Tuesday, 7 May 2019

Dean Foods Announces First Quarter 2019 Results

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Tuesday, 7 May 2019

DALLAS, May 7, 2019 /PRNewswire/ — Dean Foods Company (NYSE: DF) today reported first quarter 2019 results.

Highlights

  • Q1 net loss per share was $0.67 and adjusted net loss per share was $0.41; represents sequential improvement from Q4 2018 with consecutive improvements each month within the quarter
  • Q1 GAAP and adjusted operating loss in-line with our internal expectations; internal plan projects continued sequential improvement each quarter throughout 2019
  • Anticipate positive free cash flow for FY 2019 with positive quarterly free cash flow for Q2 and in each quarter throughout the year; capital expenditures projected between $95 million and $115 million

Chief Executive Officer Ralph Scozzafava said, “The first quarter was a productive period setting the stage for the sequential improvement in our performance that we expect to achieve throughout 2019.  Adjusted operating loss is on-track with our internal full year plan and marked an improvement from the fourth quarter of 2018 but was significantly down compared with the year-ago period. Our results improved in each month of the first quarter and we are encouraged by the underlying trends that we are seeing in operations. While we continue to overlap certain customer volume that exited our system last year, we believe we have passed the inflection point as the transformative actions implemented over the past 12 months through our enterprise-wide cost productivity plan are taking hold.”

“We have the right plan that we are actively executing, which will improve our financial results. This plan will continue to drive and guide our actions throughout 2019 and beyond.  We have made significant progress integrating our operating model, right-sizing our cost structure and introducing innovative new products.  As a result of these actions, we expect to deliver positive free cash flow for full year 2019.  Importantly, we are turning the corner and expect to generate positive quarterly free cash flow for the second quarter. While our results demonstrate that our efforts are beginning to achieve the desired results, there is still much more work to do. The refinancing of our revolving credit facilities in the first quarter provides us with the resources necessary to drive our commercial initiatives and continue to execute our enterprise-wide cost productivity plan. As previously announced, we are also exploring potential strategic alternatives to accelerate our business transformation and enhance value for our shareholders, our company and all other stakeholders,” concluded Scozzafava.

First Quarter 2019 Operating Results

Financial Summary *

 

Three Months Ended March 31

(In millions, except per share amounts)

 

2019

 

2018

         

Gross Profit

       

GAAP

 

$   374

 

$  449

Adjusted

 

$   374

 

$  448

         

Operating Income (Loss)

       

GAAP

 

$    (45)

 

$    15

Adjusted

 

$    (36)

 

$    32

         

Interest Expense

       

GAAP

 

$     19

 

$    14

Adjusted

 

$     15

 

$    14

         

Net Income (Loss)

       

GAAP

 

$    (62)

 

$    —

Adjusted

 

$    (38)

 

$    13

         

Earnings (Loss) Per Share (EPS)

       

GAAP

 

$ (0.67)

 

$    —

Adjusted

 

$ (0.41)

 

$ 0.14

         

 

* Adjustments to GAAP due to the exclusion of expenses, gains or losses associated with certain transactions and other non-recurring items are described and reconciled to the comparable GAAP amounts in the attached tables.

 

(1)       Please refer to “Non-GAAP Financial Measures” for additional information. We provide guidance on a non-GAAP basis and are unable to provide a full reconciliation to GAAP without unreasonable efforts as we cannot predict the amount or timing of certain elements which are included in reported GAAP results, including mark-to-market adjustments of hedging activities, asset impairment charges, and other non-recurring events or transactions that may significantly affect reported GAAP results.

Cash Flow

Net cash used in operating activities for the three months ended March 31, 2019, totaled $72 million. Negative free cash flow used in operations was $99 million for the three months ended March 31, 2019, a $121 million decrease as compared to the prior year period driven by the first quarter operating loss and unfavorable working capital changes as a result of inventory builds associated with new business. Capital expenditures totaled $27 million for the three months ended March 31, 2019.

