<Page>

================================================================================

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                              --------------------
                              Form 10-Q Equivalent
                              --------------------


  (Mark One)
           [ ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended December 27, 2003

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                        For the transition period from        to

                              BIRDS EYE FOODS, INC.
             (Exact Name of Registrant as Specified in its Charter)


               Delaware                                    16-0845824
      (State or other jurisdiction of                     (IRS Employer
      incorporation or organization)                   Identification Number)

              90 Linden Oaks, PO Box 20670, Rochester, NY      14602-6070
                (Address of Principal Executive Offices)        (Zip Code)

       Registrant's Telephone Number, Including Area Code: (585) 383-1850

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.


                            YES         NO
                               ---         ----

Indicate by checkmark whether the registrant is an accelerated filer (as defined
in Exchange Act Rule 12b-2).


                             YES         NO   X
                                ---         -----

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date. As of February 5, 2004.

                              Common Stock: 11,000

o   This Form 10-Q Equivalent is only being filed pursuant to a requirement
    contained in the indenture governing Birds Eye Foods, Inc.'s 11 7/8 Percent
                     Senior Subordinated Notes Due 2008.


================================================================================






<Page>




                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

Birds Eye Foods, Inc.
Consolidated Statements of Operations, Accumulated Earnings/(Deficit), and
Comprehensive Income
(Dollars in Thousands)
(Unaudited)

<TABLE>
<CAPTION>
                                                     Three Months Ended                                Six Months Ended
                                                 --------------------------     Successor      -----------------------------------
                                                 Successor      Successor    Six Months Ended     Successor         Predecessor
                                                December 27,   December 28,    December 27,    August 19, 2002-    June 30, 2002-
                                                    2003          2002            2003         December 28, 2002   August 18, 2002
                                                ------------  -------------  ----------------  -----------------   ---------------
<S>                                             <C>           <C>            <C>               <C>                 <C>
Net sales                                       $ 253,839      $ 265,129        $   446,330        $  367,568    |   $  99,216
Cost of sales                                    (190,715)      (195,372)          (341,434)         (274,182)   |     (76,255)
                                                ---------      ---------        -----------        ----------    |   ---------
Gross profit                                       63,124         69,757            104,896            93,386    |      22,961
Selling, administrative, and general expense      (29,993)       (35,253)           (56,511)          (50,525)   |     (15,156)
Income from Great Lakes Kraut Company, LLC              0          1,116                  0             1,379    |         277
                                                ---------      ---------        -----------        ----------    |   ---------
Operating income                                   33,131         35,620             48,385            44,240    |       8,082
Interest expense                                   (8,732)       (11,801)           (19,192)          (17,952)   |      (7,531)
Loss on early extinguishment of debt               (4,018)             0             (4,018)                0    |           0
                                                ---------      ---------        -----------        ----------    |   ---------
Pretax income from continuing operations           20,381         23,819             25,175            26,288    |         551
Tax provision                                      (8,152)        (9,499)           (10,070)          (10,511)   |        (226)
                                                ---------      ---------        -----------        ----------    |   ---------
Income before discontinued operations              12,229         14,320             15,105            15,777    |         325
Discontinued operations, net of tax                     0           (733)                (4)             (715)   |        (240)
                                                ---------      ---------        -----------        ----------    |   ---------
Net income                                         12,229         13,587             15,101            15,062    |          85
                                                                                                                 |
Accumulated earnings/(deficit) at beginning                                                                      |
 of period                                         23,628          1,475             20,756                 0    |    (126,623)
                                                ---------      ---------        -----------        ----------    |   ---------
Accumulated earnings/(deficit) at end of                                                                         |
 period                                         $  35,857      $  15,062        $    35,857        $   15,062    |   $(126,538)
                                                =========      =========        ===========        ==========    |   =========
                                                                                                                 |
Net income                                      $  12,229      $  13,587        $    15,101        $   15,062    |   $      85
Other comprehensive income:                                                                                      |
   Unrealized (loss)/gain on hedging activity,                                                                   |
    net of taxes                                      (26)           169               (547)              (67)   |           0
                                                ---------      ---------        -----------        ----------    |   ---------
Comprehensive income                            $  12,203      $  13,756        $    14,554        $   14,995    |   $      85
                                                =========      =========        ===========        ==========    |   =========
                                                                                                                 |
Accumulated other comprehensive loss                                                                             |
   at beginning of period                       $ (11,430)     $    (236)       $   (10,909)       $        0    |   $    (367)
Unrealized (loss)/gain on hedging activity, net                                                                  |
   of taxes                                           (26)           169               (547)              (67)   |           0
                                                ---------      ---------        -----------        ----------    |   ---------
Accumulated other comprehensive loss                                                                             |
   at end of period                             $ (11,456)     $     (67)       $   (11,456)       $      (67)   |   $    (367)
                                                =========      =========        ===========        ==========    |   =========
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.


                                       2






<Page>





Birds Eye Foods, Inc.
Consolidated Balance Sheets
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
                                                                                       Successor         Successor
                                                                                      December 27,        June 28,
                                                                                          2003              2003
                                                                                     -------------      -----------
                                     ASSETS
<S>                                                                                   <C>               <C>
Current assets:
   Cash and cash equivalents                                                          $   11,830        $  153,756
   Accounts receivable trade, net of allowances for doubtful accounts                     72,800            58,230
   Accounts receivable, other                                                              5,490             1,841
   Income taxes refundable                                                                     0               407
   Inventories, net                                                                      243,356           206,584
   Current net investment in CoBank                                                          821             2,464
   Prepaid manufacturing expense                                                           2,296            12,053
   Prepaid expenses and other current assets                                              10,160            12,239
   Assets held for sale                                                                    9,273            13,501
   Current deferred tax asset                                                             15,223            15,508
                                                                                      ----------        ----------
         Total current assets                                                            371,249           476,583
Investment in CoBank                                                                       3,038             3,038
Property, plant and equipment, net                                                       196,455           195,199
Goodwill                                                                                  36,026            37,050
Intangible assets, net                                                                   167,422           168,321
Other assets                                                                              23,140            24,547
Note receivable due from Pro-Fac Cooperative, Inc.                                         1,036               712
Non-current deferred tax asset                                                             3,933             3,933
                                                                                      ----------        ----------
         Total assets                                                                 $  802,299        $  909,383
                                                                                      ==========        ==========

                      LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
   Current portion of obligations under capital leases                                $      704        $      704
   Current portion of long-term debt                                                       6,200            19,611
   Current portion of Termination  and Transitional Services Agreements with
     Pro-Fac Cooperative, Inc.                                                             9,343             9,403
   Accounts payable                                                                       55,912            67,150
   Income taxes payable                                                                   10,337                 0
   Accrued interest                                                                        2,199             4,106
   Accrued employee compensation                                                           7,352            10,225
   Other accrued expenses                                                                 49,075            39,979
   Growers payable due to Pro-Fac Cooperative, Inc.                                       14,928             8,504
                                                                                      ----------        ----------
         Total current liabilities                                                       156,050           159,682
Obligations under capital leases                                                           1,577             1,833
Long-term debt                                                                           343,114           459,970
Long-term portion of Termination and Transitional Services Agreements with
     Pro-Fac Cooperative, Inc.                                                            19,469            24,031
Other non-current liabilities                                                             55,467            52,330
                                                                                      ----------        ----------
         Total liabilities                                                               575,677           697,846
                                                                                      ----------        ----------
Commitments and contingencies
Shareholder's Equity:
   Common stock, par value $.01; 11,000 shares
     authorized, issued and outstanding                                                        0                 0
   Additional paid-in capital                                                            202,221           201,690
   Accumulated earnings                                                                   35,857            20,756
   Accumulated other comprehensive (loss)/income:
     Unrealized (loss)/gain on hedging activity                                             (199)              348
     Minimum pension liability adjustment                                                (11,257)          (11,257)
                                                                                      ----------        ----------
         Total shareholder's equity                                                      226,622           211,537
                                                                                      ----------        ----------
         Total liabilities and shareholder's equity                                   $  802,299        $  909,383
                                                                                      ==========        ==========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.


                                       3






<Page>





Birds Eye Foods, Inc.
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)

<TABLE>
<CAPTION>
                                                                                                   Six Months Ended
                                                                                       ---------------------------------------
                                                                    Successor              Successor             Predecessor
                                                                Six Months Ended       August 19, 2002-         June 30, 2002-
                                                                December 27, 2003      December 28, 2002       August 18, 2002
                                                                -----------------      -----------------       ---------------
<S>                                                              <C>                   <C>                     <C>
Cash Flows From Operating Activities                                                                       |
   Net income                                                      $   15,101             $   15,062       |    $       85
   Adjustments to reconcile net income to net cash used                                                    |
     in operating activities-                                                                              |
       Depreciation                                                    11,898                 11,116       |         3,833
       Amortization of certain intangible assets                          899                    430       |           144
       Amortization of debt issue costs, amendment costs,                                                  |
         debt discounts and premiums, and interest in-kind              3,506                  3,972       |         1,201
       Equity in undistributed earnings of Great Lakes                                                     |
       Kraut Company, LLC                                                   0                 (1,155)      |          (277)
       Transitional Services Agreement with Pro-Fac                                                        |
       Cooperative, Inc.                                                 (262)                  (192)      |             0
       Loss on early extinguishment of debt                             4,018                      0       |             0
       Change in assets and liabilities:                                                                   |
         Accounts receivable                                          (18,219)               (10,532)      |         1,818
         Inventories and prepaid manufacturing expense                (29,237)                20,580       |       (33,170)
         Income taxes refundable/(payable)                             10,744                  9,740       |           (75)
         Accounts payable and other accrued expenses                   (5,733)                 6,360       |       (10,972)
         Due to/(from) Pro-Fac Cooperative, Inc., net                   6,423                 (5,397)      |         8,649
         Other assets and liabilities, net                              3,728                  1,226       |           909
                                                                   ----------             ----------       |    ----------
Net cash provided by/(used in) operating activities                     2,866                 51,210       |       (27,855)
                                                                   ----------             ----------       |    ----------
                                                                                                           |
Cash Flows From Investing Activities:                                                                      |
   Purchase of property, plant and equipment                          (12,100)                (5,797)      |        (2,187)
   Proceeds from disposals                                              5,414                    255       |             0
   Repayments from/(advances to) Great Lakes Kraut                                                         |
    Company, LLC, net                                                       0                    871       |        (1,512)
   Proceeds from investment in CoBank                                   1,643                  1,116       |         1,115
   Issuance of note receivable to Pro-Fac Cooperative,                                                     |
     Inc., net                                                           (300)                     0       |             0
                                                                   ----------             ----------       |    ----------
Net cash used in investing activities                                  (5,343)                (3,555)      |        (2,584)
                                                                   ----------             ----------       |    ----------
                                                                                                           |
Cash Flows From Financing Activities:                                                                      |
   Proceeds from issuance of long-term debt                                 0                270,000       |             0
   Net proceeds from revolving credit facility                         40,000                      0       |             0
   Net (payments)/proceeds on prior revolving credit facility               0                (22,000)      |        22,000
   Payment of premium and fees on early extinguishment of debt         (8,937)                     0       |             0
   Payments on long-term debt                                        (164,787)              (400,823)      |          (292)
   Payments on Termination Agreement with Pro-Fac Cooperative, Inc.    (6,000)                (8,120)      |             0
   Payments on capital lease                                             (256)                  (194)      |           (38)
   Cash paid for debt issuance costs                                        0                (24,129)      |             0
   Cash paid for transaction fees                                           0                 (6,000)      |             0
   Birds Eye Holdings, Inc. contribution, net                             531                175,597       |             0
                                                                   ----------             ----------       |    ----------
                                                                                                           |
Net cash (used in)/provided by financing activities                  (139,449)               (15,669)      |        21,670
                                                                   ----------             ----------       |    ----------
Net change in cash and cash equivalents                              (141,926)                31,986       |        (8,769)
Cash and cash equivalents at beginning of period                      153,756                  5,917       |        14,686
                                                                   ----------             ----------       |    ----------
Cash and cash equivalents at end of period                         $   11,830             $   37,903       |    $    5,917
                                                                   ==========             ==========       |    ==========
                                                                                                           |
Supplemental Schedule of Non-Cash Financing Activities:                                                    |
   Birds Eye Holdings, Inc. investment                             $        0             $   32,100       |    $        0
                                                                   ==========             ==========       |    ==========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.



                                       4





<Page>





                              BIRDS EYE FOODS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND SUMMARY OF CERTAIN SIGNIFICANT ACCOUNTING
POLICIES

The Company: Birds Eye Foods, Inc., formerly Agrilink Foods, Inc., (the
"Company" or "Birds Eye Foods"), incorporated in 1961, is a producer and
marketer of processed food products. Three primary segments in which the Company
markets its products include: branded frozen, branded dry, and non-branded
products. The majority of each of the segment's net sales is within the United
States. In addition, all of the Company's operating facilities, excluding one in
Mexico, are within the United States.

The Change in Control (the "Transaction"): On August 19, 2002 (the "Closing
Date"), pursuant to the terms of the Unit Purchase Agreement dated as of June
20, 2002 (the "Unit Purchase Agreement"), by and among Pro-Fac Cooperative,
Inc., a New York agricultural cooperative ("Pro-Fac"), Birds Eye Foods, at the
time a New York corporation and a wholly-owned subsidiary of Pro-Fac and
Vestar/Agrilink Holdings LLC, a Delaware limited liability company
("Vestar/Agrilink Holdings"), Vestar/Agrilink Holdings and its affiliates
indirectly acquired control of the Company. See NOTE 2 to the "Notes to
Consolidated Financial Statements" for additional disclosures regarding the
Transaction.

The term "successor" refers to Birds Eye Foods and all of its subsidiaries
following the Transaction. The term "predecessor" refers to Birds Eye Foods
prior to the change in control on August 19, 2002.

Basis of Presentation: The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally
accepted in the United States of America ("GAAP") for interim financial
information and with the requirements of Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information required by GAAP
for complete financial statement presentation. In the opinion of management, all
adjustments (consisting only of normal recurring adjustments) necessary for a
fair presentation of the financial position, results of operations, and cash
flows have been included. Operating results for the six and three months ended
December 27, 2003 are not necessarily the results to be expected for future
interim periods or the full year. These financial statements should be read in
conjunction with the financial statements and accompanying notes contained in
the Company's Form 10-K Equivalent for the fiscal year ended June 28, 2003.

Consolidation: The consolidated financial statements include the Company and its
wholly-owned subsidiaries after elimination of intercompany transactions and
balances. Investments in affiliates owned more than 20 percent but not in excess
of 50 percent are recorded under the equity method of accounting.

Reclassification: Certain items for fiscal 2003 have been reclassified to
conform with the current period presentation.

