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WhiteWave Foods Reports Preliminary Second Quarter 2013 Results

Stocks in this article: WWAV

i. Applying the 35% U.S. federal statutory rate to the pro forma adjustments in the 2012 periods.

ii. The income tax expense required to adjust the U.S. GAAP effective rate to the estimated effective rate on all adjustments in the pro forma adjustments, the additional adjustments and the adjustments columns of all periods.

(d) The adjustment reflects:

i. An agreement with two wholly-owned Dean Foods subsidiaries, Suiza Dairy Group, LLC ("Suiza Dairy") and Dean Dairy Holdings, LLC ("Dean Dairy"), pursuant to which those subsidiaries continue to sell and distribute certain WhiteWave products. This agreement modifies our historical intercompany arrangements and reflects new pricing. The net effect of the agreement is an estimated increase in total net sales and an estimated increase in cost of sales for the following periods:

  • $nil million and $nil million for the three months ended June 30, 2013.
  • $nil million and $nil million for the six months ended June 30, 2013.
  • $5.6 million and $2.2 million for the three months ended June 30, 2012.
  • $10.9 million and $3.4 million for the six months ended June 30, 2012.

ii. Manufacturing agreements with (1) Morningstar pursuant to which Morningstar continues manufacturing various WhiteWave products on our behalf and (2) Suiza Dairy and Dean Dairy pursuant to which they continue manufacturing WhiteWave fresh organic milk products on our behalf. The agreements modify our historical intercompany arrangements and reflect new pricing. The net effect of the agreements is an estimated increase in cost of sales for the following periods:

  • $nil million for the three months ended June 30, 2013.
  • $nil million for the six months ended June 30, 2013.
  • $0.5 million for the three months ended June 30, 2012.
  • $1.0 million for the six months ended June 30, 2012.

(e) The adjustment reflects the elimination of license income associated with our intellectual property license agreement with Morningstar. In connection with our initial public offering, this agreement was terminated and we transferred the intellectual property subject to this license agreement to Morningstar. The effect of this agreement is to eliminate the related party license income for all periods presented.

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