Net Debt

Total net debt at March 31, 2019, net of $23 million cash on hand, was approximately $991 million.

Non-GAAP Financial Measures

In addition to the results prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), we have presented certain non-GAAP financial measures, including adjusted gross profit, adjusted selling and distribution expenses, adjusted general and administrative expenses, adjusted total operating costs and expenses, adjusted operating income (loss), adjusted interest expense,  adjusted net income (loss), adjusted earnings (loss) per diluted share, adjusted EBITDA, net debt and free cash flow, each as described below.

This non-GAAP financial information is provided as supplemental information for investors and is not in accordance with, or an alternative to, GAAP. Additionally, these non-GAAP measures may be different than similar measures used by other companies.

We believe that the presentation of these non-GAAP financial measures, when considered together with our GAAP financial measures and the reconciliations to the corresponding GAAP financial measures, provides investors with a more complete understanding of the factors and trends affecting our business than could be obtained absent these disclosures. Our management uses these non-GAAP financial measures when evaluating our performance, when making decisions regarding the allocation of resources, in determining incentive compensation for management, and in determining earnings estimates.

A full reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures for the three months ended March 31, 2019, and 2018, is set forth in the tables herein.

Adjusted Operating Results

We have supplemented the presentation of our reported GAAP gross profit, selling and distribution expenses, general and administrative expenses, total operating costs and expenses, operating income (loss), interest expense, net income (loss) and earnings (loss) per diluted share, with non-GAAP measures that adjust the GAAP measures to exclude the impact of the following (as applicable):

  • incremental non-cash trademark amortization triggered by the launch of a national fresh white milk brand;
  • facility closing, reorganization and realignment costs;
  • debt issuance costs;
  • gains (losses) on the mark-to-market of our derivative contracts;
  • costs associated with our enterprise-wide cost productivity plan;
  • separation costs;
  • operating income (loss) attributable to non-controlling interest;
  • income tax impacts of the foregoing adjustments; and
  • adjustments to normalize our income tax expense at a rate of 26.5%.

We believe these non-GAAP measures provide useful information to investors by excluding expenses, gains or losses that are not indicative of the company’s ongoing operating performance. In addition, we cannot predict the timing and amount of gains or losses associated with certain of these items. We believe these non-GAAP measures provide more accurate comparisons of our ongoing business operations and are better indicators of trends in our underlying business. In addition, these adjustments are consistent with how management views our business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating the Company’s ongoing performance. Further, adjusted gross profit and adjusted operating income are used by management to evaluate key performance indicators of brand mix and low cost, respectively.

Adjusted EBITDA

Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization, as further adjusted to exclude the impact of the adjustments discussed under “Adjusted Operating Results” above (other than the adjustments for incremental trademark amortization and interest expense and the normalized income tax rate, as Adjusted EBITDA excludes the full amount of these expenses). This information is provided to assist investors in making meaningful comparisons of our operating performance between periods and to view our business from the same perspective as our management. We believe Adjusted EBITDA is a useful measure for analyzing the performance of our business and is a widely-accepted indicator of our ability to incur and service indebtedness and generate free cash flow. We also believe that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company’s operating performance and debt servicing ability because such measures assist in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly) and non-operating factors (such as historical cost).

Free Cash Flow

We define Free Cash Flow as net cash provided by operating activities less cash payments for capital expenditures. We believe Free Cash Flow is a meaningful non-GAAP measure that offers supplemental information and insight regarding the liquidity of our operations and our ability to generate sufficient cash flow to, among other things, repay debt, invest in our business and repurchase shares of our common stock. A limitation of Free Cash Flow is that it does not represent the total increase or decrease in the cash balance for the period.

Quarterly Free Cash Flow

We define Quarterly Free Cash Flow as net cash provided by operating activities for the three months ending June 30, September 30 and December 31 less cash payments for capital expenditures made within the respective three month periods. We believe Quarterly Free Cash Flow is a meaningful non-GAAP measure that offers supplemental information and insight regarding the liquidity of our operations within a quarter and our ability to generate sufficient cash flow within a particular period. A limitation of Quarterly Free Cash Flow is that it does not represent the total increase or decrease in the cash balance for the three-month period.