New Accounting Pronouncements: In December 2003, the Financial Accounting
Standards Board ("FASB") revised Statement of Financial Accounting Standards
("SFAS") No. 132 (revised 2003), "Employers' Disclosures about Pensions and
Other Postretirement Benefits" ("Revised SFAS No. 132"). Revised SFAS No. 132
revises employers' required disclosures about pension plans and other
postretirement benefit plans. It does not change the measurement or recognition
of those plans required by SFAS No. 87, "Employers' Accounting for Pensions,"
SFAS No. 88, "Employers' Accounting for Settlements and Curtailments of Defined
Benefit Pension Plans and for Termination Benefits" and SFAS No. 106,
"Employers' Accounting for Postretirement Benefits Other Than Pensions"
("Statement 106"). Revised SFAS No. 132 requires disclosures in addition to
those in the original FASB Statement No. 132. Revised Statement 132 is effective
for financial statements with fiscal years ending after December 15, 2003. The
interim-period disclosures will be effective beginning in the Company's third
quarter of fiscal 2004 and the annual disclosure requirements will be effective
for the fiscal year ended June 26, 2004.

In January 2004, the FASB issued Staff Position No. 106-1, "Accounting and
Disclosure Requirements Related to the Medicare Prescription Drug, Improvement
and Modernization Act of 2003" ("FSP 106-1"). FSP 106-1 permits a sponsor of a
postretirement health care plan that provides a prescription drug benefit to
make a one-time election to defer accounting for the effects of the Medicare
Prescription Drug, Improvement and Modernization Act of 2003 ("the Act"). The
guidance in FSP 106-1 is effective for interim or annual financial statements of
fiscal years ending after December 7, 2003. The Company has elected to defer
accounting for any effect of the Act until specific authoritative accounting
guidance is issued. Therefore, the amount included in the financial statements
related to the Company's postretirement benefit plans does not reflect the
effects of the Act. The Company is currently assessing the provisions of
FSP 106-1 and the Act. The implementation of this guidance is not expected to
have a material impact on the Company's consolidated financial statements.


                                       5






<Page>




Trade Accounts Receivable: The Company accounts for trade receivables at
outstanding billed amounts, net of allowances for doubtful accounts. The Company
estimates its allowance for doubtful accounts as a percentage of receivables
overdue. Also included in the allowance in their entirety are those accounts
that have filed for bankruptcy, been sent to collections, and any other accounts
management believes are not collectible based on historical losses. The Company
periodically reviews the accounts included in the allowance to determine those
to be written off. Generally, after a period of one year, or through legal
counsel's advice, accounts are written off. It is not Company policy to accrue
or collect interest on past due accounts.

The Company's allowance for doubtful accounts is approximately $1.2 million at
December 27, 2003, and $1.0 million at June 28, 2003.

NOTE 2. THE TRANSACTION

On June 20, 2002, Pro-Fac Cooperative, Inc., a New York agricultural
cooperative, Birds Eye Foods, at the time a New York corporation and a
wholly-owned subsidiary of Pro-Fac, and Vestar/Agrilink Holdings LLC, a Delaware
limited liability company, entered into a Unit Purchase Agreement. The
transactions contemplated in and consummated pursuant to the Unit Purchase
Agreement, are referred to herein collectively as the "Transaction." On August
19, 2002, pursuant to the Unit Purchase Agreement:

(i) Pro-Fac contributed to the capital of Agrilink Holdings LLC, a Delaware
limited liability company ("Holdings LLC"), all of the shares of Birds Eye Foods
common stock owned by Pro-Fac, constituting 100 percent of the issued and
outstanding shares of Birds Eye Foods capital stock, in consideration for Class
B common units of Holdings LLC, representing a 40.72 percent common equity
ownership at the Closing Date; and

(ii) Vestar/Agrilink Holdings and certain co-investors (collectively, "Vestar")
contributed cash in the aggregate amount of $175.0 million to the capital of
Holdings LLC, in consideration for preferred units, Class A common units, and
warrants which were immediately exercised to acquire additional Class A common
units. After exercising the warrants, Vestar owned, as of the Closing Date,
56.24 percent of the common equity of Holdings LLC. The co-investors are either
under common control with, or delivered unconditional voting proxies to,
Vestar/Agrilink Holdings. The Class A common units entitle the owner thereof -
Vestar - to two votes for each Class A common unit held. All other Holdings LLC
common units entitle the holder(s) thereof to one vote for each common unit
held. Accordingly, Vestar has a voting majority of all common units.

(iii) Immediately following Pro-Fac's contribution of its Birds Eye Foods common
stock to Holdings LLC, Holdings LLC contributed those shares valued at $32.1
million to Birds Eye Holdings, Inc., formerly Agrilink Holdings, Inc.,
("Holdings, Inc."), a Delaware corporation and a direct, wholly-owned subsidiary
of Holdings LLC, and Birds Eye Foods became an indirect, wholly-owned subsidiary
of Holdings LLC.

(iv) As part of the Transaction, executive officers of Birds Eye Foods, and
certain other members of Birds Eye Foods management, entered into subscription
agreements with Holdings LLC to acquire, with a combination of cash and
promissory notes issued to Holdings LLC, an aggregate of approximately $1.3
million of Class C common units and Class D common units of Holdings LLC,
representing approximately 3.04 percent of the common equity ownership at the
Closing Date. Additional units have been issued subsequent to the Closing Date.
See NOTE 10 to the "Notes to Consolidated Financial Statements" for further
description. As of December 27, 2003, an additional approximately $0.5 million
of Class C common units and Class D common units, representing less than 1
percent of the common equity ownership, remained unissued.

The Transaction was accounted for under the purchase method of accounting in
accordance with Statement of Financial Accounting Standards ("SFAS") 141,
"Business Combinations." Under purchase accounting, tangible and identifiable
intangible assets acquired and liabilities assumed were recorded at their
respective fair values. The final allocation of purchase price has been
presented in the financial statements and is based on valuations and other
studies which provided the basis for such an allocation.

Holdings, Inc. has pushed down its purchase accounting to Birds Eye Foods. In
accordance with generally accepted accounting principles, the excess investment
made by Holdings, Inc. over the fair value of the identifiable assets and
liabilities of the Company is approximately $36.0 million (after the effect of
the Veg-All disposition) and is reflected as goodwill in the accompanying
unaudited consolidated balance sheet as of December 27, 2003.

As of August 19, 2002, management formulated a plan to exit certain portions of
its business. In connection with the Transaction, management determined that
approximately 171 employees would be terminated and announced the benefit
arrangements to those employees. These activities surrounded the Company's
decision to exit the popcorn and applesauce businesses and relocate its
marketing function to Rochester, New York. As a result, approximately $2.0
million in severance costs and other related exit costs were accrued for in
purchase accounting in accordance with Emerging Issues Task Force ("EITF") 95-3,
"Recognition of Liabilities in Connection with a Purchase Business Combination."
Approximately $1.5 million has been liquidated as of December 27, 2003.




                                       6





<Page>





In February 2003, also in connection with the Transaction, the Company announced
that it would be closing and downsizing several vegetable processing facilities
and consolidating production over the ensuing 4 to 15 months to create more
efficient facilities. The announcement was in furtherance of the final
formulation of management's exit plan. The facilities impacted include those in
Barker, New York; Bridgeville, Delaware; Green Bay, Wisconsin; Oxnard,
California; Uvalde, Texas; the fresh production operation at Montezuma, Georgia;
Lawton, Michigan; and Fond du Lac, Wisconsin. Subsequent to each closure, the
Company intends to exit or dispose of these properties. In connection with these
closings, 309 full-time production employees have been notified of their
termination and benefit arrangements. Additional costs to complete the exit plan
include facility closure costs, lease penalties, and contractual cancellation
and termination fees. The following table reflects the amount recorded as a
liability for the exit plan to close these facilities as well as amounts
liquidated as of December 27, 2003. Adjustments to the liability reflect
additional information previously unavailable and the result of further
negotiations completed by management:

<TABLE>
<CAPTION>

(Dollars in Millions)              Contractual           Severance
                                 Penalties and             and
                                   Other Costs         Related Costs
                                 --------------        ------------
<S>                                 <C>                  <C>
Initial liability                   $   6.2              $    2.3
Utilization                            (1.4)                 (1.3)
Adjustments                            (0.6)                 (0.5)
                                    -------              --------
Balance at December 27, 2003        $   4.2              $    0.5
                                    =======              ========
</TABLE>


The following pro forma financial information presents a summary of consolidated
results of operations of the Company as if the Transaction had occurred at the
beginning of the period presented.

(Dollars in Thousands)

<TABLE>
<CAPTION>
                                                Predecessor
                                              June 30, 2002 -
                                                August 18,
                                                   2002
                                              ----------------
<S>                                              <C>
Net Sales                                        $  99,216
Income before discontinued operations                1,072
Net Income                                             832
</TABLE>

These unaudited pro forma results have been prepared for comparative purposes
only and primarily include adjustments for interest expense, taxes,
depreciation, the fair values of operating leases, income from the Transitional
Services Agreement with Pro-Fac and the elimination of the historical share of
income or loss that has been recorded. These results do not purport to be
indicative of the results of operations which actually would have resulted had
the Transaction occurred at the beginning of the 2003 fiscal year, or of the
future operations of the successor company.

NOTE 3. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

Discontinued Operations: As of August 19, 2002, the Company committed to a plan
to sell the applesauce, popcorn, and Veg-All operations previously reported in
the branded dry and non-branded segments, and completed these transactions in
fiscal 2003.

On September 25, 2002, the Company sold its applesauce business to Knouse Foods.
Applesauce had been produced in the Company's Red Creek, New York and Fennville,
Michigan facilities. This sale resulted in the closure of the Red Creek, New
York facility. The Michigan plant continues to operate as a production facility.

On March 14, 2003, the Company sold its popcorn business and production facility
in Ridgway, Illinois to Gilster-Mary Lee Corporation.

On June 27, 2003, the Company sold its Veg-All business to Allen Canning
Company. This sale resulted in the closure of the Company's Green Bay
manufacturing facility.

The implementation of SFAS No. 144 resulted in the classification and separate
financial presentation of those businesses as discontinued operations and their
operations are, therefore, excluded from continuing operations. All prior period
Statements of Operations have been reclassified to reflect the discontinuance of
these operations. No gain or loss was recognized as a result of the disposition
of these businesses and facilities.


                                       7





<Page>





The operating results of those businesses classified as discontinued operations
in the Statement of Operations are summarized as follows:


<TABLE>
<CAPTION>
                                             Three Months Ended                                       Six Months Ended
                                      ------------------------------      Successor      --------------------------------
                                          Successor      Successor    Six Months Ended     Successor        Predecessor
                                         December 27,   December 28,     December 27,    August 19, 2002 - June 30, 2002 -
                                           2003            2002              2003        December 28, 2002 August 18, 2002
                                      --------------   -------------  --------------     ----------------- ---------------
<S>                                     <C>             <C>              <C>                <C>              <C>
Net Sales                               $        24     $  13,079        $        85        $   18,867       $   4,511
                                        ===========     =========        ===========        ==========       =========

Loss before income taxes                $         0     $  (1,218)       $        (7)       $   (1,188)           (407)
Income tax benefit                                0           485                  3               473             167
                                        -----------     ---------        -----------        ----------       ---------
Discontinued operations, net of tax     $         0     $    (733)       $        (4)       $     (715)      $    (240)
                                        ===========     =========        ===========        ==========       =========
</TABLE>


Assets Held for Sale: In February 2003, in connection with the Transaction, the
Company announced that it would be closing and downsizing several vegetable
processing facilities and consolidating production over the ensuing 4 to 15
months to create more efficient facilities. Having met the criteria outlined in
SFAS 144, the following properties are classified as assets held for sale on the
Company's Consolidated Balance Sheet as of December 27, 2003: Bridgeville,
Delaware; Green Bay, Wisconsin; Barker, New York; and Lawton, Michigan. The
Company is actively marketing these properties for sale, and intends to dispose
of these properties within the next nine months.

On December 4, 2003, the Company sold the facilities located in Uvalde, Texas
and Alamo, Texas to TAFMI, Inc. for $3.1 million.

On September 26, 2003, the Company sold its fresh production operation at
Montezuma, Georgia to Flint River Foods, LLC for $1.5 million.

On July 21, 2003, the Company sold equipment at the leased facility in Oxnard,
California to Coastal Green Frozen Foods, LLC for $0.3 million. All locations
and equipment had been previously classified as held for sale.

No gain or loss was recognized as a result of the disposition of these
facilities and equipment.

As a result of the Company's decision to sell the popcorn and applesauce
operations, certain assets were classified as held for sale. Included in assets
held for sale at December 27, 2003 is the Red Creek, New York facility and any
remaining inventory.

Also included in assets held for sale are facilities located in Enumclaw,
Washington; Sodus, Michigan; and Alton, New York. These facilities are being
actively marketed for sale.

On December 22, 2003, the Company sold vacant land located in Sodus, Michigan to
Leco Corp. for $0.3 million. No gain or loss was recognized as a result of the
sale of this land. The land was previously classified as held for sale.

The major classes of assets included in the Consolidated Balance Sheets as
assets held for sale at net realizable value are as follows:

(Dollars in Thousands)
<TABLE>
<CAPTION>
                                                       Successor              Successor
                                                      December 27,             June 28,
                                                          2003                  2003
                                                   ----------------        ------------
<S>                                                  <C>                      <C>
   Inventories                                       $      15                $    80
   Property, plant and equipment, net                    9,258                 13,421
                                                     ---------                -------
     Total                                           $   9,273                $13,501
                                                     =========                =======
</TABLE>

NOTE 4. AGREEMENTS WITH PRO-FAC

In connection with the Transaction, Birds Eye Foods and Pro-Fac entered into
several agreements effective as of the Closing Date, including the following:

(i) Termination Agreement. Pro-Fac and Birds Eye Foods entered into a letter
agreement dated as of the Closing Date (the "Termination Agreement"), pursuant
to which, among other things, the marketing and facilitation agreement between
Pro-Fac and Birds Eye Foods (the "Old Marketing and Facilitation Agreement")
which, until the Closing Date, governed the crop supply and purchase
relationship between Birds Eye Foods and Pro-Fac, was terminated. In
consideration of such termination, Birds Eye Foods agreed to pay Pro-Fac a
termination fee of $10.0 million per year for five years, provided that certain
ongoing conditions are met, including maintaining grower membership levels
sufficient to generate certain minimum crop supply. The $10.0 million payment is
payable in quarterly installments as follows: $4.0 million on each July 1, and
$2.0 million each on October 1, January 1, and April 1. The Termination
Agreement outlined that the first payment in the amount of $4.0 million was to
be paid on the Closing Date and the next payment to be made by October 1, 2002
and quarterly thereafter. The liability for the Termination Agreement has been
reflected at fair value utilizing a discount rate of 11 1/2 percent. The


                                       8





<Page>



amount of the obligation under the Termination Agreement was $28.5 million as of
December 27, 2003.

(ii) Amended and Restated Marketing and Facilitation Agreement. Pro-Fac and
Birds Eye Foods entered into an amended and restated marketing and facilitation
agreement dated as of the Closing Date (the "Amended and Restated Marketing and
Facilitation Agreement"). The Amended and Restated Marketing and Facilitation
Agreement replaces the Old Marketing and Facilitation Agreement and provides
that, among other things, Pro-Fac will be Birds Eye Foods' preferred supplier of
crops. Birds Eye Foods will continue to pay the commercial market value ("CMV")
of crops supplied by Pro-Fac, in installments corresponding to the dates of
payment by Pro-Fac to its members for crops delivered. CMV is defined as the
weighted average price paid by other commercial processors for similar crops
sold under preseason contracts and in the open market in the same or competing
market areas. The processes for determining CMV under the Amended and Restated
Marketing and Facilitation Agreement are substantially the same as the processes
used under the Old Marketing and Facilitation Agreement. Birds Eye Foods will
make payments to Pro-Fac of an estimated CMV for a particular crop year, subject
to adjustments to reflect the actual CMV following the end of such year.
Commodity committees of Pro-Fac will meet with Birds Eye Foods management to
establish CMV guidelines, review calculations, and report to a joint CMV
committee of Pro-Fac and Birds Eye Foods. Amounts paid by Birds Eye Foods to
Pro-Fac for the CMV of crops supplied for the six months ended December 27, 2003
and December 28, 2002 were $47.1 million and $53.1 million, respectively. The
decrease from the prior year is impacted by both raw product supply agreements
that have been transferred to Pro-Fac as part of the Transaction offset by a
larger crop intake in the current year.

