(Source: PRNewswire-FirstCall)
ST. LOUIS, Aug. 6 /PRNewswire-FirstCall/ -- Ralcorp Holdings, Inc. today filed its Quarterly Report on Form 10-Q for the period ended June 30, 2009. Reported diluted earnings per share (EPS) were $1.31 for the quarter and $3.69 for the nine months ended June 30, 2009 compared to $1.73 and $4.81 for the corresponding periods last year, including the effects of certain special items related to Ralcorp's investment in Vail Resorts, Inc. and the Post Foods acquisition as follows:
Three Months Nine Months Ended June 30, Ended June 30, -------------- -------------- 2009 2008 2009 2008 ---- ---- ---- ---- (Loss) gain on forward sale contracts $(.27) $.53 $.20 $2.06 Gain on sale of securities .31 - .49 - Equity in earnings of Vail Resorts, Inc. .12 .42 .17 .57 Post Foods transition and integration costs (.15) (.04) (.31) (.04)
Third quarter diluted EPS excluding the above special items were $1.30 compared to $.82 last year, a 59% increase. Total segment profit contribution grew 51% excluding the incremental amounts from Post Foods and Harvest Manor Farms, acquired August 4, 2008 and March 20, 2009, respectively. On April 27, 2009, Ralcorp transferred Post Foods to stand-alone information systems and commenced Post Foods' independent sales, logistics, and purchasing functions. As a result of the complexity of that transition and the related logistical challenges, the Company reduced Post branded promotional activity during the quarter, which caused Post Foods net sales and operating profit to be lower than expected. Management believes all significant transition issues have since been addressed. Through the first eleven months of our ownership, the Post Foods business has met expectations for earnings before interest, income taxes, depreciation and amortization.
Other reported results for the quarter ended June 30, 2009 included: -- Net sales increased 51%, primarily as a result of the Post Foods and Harvest Manor Farms acquisitions, as well as higher pricing in response to rising input costs. -- Total segment profit contribution was up 192%, primarily due to the acquisitions and improved selling prices, partially offset by higher raw material costs. -- Earnings before income taxes and equity earnings were $105.7 million (compared to $53.5 million a year ago), including the gains and losses on Vail forward sale contracts and sale of Vail shares, and Post transition and integration costs. -- Equity in earnings of Vail Resorts, Inc. (after tax) was $6.9 million compared to $11.2 million a year ago. -- Net earnings were $74.8 million compared to $45.8 million last year. -- Weighted average shares for diluted EPS rose to 56.9 million from 26.3 million a year ago, primarily as a result of the 30.5 million shares issued in the Post Foods acquisition. -- Food EBITDA (defined below) was $157.8 million compared to $65.3 million last year, largely due to incremental EBITDA from Post Foods partially offset by related transition and integration costs.
