ARAMARK CORP - FORM 8-K - EX-99.1 - FINANCIAL REPORTS AND SCHEDULES - November 16, 2011

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Exhibit 99.1

ARAMARK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In Thousands)

 

     Three Months Ended
September 30, 2011		     Three Months Ended
October 1, 2010		  

Sales

    $ 3,291,898      $ 3,117,214   
  

 

 

    

 

 

  

Costs and Expenses:

     

Cost of services provided

      2,963,905        2,812,110   

Depreciation and amortization

      127,958        125,271   

Selling and general corporate expenses

      47,724        43,686   
  

 

 

    

 

 

  
     3,139,587        2,981,067   
  

 

 

    

 

 

  

Operating income

      152,311        136,147   

Interest and other financing costs, net

      111,089        108,744   
  

 

 

    

 

 

  

Income from continuing operations before income taxes

      41,222        27,403   

Provision (benefit) for income taxes

      (13,103 )      6,305   
  

 

 

    

 

 

  

Income from continuing operations

      54,325        21,098   

Income (loss) from discontinued operations, net of tax (1)

      (11,772 )      5   
  

 

 

    

 

 

  

Net income

      42,553        21,103   

Less: Net income attributable to noncontrolling interest

      760        —     
  

 

 

    

 

 

  

Net income attributable to ARAMARK shareholder

    $ 41,793      $ 21,103   
  

 

 

    

 

 

  

Note:

 

(1) In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation in the accompanying financial schedule. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented. Included in income (loss) from discontinued operations is a net loss of approximately $12.0 million related to the sale of Galls.

ARAMARK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In Thousands)

 

     Fiscal Year
Ended
September 30,  2011		     Fiscal Year
Ended
October 1, 2010		  

Sales

    $ 13,082,377      $ 12,419,064   
  

 

 

    

 

 

  

Costs and Expenses:

     

Cost of services provided

      11,836,780        11,247,115   

Depreciation and amortization

      510,516        502,892   

Selling and general corporate expenses

      186,870        191,561   
  

 

 

    

 

 

  
     12,534,166        11,941,568   
  

 

 

    

 

 

  

Operating income

      548,211        477,496   

Interest and other financing costs, net

      426,262        444,510   
  

 

 

    

 

 

  

Income from continuing operations before income taxes

      121,949        32,986   

Provision for income taxes

      9,020        663   
  

 

 

    

 

 

  

Income from continuing operations

      112,929        32,323   

Loss from discontinued operations, net of tax (1)

      (11,732 )      (1,635 ) 
  

 

 

    

 

 

  

Net income

      101,197        30,688   

Less: Net income attributable to noncontrolling interest

      1,125        —     
  

 

 

    

 

 

  

Net income attributable to ARAMARK shareholder

    $ 100,072      $ 30,688   
  

 

 

    

 

 

  

Note:

 

(1) In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation in the accompanying financial schedule. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented. Included in loss from discontinued operations is a net loss of approximately $12.0 million related to the sale of Galls.

ARAMARK CORPORATION AND SUBSIDIARIES

SELECTED CONSOLIDATED BALANCE SHEET DATA

(Unaudited)

(In Thousands)

 

     September 30, 2011      October 1, 2010  
Assets      

Current Assets

    $ 2,128,024       $ 1,718,968   

Current Assets Held for Sale (1)

      2,798         92,079   

Property and Equipment, net

      1,004,690         1,047,691   

Goodwill

      4,640,606         4,522,667   

Other Intangible Assets

      1,748,417         1,913,634   

Other Assets

      985,017         926,876   
  

 

 

     

 

 

  
   $ 10,509,552       $ 10,221,915   
  

 

 

     

 

 

  
Liabilities and Equity      

Current Liabilities (2)

    $ 2,051,029       $ 1,931,077   

Current Liabilities Held for Sale (1)

      —           17,525   

Long-Term Borrowings

      5,588,614         5,350,178   

Other Liabilities

      1,231,922         1,341,442   

Common Stock Subject to Repurchase

      158,061         184,736   

Total Equity

      1,479,926         1,396,957   
  

 

 

     

 

 

  
   $ 10,509,552       $ 10,221,915   
  

 

 

     

 

 

  

Note:

 

(1) In the fourth quarter of fiscal 2011, ARAMARK Corporation completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation in the accompanying financial schedule.
(2) Includes $49.1 million and $51.6 million of current maturities of long-term borrowings as of September 30, 2011 and October 1, 2010, respectively.