The Amended and Restated Marketing and Facilitation Agreement also provides that
Birds Eye Foods will continue to provide to Pro-Fac services relating to
planning, consulting, sourcing and harvesting crops from Pro-Fac members in a
manner consistent with past practices. In addition, for a period of five years
from the Closing Date, Birds Eye Foods may provide Pro-Fac with services related
to the expansion of the market for the agricultural products of Pro-Fac members
(at no cost to Pro-Fac other than reimbursement of Birds Eye Foods' incremental
and out-of-pocket expenses related to providing such services as agreed to by
Pro-Fac and Birds Eye Foods).

Under the Amended and Restated Marketing and Facilitation Agreement, Birds Eye
Foods determines the amount of crops which Birds Eye Foods will acquire from
Pro-Fac for each crop year. If the amount to be purchased by Birds Eye Foods
during a particular crop year does not meet (i) a defined crop amount and (ii) a
defined target percentage of Birds Eye's needs for each particular crop, then
certain shortfall payments will be made by Birds Eye Foods to Pro-Fac. The
defined crop amounts and targeted percentages were set based upon the needs of
Birds Eye Foods in the 2001 crop year (fiscal 2002). The shortfall payment
provisions of the agreement include a maximum shortfall payment, determined for
each crop, that can be paid over the term of the Amended and Restated Marketing
and Facilitation Agreement. The aggregate shortfall payment amounts for all
crops covered under the agreement cannot exceed $20.0 million over the term of
the agreement.

Unless terminated earlier, the Amended and Restated Marketing and Facilitation
Agreement will continue in effect until August 19, 2012. Birds Eye Foods may
terminate the Amended and Restated Marketing and Facilitation Agreement prior to
August 19, 2012 upon the occurrence of certain events, including in connection
with a change in control transaction affecting Birds Eye Foods or Holdings Inc.
However, in the event Birds Eye Foods terminates the Amended and Restated
Marketing and Facilitation Agreement as a result of a change in control
transaction within three years of the Closing Date, Birds Eye Foods must pay to
Pro-Fac a termination fee of $20.0 million (less the total amount of any
shortfall payments previously paid to Pro-Fac under the Amended and Restated
Marketing and Facilitation Agreement). Also, if, during the first three years
after the Closing Date, Birds Eye Foods sells one or more portions of its
business, and if the purchaser does not continue to purchase the crops
previously purchased by Birds Eye Foods with respect to the transferred
business, then such failure will be taken into consideration when determining if
Birds Eye Foods is required to make any shortfall payments to Pro-Fac. After
such three-year period, Birds Eye Foods may sell portions of its business and
the volumes of crop purchases previously made by Birds Eye Foods with respect to
such transferred business will be disregarded for purposes of determining
shortfall payments.

(iii) Transitional Services Agreement. Pro-Fac and Birds Eye Foods entered into
a transitional services agreement (the "Transitional Services Agreement") dated
as of the Closing Date, pursuant to which Birds Eye Foods agreed to provide
Pro-Fac certain administrative and other services for a period of 24 months from
the Closing Date. Birds Eye Foods will generally provide such services at no
charge to Pro-Fac, other than reimbursement of the incremental and out-of-pocket
costs associated with performing those services for Pro-Fac. The value of the
services to be provided to Pro-Fac has been estimated at approximately $1.1
million. The amount of the obligation outstanding under the Transitional
Services Agreement as of December 27, 2003 was approximately $0.3 million. This
obligation will be reduced on a straight-line basis over the term of the
agreement and as services are provided. Also pursuant to the Transitional
Services Agreement, the general manager of Pro-Fac may also be an employee of
Birds Eye Foods, in which case he will report to the chief executive officer of
Birds Eye Foods with respect to his duties for Birds Eye Foods, and to the
Pro-Fac board of directors with respect to duties performed by him for Pro-Fac.
All other individuals performing services under the Transitional Services
Agreement are employees of Birds Eye Foods and report only to the chief
executive officer or other representatives of Birds Eye Foods.

(iv) Credit Agreement. As of the Closing Date, Birds Eye Foods and Pro-Fac
entered into a Credit Agreement (the "Credit Agreement") pursuant to which Birds
Eye Foods agreed to make available to Pro-Fac loans in an aggregate principal
amount of up to $5.0 million (the "Credit Facility"). Pro-Fac is permitted to
draw down up to $1.0 million per year under the Credit Facility, unless Birds
Eye Foods is prohibited from making such advances under the terms of certain
third party indebtedness of Birds Eye Foods. The amount of the Credit Facility
will be reduced, on a dollar-for-dollar basis, to the extent of certain
distributions made by Holdings LLC to Pro-Fac in respect of its ownership in
Holdings LLC. Pro-Fac has pledged all of its Class B Common Units in Holdings
LLC as security for advances under the Credit Facility. The Credit Facility
bears interest at the rate of 10 percent per annum. As of December 27, 2003,
there was approximately $1.0 million outstanding under this Credit Agreement.



                                       9





<Page>



NOTE 5. INVENTORIES

The major classes of inventories are as follows:

(Dollars in Thousands)
<TABLE>
<CAPTION>
                                            Successor         Successor
                                          December 27,        June 28,
                                              2003              2003
                                        ---------------     ------------
<S>                                       <C>                <C>
Finished goods                            $  216,810         $  185,983
Raw materials and supplies                    26,546             20,601
                                          ----------         ----------
   Total inventories                      $  243,356         $  206,584
                                          ==========         ==========
</TABLE>

NOTE 6. ACCOUNTING FOR GOODWILL AND INTANGIBLE ASSETS

In June 2001, the FASB issued SFAS No. 142, "Goodwill and Other Intangible
Assets." SFAS No. 142 requires that goodwill not be amortized, but instead be
tested at least annually for impairment and expensed against earnings when its
implied fair value is less than its carrying amount. For the six months ended
December 27, 2003, goodwill has been reduced by approximately $1.0 million
related to a reduction in contractual penalties and severance and related costs
to reflect additional information previously unavailable and the result of
further negotiations completed by management. See NOTE 2 to the "Notes to
Consolidated Financial Statements" for further description.

As outlined in SFAS No. 142, certain intangibles with a finite life, however,
are required to continue to be amortized. These intangibles are being amortized
on a straight-line basis over approximately 1 to 14 years. The following
schedule sets forth the major classes of intangible assets held by the Company:

(Dollars in Thousands)

<TABLE>
<CAPTION>
                                                      Successor                            Successor
                                                    December 27,                           June 28,
                                                        2003                                 2003
                                           -----------------------------         ----------------------------
                                            Gross                                 Gross
                                           Carrying         Accumulated          Carrying        Accumulated
                                            Amount          Amortization          Amount         Amortization
                                           --------       --------------        ----------        -----------
<S>                                        <C>               <C>                 <C>              <C>
Amortized intangible assets:
   Covenants not to compete                $      588        $     (219)         $     588        $     (139)
   Customer relationships                       8,000            (1,222)             8,000              (778)
   Other                                       10,406            (1,031)            10,406              (656)
                                           ----------        ----------          ---------        ----------
     Total                                 $   18,994        $   (2,472)         $  18,994        $   (1,573)
                                           ----------        ==========          ---------        ==========

Unamortized intangible assets:
   Trademarks                              $  150,900                            $ 150,900
                                           ----------                            ---------
     Total                                 $  169,894                            $ 169,894
                                           ==========                            =========


</TABLE>






                                       10






<Page>




The aggregate amortization expense associated with intangible assets was
approximately $0.9 million for the six months ended December 27, 2003. The
aggregate amortization expense was $0.1 million for the predecessor period June
30, 2002 through August 18, 2002, and $0.4 million for the successor period
August 19, 2002 through December 28, 2002. The aggregate amortization expense
for each of the five succeeding fiscal years is estimated as follows:

(Dollars in Thousands)

<TABLE>
<CAPTION>
                             Aggregate
                             Annual
Fiscal                     Amortization
Year                         Expense
-----                      ------------
<S>                        <C>
 2005                      $  1,778
 2006                         1,778
 2007                         1,650
 2008                         1,639
 2009                         1,639
</TABLE>

NOTE 7.       DEBT

Summary of Long-Term Debt:

(Dollars in Thousands)
<TABLE>
<CAPTION>
                                                  Successor            Successor
                                                December 27,           June 28,
                                                    2003                 2003
                                               ---------------       ------------
<S>                                             <C>                   <C>
Revolving Credit Facility                       $   40,000            $        0
Term Loan Facility                                 254,209               268,650
Senior Subordinated Notes                           51,605               207,086
Other                                                3,500                 3,845
                                                ----------            ----------
Total debt                                         349,314               479,581
Less current portion                                (6,200)              (19,611)
                                                ----------            ----------
Total long-term debt                            $  343,114            $  459,970
                                                ==========            ==========
</TABLE>

Bank Debt: In connection with the Transaction, Birds Eye Foods and certain of
its subsidiaries entered into a senior secured credit facility (the "Senior
Credit Facility") in the amount of $470.0 million with a syndicate of banks and
other lenders arranged and managed by JPMorgan Chase Bank ("JPMorgan Chase
Bank"), as administrative and collateral agent. The Senior Credit Facility is
comprised of (i) a $200.0 million senior secured revolving credit facility (the
"Revolving Credit Facility") and (ii) a $270.0 million senior secured B term
loan (the "Term Loan Facility"). The Revolving Credit Facility has a maturity of
five years and allows up to $40.0 million to be available in the form of letters
of credit. As of December 27, 2003, the interest rate under the Term Loan
Facility was approximately 3.87 percent. The interest rate under the Revolving
Credit Facility was approximately 3.15 percent.

The Term Loan Facility requires payments in quarterly installments in the amount
of $675,000 until September 30, 2007. Beginning December 31, 2007, the quarterly
payments are $64,125,000. The Term Loan Facility matures in August 2008 upon
which the balance will be due. The Term Loan Facility is also subject to
mandatory prepayments under various scenarios as defined in the Senior Credit
Agreement. Provisions of the Senior Credit Agreement require that annual
payments, within 105 days after the end of each fiscal year, in the amount of
"excess cash flow" be utilized to prepay the commitment at an applicable
percentage that corresponds to the Company's Consolidated Leverage Ratio. The
amount of "excess cash flow" for the year ended June 28, 2003 was $13.1 million
and was paid on September 26, 2003.

The Senior Credit Facility contains customary covenants and restrictions on the
Company's activities, including but not limited to: (i) limitations on the
incurrence of indebtedness; (ii) limitations on sale-leaseback transactions,
liens, investments, loans, advances, guarantees, acquisitions, asset sales, and
certain hedging agreements; and (iii) limitations on transactions with
affiliates and other distributions. The Senior Credit Facility also contains
financial covenants requiring the Company to maintain a maximum average debt to
EBITDA ratio, a maximum average senior debt to EBITDA ratio, and a minimum
EBITDA to interest expense ratio. The Company is in compliance with all
covenants, restrictions, and requirements under the terms of the Senior Credit
Facility.


                                       11







<Page>



The Company's obligations under the Senior Credit Facility are guaranteed by
Holdings, Inc. and certain of the Company's subsidiaries. See NOTE 9 to the
"Notes to Consolidated Financial Statements."

Senior Subordinated Notes: As of December 27, 2003, the Company has outstanding
$50.0 million of its $200.0 million 11 7/8 percent Senior Subordinated Notes
(the "Notes") due 2008. On November 24, 2003, the Company repaid $150.0 million
of these Notes. In conjunction with this repayment, a pre-tax loss on early
extinguishment of debt of $4.0 million was recorded. This amount reflects the
payment of the $8.9 million call premium and other transaction expenses less the
elimination of the related unamortized premium of $4.9 million recorded in
conjunction with the August 19, 2002 Transaction. The remaining premium of $1.6
million at December 27, 2003 is being amortized against interest expense over
the remaining life of the outstanding Notes.

NOTE 8. OPERATING SEGMENTS

The Company is organized by product line for management reporting. In the fourth
quarter of fiscal 2003, the Company changed its segments to conform to new
internal management reporting used to monitor and manage financial performance.
The Company now has three primary segments in which it operates: branded frozen,
branded dry, and non-branded. Historical segment information has been
reclassified to conform with this change.

The Company's branded frozen family of products includes traditional frozen
vegetables as well as value added products marketed under recognizable brand
names such as Birds Eye, Birds Eye Voila!, Birds Eye Simply Grillin', Birds Eye
Hearty Spoonfuls, Freshlike and McKenzie's. The Company's branded dry family of
products includes a wide variety of product offerings, including fruit fillings
and toppings (Comstock and Wilderness), chili and chili ingredients (Nalley and
Brooks), salad dressings (Bernstein's and Nalley), snacks (Tim's, Snyder of
Berlin and Husman) and canned vegetables (Freshlike). Birds Eye Foods also
produces many products for the non-branded markets which include private label,
food service and industrial businesses. The Company's private label products
include frozen vegetables, canned soups, salad dressings, salsa, chili products,
fruit fillings and toppings, southern frozen vegetable specialty products, and
frozen breaded and battered products. The Company's food service/industrial
products include frozen and canned vegetables, salad dressings, fruit fillings
and toppings, southern frozen vegetable specialty products, canned specialties,
frozen breaded and battered products, and frozen and canned fruit.

