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WhiteWave Foods Reports Strong Third Quarter 2013 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, on an adjusted and GAAP basis, our innovation plans, our ability to expand capacity, anticipated profit growth, margin expansion, capital expenditures, tax rate and corporate costs, and other statements that begin with words such as “believe,” “expect,” “intend” or “anticipate.” These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release. Financial projections are based on a number of assumptions, and actual results could be materially different than projected if those assumptions are erroneous. The Company’s ability to meet targeted financial and operating results depend 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 2012 Annual Report on Form 10-K, as supplemented and updated in our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 14, 2013. The Company’s ability to profit from its branding initiatives depends on a number of factors, including consumer acceptance of the Company’s products. Our growth plans depend, in part, on our ability to innovate successfully and on a cost-effective basis. The Company’s expected operating income growth will depend in part on its ability to cost effectively expand capacity. 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
Condensed Consolidated Statements of Operations
(Unaudited)
 
GAAP
Three months ended September 30, Nine months ended September 30,
2013 2012 2013 2012
(In thousands, except share and per share data)
 
Net sales $ 638,518 550,507 1,823,854 1,601,391
Net sales to related parties - 24,346 37,062 79,936
Transitional sales fees   -     -     1,837     -  
Total net sales 638,518 574,853 1,862,753 1,681,327
Cost of sales   412,066     370,215     1,193,544     1,089,098  
Gross profit 226,452 204,638 669,209 592,229
Related party license income - 10,727 - 32,043
Operating costs and expenses:
Selling and distribution 131,548 125,551 395,833 368,408
General and administrative 45,364 46,456 139,888 121,435
Write-down of assets held for sale   7,400   -     7,400     -  
Total operating expenses   184,312   172,007     543,121     489,843  
Operating income 42,140 43,358 126,088 134,429
Other (income) expense:
Interest expense 4,459 990 13,920 3,600
Other (income) expense, net   4,129     97     (4,265 )   780  
Total other (income) expense   8,588     1,087     9,655     4,380  
Income before income taxes 33,552 42,271 116,433 130,049
Income tax expense   9,259     15,979     36,932     46,066  
Net income $ 24,293   $ 26,292   $ 79,501   $ 83,983  
Average common shares:
Basic 173,097,361 150,000,000 173,035,973 150,000,000
Diluted 175,203,342 150,000,000 174,149,095 150,000,000
Basic earnings per common share:
Net income $ 0.14 $ 0.18 $ 0.46 $ 0.56
Diluted earnings per common share:
Net income $ 0.14 $ 0.18 $ 0.46 $ 0.56
 
   
The WhiteWave Foods Company
Condensed Consolidated Balance Sheets
(Unaudited)
 
GAAP
September 30, 2013 December 31, 2012
(In thousands)
ASSETS
Cash and cash equivalents $ 87,145 $ 69,373
Other current assets   389,488   313,448
Total current assets 476,633 382,821
Property, plant, and equipment, net 635,781 624,642
Identifiable intangible and other assets, net   1,163,854   1,160,548
Total Assets $ 2,276,268 $ 2,168,011
LIABILITIES AND EQUITY
Total current liabilities, excluding debt $ 320,021 $ 307,542
Total long-term debt, including current portion 722,550 780,550
Other long-term liabilities   301,487   294,963
Total Liabilities 1,344,058 1,383,055
 
Total equity   932,210   784,956
Total Liabilities and Equity $ 2,276,268 $ 2,168,011
 

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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