DALLAS, June 30, 2019 /PRNewswire/ -- Dean Foods
Company (NYSE: DF) today announced it has successfully increased
the Company's borrowing base availability to $265 million under its senior secured revolving
credit facility by completing post-closing appraisal work.
Chief Executive Officer Ralph
Scozzafava said, "During the first quarter, we stated that
we expected to expand our revolving credit facility to $265 million by the end of the second quarter and
today marks the achievement of that goal. This increases our
financial flexibility and further enhances our liquidity. In
addition, our existing $450 million
accounts receivable securitization facility provides us with
another source of flexible, low-cost access to capital. Together,
these facilities give us confidence that we currently have ample
resources to execute our enterprise-wide cost productivity plan and
accelerate our business transformation."
Additional details can be found in the Form 8-K that the Company
has filed with the U.S. Securities and Exchange Commission.
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.deanfoods.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.
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SOURCE Dean Foods Company