The following table illustrates the Company's operating segment information:

(Dollars in Millions)


<TABLE>
<CAPTION>
                                                  Three Months Ended                                    Six Months Ended
                                           ------------------------------      Successor      -----------------------------------
                                             Successor       Successor     Six Months Ended       Successor          Predecessor
                                            December 27,    December 28,      December 27,     August 19, 2002 -   June 30, 2002 -
                                                2003            2002              2003        December 28, 2002    August 18, 2002
                                           --------------   -------------  ----------------   -----------------    ---------------
<S>                                        <C>              <C>            <C>                <C>                  <C>
Net Sales:                                                                                                      |
   Branded frozen                            $     99.6     $  108.0           $  166.3            $  144.9     |      $ 35.8
   Branded dry                                     68.5         68.6              120.2                96.5     |        23.6
   Non-branded                                     85.7         88.5              159.8               126.1     |        39.9
                                             ----------     --------           --------            --------     |      ------
Total continuing segments                    $    253.8     $  265.1           $  446.3            $  367.5     |      $ 99.3
                                             ==========     ========           ========            ========     |      ======
Operating income:                                                                                               |
   Branded frozen                            $     21.2     $   18.8           $   31.8            $   21.2     |      $  4.7
   Branded dry                                     13.6         18.0               22.8                24.6     |         4.7
   Non-branded                                     (1.7)        (1.2)              (6.2)               (1.6)    |        (1.3)
                                             ----------     ---------          --------            --------     |      ------
Continuing segment operating income                33.1         35.6               48.4                44.2     |         8.1
Interest expense                                   (8.7)       (11.8)             (19.2)              (17.9)    |        (7.5)
Loss on early extinguishment of debt               (4.0)         0.0               (4.0)                0.0     |         0.0
                                             ----------     --------           --------            --------     |      ------
Pretax income from continuing operations     $     20.4     $   23.8           $   25.2            $   26.3     |      $  0.6
                                             ==========     ========           ========            ========     |      ======
</TABLE>


NOTE 9. GUARANTEES AND INDEMNIFICATIONS

In certain instances when Birds Eye Foods sells businesses or assets, the
Company may retain certain liabilities for known exposures and provide
indemnification to the buyer with respect to future claims for certain unknown
liabilities existing, or arising from events occurring, prior to the sale date,
including liabilities for taxes, legal matters, environmental exposures, labor
contingencies, product liability, and other obligations. The terms of the
indemnifications vary in duration, from one to three years for certain types of
indemnities, to terms for tax indemnifications that are generally aligned to the
applicable statute of limitations for the jurisdiction in which the tax is
imposed, and to terms for certain liabilities (i.e., warranties of title and
environmental liabilities) that typically do not expire. The maximum potential
future payments that the Company could be required to make under these
indemnifications are either contractually limited to a specified amount or



                                       12





<Page>




unlimited. The maximum potential future payments that the Company could be
required to make under these indemnifications are not determinable at this time,
as any future payments would be dependent on the type and extent of the related
claims, and all relevant defenses, which are not estimable. Historically, costs
incurred to resolve claims related to these indemnifications have not been
material to the Company's financial position, results of operations or cash
flows.

The Company enters into agreements with indemnification provisions in the
ordinary course of business with its customers, suppliers, service providers and
business partners. In such instances, the Company usually indemnifies, holds
harmless and agrees to reimburse the indemnified party for claims, actions,
liabilities, losses and expenses in connection with any Birds Eye Foods
infringement of third party intellectual property or proprietary rights, or when
applicable, in connection with any personal injuries or property damage
resulting from any Birds Eye Foods' products sold or services provided.
Additionally, the Company may from time to time agree to indemnify and hold
harmless its providers of services from claims, actions, liabilities, losses and
expenses relating to their services to Birds Eye Foods, except to the extent
finally determined to have resulted from the fault of the provider of services
relating to such services. The level of conduct constituting fault of the
service provider will vary from agreement to agreement and may include conduct
which is defined in terms of negligence, gross negligence, willful misconduct,
omissions or other culpable behavior. The terms of these indemnification
provisions are generally not limited. The maximum potential future payments that
the Company could be required to make under these indemnification provisions are
unlimited. The maximum potential future payments that the Company could be
required to make under these indemnification provisions are not determinable at
this time, as any future payments would be dependent on the type and extent of
the related claims, and all relevant defenses to the claims, which are not
estimable. Historically, costs incurred to resolve claims related to these
indemnification provisions have not been material to the Company's financial
position, results of operations or cash flows.

The Company has by-laws, policies, and agreements under which it indemnifies its
directors and officers from liability for certain events or occurrences while
the directors or officers are, or were, serving at Birds Eye Foods' request in
such capacities. Furthermore, the Company is incorporated in the state of
Delaware which requires corporations to indemnify their officers and directors
under certain circumstances. The term of the indemnification period is for the
director's or officer's lifetime. The maximum potential amount of future
payments that the Company could be required to make under these indemnification
provisions is unlimited, but would be affected by all relevant defenses to the
claims.

Subsidiary Guarantors: Kennedy Endeavors, Incorporated, Linden Oaks Corporation
(wholly-owned subsidiaries of the Company), and Pro-Fac (Pro-Fac files periodic
reports under the Security Exchange Act of 1934, Commission File Number 0-20539)
have jointly and severally, fully and unconditionally guaranteed, on a senior
subordinated basis, the obligations of the Company with respect to the Company's
11 7/8 percent Senior Subordinated Notes due 2008 (the "Notes"). In addition,
Birds Eye Holdings, Inc., Kennedy Endeavors, Incorporated, GLK Holdings, Inc.,
BEMSA Holdings, Inc., and Linden Oaks Corporation ("Subsidiary Guarantors") have
jointly and severally, fully and unconditionally guaranteed the obligations of
the Company with respect to the Company's Senior Credit Facility. Prior to the
Transaction, the Company's obligations under the Senior Credit Facilities with
Harris Trust and Savings Bank were fully and unconditionally guaranteed by
Kennedy Endeavors Incorporated and Linden Oaks Corporation. The covenants in the
Notes and the Senior Credit Facility do not restrict the ability of the
Subsidiary Guarantors to make cash distributions to the Company.

Presented below is condensed consolidating financial information for (i) Birds
Eye Foods, (ii) the Subsidiary Guarantors, and (iii) non-guarantor subsidiaries.
The condensed consolidating financial information has been presented to show the
nature of assets held, results of operations, and cash flows of the Company and
its Subsidiary Guarantors and non-guarantor subsidiaries in accordance with
Securities and Exchange Commission Financial Reporting Release No. 55.



                                      13





<Page>




<TABLE>
<CAPTION>
                                                                                 Successor
                                                                          Statement of Operations
                                                                   Three Months Ended December 27, 2003
                                                ----------------------------------------------------------------------------
                                                  Birds Eye      Subsidiary    Non-Guarantor      Eliminating
                                                  Foods, Inc.    Guarantors    Subsidiaries          Entries    Consolidated
                                                -------------   ------------   -------------     -------------  ------------
(Dollars in Thousands)
<S>                                             <C>              <C>            <C>               <C>            <C>
Net sales                                       $   249,690      $    7,273     $        0        $  (3,124)     $   253,839
Cost of sales                                      (188,347)         (5,514)             0            3,146         (190,715)
                                                ------------     -----------    ----------        ---------      -----------
Gross profit                                         61,343           1,759              0               22           63,124
Selling, administrative, and general expense        (29,623)           (370)             0                0          (29,993)
Other (expense)/income                              (14,267)         14,289              0              (22)               0
Income from subsidiaries                             13,003             662              0          (13,665)               0
                                                -----------      ----------     ----------        ----------     -----------
Operating income                                     30,456          16,340              0          (13,665)          33,131
Interest (expense)/income                           (12,206)          1,984          1,490                0           (8,732)
Loss on early extinguishment of debt                 (4,018)              0              0                0           (4,018)
                                                ------------     ----------     ----------        ---------      -----------
Pretax income from continuing operations             14,232          18,324          1,490          (13,665)          20,381
Tax provision                                        (2,003)         (6,149)             0                0           (8,152)
                                                ------------     -----------    ----------        ---------      -----------
Net income                                      $    12,229      $   12,175     $    1,490        $ (13,665)     $    12,229
                                                ===========      ==========     ==========        ==========     ===========
</TABLE>


<TABLE>
<CAPTION>
                                                                                 Successor
                                                                        Statement of Operations
                                                                  Six Months Ended December 27, 2003
                                              ----------------------------------------------------------------------------
                                                Birds Eye      Subsidiary      Non-Guarantor     Eliminating
                                                Foods, Inc.    Guarantors       Subsidiaries       Entries    Consolidated
                                              -------------    ----------    ----------------   ------------  ------------
(Dollars in Thousands)
<S>                                           <C>              <C>            <C>               <C>            <C>
Net sales                                     $   437,448      $   13,420     $        0        $  (4,538)     $   446,330
Cost of sales                                    (335,141)        (11,047)             0            4,754         (341,434)
                                              ------------     -----------    ----------        ---------      -----------
Gross profit                                      102,307           2,373              0              216          104,896
Selling, administrative, and general expense      (55,235)         (1,276)             0                0          (56,511)
Other (expense)/income                            (24,669)         24,885              0             (216)               0
Income from subsidiaries                           22,025           1,305              0          (23,330)               0
                                              -----------      ----------     ----------        ----------     -----------
Operating income                                   44,428          27,287              0          (23,330)          48,385
Interest (expense)/income                         (26,684)          4,555          2,937                0          (19,192)
Loss on early extinguishment of debt               (4,018)              0              0                0           (4,018)
                                              ------------     ----------     ----------        ---------      -----------
Pretax income from continuing operations           13,726          31,842          2,937          (23,330)          25,175
Tax benefit/(provision)                             1,379         (11,449)             0                0          (10,070)
                                              -----------      -----------    ----------        ---------      -----------
Income before discontinued operations              15,105          20,393          2,937          (23,330)          15,105
Discontinued operations (net of a tax benefit
  of $3)                                               (4)              0              0                0               (4)
                                              -----------      -----------    ----------        ---------      -----------
Net income                                    $    15,101      $   20,393     $    2,937        $ (23,330)     $    15,101
                                              ===========      ==========     ==========        ==========     ===========
</TABLE>




                                       14






<Page>





<TABLE>
<CAPTION>
                                                                                      Successor
                                                                                    Balance Sheet
                                                                                  December 27, 2003
                                                      --------------------------------------------------------------------------
                                                        Birds Eye     Subsidiary   Non-Guarantor   Eliminating
                                                       Foods, Inc.    Guarantors   Subsidiaries      Entries       Consolidated
                                                      ------------   -----------   -------------   -----------     -------------
(Dollars in Thousands)
<S>                                                  <C>              <C>           <C>             <C>               <C>
Assets
   Cash and cash equivalents                         $  10,611        $   1,219     $        0      $         0       $    11,830
   Accounts receivable, net                             74,649            3,641              0                0            78,290
   Inventories -
     Finished goods                                    216,459              351              0                0           216,810
     Raw materials and supplies                         25,637              909              0                0            26,546
                                                     ---------        ---------     ----------      -----------       -----------
       Total inventories                               242,096            1,260              0                0           243,356

   Other current assets                                 36,999              774            420             (420)           37,773
                                                     ---------        ---------     ----------      ------------      -----------

       Total current assets                            364,355            6,894            420             (420)          371,249

   Property, plant and equipment, net                  177,524           18,931              0                0           196,455
   Investment in subsidiaries                          315,555           13,243              0         (328,798)                0
   Goodwill and other intangible assets, net            42,540          160,908              0                0           203,448
   Other assets                                         30,831          106,174         29,406         (135,264)           31,147
                                                     ---------        ---------     ----------      ------------      -----------
       Total assets                                  $ 930,805        $ 306,150     $   29,826      $  (464,482)      $   802,299
                                                     =========        =========     ==========      ============      ===========

Liabilities and Shareholder's Equity
   Current portion of long-term debt                 $   6,200        $       0     $        0      $         0       $     6,200
   Current portion of Termination and
     Transitional Services Agreements with
     Pro-Fac Cooperative, Inc.                           9,343                0              0                0             9,343
   Accounts payable                                     55,142              770              0                0            55,912
   Accrued interest                                      2,619                0              0             (420)            2,199
   Intercompany loans                                    1,950           (1,950)             0                0                 0
   Other current liabilities                            74,038            8,358              0                0            82,396
                                                     ---------        ---------     ----------      -----------       -----------
       Total current liabilities                       149,292            7,178              0             (420)          156,050
   Long-term debt                                      372,520                0              0          (29,406)          343,114
   Long-term portion of Termination and
     Transitional Services Agreements
     with Pro-Fac Cooperative, Inc.                     19,469                0              0                0            19,469
   Other non-current liabilities                       162,902                0              0         (105,858)           57,044
                                                     ---------        ---------     ----------      ------------      -----------

       Total liabilities                               704,183            7,178              0         (135,684)          575,677

   Shareholder's equity                                226,622          298,972         29,826         (328,798)          226,622
                                                     ---------        ---------     ----------      ------------      -----------
       Total liabilities and shareholder's equity    $ 930,805        $ 306,150     $   29,826      $  (464,482)      $   802,299
                                                     =========        =========     ==========      ============      ===========

</TABLE>




                                       15






<Page>




<TABLE>
<CAPTION>
                                                                                        Successor
                                                                                  Statement of Cash Flows
                                                                            Six Months Ended December 27, 2003
                                                            ---------------------------------------------------------------------
                                                            Birds Eye     Subsidiary    Non-Guarantor   Eliminating
                                                           Foods, Inc.    Guarantors    Subsidiaries     Entries     Consolidated
                                                           -----------    ----------    ------------    -----------  ------------
(Dollars in Thousands)
<S>                                                        <C>          <C>               <C>         <C>          <C>
Cash Flows From Operating Activities:
   Net income                                              $  15,101    $  20,393         $   2,937   $ (23,330)   $  15,101
   Adjustments to reconcile net income to cash
     (used in)/provided by operating activities -
       Depreciation                                           11,131          767                 0           0       11,898
       Amortization of certain intangible assets                 524          375                 0           0          899
       Amortization of debt issue costs, amendment costs,
         debt discounts and premiums, and interest in-kind     6,023            0            (2,517)          0        3,506
       Transitional Services Agreement with
         Pro-Fac Cooperative, Inc.                              (262)           0                 0           0         (262)
       Loss on early extinguishment of debt                    4,018            0                 0           0        4,018
       Equity in undistributed earnings of subsidiaries      (22,025)      (1,305)                0      23,330            0
       Change in working capital                             (30,077)      (1,797)             (420)          0      (32,294)
                                                           ----------    --------         ---------   ---------    ---------
Net cash (used in)/provided by operating activities          (15,567)      18,433                 0           0        2,866
                                                           ----------    --------         ---------   ---------    ---------

Cash Flows From Investing Activities:
   Purchase of property, plant, and equipment                (11,384)        (716)                0           0      (12,100)
   Proceeds from disposals                                     5,414            0                 0           0        5,414
   Proceeds from investment in CoBank                          1,643            0                 0           0        1,643
   Issuance of note receivable to Pro-Fac
     Cooperative, Inc., net                                     (300)           0                 0           0         (300)
   Dividends received                                         16,635            0                 0     (16,635)           0
                                                           ---------     --------         ---------   ---------    ---------
Net cash provided by/(used in) investing activities           12,008         (716)                0     (16,635)      (5,343)
                                                           ---------     ---------        ---------   ---------    ---------

Cash Flows From Financing Activities:
   Net proceeds from revolving credit facility                40,000            0                 0           0       40,000
   Payment of premium and fees on early
     extinguishment of debt                                   (8,937)           0                 0           0       (8,937)
   Payments on long-term debt                               (164,787)           0                 0           0     (164,787)
   Payments on Termination Agreement with
     Pro-Fac Cooperative, Inc.                                (6,000)           0                 0           0       (6,000)
   Payments on capital lease                                    (256)           0                 0           0         (256)
   Birds Eye Holdings, Inc. contribution, net                    531            0                 0           0          531
   Dividends paid                                                  0      (16,635)                0      16,635            0
                                                           ---------     ---------        ---------   ---------    ---------
Net cash used in financing activities                       (139,449)     (16,635)                0      16,635     (139,449)
                                                           ----------    ---------        ---------   ---------    ---------

Net change in cash and cash equivalents                     (143,008)       1,082                 0           0     (141,926)

