CONFORMED
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2000
-------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 1-7626
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UNIVERSAL FOODS CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Wisconsin 39-0561070
------------------------------- -------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202-5304
-----------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (414) 271-6755
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(Former name, former address and former fiscal year, if changed since last
report.)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or such shorter period that the
Registrant was required to file such reports) and (2) has been subject to
such filing requirements for at least the past 90 days.
Yes X No
---- ----
Indicate the number of shares outstanding of each of the issuer's classes
of Common Stock as of the latest practicable date.
Class Outstanding at July 31, 2000
--------------------------------------- ----------------------------
Common Stock, par value $0.10 per share 48,780,470 shares
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<PAGE>
UNIVERSAL FOODS CORPORATION
INDEX
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
Consolidated Condensed Balance Sheets
- June 30, 2000 and September 30, 1999. 1
Consolidated Condensed Statements of Earnings
- Three and Nine Months Ended June 30, 2000 and 1999. 2
Consolidated Condensed Statements of Cash Flows
- Nine Months Ended June 30, 2000 and 1999. 3
Notes to Consolidated Condensed Financial Statements. 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations. 7
Item 3. Quantitative and Qualitative Disclosures About
Market Risk. 9
PART II. OTHER INFORMATION:
Item 4. Submission of Matters to a Vote of Security Holders. 10
Item 6. Exhibits and Reports on Form 8-K. 10
Signatures. 11
Exhibit Index. 12
</TABLE>
<PAGE>
PART I
FINANCIAL INFORMATION
<PAGE>
UNIVERSAL FOODS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
June 30, September 30,
2000 1999
-------- -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 379 $ 4,645
Trade accounts receivable 126,535 143,435
Inventories 216,829 217,217
Prepaid expenses and other current assets 35,074 39,273
Net assets held for sale 83,000 -
----------- -----------
TOTAL CURRENT ASSETS 461,817 404,570
INVESTMENTS AND OTHER ASSETS 63,032 69,521
INTANGIBLES 303,970 278,309
PROPERTY, PLANT AND EQUIPMENT:
Cost:
Land and buildings 153,164 172,656
Machinery and equipment 387,506 509,107
----------- -----------
540,670 681,763
Less accumulated depreciation 228,094 291,455
----------- -----------
312,576 390,308
----------- -----------
TOTAL ASSETS $ 1,141,395 $ 1,142,708
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ 164,909 $ 51,464
Accounts payable and accrued expenses 92,132 140,119
Salaries, wages and withholdings from employees 10,502 16,777
Income taxes 24,633 23,849
Current maturities of long-term debt 9,489 9,484
----------- -----------
TOTAL CURRENT LIABILITIES 301,665 241,693
DEFERRED INCOME TAXES 28,980 28,446
OTHER DEFERRED LIABILITIES 20,355 20,912
ACCRUED EMPLOYEE AND RETIREE BENEFITS 27,067 34,678
LONG-TERM DEBT 332,632 385,397
SHAREHOLDERS' EQUITY:
Common stock 5,396 5,396
Additional paid-in capital 73,142 74,524
Earnings reinvested in the business 507,119 470,253
----------- -----------
585,657 550,173
Less:
Treasury stock, at cost 92,100 71,309
Accumulated other comprehensive income 61,254 45,278
Other 1,607 2,004
----------- -----------
TOTAL SHAREHOLDERS' EQUITY 430,696 431,582
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,141,395 $ 1,142,708
=========== ===========
</TABLE>
See accompanying notes to consolidated condensed financial statements.
