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dean foods co (DF) Key Developments

Dean Foods Company Announces Pricing of $700 Million of 6.5% Senior Notes Due 2023

Dean Foods Company announced that it has priced its previously announced offering of $700 million in aggregate principal amount of 6.5% senior unsecured notes due 2023 at an issue price of 100% of the principal amount of the notes. The issuance of the notes is expected to close on February 25, 2015. The company intends to use a portion of the net proceeds of the offering to finance the redemption of its outstanding senior unsecured notes due 2016. The company intends to use the remaining net proceeds to repay a portion of the outstanding borrowings under the company's senior secured credit facility and receivables-backed facility.

Dean Foods Announces Plans to Offer $700 Million in Senior Notes

Dean Foods Company announced that, subject to market conditions, it intends to offer $700 million in aggregate principal amount of senior unsecured notes due 2023. The offering is expected to be made to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended, and in offshore transactions pursuant to Regulation S under the Securities Act. The company intends to use a portion of the net proceeds of the offering to finance the redemption of its outstanding senior unsecured notes due 2016. The company intends to use the remaining net proceeds to repay a portion of the outstanding borrowings under the company's senior secured credit facility and receivables-backed facility.

Dean Foods Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Impairment of Long Lived Assets; Provides Earnings Guidance for the First Quarter of 2015

Dean Foods Company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported operating income of $7,980,000, loss from continuing operations before income taxes of $8,139,000, profit from continuing operations of $5,704,000 or $0.06 diluted earnings per share, net income of $5,277,000, net profit attributable to Dean Foods Company was $5,277,000 or $0.06 diluted earnings per share on net sales of $2,395,007,000 against operating income of $34,754,000, loss from continuing operations before income taxes of $49,271,000, loss from continuing operations of $37,362,000 or $0.40 diluted per share, net loss of $37,677,000, net loss of attributable to Dean Foods Company was $37,677,000 or $0.40 diluted loss per share on net sales of $2,295,450,000 for the same period a year ago. Adjusted operating income was $417,192, adjusted income from continuing operations before income taxes of $11,420,000, adjusted income from continuing operations of $7,081,000 or $0.08 diluted per share, adjusted net income of $7,081,000, adjusted net income attributable to Dean Foods company was $7,081,000 or $0.08 diluted per share on adjusted net sales of $2,395,007,000. Operating income was $398,978,000, income from continuing operations before income taxes of $27,619,000, income from continuing operations of $17,124,000 or $0.18 diluted per share, net income of $17,124,000, net income attributable to Dean Foods company was $17,124,000 or $0.18 diluted per share on net sales of $2,295,450,000. Adjusted EBITDA was $66,849,000 against $87,627,000 for the same period a year ago. This decrease in Adjusted EBITDA is a result of significantly lower debt levels and a small benefit during the quarter from its successful late November repurchase of a portion of the company higher coupon senior notes. As of the end of the fourth quarter, total net debt outstanding was $881 million. For the full year, the company reported operating income of $8,553,000, loss from continuing operations before income taxes of $52,283,000, loss from continuing operations of $20,187,000 or $0.22 diluted per share, net loss of $20,296,000, net loss attributable to Dean Foods Company was $20,296,000 or $0.22 diluted per share on net sales of $9,503,196,000 against operating income of $130,796,000, income from continuing operations before income taxes of $283,034,000, income from continuing operations of $325,359,000 or $3.47 diluted per share, net loss of $819,357,000, net income attributable to Dean Foods Company was $813,178,000 or $8.58 diluted per share on net sales of $9,016,321,000 for the same period a year ago. Adjusted operating income was $36,419,000, adjusted loss from continuing operations before income taxes of $21,053,000, adjusted loss from continuing operations of $13,053,000 or $0.14 diluted per share, adjusted net income of $13,053,000, adjusted net income attributable to Dean Foods company was $13,053,000 or $0.14 diluted per share on adjusted net sales of $9,503,196,000. Operating income was $228,446,000, income from continuing operations before income taxes of $132,160,000, income from continuing operations of $81,941,000 or $0.86 diluted per share, net income of $81,941,000, Pro forma net income attributable to Dean Foods company was $81,941,000 or $0.86 diluted per share on net sales of $9,016,321,000. Adjusted EBITDA was $195,961,000 against $389,357,000 for the same period a year ago. Net cash provided by operating activities of $152,946,000 against net cash used in operating activities of $316,641,000 for the same period a year ago. Payments for property, plant and equipment was $149,421,000 against $175,163,000 for the same period a year ago. Adjusted net cash provided by continuing operations was $174,680,000 against $235,213,000 for the same period a year ago. The company reported impairment of long lived assets was $13,420,000 for fourth quarter ended December 31, 2014. The company provides earnings guidance for the first quarter of 2015. The company expects adjusted diluted earnings of $0.12 to $0.22 per share.

Dean Foods to Close Fluid Milk Processing Plant in Wisconsin

Dean Foods will halt operations at its Verifine Dairy plant in Sheboygan, Wisconsin, by the end of April 2015. The Verifine Dairy fluid milk processing plant closure will result in 70 job cuts. The closure is in line with the company's strategy to consolidate operations in Wisconsin.

Dean Foods Company, Q4 2014 Earnings Call, Feb 10, 2015

Dean Foods Company, Q4 2014 Earnings Call, Feb 10, 2015

 

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