Cash and cash equivalents at beginning of period             153,619          137                 0           0      153,756
                                                           ---------     --------         ---------   ---------    ---------
Cash and cash equivalents at end of period                 $  10,611     $  1,219         $       0   $       0    $  11,830
                                                           =========     ========         =========   =========    =========
</TABLE>


                                       16





<Page>




<TABLE>
<CAPTION>
                                                                                    Successor
                                                                             Statement of Operations
                                                                      Three Months Ended December 28, 2002
                                                   --------------------------------------------------------------------------
                                                     Birds Eye    Subsidiary    Non-Guarantor      Eliminating
                                                    Foods, Inc.   Guarantors     Subsidiaries        Entries    Consolidated
                                                   ------------   ----------    -------------      -----------  -------------
(Dollars in Thousands)
<S>                                                <C>            <C>            <C>               <C>            <C>
Net sales                                          $   260,937    $    9,411     $        0        $  (5,219)     $   265,129
Cost of sales                                         (194,215)       (6,496)             0            5,339         (195,372)
                                                   ------------   -----------    ----------        ---------      -----------
Gross profit                                            66,722         2,915              0              120           69,757
Selling, administrative, and general expense           (34,467)         (786)             0                0          (35,253)
Other (expense)/income                                 (14,737)       14,857              0             (120)               0
Income from former joint venture and subsidiaries       14,008             0              0          (12,892)           1,116
                                                   -----------    ----------     ----------        ----------     -----------
Operating income                                        31,526        16,986              0          (12,892)          35,620
Interest (expense)/income                              (14,258)        2,457              0                0          (11,801)
                                                   ------------   ----------     ----------        ---------      -----------
Pretax income from continuing operations                17,268        19,443              0          (12,892)          23,819
Tax provision                                           (2,948)       (6,551)             0                0           (9,499)
                                                   ------------   -----------    ----------        ---------      -----------
Income before discontinued operations                   14,320        12,892              0          (12,892)          14,320
Discontinued operations (net of a tax benefit
   of $485)                                               (733)            0              0                0             (733)
                                                   ------------   ----------     ----------        ---------      -----------
Net income                                         $    13,587    $   12,892     $        0        $ (12,892)     $    13,587
                                                   ===========    ==========     ==========        ==========     ===========
</TABLE>

<TABLE>
<CAPTION>
                                                                                  Successor
                                                                           Statement of Operations
                                                                     August 19, 2002 - December 28, 2002
                                                   --------------------------------------------------------------------------
                                                     Birds Eye    Subsidiary    Non-Guarantor      Eliminating
                                                     Foods, Inc   Guarantors     Subsidiaries        Entries    Consolidated
                                                   ------------   ----------    -------------      -----------  -------------
(Dollars in Thousands)
<S>                                                <C>            <C>            <C>               <C>            <C>
Net sales                                          $   361,444    $   11,696     $        0        $  (5,572)     $   367,568
Cost of sales                                         (271,468)       (8,418)             0            5,704         (274,182)
                                                   -----------    ----------     ----------        ---------      -----------
Gross profit                                            89,976         3,278              0              132           93,386
Selling, administrative, and general expense           (49,341)       (1,184)             0                0          (50,525)
Other (expense)/income                                 (20,046)       20,178              0             (132)               0
Income from former joint venture and subsidiaries       18,161             0              0          (16,782)           1,379
                                                   -----------    ----------     ----------        ----------     -----------
Operating income                                        38,750        22,272              0          (16,782)          44,240
Interest (expense)/income                              (21,543)        3,591              0                0          (17,952)
                                                   -----------    ----------     ----------        ---------      -----------
Pretax income from continuing operations                17,207        25,863              0          (16,782)          26,288
Tax provision                                           (1,430)       (9,081)             0                0          (10,511)
                                                   -----------    ----------     ----------        ---------      -----------
Income before discontinued operations                   15,777        16,782              0          (16,782)          15,777
Discontinued operations (net of a tax benefit
   of $473)                                               (715)            0              0                0             (715)
                                                   -----------    ----------     ----------        ---------      -----------
Net income                                         $    15,062    $   16,782     $        0        $ (16,782)     $    15,062
                                                   ===========    ==========     ==========        =========      ===========
</TABLE>






                                       17






<Page>




<TABLE>
<CAPTION>
                                                                                  Predecessor
                                                                            Statement of Operations
                                                                          June 30, 2002 - August 18, 2002
                                                      ------------------------------------------------------------------------
                                                         Birds Eye   Subsidiary   Non-Guarantor   Eliminating
                                                        Foods, Inc.  Guarantors   Subsidiaries      Entries       Consolidated
                                                      -------------  ----------  --------------   ------------    ------------
(Dollars in Thousands)
<S>                                                    <C>           <C>            <C>           <C>               <C>
Net sales                                              $   96,740    $   2,476      $   1,069     $   (1,069)       $   99,216
Cost of sales                                             (74,322)      (1,611)        (1,432)         1,110           (76,255)
                                                       ----------    ---------      ---------     ----------        -----------
Gross profit/(loss)                                        22,418          865           (363)            41            22,961
Selling, administrative, and general expense              (14,668)        (488)             0              0           (15,156)
Other (expense)/income                                     (5,507)       5,507             41            (41)                0
Income from former joint venture and subsidiaries           4,543            0              0         (4,266)              277
                                                       ----------    ---------      ---------     ----------        ----------
Operating income/(loss)                                     6,786        5,884           (322)        (4,266)            8,082
Interest (expense)/income                                  (8,853)       1,322              0              0            (7,531)
                                                       ----------    ---------      ---------     ----------        -----------
Pretax (loss)/income from continuing operations            (2,067)       7,206           (322)        (4,266)              551
Tax benefit/(provision)                                     2,392       (2,572)           (46)             0              (226)
                                                       ----------    ---------      ---------     ----------        ----------
Income/(loss) before discontinued operations                  325        4,634           (368)        (4,266)              325
Discontinued operations (net of a tax benefit of $167)       (240)           0              0              0              (240)
                                                       ----------    ---------      ---------     ----------        ----------
Net income/(loss)                                      $       85    $   4,634      $    (368)    $   (4,266)       $       85
                                                       ==========    =========      =========     ==========        ==========

</TABLE>





                                       18






<Page>




<TABLE>
<CAPTION>
                                                                                  Successor
                                                                                Balance Sheet
                                                                                June 28, 2003
                                                 -------------------------------------------------------------------------------
                                                    Birds Eye     Subsidiary   Non-Guarantor       Eliminating
                                                   Foods, Inc.    Guarantors    Subsidiaries         Entries     Consolidated
                                                 -------------    ----------   --------------     -------------  ---------------
(Dollars in Thousands)
<S>                                              <C>              <C>            <C>               <C>               <C>
Assets
   Cash and cash equivalents                     $   153,619      $      137     $        0        $         0       $ 153,756
   Accounts receivable, net                           56,441           3,630              0                  0          60,071
   Inventories -
     Finished goods                                  185,423             560              0                  0         185,983
     Raw materials and supplies                       19,813             788              0                  0          20,601
                                                 -----------      ----------     ----------        -----------       ---------
       Total inventories                             205,236           1,348              0                  0         206,584

   Other current assets                               59,323          (3,151)             0                  0          56,172
                                                 -----------      ----------     ----------        -----------       ---------

       Total current assets                          474,619           1,964              0                  0         476,583

   Property, plant, and equipment, net               187,819           7,380              0                  0         195,199
   Investment in subsidiaries                        298,030          11,939              0           (309,969)              0
   Goodwill and other intangible assets, net          44,088         161,283              0                  0         205,371
   Other assets                                       31,919         102,545         26,889           (129,123)         32,230
                                                 -----------      ----------     ----------        -----------       ---------

       Total assets                              $ 1,036,475      $  285,111     $   26,889        $  (439,092)      $ 909,383
                                                 ===========      ==========     ==========        ===========       =========

Liabilities and Shareholder's Equity
   Current portion of long-term debt             $    19,611      $        0     $        0        $         0       $  19,611
   Current portion of Termination and
     Transitional Services Agreements with
     Pro-Fac Cooperative, Inc.                         9,403               0              0                  0           9,403
   Accounts payable                                   65,826           1,324              0                  0          67,150
   Accrued interest                                    4,106               0              0                  0           4,106
   Intercompany loans                                  1,987          (1,987)             0                  0               0
   Other current liabilities                          56,718           2,694              0                  0          59,412
                                                 -----------      ----------     ----------        -----------       ---------
       Total current liabilities                     157,651           2,031              0                  0         159,682
   Long-term debt                                    486,859               0              0            (26,889)        459,970
   Long-term portion of Termination and
     Transitional Services Agreements
     with Pro-Fac Cooperative, Inc.                   24,031               0              0                  0          24,031
   Other non-current liabilities                     156,397               0              0           (102,234)         54,163
                                                 -----------      ----------     ----------        -----------       ---------

       Total liabilities                             824,938           2,031              0           (129,123)        697,846

   Shareholder's equity                              211,537         283,080         26,889           (309,969)        211,537
                                                ------------      ----------     ----------        -----------       ---------
       Total liabilities and shareholder's
         equity                                 $  1,036,475      $  285,111     $   26,889        $  (439,092)      $ 909,383
                                                ============      ==========     ==========        ===========       =========
</TABLE>





                                       19






<Page>




<TABLE>
<CAPTION>
                                                                                          Successor
                                                                                    Statement of Cash Flows
                                                                              August 19, 2002 - December 28, 2002
                                                          -----------------------------------------------------------------------
                                                            Birds Eye    Subsidiary     Non-Guarantor   Eliminating
                                                           Foods, Inc.   Guarantors      Subsidiaries      Entries   Consolidated
                                                          ------------   ----------     --------------  -----------  ------------
(Dollars in Thousands)
<S>                                                        <C>            <C>           <C>             <C>            <C>
Cash Flows From Operating Activities:
   Net income                                              $    15,062    $  16,782     $     0         $ (16,782)     $  15,062
   Adjustments to reconcile net income to cash
     provided by operating activities -
       Depreciation                                             10,847          269           0                 0         11,116
       Amortization of certain intangible assets                   149          281           0                 0            430
       Amortization of debt issue costs, amendment costs,
         debt discounts and premiums, and interest in-kind       3,972            0           0                 0          3,972
       Transitional Services Agreement with Pro-Fac
         Cooperative, Inc.                                        (192)           0           0                 0           (192)
       Equity in undistributed earnings of former
         joint venture and subsidiaries                        (17,937)           0           0            16,782         (1,155)
       Change in working capital                                30,579       (8,602)          0                 0         21,977
                                                           -----------    ----------    -------         ---------      ---------
Net cash provided by operating activities                       42,480        8,730           0                 0         51,210
                                                           -----------    ---------     -------         ---------      ---------

Cash Flows From Investing Activities:
   Purchase of property, plant, and equipment                   (5,628)        (169)          0                 0         (5,797)
   Proceeds from disposals                                         250            5           0                 0            255
   Repayments from former joint venture                            871            0           0                 0            871
   Proceeds from investment in CoBank                            1,116            0           0                 0          1,116
   Dividends received                                            8,830            0           0            (8,830)             0
                                                           -----------    ---------     -------         ----------     ---------
Net cash provided by/(used in) investing activities              5,439         (164)          0            (8,830)        (3,555)
                                                           -----------    ----------    -------         ----------     ---------

Cash Flows From Financing Activities:
   Proceeds from issuance of long-term debt                    270,000            0           0                 0        270,000
   Net payments on prior revolving credit facility             (22,000)           0           0                 0        (22,000)
   Payments on long-term debt                                 (400,823)           0           0                 0       (400,823)
   Payments on Termination Agreement with
     Pro-Fac Cooperative, Inc.                                  (8,120)           0           0                 0         (8,120)
   Payments on capital lease                                      (194)           0           0                 0           (194)
   Cash paid for debt issuance costs                           (24,129)           0           0                 0        (24,129)
   Cash paid for transaction fees                               (6,000)           0           0                 0         (6,000)
   Birds Eye Holdings, Inc. contribution, net                  175,597            0           0                 0        175,597
   Dividends paid                                                    0       (8,830)          0             8,830              0
                                                           -----------    ----------    -------         ---------      ---------
Net cash used in financing activities                          (15,669)      (8,830)          0             8,830        (15,669)
                                                           ------------   ----------    -------         ---------      ---------

Net change in cash and cash equivalents                         32,250         (264)          0                 0         31,986

Cash and cash equivalents at beginning of period                 4,636        1,281           0                 0          5,917
                                                           -----------    ---------     -------         ---------      ---------
Cash and cash equivalents at end of period                 $    36,886    $   1,017     $     0         $       0      $  37,903
                                                           ===========    =========     =======         =========      =========

</TABLE>



                                       20






<Page>





<TABLE>
<CAPTION>
                                                                                        Predecessor
                                                                                   Statement of Cash Flows
                                                                                June 30, 2002 - August 18, 2002
                                                           ---------------------------------------------------------------------
                                                             Birds Eye   Subsidiary  Non-Guarantor     Eliminating
(Dollars in Thousands)                                      Foods, Inc.  Guarantors   Subsidiaries      Entries     Consolidated
                                                           ------------  ----------  --------------   ------------  ------------
<S>                                                        <C>            <C>        <C>             <C>             <C>
Cash Flows From Operating Activities:
   Net income/(loss)                                       $        85    $ 4,634    $   (368)       $(4,266)        $     85
   Adjustments to reconcile net income/(loss) to net
     cash (used in)/provided by operating activities -
       Depreciation                                              3,741         69          23              0            3,833
       Amortization of certain intangible assets                    50         94           0              0              144
       Amortization of debt issue costs, amendment costs,
         debt discounts and premiums, and interest in-kind       1,201          0           0              0            1,201
       Equity in undistributed earnings of former joint
         venture and subsidiaries                               (4,543)         0           0          4,266             (277)
       Change in working capital                               (37,983)     3,890       1,252              0          (32,841)
                                                           -----------    -------  ----------     ----------      -----------
Net cash (used in)/provided by operating activities            (37,449)     8,687         907              0          (27,855)
                                                           -----------    -------  ----------     ----------      -----------

Cash Flows From Investing Activities:
   Purchase of property, plant, and equipment                   (2,181)         0          (6)             0           (2,187)
   Advances to Great Lakes Kraut Company, LLC                   (1,512)         0           0              0           (1,512)
   Proceeds from investment in CoBank                            1,115          0           0              0            1,115
   Dividends received                                            8,750          0           0         (8,750)               0
                                                           -----------    -------  ----------     ----------      -----------
Net cash provided by/(used in) investing activities              6,172          0          (6)        (8,750)          (2,584)
                                                           -----------    -------  ----------     ----------      -----------

Cash Flows From Financing Activities:
   Net proceeds from prior revolving credit facility            22,000          0           0              0           22,000
   Payments on long-term debt                                     (292)         0           0              0             (292)
   Payments on capital leases                                      (38)         0           0              0              (38)
   Dividends paid                                                    0     (8,750)          0          8,750                0
                                                           -----------    -------  ----------     ----------      -----------
Net cash provided by/(used in) financing activities             21,670     (8,750)          0          8,750           21,670
                                                           -----------    -------  ----------     ----------      -----------

Net change in cash and cash equivalents                         (9,607)       (63)        901              0           (8,769)

Cash and cash equivalents at beginning of period                14,243        121         322              0           14,686
                                                           -----------    -------  ----------     ----------      -----------
Cash and cash equivalents at end of period                 $     4,636    $    58  $    1,223     $        0      $     5,917
                                                           ===========    =======  ==========     ==========      ===========

</TABLE>


                                       21








<Page>




NOTE 10.  OTHER MATTERS

Holdings LLC Unit Issuance: On September 1, 2003, Holdings LLC issued additional
preferred units and Class E units to certain directors of Birds Eye Foods.
Pursuant to the limited liability company agreement of Holdings LLC, additional
classes of units may be issued from time to time, provided consent is obtained
from a majority of the unit holders. The required consent was obtained and 1,332
Class E units and approximately 3 preferred units were issued. As of December
27, 2003, approximately $0.5 million in proceeds have been received through the
issuance of additional preferred units and Class E units. See NOTE 2 to the
"Notes to Consolidated Financial Statements."

