Post Provides Preliminary Unaudited Selected Financial Data for Third Quarter of Fiscal 2013 and Updates Certain Fiscal 2013

Post Provides Preliminary Unaudited Selected Financial Data for Third Quarter
           of Fiscal 2013 and Updates Certain Fiscal 2013 Guidance

PR Newswire

ST. LOUIS, July 11, 2013

ST. LOUIS, July 11, 2013 /PRNewswire/ -- Post Holdings, Inc. (NYSE:POST), a
leading manufacturer, marketer and distributor of branded ready to eat
cereals, today provided certain preliminary unaudited selected financial data
for the third fiscal quarter of fiscal 2013, and updated its previously issued
Adjusted EBITDA guidance for fiscal 2013. This release should be read in
conjunction with the financial statements and management's discussion and
analysis included in the Company's filings with the Securities and Exchange
Commission ("SEC"), as well as the matters discussed under "Risk Factors" in
the Company's Form 10-K for the fiscal year ended September 30, 2012.

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Preliminary Unaudited Selected Financial Data for the Third Fiscal Quarter of
Fiscal 2013

The preliminary financial data discussed below consist of estimates derived
from Post's internal books and records and have been prepared by, and are the
responsibility of, Post's management.The preliminary estimates discussed
below are subject to the completion of financial closing procedures, final
adjustments and other developments that may arise between now and the time the
financial results for the third quarter are finalized.Therefore, actual
results may differ materially from these estimates. In addition, preliminary
results for the third quarter are not necessarily indicative of operating
results for any future quarter or results for the full year.

The following are preliminary estimates for the fiscal quarter ended June 30,
2013:

  onet sales of between $252 million and $258 million; and
  oAdjusted EBITDA of between $54 million and $56 million.

A range for the preliminary unaudited estimates of net sales and Adjusted
EBITDA are provided because the financial closing procedures for the third
quarter of 2013 are not yet complete.The above estimates include
approximately one month of financial results from the Company's acquisition on
May 28, 2013, of the cereal, granola and snacks business of Hearthside Food
Solutions. The Hearthside business contributed approximately $8 million of
net sales and $2 million of Adjusted EBITDA in June 2013. All of these
preliminary estimates are subject to change. The final reported results may
not be within the ranges currently estimated, and the difference may be
material.

Updated Fiscal 2013 Adjusted EBITDA Guidance

Including the partial year expected results of the Hearthside business and
Attune Foods (acquired in December 2012), which we expect to collectively
contribute approximately $6 million of Adjusted EBITDA to our full year
results, Post management now expects fiscal 2013 Adjusted EBITDA to be between
$214 million and $220 million.

Prospective financial information is necessarily speculative in nature, and it
can be expected that some or all of the assumptions of the information
described above will not materialize or will vary significantly from actual
results.For further discussion of some of the factors that may cause actual
results to vary materially from the information provided above see "Forward
Looking Statements" below.Accordingly, the prospective financial information
provided above is only an estimate of what Post management believes is
realizable as of the date of this press release.It should also be recognized
that the reliability of any forecasted financial data diminishes the farther
in the future that the data is forecast.In light of the foregoing, the
information should be viewed in context and undue reliance should not be
placed upon it.