Conference Call/Webcast

A webcast to discuss the Company’s financial results and outlook will be held at 9:00 a.m. ET today and may be heard live by clicking the earnings button on the Company’s website at http://www.ghan8.com. A slide presentation will accompany the webcast.

About Dean Foods

Dean Foods is a leading food and beverage company and the largest processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. Headquartered in Dallas, Texas, the Dean Foods portfolio includes DairyPure?, the country’s first and largest fresh, national white milk brand, and TruMoo?, the leading national flavored milk brand, along with well-known regional dairy brands such as Alta Dena?, Berkeley Farms?, Country Fresh?, Dean’s?, Friendly’s?, Garelick Farms?, LAND O LAKES?* milk and cultured products, Lehigh Valley Dairy Farms?, Mayfield?, McArthur?, Meadow Gold?, Oak Farms?, PET?**, T.G. Lee?, Tuscan? and more. Dean Foods also has a joint venture with Organic Valley?, distributing fresh organic products to local retailers. In all, Dean Foods has more than 50 national, regional and local dairy brands as well as private labels. Dean Foods also makes and distributes ice cream, cultured products, juices, teas, and bottled water. Approximately 15,000 employees across the country work every day to make Dean Foods the most admired and trusted provider of wholesome, great-tasting dairy products at every occasion. For more information about Dean Foods and its brands, visit www.ghan8.com.

*The LAND O LAKES brand is owned by Land O’Lakes, Inc. and is used by license.
**PET is a trademark of Eagle Family Foods Group LLC, under license.

Some of the statements made 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, including statements relating to: (1) our financial forecast, including projected sales (including specific product lines and the Company as a whole), total volume, price realization, profit margins, net income, earnings per share and free cash flow, (2) the Company’s regional and national branding and marketing initiatives, (3) the Company’s innovation, research and development plans and its ability to successfully launch new products or brands, (4) commodity prices and other inputs and the Company’s ability to forecast or predict commodity prices, milk production and milk exports, (5) the Company’s enterprise-wide cost productivity plan and other cost-savings initiatives, including plant closures and route reductions, and its ability to achieve expected savings, (6) planned capital expenditures, (7) the status of the Company’s litigation matters,  (8) the Company’s plans related to its capital structure, (9) the Company’s dividend policy, (10) possible repurchases of shares of the Company’s common stock, (11) potential acquisitions, and (12) the Company’s exploration of strategic alternatives and any potential results thereof. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in this press release, including the risks disclosed by the Company in its filings with the Securities and Exchange Commission. Financial projections are based on a number of assumptions.  Actual results could be materially different than projected if those assumptions are erroneous.  The cost and supply of commodities and other raw materials are determined by market forces over which the Company has limited or no control. Sales, operating income, net income, debt covenant compliance, financial performance and earnings per share can vary based on a variety of economic, governmental and competitive factors, which are identified in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Forms 10-K and 10-Q. The Company’s ability to profit from its branding and marketing initiatives depends on a number of factors including consumer acceptance of its products.  The declaration and payment of cash dividends under the Company’s dividend policy remains at the sole discretion of the Board of Directors and will depend upon its financial results, cash requirements, future prospects, restrictions in its credit agreements and debt covenant compliance, applicable law and other factors that may be deemed relevant by the Board. All forward-looking statements in this press release speak only as of the date of this press release.  There are no assurances that the Company’s exploration of strategic alternatives will result in a transaction or other strategic change or outcome.  The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any 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 except as required by law.

CONTACT: Investor Relations/External Communications, Suzanne Rosenberg, +1 214-303-3438. Media please contact +1 214-721-7766 or media@deanfoods.com.

