluted:
Basic $ 0.13 (i)
Diluted $ 0.13 (i)
Weighted Average Shares Outstanding, Basic and Diluted:
Basic 173,000,000
Diluted 173,000,109
 
 
 
 

GAAP QTDQ2 2012

 

Pro formaadjustments

  Pro forma  

Additionaladjustments

 

Pro FormaAdjusted QTDQ2 2012

 
Income statement amounts by segment: (In thousands)
Total net sales
North America $ 464,105 $ 5,618 (d) $ 469,723 $ (1,925 ) (h) $ 467,798
Europe   90,341     -     90,341     -     90,341  
Total $ 554,446   $ 5,618   $ 560,064   $ (1,925 ) $ 558,139  
 
Operating income
North America $ 38,776 $ 2,911 (d) $ 41,687 $ 3,845 (h) $ 45,532
Europe   7,022     -     7,022     -     7,022  
Total consolidated segment operating income   45,798     2,911     48,709     3,845     52,554  
Related party license income 10,843 (10,843 ) (e) - - -
Corporate and other   (14,434 )   1,544   (f)   (12,890 )   58   (a)   (12,832 )
Total operating income $ 42,207   $ (6,388 ) $ 35,819   $ 3,903   $ 39,722  
 
                   

The WhiteWave Foods Company

Reconciliation of GAAP to Non-GAAP Information

(Unaudited)

 

GAAP YTDQ2 2012

Pro formaadjustments

Pro forma

Additionaladjustments

Pro FormaAdjusted YTDQ2 2012

(In thousands, except share and per share data)
 
Total net sales $ 1,106,474 $ 10,927 (d) $ 1,117,401 $ (2,105) (h) $ 1,115,296
Cost of sales 718,883 4,440 (d) 723,323 (9,569) (h) 713,754
Gross profit 387,591 6,487 394,078 7,464 401,542
Related party license income 21,316 (21,316) (e) - - -
Operating costs and expenses:
Selling and distribution 242,857 - 242,857 (1,040) (h) 241,817
General and administrative 74,979 912 (f) 75,891 4,666 (a) 80,557
Total operating costs and expenses 317,836 912 318,748 3,626 322,374
Operating income 91,071 (15,741) 75,330 3,838 79,168
Other expense:
Interest expense 2,610 9,390 (g) 12,000 - 12,000
Other expense, net 683 - 683 - 683
Total other expense 3,293 9,390 12,683 - 12,683
Income before income taxes 87,778 (25,131) 62,647 3,838 66,485
Income tax expense 30,087 (8,795) (c) 21,292 23 (c) 21,315
Net income $ 57,691 $ (16,336) $ 41,355 $ 3,815 $ 45,170
Earnings per Share, Basic and Diluted:
Basic $ 0.26

(i)

Diluted $ 0.26 (i)
Weighted Average Shares Outstanding, Basic and Diluted:
Basic 173,000,000
Diluted 173,000,109
 
 
 
 

GAAP YTDQ2 2012

Pro formaadjustments

Pro forma

Additionaladjustments

Pro FormaAdjusted YTDQ2 2012

Income statement amounts by segment: (In thousands)
Total net sales
North America $ 921,471 $ 10,927 (d) $ 932,398 $ (2,105) (h) $ 930,293
Europe 185,003 - 185,003 - 185,003
Total $ 1,106,474 $ 10,927 $ 1,117,401 $ (2,105) $ 1,115,296
 
Operating income
North America $ 82,819 $ 6,487 (d) $ 89,306 $ 8,504 (h) $ 97,810
Europe 10,690 - 10,690 - 10,690
Total consolidated segment operating income 93,509 6,487 99,996 8,504 108,500
Related party license income 21,316 (21,316) (e) - - -
Corporate and other (23,754) (912) (f) (24,666) (4,666) (a) (29,332)
Total operating income $ 91,071 $ (15,741) $ 75,330 $ 3,838 $ 79,168
 

The adjusted results differ from the Company’s results under GAAP due to the following:

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