##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-Q


FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO
SECTIONS 13 OR 15(d)


OF THE SECURITIES EXCHANGE ACT OF 1934


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
|          
|           |  | For the Quarterly Period Ended September 30, 2005                                           
|          
|or        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-08262


Dean Holding Company


(Exact name of Registrant as specified in its charter)





|                                                                   |  |                                         
|------------------------------------------------------------------ |  | ----------------------------------------
|Delaware                                                           |  | 75-2932967                              
|(State or other jurisdiction of
    incorporation or organization) |  | (I.R.S. Employer
    Identification No.)

2515 McKinney Avenue, Suite 1200


Dallas, Texas 75201


(214) 303-3400


(Address, including zip code, and telephone number,


including area code, of Registrants principal executive
offices)


þ o


o þ


o þ












---










Table of Contents


|                                                                                               |  |      |    |  |  | 
|---------------------------------------------------------------------------------------------- |  | ---- | -- |  |  | 
|                                                                                               |  | Page |   
|                                                                                               |  |      |   
|Part I  Financial
    Information                                                            
|Item 1  Financial Statements                                                                  |  |      | 3  | 
|Item 2  Managements Discussion and Analysis of Financial Condition and Results of Operations |  |      | 15 | 
|Item 4  Controls and Procedures                                                               |  |      | 18 | 
|                                                                                              
|Part II  Other
    Information                                                               
|Item 1  Legal Proceedings                                                                     |  |      | 19 | 
|Item 6  Exhibits                                                                              |  |      | 19 | 
|Certification of CEO Pursuant to Section 302                                                  
|Certification of CFO Pursuant to Section 302                                                  
|Certification of CEO Pursuant to Section 906                                                  
|Certification of CFO Pursuant to Section 906                                                  



2



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##### Table of Contents






Part I  Financial Information







|        |                     
|------- | --------------------
|Item 1. | Financial Statements

DEAN HOLDING COMPANY


CONDENSED CONSOLIDATED BALANCE SHEETS


(In thousands, except share data)


|                                              |                                           |                               |           |         |              |  |           |         |           | 
|--------------------------------------------- | ----------------------------------------- | ----------------------------- | --------- | ------- | ------------ |  | --------- | ------- | --------- | 
|                                              |                                           | September 30,                 |           |         | December 31, | 
|                                              |                                           | 2005                          |           |         | 2004         | 
|                                              |                                           |                               |           |         |              | 
|                                              |                                           | (unaudited)                   |           |         |             
|ASSETS                                        |                                           |                               |           |         |              |  |           |        
|Current assets:                               |                                           |                               |           |         |              |  |           |        
|                                              | Cash and cash equivalents                 |                               | $         | 17,983  |              |  | $         | 12,490  |          
|                                              | Receivables, net                          |                               |           | 262,153 |              |  |           | 261,184 |          
|                                              | Inventories                               |                               |           | 104,020 |              |  |           | 101,265 |          
|                                              | Deferred income taxes                     |                               |           | 42,769  |              |  |           | 48,187  |          
|                                              | Prepaid expenses and other current assets |                               |           | 10,482  |              |  |           | 18,754  |          
|                                              |                                           |                               |           |         |              | 
|                                              |                                           | Total current assets          |           |         | 437,407      |  |           |         | 441,880   | 
|Property, plant and equipment                 |                                           |                               | 507,757   |         |              |  | 510,513   |        
|Goodwill                                      |                                           |                               | 1,116,057 |         |              |  | 1,118,775 |        
|Identifiable intangible and other assets      |                                           |                               | 203,666   |         |              |  | 204,265   |        
|Assets of discontinued operations             |                                           |                               |          |         |              |  | 613,240   |        
|                                              |                                           |                               |           |         |              | 
|                                              |                                           | Total                         |           | $       | 2,264,887    |  |           | $       | 2,888,673 | 
|                                              |                                           |                               |           |         |              | 
|                                             
|LIABILITIES AND PARENTS NET INVESTMENT       |                                           |                               |           |         |              |  |           |        
|Current liabilities:                          |                                           |                               |           |         |              |  |           |        
|                                              | Accounts payable and accrued expenses     |                               | $         | 296,813 |              |  | $         | 288,684 |          
|                                              | Income taxes payable                      |                               |           | 4,424   |              |  |           | 4,897   |          
|                                              | Current portion of long-term debt         |                               |           | 27      |              |  |           | 99,334  |          
|                                              |                                           |                               |           |         |              | 
|                                              |                                           | Total current liabilities     |           |         | 301,264      |  |           |         | 392,915   | 
|Long-term debt                                |                                           |                               | 741,119   |         |              |  | 754,683   |        
|Deferred income taxes                         |                                           |                               | 190,042   |         |              |  | 183,265   |        
|Other long-term liabilities                   |                                           |                               | 109,910   |         |              |  | 136,095   |        
|Liabilities of discontinued operations        |                                           |                               |          |         |              |  | 120,900   |        
|Commitments and contingencies (Note 9)        |                                           |                               |           |         |              |  |           |        
|Parents net investment                       |                                           |                               | 938,651   |         |              |  | 1,316,319 |        
|Accumulated other comprehensive income (loss) |                                           |                               | (16,099   | )       |              |  | (15,504   | )      
|                                              |                                           |                               |           |         |              | 
|                                              |                                           | Total parents net investment |           |         | 922,552      |  |           |         | 1,300,815 | 
|                                              |                                           |                               |           |         |              | 
|                                              |                                           | Total                         |           | $       | 2,264,887    |  |           | $       | 2,888,673 | 
|                                              |                                           |                               |           |         |              | 