Use of Non-GAAP Measures

Management has determined that Adjusted EBITDA is a key metric that will help
investors understand the ultimate income and near-term cash flows generated by
our business. Adjusted EBITDA is a non-GAAP measure which represents net
earnings excluding income taxes, net interest expense, net other nonoperating
income/expense, depreciation and amortization, non-cash stock based
compensation, nonrecurring cash compensation for retention/severance,
inventory revaluation adjustments on acquired businesses, accounts receivable
servicing fees, costs to effect Post's separation from Ralcorp and to
establish stand-alone systems and processes, mark to market adjustments on
economic hedges and intangible asset impairments, if any, and including an
estimate of incremental costs Post would have incurred had it been a
stand-alone public company for the entirety of the periods presented. The
Company believes that Adjusted EBITDA is useful to an investor in evaluating
the Company's operating performance and liquidity because (i) it is widely
used to measure a company's operating performance without regard to items such
as depreciation and amortization, which can vary depending upon accounting
methods and the book value of assets, (ii) it presents a meaningful measure of
corporate performance exclusive of the Company's capital structure and the
method by which the assets were acquired, and (iii) it is a widely accepted
financial indicator of a company's ability to service its debt, as the Company
is required to comply with certain covenants and limitations that are based on
variations of EBITDA in the Company's financing documents. In addition, for
the historical periods presented, Adjusted EBITDA provides investors with
insight into the Company's performance on a basis consistent with being a
stand-alone public company rather than an operating segment of Ralcorp. The
calculation of Adjusted EBITDA is not specified by United States generally
accepted accounting principles. Our calculation of Adjusted EBITDA may not be
comparable to similarly-titled measures of other companies. The Company has
not provided a quantitative reconciliation between Adjusted EBITDA presented
above to the most comparable financial measure or measures calculated and
presented in accordance with GAAP because it is not reasonably practicable to
produce such reconciliation for this prospective financial information.

Forward-Looking Statements

The net sales and Adjusted EBITDA guidance for fiscal 2013 discussed in this
press release is a forward-looking statement. Forward-looking statements
involve certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. Potential
risks and uncertainties include the impact of the recently completed
restatement of Post's financial statements; the impact of our separation from
Ralcorp and risks relating to our ability to operate effectively as a
stand-alone, publicly traded company; our high leverage and substantial debt,
including covenants that will restrict the operation of our business;
significant increases in the costs of certain commodities, packaging or energy
used to manufacture our products; our ability to achieve benefits from our
separation; our obligations to indemnify Ralcorp if the separation is taxable
under certain circumstances; changes in our cost structure, management,
financing and business operations following the separation; our ability to
continue to compete in our product market against manufacturers of both
branded and private label cereal products and our ability to retain our market
position; our ability to maintain competitive pricing, successfully introduce
new products or successfully manage our costs; our ability to successfully
implement business strategies to reduce costs; impairment in the carrying
value of goodwill or other intangibles; the loss or bankruptcy of a
significant customer; allegations that our products cause injury or illness,
product recalls and product liability claims and other litigation; our ability
to anticipate changes in consumer preferences and trends; changes in consumer
demand for ready-to-eat cereals; our ability to service our outstanding debt
or obtain additional financing; disruptions in the U.S. and global capital and
credit markets; legal and regulatory factors including changes in food safety,
advertising and labeling laws and regulations; disruptions or inefficiencies
in our supply chain; fluctuations in foreign currency exchange rates;
consolidations among the retail grocery and foodservice industries; change in
estimates in critical accounting judgments and changes to or new laws and
regulations affecting our business; losses or increased funding and expenses
related to our qualified pension plan; loss of key employees; labor strikes or
work stoppages by our employees; changes in weather conditions, natural
disasters and other events beyond our control; business disruptions caused by
information technology failures; and other risks described in the Company's
filings with the Securities and Exchange Commission. These forward-looking
statements represent the Company's judgment as of the date of this press
release. The Company disclaims, however, any intent or obligation to update
these forward-looking statements.

In addition, Post's preliminary unaudited estimates for the third quarter of
2013 have been prepared by Post's management only based upon information
available to it as of the date hereof, and have not been prepared with a view
toward compliance with published guidelines of the Securities and Exchange
Commission or the guidelines of the American Institute of Certified Public
Accountants for the preparation or presentation of financial information.

About Post Holdings, Inc.

Post is a leading manufacturer, marketer and distributor of branded
ready-to-eat cereals in the United States and Canada.

SOURCE Post Holdings, Inc.

Website: http://www.postfoods.com
Contact: Robert Vitale, Chief Financial Officer, (314) 644-7601
 
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