-1-
<PAGE>
UNIVERSAL FOODS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(In thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended June 30 Ended June 30
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue $204,149 $201,758 $608,006 $565,602
Cost of products sold 130,285 134,369 396,644 378,702
Selling and administrative expenses 38,591 35,461 116,638 103,063
-------- -------- -------- --------
Operating income 35,273 31,928 94,724 83,837
Interest expense 8,536 7,259 23,751 19,165
-------- -------- -------- --------
Earnings before income taxes 26,737 24,669 70,973 64,672
Income taxes 8,823 7,791 19,728 20,743
-------- -------- -------- --------
Earnings from continuing operations 17,914 16,878 51,245 43,929
(Loss) earnings from discontinued
operations (64) 3,848 5,450 12,704
-------- -------- -------- --------
Net earnings $ 17,850 $ 20,726 $ 56,695 $ 56,633
======== ======== ======== ========
Average number of common
shares outstanding:
Basic 49,411 50,181 49,679 50,632
====== ====== ====== ======
Diluted 49,587 50,704 49,943 51,239
====== ====== ====== ======
Earnings per common share:
Continuing operations:
Basic $ .36 $ .34 $ 1.03 $ .87
====== ====== ======= ======
Diluted $ .36 $ .33 $ 1.03 $ .86
====== ====== ======= ======
Net earnings:
Basic $ .36 $ .41 $ 1.14 $ 1.12
====== ====== ======= ======
Diluted $ .36 $ .41 $ 1.14 $ 1.11
====== ====== ======= ======
Dividends per common share $.1325 $.1325 $ .3975 $.3975
====== ====== ======= ======
</TABLE>
See accompanying notes to Consolidated Condensed Financial Statements.
-2-
<PAGE>
UNIVERSAL FOODS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
June 30
-----------------
2000 1999
---- ----
<S> <C> <C>
Net cash provided by operating activities of
continuing operations $33,067 $49,625
Net cash provided by discontinued operations 12,786 19,542
-------- --------
Net cash provided by operating activities 45,853 69,167
-------- --------
Cash flows from investing activities:
Acquisition of property, plant and equipment (36,999) (38,920)
Acquisition of new businesses (net of cash acquired) (44,206) (52,958)
Other items, net 398 (4,124)
-------- --------
Net cash used in investing activities (80,807) (96,002)
-------- --------
Cash flows from financing activities:
Proceeds from additional borrowings 120,370 172,202
Reduction in debt (47,079) (98,046)
Purchase of treasury stock (32,425) (24,018)
Dividends (19,833) (20,170)
Proceeds from options exercised and other 9,808 3,100
-------- --------
Net cash provided by financing activities 30,841 33,068
-------- --------
Effect of exchange rate changes on cash and
cash equivalents (153) (332)
-------- --------
Net (decrease) increase in cash and cash equivalents (4,266) 5,901
Cash and cash equivalents at beginning of period 4,645 1,632
-------- --------
Cash and cash equivalents at end of period $ 379 $ 7,533
======== ========
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $30,428 $ 17,032
Income taxes 18,752 20,173
Liabilities assumed in Acquisitions $ 1,841 $ 34,868
</TABLE>
See accompanying notes to consolidated condensed financial statements.
-3-
<PAGE>
UNIVERSAL FOODS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of Universal Foods Corporation (the "Company"), the
accompanying unaudited consolidated condensed financial statements
contain all adjustments (consisting of only normal recurring accruals)
necessary to present fairly the financial position of the Company as of
June 30, 2000 and September 30, 1999 and the results of operations for
the three and nine month periods ended June 30, 2000 and 1999 and cash
flows for the nine month periods ended June 30, 2000 and 1999. The
results of operations for any interim period are not necessarily
indicative of the results to be expected for the full fiscal
year.
2. Refer to the footnotes in the Company's annual consolidated financial
statements for the year ended September 30, 1999, for a description of
the accounting policies, which have been continued without change, and
additional details of the Company's financial condition. The details
in those notes have not changed except for the change in reporting a
discontinued operation as discussed in Note 4, or as a result of normal
transactions in the interim.
3. Expenses are charged to operations in the year incurred. However, for
interim reporting purposes, certain of these expenses are charged to
operations based on an estimate rather than as expenses are actually
incurred.
4. In June 2000, the Company's Board of Directors approved a plan to dispose
of the operations of its Yeast business. Accordingly, the operating results
of the Yeast business have been reported separately from continuing
operations and reported as a separate line item on the statement of
earnings. The Company has also restated its priorstatements of earnings
to present the earnings of the yeast division as a discontinued operation.