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DEAN HOLDING COMPANY


CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(In thousands)


|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |         |         |   |           |         |         | 
|------------------------------------------------------ | ----------------------------------------- | ---------------------------------- | ------- | ------- | ----------------- | - | ------- | ------- | ------- | - | --------- | ------- | ------- | - | --------- | ------- | ------- | 
|                                                       |                                           | Three Months Ended                 |         |         | Nine Months Ended |  
|                                                       |                                           | September 30,                      |         |         | September 30,     |  
|                                                       |                                           |                                    |         |         |                   |  
|                                                       |                                           | 2005                               |         |         | 2004              |   |         | 2005    |         |   | 2004      |        
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|                                                       |                                           | (unaudited)                        |        
|Net sales                                              |                                           | $                                  | 940,276 |         |                   | $ | 940,932 |         |         | $ | 2,763,843 |         |         | $ | 2,720,265 |        
|Cost of sales                                          |                                           |                                    | 711,386 |         |                   |   | 729,121 |         |         |   | 2,093,162 |         |         |   | 2,088,606 |        
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|Gross profit                                           |                                           |                                    | 228,890 |         |                   |   | 211,811 |         |         |   | 670,681   |         |         |   | 631,659   |        
|Operating costs and expenses:                          |                                           |                                    |         |         |                   |   |         |         |         |   |           |         |         |   |           |        
|                                                       | Selling and distribution                  |                                    |         | 135,624 |                   |   |         | 130,152 |         |   |           | 398,421 |         |   |           | 381,629 |        
|                                                       | General and administrative                |                                    |         | 30,245  |                   |   |         | 27,480  |         |   |           | 86,858  |         |   |           | 88,588  |        
|                                                       | Amortization of intangibles               |                                    |         | 217     |                   |   |         | 339     |         |   |           | 864     |         |   |           | 928     |        
|                                                       | Facility closing and reorganization costs |                                    |         | 406     |                   |   |         | 1,091   |         |   |           | 2,526   |         |   |           | 3,773   |        
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|                                                       |                                           | Total operating costs and expenses |         |         | 166,492           |   |         |         | 159,062 |   |           |         | 488,669 |   |           |         | 474,918 | 
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|Operating income                                       |                                           |                                    | 62,398  |         |                   |   | 52,749  |         |         |   | 182,012   |         |         |   | 156,741   |        
|Other (income) expense:                                |                                           |                                    |         |         |                   |   |         |         |         |   |           |         |         |   |           |        
|                                                       | Interest expense                          |                                    |         | 11,798  |                   |   |         | 13,991  |         |   |           | 39,014  |         |   |           | 41,569  |        
|                                                       | Other income, net                         |                                    |         | (15     | )                 |   |         | (75     | )       |   |           | (69     | )       |   |           | (1,657  | )      
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|                                                       |                                           | Total other expense                |         |         | 11,783            |   |         |         | 13,916  |   |           |         | 38,945  |   |           |         | 39,912  | 
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|Income from continuing operations before income taxes  |                                           |                                    | 50,615  |         |                   |   | 38,833  |         |         |   | 143,067   |         |         |   | 116,829   |        
|Income taxes                                           |                                           |                                    | 19,064  |         |                   |   | 15,089  |         |         |   | 54,300    |         |         |   | 45,150    |        
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|Income from continuing operations                      |                                           |                                    | 31,551  |         |                   |   | 23,744  |         |         |   | 88,767    |         |         |   | 71,679    |        
|Income (loss) from discontinued operations, net of tax |                                           |                                    | (580    | )       |                   |   | (678    | )       |         |   | 12,866    |         |         |   | 23,694    |        
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        
|Net income                                             |                                           | $                                  | 30,971  |         |                   | $ | 23,066  |         |         | $ | 101,633   |         |         | $ | 95,373    |        
|                                                       |                                           |                                    |         |         |                   |   |         |         |         |   |           |        



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DEAN HOLDING COMPANY


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)