ARAMARK CORPORATION AND SUBSIDIARIES

SELECTED CONSOLIDATED CASH FLOW DATA

(Unaudited)

(In Thousands)

 

     Fiscal Year
Ended
September 30,  2011		     Fiscal Year
Ended
October 1, 2010		  

Cash flows from operating activities:

     

Net income

    $ 101,197      $ 30,688   

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation and amortization

      516,290        508,875   

Income taxes deferred

      (39,890 )      (45,553 ) 

Stock-based compensation expense

      17,317        21,300   

Loss on sale of Galls

      11,998        —     

Changes in noncash working capital

      (93,065 )      101,339   

Net change in proceeds from sale of receivables

      (220,855 )      (14,585 ) 

Other operating activities

      11,694        31,946   
  

 

 

    

 

 

  

Net cash provided by operating activities

      304,686        634,010   
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Net purchases of property and equipment and client contract investments

      (272,277 )      (264,078 ) 

Acquisitions, divestitures, and other investing activities

      (90,870 )      (89,426 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (363,147 )      (353,504 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Net payments of long-term borrowings

      (8,984 )      (323,304 ) 

Net change in funding under the Receivables Facility

      225,905        —     

Proceeds from issuance of common stock

      4,593        3,273   

Repurchase of stock

      (16,149 )      (10,809 ) 

Dividends paid to Parent

      (132,900 )      —     

Proceeds from sale of noncontrolling interest

      48,369        —     

Other financing activities

      (9,979 )      (13,381 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      110,855        (344,221 ) 
  

 

 

    

 

 

  

Increase (decrease) in cash and cash equivalents

    $ 52,394      $ (63,715 ) 
  

 

 

    

 

 

  

ARAMARK CORPORATION AND SUBSIDIARIES

SALES AND OPERATING INCOME BY SEGMENT

SUPPLEMENTAL DATA

(Unaudited)

(In Thousands)

 

     Three Months Ended
September 30, 2011		     Three Months Ended
October 1, 2010		  
Sales     

Food and Support Services - North America

    $ 2,284,728      $ 2,198,836   

Food and Support Services - International

      675,648        588,643   

Uniform and Career Apparel (1)

      331,522        329,735   
  

 

 

    

 

 

  
   $ 3,291,898      $ 3,117,214   
  

 

 

    

 

 

  
Operating Income     

Food and Support Services - North America

    $ 114,538      $ 99,815   

Food and Support Services - International

      24,561        16,797   

Uniform and Career Apparel (1)

      27,228        30,512   
  

 

 

    

 

 

  
     166,327        147,124   

Corporate

      (14,016 )      (10,977 ) 
  

 

 

    

 

 

  
   $ 152,311      $ 136,147   
  

 

 

    

 

 

  

Note:

 

(1) In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation and therefore not reflected in the data above. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented.

ARAMARK CORPORATION AND SUBSIDIARIES

SALES AND OPERATING INCOME BY SEGMENT

SUPPLEMENTAL DATA

(Unaudited)

(In Thousands)

 

     Fiscal Year
Ended
September 30,  2011		     Fiscal Year
Ended
October 1, 2010		  
Sales     

Food and Support Services - North America

    $ 9,018,979      $ 8,654,700   

Food and Support Services - International

      2,723,330        2,437,697   

Uniform and Career Apparel (1)

      1,340,068        1,326,667   
  

 

 

    

 

 

  
   $ 13,082,377      $ 12,419,064   
  

 

 

    

 

 

  
Operating Income     

Food and Support Services - North America

    $ 400,527      $ 350,593   

Food and Support Services - International

      79,857        75,341   

Uniform and Career Apparel (1)

      117,347        102,665   
  

 

 

    

 

 

  
     597,731        528,599   

Corporate

      (49,520 )      (51,103 ) 
  

 

 

    

 

 

  
   $ 548,211      $ 477,496   
  

 

 

    

 

 

  

Note:

 

(1) In the fourth quarter of fiscal 2011, ARAMARK Corporation (the Company) completed the sale of its wholly-owned subsidiary, Galls, LLC (Galls), for $75 million in cash. Galls is accounted for as a discontinued operation and therefore not reflected in the data above. Galls’ results have been removed from the Company’s results of continuing operations for all periods presented.

ARAMARK CORP Reports