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WhiteWave Foods Reports Strong Second Quarter 2013 Results

Stocks in this article: WWAV

On July 25, 2013, Dean Foods closed on the public offering of its remaining 34,400,000 shares of WhiteWave Class A common stock. Following the closing of this offering, Dean Foods no longer owns any shares of WhiteWave common stock. WhiteWave did not issue any new shares and did not receive any proceeds as part of this offering. There were 105,177,565 shares of WhiteWave Class A common stock outstanding and 67,913,310 shares of WhiteWave Class B common stock outstanding as of July 31, 2013.

“We reached the final milestone in our separation from Dean Foods in July, as Dean sold its remaining shares of WhiteWave,” said Engles. "We have incredible brands, engaged and motivated employees, and a strong track record of growing our core businesses and successfully bringing innovative, great-tasting new products to market. As a completely independent company, WhiteWave Foods is well positioned to continue to grow and create shareholder value.”

CONFERENCE CALL/WEBCAST

A webcast to discuss the Company’s financial results and outlook will be held today, August 9, 2013, at 10:00 AM ET and may be heard live by visiting the “Investor Relations” section of the Company’s website at www.whitewave.com/investor_relations. A slide presentation will accompany the webcast and a webcast replay will be available for approximately 45 days following the event within the Investor Relations section of the Company's website.

EXPLANATION OF NON-GAAP FINANCIAL MEASURES

Certain financial information in this release relates to periods prior to the Company’s initial public offering in October 2012 (the “IPO”) and the separation of our business from Dean Foods Company’s other businesses. Prior to the IPO, the Company had nominal assets and no liabilities, and had conducted no operations. In connection with the IPO, Dean Foods contributed the capital stock of its wholly-owned subsidiary WWF Operating Company (“WWF Opco”) to the Company. At the time of the contribution, WWF Opco, which is now a wholly-owned subsidiary of the Company, held substantially all of the historical assets and liabilities related to the Company’s current business. Under U.S. generally accepted accounting principles (“GAAP”), the contribution of WWF Opco to the Company was treated as a reorganization of entities under common control under Dean Foods. As a result, we have retrospectively presented the unaudited pro forma adjusted condensed consolidated financial information of the Company and WWF Opco for all periods presented.

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