Legal Matters: Birds Eye Foods is a party to various legal proceedings from time
to time in the normal course of its business. In the opinion of management, any
liability that the Company might incur upon the resolution of these proceedings
will not, in the aggregate, have a material adverse effect on the Company's
business, financial condition, or results of operations. Further, no such
proceedings are known to be contemplated by any governmental authorities. The
Company maintains general liability insurance coverage in amounts deemed to be
adequate by management.



               CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

From time to time, Birds Eye Foods or persons acting on behalf of Birds Eye
Foods may make oral and written statements that may constitute "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of 1995
(the "PSLRA") or by the Securities and Exchange Commission ("SEC") in its rules,
regulations, and releases. The Company desires to take advantage of the "safe
harbor" provisions in the PSLRA for forward-looking statements made from time to
time, including, but not limited to, the forward-looking information contained
in the "Management's Discussion and Analysis of Financial Condition and Results
of Operations" section of this Form 10-Q Equivalent and other statements made in
this Form 10-Q Equivalent and in other filings with the SEC.

The Company cautions readers that any such forward-looking statements made by or
on behalf of the Company are based on management's current expectations and
beliefs but are not guarantees of future performance. Actual results could
differ materially from those expressed or implied in the forward-looking
statements. Among the factors that could impact the Company include:

o    the impact of strong competition in the food industry, including
     competitive pricing;

o    the impact of changes in consumer demand;

o    the effectiveness of marketing and shifts in market demand;

o    the impact of weather on the volume and quality of raw product;

o    the inherent risks in the marketplace associated with new product
     introductions, including uncertainties about trade and consumer acceptance;

o    the continuation of the Company's success in integrating operations
     (including the realization of anticipated synergies in operations and the
     timing of any such synergies), and the availability of acquisition and
     alliance opportunities;

o    the Company's ability to achieve gains in productivity and improvements in
     capacity utilization;

o    the Company's ability to service debt; and

o    interest rate fluctuations.



                                       22









<Page>




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

The purpose of this discussion is to outline the significant reasons for
material changes in the Birds Eye Foods financial condition and results of
operations in the second quarter and first six months of fiscal 2004 as compared
to the second quarter and first six months of fiscal 2003. This section should
be read in conjunction with Part I, Item 1., "Financial Statements" section of
this report.

The unaudited consolidated financial statements include the results of Birds Eye
Foods, Inc. ("Birds Eye Foods" or the "Company"). On August 19, 2002, a majority
interest in Birds Eye Foods was indirectly acquired by Vestar/Agrilink Holdings
LLC and its affiliates (the "Transaction" - see NOTE 2 to the "Notes to
Consolidated Financial Statements"). In accordance with the guidelines for
accounting for business combinations, the investment by Vestar/Agrilink Holdings
LLC and its affiliates plus related purchase accounting adjustments have been
"pushed down" and recorded in Birds Eye Foods' financial statements for the
period subsequent to August 18, 2002, resulting in a new basis of accounting for
the "successor" period. Information for the "predecessor" period prior to the
Transaction is presented on the Company's historical basis of accounting.

In order to provide a meaningful basis of comparing the Company's results of
operations for the six months ended December 27, 2003, the results of operations
for the "predecessor" period (June 30, 2002 to August 18, 2002) have been
combined with the results of operations for the "successor" period (August 19,
2002 to December 28, 2002).

Birds Eye Foods has three primary segments including: branded frozen, branded
dry, and non-branded. The majority of each of the segments' net sales are within
the United States. In addition, all of the Company's operating facilities,
excluding one in Mexico, are within the United States.

The Company's branded frozen family of products includes traditional frozen
vegetables as well as value added products marketed under recognizable brand
names such as Birds Eye, Birds Eye Voila!, Birds Eye Simply Grillin', Birds Eye
Hearty Spoonfuls, Freshlike and McKenzie's. The Company's branded dry family of
products includes a wide variety of product offerings, including fruit fillings
and toppings (Comstock and Wilderness), chili and chili ingredients (Nalley and
Brooks), salad dressings (Bernstein's and Nalley), snacks (Tim's, Snyder of
Berlin and Husman) and canned vegetables (Freshlike). Birds Eye Foods also
produces many products for the non-branded markets which include private label,
food service and industrial businesses. The Company's private label products
include frozen vegetables, canned soups, salad dressings, salsa, chili products,
fruit fillings and toppings, southern frozen vegetable specialty products,
frozen breaded and battered products. The Company's food service/industrial
products include frozen and canned vegetables, salad dressings, fruit fillings
and toppings, southern frozen vegetable specialty products, canned specialties,
frozen breaded and battered products, and frozen and canned fruit.

The following tables illustrate the results of operations by segment for the
three and six months ended December 27, 2003 and December 28, 2002:

<TABLE>
<CAPTION>
Net Sales
(Dollars in Millions)
                                 Three Months Ended                       Six Months Ended
                        ------------------------------------    ------------------------------------
                          December 27,        December 28,        December 27,        December 28,
                              2003                2002                2003                2002
                        ----------------    ----------------    ----------------    ----------------
                                   % of                % of                % of                % of
                          $        Total      $        Total      $        Total      $        Total
                        ------    ------    ------    ------    ------    ------    ------    ------
<S>                       <C>       <C>      <C>        <C>      <C>        <C>      <C>        <C>
Branded frozen            99.6      39.2     108.0      40.7     166.3      37.3     180.7      38.7
Branded dry               68.5      27.0      68.6      25.9     120.2      26.9     120.1      25.7
Non-branded               85.7      33.8      88.5      33.4     159.8      35.8     166.0      35.6
                        ------    ------    ------    ------    ------    ------    ------    ------
    Total                253.8     100.0     265.1     100.0     446.3     100.0     466.8     100.0
                        ======    ======    ======    ======    ======    ======    ======    ======
</TABLE>



                                       23









<Page>




<TABLE>
<CAPTION>
Operating Income
(Dollars in Millions)
                                 Three Months Ended                        Six Months Ended
                        ------------------------------------    ------------------------------------
                          December 27,        December 28,        December 27,        December 28,
                              2003                2002                2003                2002
                        ----------------    ----------------    ----------------    ----------------
                                   % of                % of                % of                % of
                          $        Total      $        Total      $        Total      $        Total
                        ------    ------    ------    ------    ------    ------    ------    ------
<S>                       <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
Branded frozen            21.2      64.0      18.8      52.8      31.8      65.7      25.9      49.5
Branded dry               13.6      41.1      18.0      50.6      22.8      47.1      29.3      56.0
Non-branded               (1.7)     (5.1)     (1.2)     (3.4)     (6.2)    (12.8)     (2.9)     (5.5)
                        ------    ------    ------    ------    ------    ------   -------    ------
    Operating income      33.1     100.0      35.6     100.0      48.4     100.0      52.3     100.0
                        ======    ======    ======    ======    ======    ======    ======    ======
</TABLE>

EBITDA(1)

The following table sets forth continuing segment EBITDA (defined as income
before discontinued operations plus interest, taxes, and depreciation and
amortization) for the three and six months ended December 27, 2003 and December
28, 2002, respectively. The Company believes that EBITDA is an appropriate
measure of evaluating the operating performance of its segments, and it is a
primary measure used internally by management to manage the business. EBITDA is
also a primary measure used externally by the Company's investors and analysts
to ensure consistent comparability. In conjunction with the Transaction, which
was completed on August 19, 2002, net assets have been adjusted to fair value
and debt was reduced. Accordingly, depreciation and interest expense for the
predecessor period are not comparable to the successor period making
period-to-period comparisons of operating income and net income difficult to
analyze. In addition, as a result of the early extinguishment of debt that
occurred in November 2003, interest expense is not comparable for the quarter
and six months ended December 27, 2003. Therefore, management believes EBITDA is
a measurement that allows the operations of the business to be compared in a
consistent manner. However, EBITDA should be considered in addition to, not as a
substitute for or superior to operating income, net income, cash flows, and
other measures of financial performance prepared in accordance with GAAP. As
EBITDA is not a measure of performance calculated in accordance with GAAP, this
measure may not be comparable to similarly titled measures employed by other
companies.

<TABLE>
<CAPTION>
(Dollars in Millions)
                                                Three Months Ended                     Six Months Ended
                                        ----------------------------------    ----------------------------------
                                          December 27,       December 28,       December 27,       December 28,
                                              2003               2002               2003               2002
                                        ---------------    ---------------    ---------------    ---------------
                                                  % of               % of               % of               % of
                                         $        Total     $        Total     $        Total     $        Total
                                        -----    ------    -----    ------    -----    ------    -----    ------
<S>                                     <C>      <C>       <C>       <C>       <C>     <C>       <C>      <C>
Branded frozen                           23.6      65.7     21.2      49.7     36.1      63.1     30.6      45.8
Branded dry                              14.7      40.9     19.1      44.7     24.9      43.5     31.4      47.0
Non-branded                               1.6       4.5      2.4       5.6      0.2       0.4      4.8       7.2
Loss on early extinguishment of debt(2)  (4.0)    (11.1)     0.0       0.0     (4.0)     (7.0)     0.0       0.0
                                        -----    ------    -----    ------    -----    ------    -----    ------
     Continuing segment EBITDA           35.9     100.0     42.7     100.0     57.2     100.0     66.8     100.0
                                        =====    ======    =====    ======    =====    ======    =====    ======
Reconciliation of EBITDA to
   net income:
     Depreciation and amortization       (6.8)              (7.1)             (12.8)             (14.5)
Interest expense                         (8.7)             (11.8)             (19.2)             (25.5)
Tax provision                            (8.2)              (9.5)             (10.1)             (10.7)
Discontinued operations, net of tax       0.0               (0.7)               0.0               (1.0)
                                        -----              -----              -----              -----
Net income                               12.2               13.6               15.1               15.1
                                        =====              =====              =====              =====
</TABLE>

(1)  Earnings before interest, taxes, depreciation, and amortization ("EBITDA")
     is defined as income before discontinued operations plus interest, taxes,
     and depreciation and amortization.

(2)  The loss on early extinguishment of debt of $4.0 million is not allocated
     to segments. See NOTE 7, "Debt" to the "Notes to Consolidated Financial
     Statements."



                                       24









<Page>




      CHANGES FROM SECOND QUARTER FISCAL 2003 TO SECOND QUARTER FISCAL 2004

Net Sales: Net sales for the fiscal 2004 period were $253.8 million, a decrease
of $11.3 million, or 4.3 percent, as compared to net sales of $265.1 million in
the fiscal 2003 period. This decrease primarily results from changes within
branded frozen net sales of $8.4 million. The Company has also experienced a
$2.8 million decline in non-branded net sales resulting from the Company's
continuing effort to rationalize certain product offerings and increase the
profitability of its customer base. Significant causes for variances are
highlighted below in the "Segment Review."

Gross Profit: Gross profit in the fiscal 2004 period decreased $6.7 million to
$63.1 million as compared to $69.8 million for the fiscal 2003 period. The
Company's gross profit margin also decreased to 24.9 percent from 26.3 percent
in the prior year period. The decrease in gross margin is primarily the result
of unfavorable production costs incurred during the 2002 growing season, due to
lower crop intake resulting from adverse weather conditions and management's
efforts to reduce inventory levels. Changes in production costs are recognized
as the related inventory is sold. Management is continuing its efforts to
realign its production facilities to maximize utilization and reduce costs.

Selling, Administrative and General Expenses: Selling, administrative and
general expenses in the fiscal 2004 period have decreased $5.3 million to $30.0
million, as compared to $35.3 million in the fiscal 2003 period. This decrease
is primarily attributed to a $5.0 million decline in marketing expenses
associated with the introductory costs of Birds Eye Hearty Spoonfuls incurred in
fiscal 2003.

Operating Income: Operating income for the fiscal 2004 period was $33.1 million,
a decrease of $2.5 million as compared to $35.6 million in the fiscal 2003
period. This decrease is attributable to the factors discussed above. Operating
income for the branded frozen business increased $2.4 million while decreases
within the branded dry and the non-branded businesses were $4.4 million and $0.5
million, respectively. Significant causes for such variances are highlighted
below in the "Segment Review."

Income from Great Lakes Kraut Company, LLC: This amount represents earnings
received from Birds Eye Foods investment in Great Lakes Kraut Company LLC
("GLK"), a former joint venture between Birds Eye Foods and Flanagan Brothers,
Inc. Income from the joint venture was $1.1 million in the fiscal 2003 period.
On March 2, 2003 Birds Eye Foods transferred the operating assets and
liabilities of GLK to a newly formed subsidiary of Flanagan Brothers, Inc. (the
"GLK Transaction"). The decrease in income is a result of the GLK Transaction.

Interest Expense: Interest expense for the fiscal 2004 period was $8.7 million
compared to $11.8 million in the fiscal 2003 period. This decline is primarily
attributable to reduced debt levels, including the November 2003 repayment of
$150.0 million of the Company's 11 7/8 percent Senior Subordinated Notes (the
"Notes") and the elimination of the Subordinated Promissory Note as part of the
GLK Transaction. Other savings resulted from decreases in the Company's
outstanding borrowings under its credit facility.

Loss on Early Extinguishment of Debt: On November 24, 2003, the Company repaid
$150.0 million of its 11 7/8 percent Senior Subordinated Notes. In conjunction
with this repayment, a pre-tax loss on early extinguishment of debt of $4.0
million was recorded. This amount reflects the payment of the $8.9 million call
premium and other transaction expenses less the elimination of the related
unamortized premium of $4.9 million recorded in conjunction with the August 19,
2002 Transaction.

Tax Provision: The provision for income taxes for the fiscal 2004 period was
$8.2 million compared to $9.5 million in the fiscal 2003 period. The variance in
the amounts recorded is attributable to the change in earnings before tax.

Net Income: Net income for the fiscal 2004 period was $12.2 million compared to
net income of $13.6 million in the fiscal 2003 period due to the factors noted
above.

                                 Segment Review

A detailed accounting of the significant reasons for changes in net sales and
EBITDA by segment is outlined below. The Company believes that EBITDA is an
appropriate measure of evaluating the operating performance of its segments, and
it is a primary measure used internally by management to manage the business.
EBITDA is also a primary measure used externally by the Company's investors and
analysts to ensure consistent comparability. In conjunction with the
Transaction, which was completed on August 19, 2002, net assets have been
adjusted to fair value and debt was reduced. Accordingly, depreciation and
interest expense for the predecessor period are not comparable to the successor
period making period-to-period comparisons of operating income and net income
difficult to analyze. In addition, as a result of the early extinguishment of
debt that occurred in November 2003, interest expense is not comparable for the
quarter and six months ended December 27, 2003. Therefore, management believes
EBITDA is a measurement that allows the operations of the business to be
compared in a consistent manner. EBITDA should, however, be considered in
addition to, not as a substitute for, or superior to operating income, net
income, cash flows, and other measures of financial performance prepared in
accordance with generally accepted accounting principles. As EBITDA is not a
measure of performance calculated in accordance with GAAP, this measure may not
be comparable to similarly titled measures employed by other companies.



