Dean Foods Company (NYSE:DF) Q4 2014 Earnings Conference Call - Final Transcript

Feb 10, 2015 • 09:00 am ET


Dean Foods Company (NYSE:DF) Q4 2014 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Dean Foods Company Fourth Quarter and Full Year 2014 Earnings Conference Call. Please note that today's call is being recorded and is also being broadcast live over the Internet on the Dean Foods Corporate Website. This broadcast is a property of Dean Foods. Any re-distribution, re-transmission, or re-broadcast of this call in any form without the expressed written consent of the company is strictly prohibited.

At this time, I would like to turn the call over for opening remarks to the Chief Accounting Officer and Senior Vice President of Investor Relations, Mr. Scott Vopni. Please go ahead, sir.

Scott Vopni

Thank you, Catherine, and good morning everyone. Thanks for joining us on our fourth quarter and full year 2014 earnings conference call. This morning, we issued an earnings press release which is available on our Website at The press release is also filed as an exhibit to a Form 8-K, which is available on the SEC's Website at

A slide presentation which accompanies today's prepared remarks is also available during this call at Dean Foods Website. A replay of today's call, along with the slide presentation will be available on our Website beginning this afternoon.

Throughout today's call, the earnings per share, operating income, interest expense, and free cash flow information that will be provided are from continuing operations and have been adjusted to exclude expenses and other gains or losses related to facility closings, reorganizations and realignments, asset write-downs, litigation matters, integration and separation costs, and other non recurring items, including the 2013 spin-off and disposition of our remaining investment in WhiteWave common stock, the Morningstar divestiture, and our early retirement of debt.

We would also like to advise you that all forward-looking statements made on today's call are intended to fall within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements will include, among other things, disclosure of earnings targets, as well as expectations regarding anticipated volumes, price realization, dairy commodity pricing, cost savings, network optimization plans, capital structure, and debt refinancing plans, the payments of any future dividends, potential share repurchases, leverage ratio and various other aspects of our business. These statements involve risk and uncertainties that may cause actual results to differ materially from those statements made on today's conference call.

Information concerning those risks is contained in the company's periodic reports on Forms 10-K and 10-Q, as well as in today's earnings release.

Participating with me today in the prepared section of the call are Gregg Tanner, our Chief Executive Officer; and Chris Bellairs, our Chief Financial Officer. Gregg will start us off with a review of our fourth quarter and full year performance. Chris will then offer some additional perspective on our financial results before turning the call back to Gregg for comments on our forward outlook and other closing remarks. We will then open up the call to your questions.

With that, I'll turn the call over to Gregg for his opening