 

 

 

DEAN FOODS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 
 

Three Months Ended March 31

 

2019

 

2018

Net sales

$ 1,795,434

 

$ 1,980,507

Cost of sales

1,421,681

 

1,532,004

Gross profit

373,753

 

448,503

Operating costs and expenses:

     

Selling and distribution

337,712

 

345,996

General and administrative

73,085

 

75,522

Amortization of intangibles

5,150

 

5,078

Facility closing and reorganization costs, net 

4,332

 

8,462

Equity in (earnings) loss of unconsolidated affiliate

(1,955)

 

(1,900)

Total operating costs and expenses

418,324

 

433,158

Operating income (loss)

(44,571)

 

15,345

Other expense:

     

Interest expense

19,000

 

14,033

Other expense, net

212

 

470

Total other expense

19,212

 

14,503

Income (loss) before income taxes

(63,783)

 

842

Income tax expense (benefit)

(1,956)

 

1,107

Net loss

(61,827)

 

(265)

Net loss attributable to non-controlling interest

253

 

Net loss attributable to Dean Foods Company

$    (61,574)

 

$         (265)

Average common shares:

     

Basic

91,526

 

91,192

Diluted

91,526

 

91,192

Basic income (loss) per common share:

     

Net loss attributable to Dean Foods Company

$        (0.67)

 

$             —

Diluted income (loss) per common share:

     

Net loss attributable to Dean Foods Company

$        (0.67)

 

$             —

 

 

 

DEAN FOODS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 
   

March 31, 2019

 

December 31, 2018

ASSETS

       

Cash and cash equivalents

 

$            22,573

 

$                  24,176

Other current assets

 

912,689

 

888,104

Total current assets

 

935,262

 

912,280

Property, plant and equipment, net

 

991,825

 

1,006,182

Operating lease right of use asset

 

316,831

 

Intangibles and other assets, net

 

198,382

 

200,030

Total

 

$       2,442,300

 

$             2,118,492

         

LIABILITIES AND STOCKHOLDERS’ EQUITY

       

Total current liabilities, excluding debt

 

$          669,962

 

$                699,661

Total long-term debt, including current portion

 

1,009,681

 

906,344

Total operating lease liabilities, including current portion

 

332,140

 

Other long-term liabilities

 

174,371

 

197,755

Total Dean Foods Company stockholders’ equity

 

244,655

 

302,960

Non-controlling interest

 

11,491

 

11,772

Total stockholders’ equity

 

256,146

 

314,732

Total

 

$       2,442,300

 

$             2,118,492

 

 

DEAN FOODS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 
   

Three Months Ended March 31

   

2019

 

2018

Operating Activities 

       

Net cash provided by (used in) operating activities

 

$ (72,046)

 

$ 38,953

         

Investing Activities 

       

Capital spending

 

(26,518)

 

(16,508)

Proceeds from sale of fixed assets

 

1,928

 

4,179

Net cash used in investing activities

 

(24,590)

 

(12,329)

         

Financing Activities

       

Net proceeds from issuance (repayment of) debt

 

103,062

 

(6,274)

Payments of financing costs

 

(7,625)

 

Cash dividends paid

 

 

(8,218)

Issuance of common stock, net of share repurchases for withholding taxes

 

(404)

 

(519)

Net cash provided by (used in) financing activities

 

95,033

 

(15,011)

Change in cash and cash equivalents

 

(1,603)

 

11,613

Cash and cash equivalents, beginning of period

 

24,176

 

16,512

Cash and cash equivalents, end of period

 

$  22,573

 

$ 28,125

 

 

DEAN FOODS COMPANY

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES*

(Unaudited)

(In thousands, except per share data)

 
 

Three Months Ended March 31, 2019

     

Asset write-downs
and (gain) loss on
sale of assets

 

Facility closing
and reorganization costs, net

 

Mark-to-market
on derivative
contracts

 

Cost productivity plan

 

Non-controlling interest in Good
Karma

 

Other adjustments

 

Income
tax

   
                                   
 

GAAP

 

(a)

 

(b)

 

(c)