|                                      |                                                                                       |                                                                   |                                       |                                                        |        |         |          |          |        |         |         |  
|------------------------------------- | ------------------------------------------------------------------------------------- | ----------------------------------------------------------------- | ------------------------------------- | ------------------------------------------------------ | ------ | ------- | -------- | -------- | ------ | ------- | ------- | -
|                                      |                                                                                       | Nine Months Ended                                                 |                                      
|                                      |                                                                                       | September 30,                                                     |                                      
|                                      |                                                                                       |                                                                   |                                      
|                                      |                                                                                       | 2005                                                              |                                       |                                                        | 2004   |        
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      |                                                                                       | (unaudited)                                                       |                                      
|Cash flows from operating activities: |                                                                                       |                                                                   |                                       |                                                        |        |         |          |         
|                                      | Net income                                                                            |                                                                   | $                                     | 101,633                                                |        |         | $        | 95,373   |       
|                                      | Income from discontinued operations                                                   |                                                                   |                                       | (12,866                                                | )      |         |          | (23,694  | )     
|                                      | Adjustments to reconcile net income to net cash provided by
    operating activities: |                                                                   |                                       |                                                        |        |         |          |          |       
|                                      |                                                                                       | Depreciation and amortization                                     |                                       |                                                        | 54,632 |         |          |          | 50,702 |        
|                                      |                                                                                       | Loss (gain) on disposition of assets                              |                                       |                                                        | 83     |         |          |          | (1,738 | )      
|                                      |                                                                                       | Write-down of impaired assets                                     |                                       |                                                        | 37     |         |          |          | 1,877  |        
|                                      |                                                                                       | Deferred income taxes                                             |                                       |                                                        | 12,713 |         |          |          | 19,465 |        
|                                      |                                                                                       | Other                                                             |                                       |                                                        | 2,181  |         |          |          | 170    |        
|                                      |                                                                                       | Changes in operating assets and liabilities, net of acquisitions: |                                       |                                                        |        |         |          |          |        |        
|                                      |                                                                                       |                                                                   | Receivables                           |                                                        |        | 5,847   |          |          |        | (9,890  | )      
|                                      |                                                                                       |                                                                   | Inventories                           |                                                        |        | (2,775  | )        |          |        | (10,929 | )      
|                                      |                                                                                       |                                                                   | Prepaid expenses and other assets     |                                                        |        | 11,991  |          |          |        | (1,496  | )      
|                                      |                                                                                       |                                                                   | Accounts payable and accrued expenses |                                                        |        | (20,121 | )        |          |        | (45,062 | )      
|                                      |                                                                                       |                                                                   | Income taxes payable                  |                                                        |        | (473    | )        |          |        | (16,268 | )      
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      |                                                                                       |                                                                   |                                       | Net cash provided by continuing operations             |        |         | 152,882  |          |        |         | 58,510  |  
|                                      |                                                                                       |                                                                   |                                       | Net cash provided by discontinued operations           |        |         | 31,496   |          |        |         | 51,296  |  
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      |                                                                                       |                                                                   |                                       | Net cash provided by operating activities              |        |         | 184,378  |          |        |         | 109,806 |  
|Cash flows from investing activities: |                                                                                       |                                                                   |                                       |                                                        |        |         |          |         
|                                      | Additions to property, plant and equipment                                            |                                                                   |                                       | (42,944                                                | )      |         |          | (42,609  | )     
|                                      | Cash outflows for acquisitions                                                        |                                                                   |                                       |                                                       |        |         |          | (26,472  | )     
|                                      | Proceeds from sale of fixed assets                                                    |                                                                   |                                       | 718                                                    |        |         |          | 3,591    |       
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      |                                                                                       |                                                                   |                                       | Net cash used in continuing operations                 |        |         | (42,226  | )        |        |         | (65,490 | )
|                                      |                                                                                       |                                                                   |                                       | Net cash used in discontinued operations               |        |         | (7,631   | )        |        |         | (16,249 | )
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      |                                                                                       |                                                                   |                                       | Net cash used in investing activities                  |        |         | (49,857  | )        |        |         | (81,739 | )
|Cash flows from financing activities: |                                                                                       |                                                                   |                                       |                                                        |        |         |          |         
|                                      | Proceeds from issuance of debt                                                        |                                                                   |                                       |                                                       |        |         |          | 55,736   |       
|                                      | Repayment of debt                                                                     |                                                                   |                                       | (115,968                                               | )      |         |          |         |       
|                                      | Additional investment from parent                                                     |                                                                   |                                       |                                                       |        |         |          | 22,520   |       
|                                      | Distribution to parent                                                                |                                                                   |                                       | (24,213                                                | )      |         |          | (119,770 | )     
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      |                                                                                       |                                                                   |                                       | Net cash used in continuing operations                 |        |         | (140,181 | )        |        |         | (41,514 | )
|                                      |                                                                                       |                                                                   |                                       | Net cash provided by (used in) discontinued operations |        |         | 11,153   |          |        |         | (3,615  | )
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      |                                                                                       |                                                                   |                                       | Net cash used in financing activities                  |        |         | (129,028 | )        |        |         | (45,129 | )
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      | Increase (decrease) in cash and cash equivalents                                      |                                                                   |                                       | 5,493                                                  |        |         |          | (17,062  | )     
|                                      | Cash and cash equivalents, beginning of period                                        |                                                                   |                                       | 12,490                                                 |        |         |          | 22,857   |       
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        
|                                      | Cash and cash equivalents, end of period                                              |                                                                   | $                                     | 17,983                                                 |        |         | $        | 5,795    |       
|                                      |                                                                                       |                                                                   |                                       |                                                        |        |        



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DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


September 30, 2005


(unaudited)




|   |        
|-- | -------
|1. | General

Basis of Presentation








Shipping and Handling Fees


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DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Stock-Based Compensation


Recently Issued Accounting Pronouncements










|   |                        
|-- | -----------------------
|2. | Discontinued Operations





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DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                    |  |                    |   |             |              |   |         |  |  |      |         |  |  |   |         | 
|------------------- |  | ------------------ | - | ----------- | ------------ | - | ------- |  |  | ---- | ------- |  |  | - | ------- | 
|                    |  |                    |   | Nine Months |             
|                    |  | Three Months Ended |   |             | Ended        |  
|                    |  | September 30       |   |             | September 30 |  
|                    |  |                    |   |             |              |  
|                    |  | 2005               |   | 2004        |              |   | 2005    |  |  | 2004 |        
|                    |  |                    |   |             |              |   |         |  |  |      |        
|                    |  | (In thousands)     |  
|Net sales           |  | $                  |  |             |              | $ | 162,788 |  |  | $    | 332,299 |  |  | $ | 502,439 | 
|Income before taxes |  |                    |  |             |              |   | 743     |  |  |      | 24,692  |  |  |   | 39,218  | 



|                         |  |   |         | 
|------------------------ |  | - | ------- | 
|Current assets           |  | $ | 158,964 | 
|Goodwill                 |  |   | 306,473 | 
|Other non-current assets |  |   | 147,803 | 
|Current liabilities      |  |   | 56,252  | 
|Non-current liabilities  |  |   | 64,648  | 





|   |            
|-- | -----------
|3. | Inventories

|                           |       |                |        |         |              |   |        |         | 
|-------------------------- | ----- | -------------- | ------ | ------- | ------------ | - | ------ | ------- | 
|                           |       | September 30,  |        |         | December 31, |  
|                           |       | 2005           |        |         | 2004         |  
|                           |       |                |        |         |              |  
|                           |       | (In thousands) |       
|Raw materials and supplies |       | $              | 31,336 |         |              | $ | 33,175 |        
|Finished goods             |       |                | 72,684 |         |              |   | 68,090 |        
|                           |       |                |        |         |              |  
|                           | Total |                | $      | 104,020 |              |   | $      | 101,265 | 
|                           |       |                |        |         |              |  



|   |                  
|-- | -----------------
|4. | Intangible Assets



|                                  |  |   |           |  
|--------------------------------- |  | - | --------- | -
|Balance at December 31, 2004      |  | $ | 1,118,775 |  
|Acquisitions                      |  |   | 1,263     |  
|Purchasing accounting adjustments |  |   | (3,981    | )
|                                  |  |   |          
|Balance at September 30, 2005     |  | $ | 1,116,057 |  
|                                  |  |   |          