Operating results from discontinued operations are as follows
(in thousands):
<TABLE>
<CAPTION>
Three Months Nine Months
Ended June 30 Ended June 30
------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue $27,898 $34,798 $93,914 $108,403
Earnings before income taxes (226) 6,205 8,791 20,490
Income taxes (162) 2,357 3,341 7,786
-------- ------- ------- --------
(Loss) earnings from discontinued
operations $ (64) $ 3,848 $ 5,450 $ 12,704
======== ======= ======= ========
Earnings per common share:
Basic $ .00 $ .07 $ .11 $ .25
======= ======= ======= ========
Diluted $ .00 $ .08 $ .11 $ .25
======= ======= ======= ========
</TABLE>
-4-
<PAGE>
The assets and liabilities of the yeast business at June 30, 2000 have been
reflected as a net current asset and are reported as a separate line
item on the consolidated balance sheet. The "Net assets held for sale" are
classified as current assets based on the anticipated sale of the yeast
business within the next twelve months. The Company anticipates that the
sale of the Yeast division will result in a gain.
The components of net assets held for sale at June 30, 2000 are as follows
(in thousands):
<TABLE>
<CAPTION>
<S> <C>
-----------------------------------------
Current assets $ 22,156
Total assets 101,486
-----------------------------------------
Current liabilities 11,213
Total liabilities 18,486
-----------------------------------------
Net assets held for sale $ 83,000
=========================================
</TABLE>
5.At June 30, 2000 and September 30, 1999, inventories included finished
and in-process products totaling $152,475,000 and $159,117,000,
respectively, and raw materials and supplies of $64,354,000 and$58,100,000,
respectively.
6. During the nine months ended June 30, 2000 and 1999, the Company repurchased
1,704,000 and 1,084,000 shares of common stock for an aggregate price of
$32,425,000 and $24,018,000, respectively.
7. For the nine months ended June 30, 2000, depreciation and amortization
expense related to continuing operations were $27,499,000 and $7,186,000,
respectively. For the nine months ended June 30, 1999, depreciation and
amortization expense related to continuing operations were $23,857,000 and
$5,402,000, respectively.
8. The components of comprehensive income for the periods presented are as
follows (in thousands):
<TABLE>
<CAPTION>
Three Months Nine Months
Ended June 30 Ended June 30
---------------- --------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net earnings $ 17,850 $ 20,726 $ 56,695 $56,633
Other comprehensive (loss):
Foreign currency translation
adjustment (10,290) (808) (15,976) (2,613)
-------- --------- -------- --------
Comprehensive income $ 7,560 $ 19,918 $ 40,719 $54,020
========= ========= ======== ========
</TABLE>
There are no reclassification adjustments to be reported.
-5-
<PAGE>
9. During the quarter ended June 30, 2000 the Company decided to dispose of
its Yeast division and integrate its Dehydrated Products division with
Flavor division. As a result of these changes reportable segments were
changed to Flavor and Color and all segment data has been restated to
reflect this change. Operating results and the related assets by segment
for the periods presented are as follows:
<TABLE>
<CAPTION>
Corporate Continuing
Flavor Color and Other Operations
------ ----- ---------- ----------
Quarter ended June 30, 2000
---------------------------
<S> <C> <C> <C> <C>
Revenues from external customers $123,244 $ 67,481 $ 13,424 $ 204,149
Intersegment revenues 5,462 5,189 -- 10,651
-------- -------- --------- ----------
Total revenue $128,706 $ 72,670 $ 13,424 $ 214,800
======== ======== ========= ==========
Operating profit $ 21,579 $ 18,293 $ (4,599) $ 35,273
Interest expense -- -- 8,536 8,536
-------- ------- --------- ----------
Earnings before income taxes $ 21,579 $ 18,293 $(13,135) $ 26,737
======== ======== ========= ==========
Quarter ended June 30, 1999
---------------------------
Revenues from external customers $129,177 $ 60,235 $ 12,346 $ 201,758
Intersegment revenues 4,386 2,801 -- 7,187
-------- ------- --------- ----------
Total revenue $133,563 $ 63,036 $12,346 $ 208,945
======== ======== ========= ==========
Operating profit $ 19,242 $ 14,919 $ (2,233) $ 31,928
Interest expense -- -- 7,259 7,259
-------- -------- --------- ----------
Earnings before income taxes $ 19,242 $ 14,919 $ (9,492) $ 24,669
======== ======= ========= ==========
Nine months ended June 30,2000
------------------------------
Revenues from external customers $373,743 194,539 $ 39,724 $ 608,006
Intersegment revenues 14,725 13,140 -- 27,865