 

(d)

 

(e)

 

(f)

 

(g)

 

Adjusted*

Gross profit

$   373,753

 

$                                     —

 

$                                     —

 

$                        (204)

 

$                                   —

 

$                               —

 

$                                   —

 

$                —

 

$     373,549

                                   

Selling and distribution

337,712

 

 

 

3,232

 

 

 

 

 

340,944

                                   

General and administrative

73,085

 

 

 

 

(3,599)

 

     

 

69,486

                                   

Amortization of intangibles

5,150

 

(3,935)

 

 

 

 

 

 

 

1,215

                                   

Total operating costs and expenses

418,324

 

(3,935)

 

(4,332)

 

3,232

 

(3,599)

 

 

 

 

409,690

                                   

Operating income (loss)

(44,571)

 

3,935

 

4,332

 

(3,436)

 

3,599

 

323

 

 

 

(35,818)

                                   

Interest expense

19,000

 

 

 

 

 

 

(3,755)

 

 

15,245

                                   

Net income (loss)

(61,827)

 

3,935

 

4,332

 

(3,436)

 

3,599

 

323

 

3,755

 

11,633

 

(37,686)

                                   

Diluted earnings (loss) per share

$       (0.67)

 

$                                0.04

 

$                                 0.05

 

$                       (0.04)

 

$                              0.04

 

$                               —

 

$                               0.04

 

$             0.13

 

$           (0.41)

                                   
 

Three Months Ended March 31, 2018

   
     

Asset write-downs
and (gain) loss on
sale of assets

 

Facility closing
and reorganization costs, net

 

Mark-to-market
on derivative
contracts

 

Cost productivity plan

 

Other
adjustments

 

Income
tax

       
                                   
 

GAAP

 

(a)

 

(b)

 

(c)

 

(d)

 

(f)

 

(g)

 

Adjusted*

   

Gross profit

$  448,503

 

$                                     —

 

$                                     —

 

$                         (445)

 

$                                   —

 

$                               —

 

$                                   —

 

$     448,058

   
                                   

Selling and distribution

345,996

 

 

 

(402)

 

 

 

 

345,594

   
                                   

General and administrative

75,522

 

 

 

 

(4,133)

 

(188)

 

 

71,201

   
                                   

Amortization of intangibles

5,078

 

(3,935)

 

 

 

 

 

 

1,143

   
                                   

Total operating costs and expenses

433,158

 

(3,935)

 

(8,462)

 

(402)

 

(4,133)

 

(188)

 

 

416,038

   
                                   

Operating income

15,345

 

3,935

 

8,462

 

(43)

 

4,133

 

188

 

 

32,020

   
                                   

Net income

(265)

 

3,935

 

8,462

 

(43)

 

4,133

 

188

 

(3,535)

 

12,875

   
                                   

Diluted earnings (loss) per share

 

0.04

 

0.09

 

 

0.05

 

 

(0.04)

 

0.14

   
 

* See Notes to Reconciliation of Non-GAAP Financial Measures

 

 

DEAN FOODS COMPANY

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES*

(Unaudited)

(In thousands)

 
   

Three Months Ended March 31

 

Trailing Twelve Months
Ended
March 31,

   

2019

 

2018

 

2019

Reconciliation of Net Income (Loss) to Adjusted EBITDA

         

Net loss

 

$ (61,827)

 

$      (265)

 

$         (388,920)

Interest expense

 

19,000

 

14,033

 

61,410

Income tax expense (benefit)

 

(1,956)

 

1,107

 

(45,346)

Depreciation and amortization

 

37,074

 

39,441

 

151,084

Asset write-downs and loss on sale of assets (a)

 

 

 

204,414

Facility closing and reorganization costs, net (b)

 

4,332

 

8,462

 

70,862

Mark-to-market on derivative contracts (c)

 

(3,436)

 

(43)

 

512

Discontinued operations

 

 

 

(4,872)

Cost productivity plan (d)

 

3,599

 

4,133

 