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DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                         |                  |                    |         |         |                   |   |        |          |   |       |          |         |  |              |         |         |          |   |        |        |   |   |         |         | 
|---------------------------------------- | ---------------- | ------------------ | ------- | ------- | ----------------- | - | ------ | -------- | - | ----- | -------- | ------- |  | ------------ | ------- | ------- | -------- | - | ------ | ------ | - | - | ------- | ------- | 
|                                         |                  | September 30, 2005 |         |         | December 31, 2004 |  
|                                         |                  |                    |         |         |                   |  
|                                         |                  | Gross              |         |         |                   |   | Net    |          |   | Gross |          |         |  |              | Net     |        
|                                         |                  | Carrying           |         |         | Accumulated       |   |        | Carrying |   |       | Carrying |         |  | Accumulated  |         |         | Carrying |  
|                                         |                  | Amount             |         |         | Amortization      |   |        | Amount   |   |       | Amount   |         |  | Amortization |         |         | Amount   |  
|                                         |                  |                    |         |         |                   |   |        |          |   |       |          |         |  |              |         |         |          |  
|                                         |                  | (In thousands)     |        
|Intangible assets with indefinite lives: |                  |                    |         |         |                   |   |        |          |   |       |          |         |  |              |         |         |          |   |        |        |   |   |         |        
|                                         | Trademarks       |                    | $       | 179,310 |                   |   | $      |         |   |       | $        | 179,310 |  |              | $       | 179,310 |          |   | $      |       |   |   | $       | 179,310 | 
|Intangible assets with finite lives:     |                  |                    |         |         |                   |   |        |          |   |       |          |         |  |              |         |         |          |   |        |        |   |   |         |        
|                                         | Customer-related |                    |         | 19,929  |                   |   |        | (7,452   | ) |       |          | 12,477  |  |              |         | 18,089  |          |   |        | (5,929 | ) |   |         | 12,160  | 
|                                         |                  |                    |         |         |                   |   |        |          |   |       |          |         |  |              |         |         |          |  
|Total                                    |                  | $                  | 199,239 |         |                   | $ | (7,452 | )        |   | $     | 191,787  |         |  | $            | 197,399 |         |          | $ | (5,929 | )      |   | $ | 191,470 |        
|                                         |                  |                    |         |         |                   |   |        |          |   |       |          |         |  |              |         |         |          |  



|     |  |   |             | 
|---- |  | - | ----------- | 
|2006 |  | $ | 2.2 million | 
|2007 |  |   | 2.2 million | 
|2008 |  |   | 2.2 million | 
|2009 |  |   | 2.2 million | 
|2010 |  |   | 2.2 million | 



|   |               
|-- | --------------
|5. | Long-Term Debt

|                                           |                      |                    |         |     |                   |  |       |             |  |   |          |         |         |  |       |   |  | 
|------------------------------------------ | -------------------- | ------------------ | ------- | --- | ----------------- |  | ----- | ----------- |  | - | -------- | ------- | ------- |  | ----- | - |  | 
|                                           |                      | September 30, 2005 |         |     | December 31, 2004 | 
|                                           |                      |                    |         |     |                   | 
|                                           |                      | Amount             |         |     | Interest          |  |       | Amount      |  |   | Interest |        
|                                           |                      | Outstanding        |         |     | Rate              |  |       | Outstanding |  |   | Rate     |        
|                                           |                      |                    |         |     |                   |  |       |             |  |   |          |        
|                                           |                      | (In thousands)     |        
|$250 million senior notes maturing in 2007 |                      | $                  | 250,224 |     |                   |  | 8.150 | %           |  | $ | 250,304  |         |         |  | 8.150 | %
|$200 million senior notes maturing in 2009 |                      |                    | 189,575 |     |                   |  | 6.625 |             |  |   | 187,982  |         |         |  | 6.625 |  
|$150 million senior notes maturing in 2017 |                      |                    | 127,844 |     |                   |  | 6.900 |             |  |   | 127,102  |         |         |  | 6.900 |  
|$100 million senior notes maturing in 2005 |                      |                    |        |     |                   |  |      |             |  |   | 99,308   |         |         |  | 6.750 |  
|Receivables-backed facility                |                      |                    | 173,385 |     |                   |  | 4.180 |             |  |   | 189,185  |         |         |  | 2.830 |  
|Capital lease obligations and other        |                      |                    | 118     |     |                   |  |       |             |  |   | 136      |         |         |  |       |  
|                                           |                      |                    |         |     |                   |  |       |             |  |   |          |        
|                                           |                      |                    | 741,146 |     |                   |  |       |             |  |   | 854,017  |         |         |  |       |  
|                                           | Less current portion |                    |         | (27 | )                 |  |       |             |  |   |          | (99,334 | )       |  |       |   | 
|                                           |                      |                    |         |     |                   |  |       |             |  |   |          |        
|                                           |                      | Total              |         | $   | 741,119           |  |       |             |  |   |          | $       | 754,683 |  |       |   |  | 
|                                           |                      |                    |         |     |                   |  |       |             |  |   |          |        