                                       25









<Page>




Branded Frozen: Branded frozen net sales were $99.6 million in the fiscal 2004
period, a decline of $8.4 million or 7.8 percent as compared to net sales of
$108.0 million for the fiscal 2003 period. The change was impacted by several
factors including a decline in net sales of the Company's Birds Eye Voila!
product line of $3.9 million and a decline of $1.9 million within the Company's
regionally branded frozen vegetable product lines. These product categories
continue to face challenges from competitive actions and spending. Management is
currently evaluating various alternatives to enhance performance of these
product lines.

Net sales for the Company's nationally branded frozen core vegetable products
showed a modest decline of $1.1 million for the fiscal 2004 period associated
with changes in various promotional programs year over year. Activities within
this portfolio also include the introduction of various value-added sauced
vegetables in certain test markets across the country. Management expects to
enhance distribution of this product offering in early fiscal 2005.

The Company tracks retail sales in many of the categories in which it competes
using data from Information Resources, Inc. ("IRI"). IRI data is, however,
limited as IRI does not capture sales at several of the Company's customers
including Wal-Mart, Costco, and others. IRI also does not track non-branded or
private label retail sales by the manufacturer. According to IRI, the frozen
vegetable category on a unit basis declined 2.4 percent for the 12-week period
ending January 4, 2004. The Company's branded market share on a unit basis at
January 4, 2004 was 20.3 percent compared to 21.7 percent at January 5, 2003.
The bagged meal category for the 12-week period ending January 4, 2004 declined
12.3 percent on a unit basis. Market share on a unit basis for the Company's
Birds Eye Voila! skillet meal product offering for the 12-week period ending
January 4, 2004 was 20.2 percent compared to 21.2 percent for the 12-week period
ending January 5, 2003.

Branded frozen EBITDA showed significant improvement over prior year, achieving
$23.6 million for the fiscal 2004 period, an increase of $2.4 million or 11.3
percent as compared to $21.2 million in the fiscal 2003 period. The increase is
primarily the result of the elimination of $5.1 million of introductory costs
associated with the launch of Birds Eye Hearty Spoonfuls in fiscal 2003,
partially offset by $1.5 million of introductory costs resulting from the launch
of various value-added sauced vegetables in test markets as discussed above.

Branded Dry: Branded dry net sales of $68.5 million for the fiscal 2004 period,
were consistent with that of the fiscal 2003 period. EBITDA, however, for the
branded dry segment experienced a decline of $4.4 million to $14.7 million in
fiscal 2004, as compared to $19.1 million in fiscal 2003. Several of the
Company's product lines within this category experienced increased production
costs during fiscal 2004, including the Company's fillings and toppings business
as a result of an increase in the cost of cherries, the branded chili business
as a result of an increase in beef prices, and the snacks business as a result
of an increase in oil costs. In addition, promotional spending has been
increased to support several brands. The Company expects to focus on purchasing
opportunities, changes in promotional programs and innovative merchandising to
maintain and enhance profitability of the various brands in this segment. An
additional decline of $1.1 million in branded dry EBITDA is attributable to the
GLK Transaction which occurred in March of 2003.

Non-branded: Non-branded net sales were $85.7 million for the fiscal 2004
period, a decline of $2.8 million or 3.2 percent as compared to $88.5 million in
the fiscal 2003 period. Non-branded EBITDA of $1.6 million for the fiscal 2004
period represents a $0.8 million decline as compared to EBITDA of $2.4 million
in fiscal 2003. These declines are primarily attributable to unfavorable
production costs incurred during the 2002 growing season and certain short-term
cost increases associated with the Company's recent efforts to realign its
manufacturing facilities.

As highlighted above, IRI data does not track the Company's non-branded or
private label retail sales. Including management's estimate of the Company's
share of the private label market, the Company believes its overall market share
on a unit basis in the frozen vegetable category (excluding frozen soups) for
the 12-week period ending January 4, 2004 was 31.2 percent compared to 32.3
percent for the 12-week period ending January 5, 2003.

    CHANGES FROM FIRST SIX MONTHS FISCAL 2003 TO FIRST SIX MONTHS FISCAL 2004

Net Sales: Net sales for the fiscal 2004 period were $446.3 million, a decrease
of $20.5 million, or 4.4 percent, as compared to net sales of $466.8 million in
the fiscal 2003 period. This decrease primarily results from changes within
branded frozen net sales of $14.4 million and changes within non-branded net
sales of $6.2 million. Continuing challenges within the Voila! product line and
the regionally branded product lines contribute to this variance as well as the
Company's continuing efforts to rationalize certain product offerings within its
non-branded business. Significant causes for variances are highlighted below in
the "Segment Review."

Gross Profit: Gross profit in the fiscal 2004 period decreased $11.4 million to
$104.9 million as compared to $116.3 million for the fiscal 2003 period. The
Company's gross profit margin decreased to 23.5 percent from 24.9 percent in the
prior year period. The decrease in gross margin is primarily the result of
unfavorable production costs incurred during the 2002 growing season due to
lower crop intake as a result of adverse weather conditions as well as
management's efforts to reduce inventory levels. Changes in production costs are
recognized as the related inventory is sold. Management is continuing its
efforts to realign its production facilities to maximize utilization and reduce
costs.

Selling, Administrative and General Expenses: Selling, administrative and
general expenses in the fiscal 2004 period have decreased $9.2


                                       26









<Page>




million to $56.5 million, as compared to $65.7 million in the fiscal 2003
period. This decrease is primarily attributed to a $9.3 million decline in
marketing expenses associated with the introductory costs of Birds Eye Hearty
Spoonfuls and certain other marketing initiatives incurred in fiscal 2003.

Operating Income: Operating income for the fiscal 2004 period was $48.4 million,
a decrease of $3.9 million as compared to $52.3 million in the fiscal 2003
period. This decrease is attributable to the factors discussed above. While
operating income for the branded frozen business increased $5.9 million,
decreases were experienced within the branded dry and the non-branded businesses
of $6.5 million and $3.3 million, respectively. Significant variances are
highlighted below in the "Segment Review."

Income from Great Lakes Kraut Company, LLC: This amount represents earnings
received from Birds Eye Foods investment in Great Lakes Kraut Company LLC
("GLK"), a former joint venture between Birds Eye Foods and Flanagan Brothers,
Inc. Income from the joint venture was $1.7 million in the fiscal 2003 period.
On March 2, 2003 Birds Eye Foods transferred the operating assets and
liabilities of GLK to a newly formed subsidiary of Flanagan Brothers, Inc. (the
"GLK Transaction"). The decrease in income is a result of the GLK Transaction.

Interest Expense: Interest expense for the fiscal 2004 period was $19.2 million
compared to $25.5 million in the fiscal 2003 period. This decline is primarily
attributable to reduced debt levels, including the November 2003 repayment of
$150.0 million of the Company's 11 7/8 Senior Subordinated Notes and the
elimination of the Subordinated Promissory Note as part of the GLK Transaction.
Other savings resulted from decreases in the Company's outstanding borrowings as
well as interest rate reductions under the Company's credit facility.

Loss on Early Extinguishment of Debt: On November 24, 2003, the Company repaid
$150.0 million of its 11 7/8 percent Senior Subordinated Notes. In conjunction
with this repayment, a pre-tax loss on early extinguishment of debt of $4.0
million was recorded. This amount reflects the payment of the $8.9 million call
premium and other transaction expenses less the elimination of the related
unamortized premium of $4.9 million recorded in conjunction with the August 19,
2002 Transaction.

Tax Provision: The provision for income taxes for the fiscal 2004 period was
$10.1 million compared to $10.7 million for the fiscal 2003 period. The variance
in the amounts recorded is attributable to the change in earnings before tax.

Net Income: Net income for the fiscal 2004 period was $15.1 million and, while
impacted by the items discussed above, remained consistent with the fiscal 2003
period.

                                 Segment Review

Branded Frozen: Branded frozen net sales were $166.3 million in the fiscal 2004
period, a decline of $14.4 million or 8.0 percent as compared to net sales of
$180.7 million for the fiscal 2003 period. The change was impacted by a decline
in net sales of the Company's Birds Eye Voila! product line of $8.3 million and
a decline of $2.7 million within the Company's regionally branded frozen
vegetable product lines. These product categories continue to face challenges
from competitive actions and spending. Management is currently evaluating
various alternatives to enhance performance of these product lines.

Net sales for the Company's nationally branded frozen core vegetable products
declined $3.8 million or 3.5 percent for the fiscal 2004 period. Such declines
were primarily attributable to changes in various promotional activities versus
the prior year. Activities within this portfolio also include the introduction
of various value-added sauced vegetables in certain test markets across the
country. Management expects to enhance distribution of this product offering in
early fiscal 2005.

The Company tracks retail sales in many of the categories in which it competes
using data from Information Resources, Inc. ("IRI"). IRI data is, however,
limited as IRI does not capture sales at several of the Company's customers
including Wal-Mart, Costco, and others. IRI also does not track non-branded or
private label retail sales by the manufacturer. According to IRI, the frozen
vegetable category on a unit basis declined 2.6 percent for the 26-week period
ending January 4, 2004. The Company's branded market share on a unit basis at
January 4, 2004 was 19.7 percent compared to 20.7 percent at January 5, 2003.
The bagged meal category for the 26-week period ending January 4, 2004 declined
8.1 percent on a unit basis. Market share on a unit basis for the Company's
Birds Eye Voila! skillet meal product offering for the 26-week period ending
January 4, 2004 was 19.2 percent compared to 23.3 percent for the 26-week period
ending January 5, 2003.

Branded frozen EBITDA showed significant improvement over the prior year,
achieving $36.1 million for the fiscal 2004 period, an increase of $5.5 million
or 18.0 percent as compared to $30.6 million in the fiscal 2003 period. The
increase is primarily the result of the elimination of $9.9 million of
introductory costs associated with the launch of Birds Eye Hearty Spoonfuls
incurred in fiscal 2003, partially offset by $2.8 million of introductory costs
resulting from the launch of various value-added sauced vegetables in test
markets as discussed above.

Branded Dry: Branded dry net sales of $120.2 million for the fiscal 2004 period,
were consistent with the fiscal 2003 period. EBITDA, however, for the branded
dry segment experienced a decline of $6.5 million to $24.9 million in the fiscal
2004 period, as compared to $31.4 million in the fiscal 2003 period. Several of
the Company's product lines within this category experienced increased
production costs during



                                       27









<Page>




fiscal 2004, including the Company's fillings and toppings business as a result
of an increase in the cost of cherries, the branded chili business as a result
of an increase in beef prices and the snacks business as a result of an increase
in oil costs. In addition, promotional spending has been increased to support
several brands. The Company expects to focus on purchasing opportunities,
changes in promotional programs and innovative merchandising to maintain and
enhance profitability of the various brands in this segment. An additional
EBITDA decline of $1.7 million is attributable to the GLK Transaction which
occurred in March of 2003.

Non-branded: Non-branded net sales were $159.8 million for the fiscal 2004
period, a decline of $6.2 million or 3.7 percent as compared to $166.0 million
in the fiscal 2003 period. This decline is primarily attributable to the
continued rationalization of certain product offerings. Non-branded EBITDA was
$0.2 million for the fiscal 2004 period, a $4.6 million decline as compared to
EBITDA of $4.8 million in fiscal 2003. These declines are primarily attributable
to unfavorable production costs incurred during the 2002 growing season and
certain short-term cost increases associated with the Company's recent efforts
to realign its manufacturing facilities.

As highlighted above, IRI data does not track the Company's non-branded or
private label retail sales. Including management's estimate of the Company's
share of the private label market, the Company believes its overall market share
on a unit basis in the frozen vegetable category (excluding frozen soups) for
the 26-week period ending January 4, 2004 was 30.8 percent compared to 31.7
percent for the 26-week period ending January 5, 2003.

                         LIQUIDITY AND CAPITAL RESOURCES

The following discussion highlights the major variances in the Unaudited
Consolidated Statement of Cash Flows for the six months ended December 27, 2003
compared to the six months ended December 28, 2002.

Net cash provided by operating activities for the fiscal 2004 period was $2.9
million as compared to net cash provided by operating activities of $23.4
million for the fiscal 2003 period, representing a decline of $20.5 million. Net
inventories (including prepaid manufacturing expense) increased $29.2 million in
the current period as compared with an increase of $12.6 million during the
prior year period. The greater increase in the current year is a result of an
increase in crop intake during the first six months of fiscal 2004 as compared
to the fiscal 2003 period. Crop intake during the 2002 growing season (fiscal
2003 period) was significantly reduced by adverse weather conditions as well as
management's efforts to reduce inventory levels. In addition, cash paid to
Pro-Fac for crop related payments decreased during the first six months of
fiscal 2004 versus the prior year. This decrease primarily results from a
reduction in the final payment made for crops harvested in the 2002 growing
season again caused by reduced crop intake in the prior year. Accounts
receivable collected in the current year also decreased $9.5 million as compared
to the prior year. This change is largely the result of the expiration of two
co-pack agreements that had outstanding balances which were collected in the
first six months of fiscal 2003.

Net cash used in investing activities for the 2004 period was $5.3 million, as
compared to net cash used in investing activities of $6.1 million for the fiscal
2003 period. Capital expenditures were $12.1 million for the 2004 period
compared to $8.0 million in the prior year period. The increase in capital
expenditures is the result of the Company's decision to consolidate production
in an effort to improve efficiencies. See NOTE 2, "The Transaction," to the
"Notes to Consolidated Financial Statements." The increase in capital
expenditures was more than offset by the receipt of $5.4 million in proceeds
from the sale of certain facilities which were closed as a result of the
Company's realignment efforts and the elimination of working capital advances to
GLK, the Company's former joint venture.

Net cash used in financing activities for the 2004 period was $139.4 million, as
compared to net cash provided by financing activities of $6.0 million in the
2003 period. The Company completed the Transaction with Pro-Fac Cooperative,
Inc. and Vestar/Agrilink Holdings LLC on August 19, 2002, resulting in a
substantial refinancing of, and modification to, its capital structure. See
further discussion below and at NOTE 2, "The Transaction" to the "Notes to
Consolidated Financial Statements." In addition, the Company repaid $150.0
million of its outstanding 11 7/8 percent Senior Subordinated Notes in November
2003, paying a call premium of $8.9 million. See further discussion below and at
NOTE 7, "Debt" to the "Notes to Consolidated Financial Statements."

