Annual Stockholders Meeting

Increased productivity and reduced milk consumption will prompt Dean Foods Company to close plants and eliminate delivery routes over the next 18 months. The company already closed one plant in Shreveport, La., and notified employees of plans to close a plant in Buena Park, Calif. The company also expected additional plant closures over the balance of the year and into 2014. The company plans to close up to 15% of the plant network - up to 12 plants - and to cut delivery routes. With softer than anticipated industry volumes to start the year, the company now expects volumes to decline low to mid-single digits in 2013.

Dean Foods Company reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the net sales were $2,878.776 million against $2,870.452 million a year ago. Operating income was $71.450 million against $89.639 million a year ago. Income from continuing operations before income taxes was $7.132 million against $43.570 million a year ago. Income from continuing operations was $3.535 million against $26.459 million a year ago. Net income attributable to the company was $492.605 million or $2.63 per diluted share against $37.883 million or $0.20 per diluted share a year ago. On adjusted basis, net sales were $2,878.776 million against $2,893.029 million a year ago. Operating income was $115.390 million against $119.262 million a year ago. Income from continuing operations before income taxes was $84.900 million against $74.043 million a year ago. Income from continuing operations was $53.685 million against $45.808 million a year ago. Net income attributable to the company was $53.685 million or $0.29 per diluted share against $45.808 million or $0.25 per diluted share a year ago. Adjusted EBITDA was $176.476 million. Net cash used in operating activities was $100.272 million against net cash provided by operating activities of $3.972 million a year ago. Payments for property, plant and equipment was $36.533 million against $39.785 million a year ago. The company reaffirms guidance and continues to expect to deliver adjusted diluted earnings per share of between $0.45 and $0.55 for the full year 2013, excluding WhiteWave's operating results. For the year, the company has guided to $150 million to $175 million of capital expenditure. The company expects full year tax rate to be around 38%. The company also expects adjusted diluted earnings of $0.11 to $0.15 per share. For the second quarter, the company expects to earn between $0.11 and $0.15 per share, excluding WhiteWave's operating results. The company recorded impairment of long-lived assets of $33,915,000 for the first quarter ended March 31, 2013.