Senior Notes


9



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##### Table of Contents



DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Receivables-Backed Facility


Capital Lease Obligations and Other


Letters of Credit




|   |                            
|-- | ---------------------------
|6. | Comprehensive Income (Loss)



|                                                                      |  |                |         |   |         |   |       |        |  |   |         |  
|--------------------------------------------------------------------- |  | -------------- | ------- | - | ------- | - | ----- | ------ |  | - | ------- | -
|                                                                      |  | Pre-Tax        |         |   |         |   |      
|                                                                      |  | Income         |         |   | Tax     |   |       | Net    | 
|                                                                      |  | (Loss)         |         |   | Benefit |   |       | Amount | 
|                                                                      |  |                |         |   |         |   |       |        | 
|                                                                      |  | (In thousands) |        
|Accumulated other comprehensive income (loss), December 31,
    2004  |  | $              | (24,516 | ) |         | $ | 9,012 |        |  | $ | (15,504 | )
|Cumulative translation adjustment arising during period               |  |                | 143     |   |         |   |      |        |  |   | 143     |  
|Minimum pension liability adjustment                                  |  |                | (1,256  | ) |         |   | 518   |        |  |   | (738    | )
|                                                                      |  |                |         |   |         |   |       |        | 
|Accumulated other comprehensive income (loss),
    September 30, 2005 |  | $              | (25,629 | ) |         | $ | 9,530 |        |  | $ | (16,099 | )
|                                                                      |  |                |         |   |         |   |       |        | 

10



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##### Table of Contents



DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                                                
|-- | -----------------------------------------------
|7. | Employee Retirement and Postretirement Benefits

Defined Benefit Plans


|                               |                                |                    |       |        |                   |   |       |        |   |   |       |        |   |   |       |        |  
|------------------------------ | ------------------------------ | ------------------ | ----- | ------ | ----------------- | - | ----- | ------ | - | - | ----- | ------ | - | - | ----- | ------ | -
|                               |                                | Three Months Ended |       |        | Nine Months Ended |  
|                               |                                | September 30       |       |        | September 30      |  
|                               |                                |                    |       |        |                   |  
|                               |                                | 2005               |       |        | 2004              |   |       | 2005   |   |   | 2004  |       
|                               |                                |                    |       |        |                   |   |       |        |   |   |       |       
|                               |                                | (In thousands)     |      
|Components of net period cost: |                                |                    |       |        |                   |   |       |        |   |   |       |        |   |   |       |       
|                               | Service cost                   |                    | $     | 241    |                   |   | $     | 192    |   |   | $     | 723    |   |   | $     | 576    |  
|                               | Interest cost                  |                    |       | 2,257  |                   |   |       | 2,296  |   |   |       | 6,771  |   |   |       | 6,888  |  
|                               | Expected return on plan assets |                    |       | (1,543 | )                 |   |       | (1,425 | ) |   |       | (4,629 | ) |   |       | (4,275 | )
|Amortizations:                 |                                |                    |       |        |                   |   |       |        |   |   |       |        |   |   |       |       
|                               | Prior service cost             |                    |       | 104    |                   |   |       | 106    |   |   |       | 312    |   |   |       | 318    |  
|                               | Unrecognized net loss          |                    |       | 96     |                   |   |       | 72     |   |   |       | 288    |   |   |       | 216    |  
|                               | Effect of settlement           |                    |       | 188    |                   |   |       | 193    |   |   |       | 564    |   |   |       | 579    |  
|                               |                                |                    |       |        |                   |   |       |        |   |   |       |       
|Net periodic benefit cost      |                                | $                  | 1,343 |        |                   | $ | 1,434 |        |   | $ | 4,029 |        |   | $ | 4,302 |       
|                               |                                |                    |       |        |                   |   |       |        |   |   |       |       



Postretirement Benefits


|                               |                       |                |     |     |              |   |     |      |  |   |       |     |  |   |       |     | 
|------------------------------ | --------------------- | -------------- | --- | --- | ------------ | - | --- | ---- |  | - | ----- | --- |  | - | ----- | --- | 
|                               |                       | Three Months   |     |     | Nine Months  |  
|                               |                       | Ended          |     |     | Ended        |  
|                               |                       | September 30   |     |     | September 30 |  
|                               |                       |                |     |     |              |  
|                               |                       | 2005           |     |     | 2004         |   |     | 2005 |  |   | 2004  |    
|                               |                       |                |     |     |              |   |     |      |  |   |       |    
|                               |                       | (In thousands) |    
|Components of net period cost: |                       |                |     |     |              |   |     |      |  |   |       |     |  |   |       |    
|                               | Service cost          |                | $   | 207 |              |   | $   | 190  |  |   | $     | 621 |  |   | $     | 570 | 
|                               | Interest cost         |                |     | 207 |              |   |     | 212  |  |   |       | 621 |  |   |       | 636 | 
|Amortizations:                 |                       |                |     |     |              |   |     |      |  |   |       |     |  |   |       |    
|                               | Unrecognized net loss |                |     | 52  |              |   |     | 59   |  |   |       | 156 |  |   |       | 177 | 
|                               |                       |                |     |     |              |   |     |      |  |   |       |    
|Net periodic benefit cost      |                       | $              | 466 |     |              | $ | 461 |      |  | $ | 1,398 |     |  | $ | 1,383 |    
|                               |                       |                |     |     |              |   |     |      |  |   |       |    





|   |                                          
|-- | -----------------------------------------
|8. | Facility Closing and Reorganization Costs

Facility Closing and Reorganization Costs






| |   |                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------
| |  | The closing of a Dairy Group manufacturing facility in
    Albuquerque, New Mexico;                               
|
| |  | Consolidation of certain administrative functions in the Midwest
    and Southwest regions of our Dairy Group; and
|
| |  | Previously announced plans including closing a Dairy Group
    manufacturing facility in South Gate, California.  