18,095

Non-controlling interest in Good Karma (e)

 

323

 

 

949

Other adjustments (f)

 

 

188

 

(2,272)

Adjusted EBITDA

 

$   (2,891)

 

$  67,056

 

65,916

             
           

March 31, 2019

Reconciliation of net debt

Total long-term debt, including current portion

 

$       1,009,681

Unamortized debt issuance costs

 

4,299

Cash and cash equivalents

 

(22,573)

Net debt

 

$          991,407

             
       

Three Months Ended March 31

       

2019

 

2018

Reconciliation of Free Cash Flow provided by (used in) operations

       

Net cash provided by (used in) operating activities

 

$ (72,046)

 

$            38,953

Capital spending

 

(26,518)

 

(16,508)

Free Cash Flow provided by (used in) operations

 

$ (98,564)

 

$            22,445

* See Notes to Reconciliation of Non-GAAP Financial Measures

 

 

Notes to Reconciliation of Non-GAAP Financial Measures

 

For the three months ended March 31, 2019, and 2018, the adjusted results and certain other non-GAAP financial measures differ from the Company’s results under GAAP due to the exclusion of expenses, gains or losses associated with certain transactions and other non-recurring items that we believe are not indicative of our ongoing operating results. For additional information on our non-GAAP financial measures, see the section entitled “Non-GAAP Financial Measures” in this release.

 

(a)    

The adjustment reflects the elimination of the following:

   
 

i.        

In conjunction with our decision to launch DairyPure? in the first quarter of 2015, we reclassified certain of our indefinite-lived trademarks to finite-lived, resulting in a triggering event for impairment testing purposes. The related adjustment reflects the elimination of amortization expense recorded on these finite-lived trademarks of $3.9 million for each of the three months ended March 31, 2019 and 2018.

     
 

ii.      

Asset impairment charges on certain fixed assets of $13.7 million for the twelve months ended December 31, 2018. We evaluate our long-lived assets for impairment when circumstances indicate that the carrying value of an asset group may not be recoverable. Indicators of impairment could include, among other factors, significant changes in the business environment, the planned closure of a facility or a decline in operating cash flows of an asset group; and

     
 

iii.     

The full goodwill impairment charge of $190.7 million recorded in the three months ended December 31, 2018.

     

(b)   

The adjustment reflects the elimination of severance charges and non-cash asset impairments, net of (gains) losses on related asset sales, for approved facility closings and restructuring plans.

     

(c)    

The adjustment reflects the elimination of the (gain) loss on the mark-to-market of our commodity derivative contracts. All of our commodity derivative contracts are marked to market in our statement of operations during each reporting period with a corresponding derivative asset or liability on our balance sheet.

   

(d)   

The adjustment reflects the elimination of certain direct expenses incurred as a result of our enterprise-wide cost productivity plan. The charges were $3.6 million and $4.1 million for the three months ended March 31, 2019 and March 31, 2018, respectively.

   

(e)    

The adjustment reflects the elimination of the operating loss attributable to the non-controlling interest in Good Karma Foods, Inc. (“Good Karma”).

   

(f)     

The adjustment reflects the elimination of the following:  The write off of unamortized deferred financing costs of $3.8 million in connection with the new credit agreement and amendment to our receivables securitization facility during the three months ended March 31, 2019; and Separation charges related to the previously disclosed departures of certain executive officers of $0.2 million in the three months ended March 31, 2018.

   

(g)   

The adjustment reflects the income tax impact of adjustments (a) through (f) as well as an adjustment to our income tax expense, reflective of an income tax rate of 26.5% for the three months ended March 31, 2019 and March 31, 2018, respectively. We believe this rate represents our long-term normalized tax rate as a U.S. domiciled business. Our effective tax rate on a GAAP basis was 3.1% and 131.5% for the three months ended March 31, 2019 and March 31, 2018, respectively.

 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/dean-foods-announces-first-quarter-2019-results-300844776.html

SOURCE Dean Foods Company

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