Senior Credit Facility: In connection with the Transaction, Birds Eye Foods and
certain of its subsidiaries entered into a senior secured credit facility (the
"Senior Credit Facility") in the amount of $470.0 million with a syndicate of
banks and other lenders arranged and managed by JPMorgan Chase Bank ("JPMorgan
Chase Bank"), as administrative and collateral agent. The Senior Credit Facility
is comprised of (i) a $200.0 million senior secured revolving credit facility
(the "Revolving Credit Facility") and (ii) a $270.0 million senior secured B
term loan (the "Term Loan Facility"). The Revolving Credit Facility has a
maturity of five years and allows up to $40.0 million to be available in the
form of letters of credit.

As of December 27, 2003, (i) there was $40.0 million in borrowings outstanding
under the Revolving Credit Facility, (ii) there were $22.0 million in letters of
credit outstanding, and therefore (iii) availability under the Revolving Credit
Facility was $138.0 million. The Company believes that the cash flow generated
by operations and the amounts available under the Revolving Credit Facility
provide adequate liquidity to fund working capital needs and expenditures.

The Senior Credit Facility bears interest at the Company's option, at a base
rate or LIBOR plus, in each case, an applicable percentage. The



                                       28









<Page>




appropriate applicable percentage corresponds to the Company's Consolidated
Leverage Ratio, as defined by the senior credit agreement ("Senior Credit
Facility"), and is adjusted quarterly based on the calculation of the
Consolidated Leverage Ratio. As of December 27, 2003, the Senior Credit Facility
bears interest in the case of base rate loans at the base rate plus (i) 1.00
percent for loans under the Revolving Credit Facility, and (ii) 1.75 percent for
loans under the Term Loan Facility or in the case of LIBOR loans at LIBOR plus
(i) 2.00 percent for loans under the Revolving Credit Facility and (ii) 2.75
percent for loans under the Term Loan Facility. The incremental percentages
presented vary based upon the Company's Consolidated Leverage Ratio, as defined.
As of December 27, 2003, the interest rate under the Term Loan Facility was
approximately 3.87 percent and the interest rate under the Revolving Credit
Facility was approximately 3.15 percent. The initial unused commitment fee is
0.375 percent on the daily average unused commitment under the Revolving Credit
Facility and also varies based on the Company's Consolidated Leverage Ratio.

The Term Loan Facility requires payments in quarterly installments in the amount
of $675,000 until September 30, 2007. Beginning December 31, 2007, the quarterly
payments are $64,125,000. The Term Loan Facility matures in August 2008 upon
which the balance will be due. The Term Loan Facility is also subject to
mandatory prepayments under various scenarios as defined in the Senior Credit
Agreement. Provisions of the Senior Credit Agreement require annual payments,
within 105 days after the end of each fiscal year, in the amount of "excess cash
flow" be utilized to prepay the commitment at an applicable percentage that
corresponds to the Company's Consolidated Leverage Ratio. The amount of "excess
cash flow" for the year ended June 28, 2003 was $13.1 million and was paid on
September 26, 2003.

The Senior Credit Facility contains customary covenants and restrictions on the
Company's activities, including but not limited to: (i) limitations on the
incurrence of indebtedness; (ii) limitations on sale-leaseback transactions,
liens, investments, loans, advances, guarantees, acquisitions, asset sales, and
certain hedging agreements; and (iii) limitations on transactions with
affiliates and other distributions. The Senior Credit Facility also contains
financial covenants requiring the Company to maintain a maximum average debt to
EBITDA ratio, a maximum average senior debt to EBITDA ratio, and a minimum
EBITDA to interest expense ratio. As of December 27, 2003, the Company was in
compliance with all covenants, restrictions, and requirements under the terms of
the Senior Credit Facility.

As previously reported, the Company has negotiated an amendment to its Senior
Credit Facility. The amendment provided the Company with the ability to repay
$150.0 million of its Senior Subordinated Notes which occurred in November 2003.
See "Senior Subordinated Notes - 11 7/8 Percent (due 2008)" below and Note 7,
"Debt" to the "Notes to Consolidated Financial Statements." In addition,
provided the satisfaction of certain conditions, the amendment permits repayment
of the balance of the Senior Subordinated Notes prior to maturity.

The Company's obligations under the Senior Credit Facility are guaranteed by
Holdings Inc. and certain of the Company's subsidiaries. See NOTE 9 to the
"Notes to Consolidated Financial Statements" included herein.

Senior Subordinated Notes - 11 7/8 Percent (due 2008): In fiscal 1999, the
Company issued Senior Subordinated Notes (the "Notes") for $200.0 million
aggregate principal amount due November 1, 2008. Interest on the Notes accrues
at the rate of 11 7/8 percent per annum and is payable semiannually in arrears
on May 1 and November 1.

The Notes represent general unsecured obligations of the Company, subordinated
in right of payment to certain other debt obligations of the Company (including
the Company's obligations under the Senior Credit Facility). The Notes are
guaranteed by Pro-Fac and certain of the Company's subsidiaries.

The Notes contain customary covenants and restrictions on the Company's ability
to engage in certain activities, including, but not limited to: (i) limitations
on the incurrence of indebtedness and liens; (ii) limitations on consolidations,
mergers, sales of assets, transactions with affiliates; and (iii) limitations on
dividends and other distributions. The Company is in compliance with all
covenants, restrictions, and requirements under the Notes.

The Company, principal shareholders, or their affiliates may, from time-to-time,
enter the market to purchase or sell Senior Subordinated Notes in compliance
with any applicable securities laws.

On November 24, 2003, the Company repaid $150.0 million of its 11 7/8 percent
Senior Subordinated Notes. In conjunction with this repayment, a pre-tax loss on
early extinguishment of debt of $4.0 million was recorded. This amount reflects
the payment of the $8.9 million call premium and related transaction expenses
less the elimination of the unamortized premium of $4.9 million recorded in
conjunction with the August 19, 2002 Transaction.



                                       29









<Page>




Contractual Obligations: The following table summarizes the Company's future
obligations under contracts as of December 27, 2003.

<TABLE>
<CAPTION>

(Dollars in Millions)
                                                                  Payments Due Within
                                           --------------------------------------------------------------
                                                                                         Over 5
Contractual Obligations                    1 Year   2 Years  3 Years  4 Years  5 Years    Years     Total
-----------------------                    ------   -------  -------  -------  -------   ------    ------
<S>                                         <C>      <C>      <C>      <C>      <C>       <C>      <C>
Term Loan Facility                          $ 2.7    $ 2.7    $ 2.7    $ 2.7    $243.4    $ 0.0    $254.2
Revolving Credit Facility                     0.0      0.0      0.0     40.0       0.0      0.0      40.0
Senior Subordinated Notes - 11 7/8 Percent    0.0      0.0      0.0      0.0      50.0      0.0      50.0
Obligations under capital leases              0.9      0.9      0.9      0.0       0.0      0.0       2.7
Operating leases                              5.5      4.5      3.5      2.5       2.4      6.1      24.5
Termination Agreement                        10.0     10.0     10.0      4.0       0.0      0.0      34.0
Other long-term debt                          3.5      0.0      0.0      0.0       0.0      0.0       3.5
                                            -----    -----    -----    -----    ------    -----    ------
                                            $22.6    $18.1    $17.1    $49.2    $295.8    $ 6.1    $408.9
                                            =====    =====    =====    =====    ======    =====    ======
</TABLE>

                          CRITICAL ACCOUNTING POLICIES

The preparation of our consolidated financial statements requires us to make
estimates and assumptions that affect the reported amounts. The estimates and
assumptions are evaluated on a regular basis and are based on historical
experience and on various other factors that are believed to be reasonable.
Estimates and assumptions include, but are not limited to: trade accounts
receivable, inventories, self-insurance programs, promotional activities, and
identifiable intangible assets, long-lived assets, and goodwill.

The following are considered to be the Company's more critical estimates and
assumptions used in the preparation of the consolidated financial statements,
although not inclusive.

Trade Accounts Receivable: The Company accounts for trade receivables at
outstanding billed amounts, net of allowances for doubtful accounts. The Company
estimates its allowance for doubtful accounts as a percentage of receivables
overdue. Also included in the allowance in their entirety are those accounts
that have filed for bankruptcy, been sent to collections, and any other accounts
management believes are not collectible based on historical losses. The Company
periodically reviews the accounts included in the allowance to determine those
to be written off. Generally, after a period of one year, or through legal
counsel's advice, accounts are written off. It is not Company policy to accrue
or collect interest on past due accounts.

Inventories: Under the first-in, first-out ("FIFO") method, the cost of items
sold is based upon the cost of the first such items produced. As a result, the
last such items produced remain in inventory and the cost of these items are
used to reflect ending inventory. The Company prices its inventory at the lower
of cost or market value on the FIFO method.

A reserve is established for the estimated aged surplus, spoiled or damaged
products, and discontinued inventory items and components. The amount of the
reserve is determined by analyzing inventory composition, expected usage,
historical and projected sales information, and other factors. Changes in sales
volume due to unexpected economic or competitive conditions are among the
factors that could result in materially different amounts for this item.

Self-insurance Programs: The Company records estimates for certain health and
welfare and workers' compensation costs that are self-insured programs. Should a
greater amount of claims occur compared to what was estimated or costs of
medical care increase beyond what was anticipated, reserves recorded may not be
sufficient and additional costs could be incurred.

Promotional Activities: The Company's promotional activities are conducted
either through the retail trade channel or directly with consumers and involve
in-store displays; feature price discounts on products; consumer coupons; and
similar activities. The costs of these activities are generally recognized at
the time the related revenue is recorded, which normally precedes the actual
cash expenditure. The recognition of these costs therefore requires management's
judgment regarding the volume of promotional offers that will be redeemed by
either the retail trade channel or consumer. These estimates are made using
various techniques including historical data of performance on similar
promotional programs. Differences between estimated expense and actual
redemptions are normally insignificant and recognized as a change in management
estimate in a subsequent period. However, the likelihood exists of materially
different reported results if different assumptions or conditions were to
prevail.

Identifiable Intangible Assets, Long-Lived Assets, and Goodwill: The Company
assesses the carrying value of its identifiable intangible assets, long-lived
assets, and goodwill whenever events or changes in circumstances indicate that
the carrying amount of the underlying asset



                                       30









<Page>




may not be recoverable. Certain factors which may occur and indicate that an
impairment exists include, but are not limited to: significant under performance
relative to historical or projected future operating results; significant
changes in the manner of the Company's use of the underlying assets; and
significant adverse industry or market trends. In the event that the carrying
value of assets are determined to be unrecoverable, the Company would record an
adjustment to the respective carrying value.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Certain of our derivative financial instruments are reported in our Annual
Report on Form 10-K Equivalent for the year ended June 28, 2003. No material
changes have occurred in these instruments which would require additional
disclosure in answer to this item.

                                  OTHER MATTERS

The vegetable and fruit portions of the business can be positively or negatively
affected by weather conditions nationally and the resulting impact on crop
yields. Favorable weather conditions can produce high crop yields and an
oversupply situation. This results in depressed selling prices and reduced
profitability on the inventory produced from that year's crops. Excessive rain
or drought conditions can produce low crop yields and a shortage situation. This
typically results in higher selling prices and increased profitability. While
the national supply situation controls the pricing, the supply can differ
regionally because of variations in weather.

The cherry crop from both the fiscal 2002 and 2003 growing seasons was affected
by weather in the prime growing areas in Michigan. Both raw and frozen cherry
costs have, therefore, significantly increased from historic levels. To offset
the cherry cost increase, management has initiated both pricing actions and
changes in promotional programs across all of its cherry items.

For the 2003 crop season, unexpected higher than average temperatures in the
Northeast and Midwest regions reduced crop intake. While the reduction in crop
intake impacted the related production cost and efficiency, management continues
to actively pursue cost reduction initiatives to mitigate a portion of the
crop-related production cost increases.

                            MARKET AND INDUSTRY DATA

Unless otherwise stated herein, industry and market share data used throughout
this discussion was derived from industry sources believed by the Company to be
reliable including information provided by Information Resources, Inc. Such data
was obtained or derived from consultants' reports and industry publications.
Consultants' reports and industry publications generally state that the
information contained therein has been obtained from sources believed to be
reliable, but that the accuracy and completeness of such information is not
guaranteed. The Company has not independently verified such data and makes no
representation to its accuracy.

ITEM 4.  CONTROLS AND PROCEDURES

Birds Eye Foods management, with the participation of Birds Eye Foods Principal
Executive Officer and Principal Financial Officer, evaluated the effectiveness
of the design and operation of Birds Eye Foods disclosure controls and
procedures (as defined in Rule 15(d) - 15(e) of the Securities Exchange Act of
1934, as amended (the "Exchange Act")). Based on that evaluation, Birds Eye
Foods Principal Executive and Principal Financial Officers concluded that Birds
Eye Foods disclosure controls and procedures as of December 27, 2003 (the end of
the period covered by this Report) have been designed and are functioning
effectively to provide reasonable assurance that the information required to be
disclosed by Birds Eye Foods in reports filed or submitted under the Exchange
Act is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms.



                                       31









<Page>




                                     PART II

ITEM 1.  LEGAL PROCEEDINGS

Certain of our legal proceedings are reported in our Annual Report on Form 10-K
Equivalent for the year ended June 28, 2003. Information about any material
developments that may have occurred since June 28, 2003 is described in NOTE
10., "Other Matters - Legal Matters," under "Notes to Consolidated Financial
Statements" in Part I, Item 1. of this Form 10-Q Equivalent and is incorporated
herein by reference in answer to this item.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

    (a)  Exhibits

         Exhibit Number                       Description
         --------------    ----------------------------------------------------
              31.1         Certification required by Rule 13a - 14(a) of the
                           Securities Exchange Act of 1934 of the Principal
                           Executive Officer (filed herewith).

              31.2         Certification required by Rule 13a - 14(a) of the
                           Securities Exchange Act of 1934 of the Principal
                           Financial Officer (filed herewith).

    (b)  Reports on Form 8-K:

              On September 30, 2003, the Company filed a report on Form 8-K
              Equivalent which was amended by a Form 8-K/A Equivalent also filed
              on September 30, 2003. Pursuant to Item 9, Birds Eye Foods filed
              its press release dated September 30, 2003 announcing a consent
              from its senior lenders for an amendment to its existing Senior
              Credit Facility.

              On October 24, 2003, the Company filed a report on Form 8-K
              Equivalent. Pursuant to Item 9, Birds Eye Foods filed its press
              release dated October 24, 2003 announcing an irrevocable notice of
              partial redemption to be sent to holders of its 11 7/8% Notes due
              2008.

              On November 7, 2003, the Company furnished a report on Form 8-K
              Equivalent. Pursuant to Item 12, Birds Eye Foods furnished its
              press release dated November 7, 2003, which reported its financial
              results for its fiscal quarter ended September 27, 2003 and
              announced its conference call held on November 13, 2003 to discuss
              Birds Eye Foods fiscal 2004 first quarter results.




                                       32









<Page>




                                   SIGNATURES


The Company has duly caused this 10-Q Equivalent to be signed on its behalf by
the undersigned, thereunto duly authorized.



                                                 BIRDS EYE FOODS, INC.



Date:       February 6, 2004           By: /s/        Earl L. Powers
     -----------------------------         -------------------------------------
                                                      EARL L. POWERS
                                            EXECUTIVE VICE PRESIDENT FINANCE and
                                                CHIEF FINANCIAL OFFICER and
                                                       SECRETARY
                                            (On Behalf of the Registrant and as
                                               Principal Financial Officer
                                             and Principal Accounting Officer)


                                  33