11



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##### Table of Contents



DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Workforce reductions as a result of facility closings, facility
    reorganizations and consolidation of administrative functions;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |  | Shutdown costs, including those costs necessary to prepare
    abandoned facilities for closure;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| |  | Costs incurred after shutdown such as lease obligations or
    termination costs, utilities and property taxes; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |  | Write-downs of property, plant and equipment and other assets,
    primarily for asset impairments as a result of facilities that
    are no longer used in operations. The impairments relate
    primarily to owned buildings, land and equipment at the
    facilities, which are written down to their estimated fair value
    and held for sale. The effect of suspending depreciation on the
    buildings and equipment related to the closed facilities was not
    significant. The carrying value of closed facilities and related
    equipment at September 30, 2005 was approximately $629,000.
    We are marketing these properties for sale.





|                  |                                  |                |   |     |         |  |   |          |               |  |      |        |   |  |   |     | 
|----------------- | -------------------------------- | -------------- | - | --- | ------- |  | - | -------- | ------------- |  | ---- | ------ | - |  | - | --- | 
|                  |                                  | Accrued        |   |     |         |  |   |          | Accrued       | 
|                  |                                  | Charges at     |   |     |         |  |   |          | Charges at    | 
|                  |                                  | December 31,   |   |     |         |  |   |          | September 30, | 
|                  |                                  | 2004           |   |     | Charges |  |   | Payments |               |  | 2005 |       
|                  |                                  |                |   |     |         |  |   |          |               |  |      |       
|                  |                                  | (In thousands) |  
|Cash charges:     |                                  |                |   |     |         |  |   |          |               |  |      |        |   |  |   |    
|                  | Workforce reduction costs        |                | $ | 266 |         |  | $ | 1,476    |               |  | $    | (988   | ) |  | $ | 754 | 
|                  | Shutdown costs                   |                |   |    |         |  |   | 150      |               |  |      | (150   | ) |  |   |    | 
|                  | Lease obligations after shutdown |                |   | 75  |         |  |   | 267      |               |  |      | (276   | ) |  |   | 66  | 
|                  | Other                            |                |   |    |         |  |   | 596      |               |  |      | (596   | ) |  |   |    | 
|                  |                                  |                |   |     |         |  |   |          |               |  |      |       
|                  | Subtotal                         |                | $ | 341 |         |  |   | 2,489    |               |  | $    | (2,010 | ) |  | $ | 820 | 
|                  |                                  |                |   |     |         |  |   |          |               |  |      |       
|Non-cash charges: |                                  |                |   |     |         |  |   |          |               |  |      |        |   |  |   |    
|                  | Write-down of assets             |                |   |     |         |  |   | 37       |               |  |      |        |   |  |   |     | 
|                  |                                  |                |   |     |         |  |   |          |               |  |      |       
|                  | Total                            |                |   |     |         |  | $ | 2,526    |               |  |      |        |   |  |   |     | 
|                  |                                  |                |   |     |         |  |   |          |               |  |      |       

Transaction Closing Costs


12



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##### Table of Contents



DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |   |                                                                                                                                                    
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Workforce reductions as a result of facility closings, facility
    rationalizations and consolidation of administrative functions
    and offices;
|
| |  | Shutdown costs, including those costs necessary to clean and
    prepare the abandoned facilities for closure; and                                 
|
| |  | Costs incurred after shutdown such as lease obligations or
    termination costs, utilities and property taxes after shutdown
    of the facility. 



|                          |  |                |       |  |          |   |      |             |               |   |        |   |  |   |   | 
|------------------------- |  | -------------- | ----- |  | -------- | - | ---- | ----------- | ------------- | - | ------ | - |  | - | - | 
|                          |  | Accrued        |       |  |          |   |      |             | Accrued      
|                          |  | Charges at     |       |  |          |   |      |             | Charges at   
|                          |  | December 31,   |       |  |          |   |      |             | September 30,
|                          |  | 2004           |       |  | Payments |   |      | Adjustments |               |   | 2005  
|                          |  |                |       |  |          |   |      |             |               |   |       
|                          |  | (In thousands)
|Workforce reduction costs |  | $              | 1,439 |  |          | $ | (134 | )           |               | $ | (1,305 | ) |  | $ |  | 
|Shutdown costs            |  |                | 651   |  |          |   | (21  | )           |               |   | (630   | ) |  |   |  | 
|                          |  |                |       |  |          |   |      |             |               |   |        |  
|Total                     |  | $              | 2,090 |  |          | $ | (155 | )           |               | $ | (1,935 | ) |  | $ |  | 
|                          |  |                |       |  |          |   |      |             |               |   |        |  



|   |                              
|-- | -----------------------------
|9. | Commitments and Contingencies

Contingent Obligations Related to Divested
Operations


Guaranty of Dean Foods Companys Obligations Under Its
Senior Credit Facility






| |   |                                                                                        
| | - | ---------------------------------------------------------------------------------------
| |  | $56.25 million quarterly beginning on December 31,
    2006 through September 30, 2008;
|
| |  | $262.5 million quarterly beginning on December 31,
    2008 through June 30, 2009; and 
|
| |  | A final payment of $262.5 million on the maturity date of
    August 13, 2009.         



13



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##### Table of Contents



DEAN HOLDING COMPANY


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










Insurance


Leases


Litigation, Investigations and Audits




|    |                                           
|--- | ------------------------------------------
|10. | Geographic Information and Major Customers

Geographic Information


Significant Customers


14



---



##### Table of Contents








|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations





Results of Operations




|                              |                                           |                                    |       |       |                                |  |       |         |      |   |         |       |       |         |       |      |         |   |         |         |       |  |         |      |      |   |         |       |       |  |       |      |      | 
|----------------------------- | ----------------------------------------- | ---------------------------------- | ----- | ----- | ------------------------------ |  | ----- | ------- | ---- | - | ------- | ----- | ----- | ------- | ----- | ---- | ------- | - | ------- | ------- | ----- |  | ------- | ---- | ---- | - | ------- | ----- | ----- |  | ----- | ---- | ---- | 
|                              |                                           | Three Months Ended September 30    |       |       | Nine Months Ended September 30 | 
|                              |                                           |                                    |       |       |                                | 
|                              |                                           | 2005                               |       |       | 2004                           |  |       | 2005    |      |   | 2004    |      
|                              |                                           |                                    |       |       |                                |  |       |         |      |   |         |      
|                              |                                           | Dollars                            |       |       | Percent                        |  |       | Dollars |      |   | Percent |       |       | Dollars |       |      | Percent |   |         | Dollars |       |  | Percent |     
|                              |                                           |                                    |       |       |                                |  |       |         |      |   |         |       |       |         |       |      |         |   |         |         |       |  |         |     
|                              |                                           | (Dollars in millions)              |      
|Net sales                     |                                           | $                                  | 940.3 |       |                                |  | 100.0 | %       |      | $ | 940.9   |       |       |         | 100.0 | %    |         | $ | 2,763.8 |         |       |  | 100.0   | %    |      | $ | 2,720.3 |       |       |  | 100.0 | %   
|Cost of sales                 |                                           |                                    | 711.4 |       |                                |  | 75.7  |         |      |   | 729.1   |       |       |         | 77.5  |      |         |   | 2,093.1 |         |       |  | 75.7    |      |      |   | 2,088.6 |       |       |  | 76.8  |     
|                              |                                           |                                    |       |       |                                |  |       |         |      |   |         |       |       |         |       |      |         |   |         |         |       |  |         |     
|Gross profit                  |                                           |                                    | 228.9 |       |                                |  | 24.3  |         |      |   | 211.8   |       |       |         | 22.5  |      |         |   | 670.7   |         |       |  | 24.3    |      |      |   | 631.7   |       |       |  | 23.2  |     
|Operating costs and expenses: |                                           |                                    |       |       |                                |  |       |         |      |   |         |       |       |         |       |      |         |   |         |         |       |  |         |      |      |   |         |       |       |  |       |     
|                              | Selling and distribution                  |                                    |       | 135.6 |                                |  |       | 14.4    |      |   |         | 130.2 |       |         |       | 13.9 |         |   |         | 398.4   |       |  |         | 14.4 |      |   |         | 381.6 |       |  |       | 14.0 |     
|                              | General and administrative                |                                    |       | 30.3  |                                |  |       | 3.2     |      |   |         | 27.5  |       |         |       | 2.9  |         |   |         | 86.9    |       |  |         | 3.2  |      |   |         | 88.6  |       |  |       | 3.3  |     
|                              | Amortization expense                      |                                    |       | 0.2   |                                |  |       |        |      |   |         | 0.3   |       |         |       |     |         |   |         | 0.9     |       |  |         |     |      |   |         | 1.0   |       |  |       |     |     
|                              | Facility closing and reorganization costs |                                    |       | 0.4   |                                |  |       | 0.1     |      |   |         | 1.1   |       |         |       | 0.1  |         |   |         | 2.5     |       |  |         | 0.1  |      |   |         | 3.8   |       |  |       | 0.1  |     
|                              |                                           |                                    |       |       |                                |  |       |         |      |   |         |       |       |         |       |      |         |   |         |         |       |  |         |     
|                              |                                           | Total operating costs and expenses |       |       | 166.5                          |  |       |         | 17.7 |   |         |       | 159.1 |         |       |      | 16.9    |   |         |         | 488.7 |  |         |      | 17.7 |   |         |       | 475.0 |  |       |      | 17.4 | 
|                              |                                           |                                    |       |       |                                |  |       |         |      |   |         |       |       |         |       |      |         |   |         |         |       |  |         |     
|Total operating income        |                                           | $                                  | 62.4  |       |                                |  | 6.6   | %       |      | $ | 52.7    |       |       |         | 5.6   | %    |         | $ | 182.0   |         |       |  | 6.6     | %    |      | $ | 156.7   |       |       |  | 5.8   | %   
|                              |                                           |                                    |       |       |                                |  |       |         |      |   |         |       |       |         |       |      |         |   |         |         |       |  |         |     



| |                                                                                  
| | ---------------------------------------------------------------------------------
| | Quarter Ended September 30, 2005 Compared to Quarter
    Ended September 30, 2004

Net Sales




|               |                         |                       |       |       |         |  |      |      |  
|-------------- | ----------------------- | --------------------- | ----- | ----- | ------- |  | ---- | ---- | -
|               |                         | Dollars               |       |       | Percent | 
|               |                         |                       |       |       |         | 
|               |                         | (Dollars in millions) |      
|2004 Net sales |                         | $                     | 940.9 |       |         |  |      |     
|               | Volume                  |                       |       | 20.9  |         |  |      | 2.2  | %
|               | Pricing and product mix |                       |       | (21.5 | )       |  |      | (2.3 | )
|               |                         |                       |       |       |         | 
|2005 Net sales |                         | $                     | 940.3 |       |         |  | (0.1 | )%  
|               |                         |                       |       |       |         | 

15



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##### Table of Contents





|                                  |  |                             |      |     |      |   |      |          |  |  |     |   
|--------------------------------- |  | --------------------------- | ---- | --- | ---- | - | ---- | -------- |  |  | --- | --
|                                  |  | Quarter Ended September 30* |     
|                                  |  |                             |     
|                                  |  | 2005                        |      |     | 2004 |   |      | % Change | 
|                                  |  |                             |      |     |      |   |      |          | 
|Class I raw skim milk mover(3)    |  | $                           | 8.24 | (1) |      | $ | 8.82 | (1)      |  |  | (7  | )%
|Class I butterfat mover(3)        |  |                             | 1.73 | (2) |      |   | 2.00 | (2)      |  |  | (14 | ) 
|Class II raw skim milk minimum(4) |  |                             | 7.85 | (1) |      |   | 7.07 | (1)      |  |  | 11  |   
|Class II butterfat minimum(4)     |  |                             | 1.84 | (2) |      |   | 1.93 | (2)      |  |  | (5  | ) 






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | * | The prices noted in this table are not the prices that we
    actually pay. The federal order minimum prices at any given
    location for Class I raw skim milk or Class I
    butterfat are based on the Class I mover prices plus a
    location differential. Class II prices noted in the table
    are federal minimum prices, applicable at all locations. Our
    actual cost also includes producer premiums, procurement costs
    and other related charges that vary by location and vendor.



|    |                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Prices are per hundredweight.                                                                                                               
|   
|(2) | Prices are per pound.                                                                                                                       
|   
|(3) | We process Class I raw skim milk and butterfat into fluid
    milk products.                                                                
|   
|(4) | We process Class II raw skim milk and butterfat into
    products such as cottage cheese, creams and creamers, ice cream
    and sour cream.



Cost of Sales


Operating Costs and Expenses


Operating Income


Other (Income) Expense


Income Taxes


16



---



##### Table of Contents







| |                                                                                          
| | -----------------------------------------------------------------------------------------
| | Nine Months Ended September 30, 2005 Compared to Nine
    Months Ended September 30, 2004

Net Sales




|               |                         |                       |         |      |         |  |     |     |  
|-------------- | ----------------------- | --------------------- | ------- | ---- | ------- |  | --- | --- | -
|               |                         | Dollars               |         |      | Percent | 
|               |                         |                       |         |      |         | 
|               |                         | (Dollars in millions) |        
|2004 Net sales |                         | $                     | 2,720.3 |      |         |  |     |    
|               | Volume                  |                       |         | 22.7 |         |  |     | 0.8 | %
|               | Pricing and product mix |                       |         | 20.8 |         |  |     | 0.8 |  
|               |                         |                       |         |      |         | 
|2005 Net sales |                         | $                     | 2,763.8 |      |         |  | 1.6 | %  
|               |                         |                       |         |      |         | 



|                                  |  |                   |      |     |      |   |      |          |  |  |     |  
|--------------------------------- |  | ----------------- | ---- | --- | ---- | - | ---- | -------- |  |  | --- | -
|                                  |  | Nine Months Ended |     
|                                  |  | September 30*     |     
|                                  |  |                   |     
|                                  |  | 2005              |      |     | 2004 |   |      | % Change | 
|                                  |  |                   |      |     |      |   |      |          | 
|Class I raw skim milk mover(3)    |  | $                 | 8.67 | (1) |      | $ | 8.54 | (1)      |  |  | 2   | %
|Class I butterfat mover(3)        |  |                   | 1.75 | (2) |      |   | 1.97 | (2)      |  |  | (11 | )
|Class II raw skim milk minimum(4) |  |                   | 7.60 | (1) |      |   | 6.83 | (1)      |  |  | 11  |  
|Class II butterfat minimum(4)     |  |                   | 1.74 | (2) |      |   | 2.08 | (2)      |  |  | (16 | )






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | * | The prices noted in this table are not the prices that we
    actually pay. The federal order minimum prices at any given
    location for Class I raw skim milk or Class I
    butterfat are based on the Class I mover prices plus a
    location differential. Class II prices noted in the table
    are federal minimum prices, applicable at all locations. Our
    actual cost also includes producer premiums, procurement costs
    and other related charges that vary by location and vendor.



|    |                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Prices are per hundredweight.                                                                                                               
|   
|(2) | Prices are per pound.                                                                                                                       
|   
|(3) | We process Class I raw skim milk and butterfat into fluid
    milk products.                                                                
|   
|(4) | We process Class II raw skim milk and butterfat into
    products such as cottage cheese, creams and creamers, ice cream
    and sour cream.



Cost of Sales


17



---



##### Table of Contents





Operating Costs and Expenses


Operating Income


Other (Income) Expense


Income Taxes







|        |                        
|------- | -----------------------
|Item 4. | Controls and Procedures

Quarterly Controls Evaluation and Related CEO and CFO
Certifications






Definition of Disclosure Controls




Limitations on the Effectiveness of Controls




18



---



##### Table of Contents





Scope of the Controls Evaluation




Conclusions







Part II  Other Information







|        |                  
|------- | -----------------
|Item 1. | Legal Proceedings








|        |         
|------- | --------
|Item 6. | Exhibits

Exhibits


| |    |    |  |                                                                                                       
| | -- | -- |  | ------------------------------------------------------------------------------------------------------
| | 31 | .1 |  | Certification of Chief Executive Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002
|
| | 31 | .2 |  | Certification of Chief Financial Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002
|
| | 32 | .1 |  | Certification of Chief Executive Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002
|
| | 32 | .2 |  | Certification of Chief Financial Officer pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002

19



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##### Table of Contents






SIGNATURES






| |                        
| | -----------------------
| | DEAN HOLDING COMPANY   
|
| | /s/ RONALD L. MCCRUMMEN
| |                        



| |                                                   
| | --------------------------------------------------
| | Ronald L. McCrummen                               
| | Senior Vice President and Chief Accounting Officer



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##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber
    
    Description31.1
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 20