-------- -------- -------- ----------
Total revenue $388,468 $207,679 $ 39,724 $ 635,871
======== ======== ========= ==========
Operating profit $ 61,232 $ 48,944 $(15,452) $ 94,724
Interest expense -- -- 23,751 23,751
-------- ------- --------- ----------
Earnings before income taxes $ 61,232 $ 48,944 $(39,203) $ 70,973
======== ======== ========= ==========
Assets $429,189 $218,567 $410,639 $1,058,395
======== ======== ========= ==========
Nine months ended June 30,1999
------------------------------
Revenues from external customers $378,017 $154,051 $ 33,534 $ 565,602
Intersegment revenues 11,774 8,125 -- 19,899
-------- -------- --------- ----------
Total revenue $389,791 $162,176 $ 33,534 $ 585,501
======== ======== ========= ==========
Operating profit $ 55,855 $ 39,438 $(11,456) $ 83,837
Interest expense -- -- 19,165 19,165
-------- -------- --------- ----------
Earnings before income taxes $ 55,855 $ 39,438 $(30,621) $ 64,672
======== ======== ========= ==========
Assets $428,100 $191,673 $372,954 $ 992,727
======== ======== ========= ==========
</TABLE>
10.Effective January 1, 2000, the Company acquired for cash the stock of
Dr. Marcus GmbH, a leading manufacturer of natural colors, located in
Hamburg, Germany. Annual revenue is approximately $14,000,000.
11.On January 27, 2000, the Company acquired for cash the remaining interest
in Monarch Food Colors, L.P., located in High Ridge, Missouri. The Company
previously held a 24% ownership interest in Monarch as a result of the
Company's April 1999 purchase of Pointing Holdings Ltd. Annual revenues
for 1999 were just under $10,000,000. Monarch manufactures colors for the
food, pharmaceutical and cosmetic industries.
12.On February 29, 2000, the Company refinanced $40,000,000 of senior notes
that were due through December 2009 using proceeds from additional
short-term borrowings.
-6-
<PAGE>
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF CONTINUING OPERATIONS
Revenue from continuing operations for the three months ended June 30,
2000 was $204,149,000 compared with $201,758,000 in 1999, a 1.2%
increase. Revenue for the nine months ended June 30, 2000 was
$608,006,000, an increase of 7.5% over the same period in the prior
year. The Color segment reported increased revenue of 15.3% for the
third quarter and 28.1% year-todate. These increases more than offset
decreased revenue in the Flavor segment. Gross profit was up 9.6% and
13.1% for the quarter and nine months ended June 30, 2000 compared to
the same periods in 1999, respectively. Selling and administrative
expenses increased $3,130,000 and $13,575,000 for the quarter and
nine months ended June 30, 2000 compared to the same periods in 1999.
Most of the increase in selling and administrative expense is the result
of acquisitions and normal inflationary increases. For the third
quarter of fiscal 2000, operating income increased 10.5% to $35,273,000.
For the nine months ended June 30, 2000, operating income increased to
$94,724,000, or 13.0%, from the same period in 1999.
Interest expense for the third quarter increased to $8,536,000 from
$7,259,000 for the same period last year. For the nine months ended
June 30, 2000 interest expense increased $4,586,000 to $23,751,000. The
increase in interest expense is a result of higher average borrowings
that were used primarily to fund acquisitions and working capital
requirements.
The effective income tax rate on continuing operations was 33.0% and
27.8%, respectively, for the three and nine months ended June 30, 2000.
The decrease in the year-to-date effective tax rate is the result of the
Company recording a tax benefit resulting from its decision to close
its remaining dehydrated operations in Ireland during the second
quarter of fiscal 2000. The effective income tax rate excluding this
benefit would have been approximately 32.7%.
DISCONTINUED OPERATIONS
During the quarter ended June 30, 2000, the Company announced its
decision to consider strategic alternatives for its Yeast division.
After reviewing options for growth, the Company decided to sell this
business. Beginning with the quarter ended June 30, 2000, the Yeast
business is being reported as a discontinued operation. Loss from
discontinued operation was $64,000, net of tax for the third quarter of
fiscal 2000 compared with earnings from discontinued operations of
$3,848,000 for the third quarter of fiscal 1999. For the nine months
ended June 30, 2000, earnings from discontinued operations net of tax
was $5,450,000, a decline of 57.1% compared to the same period last
year. The decrease is a result of lower fresh yeast prices and volumes.
The Company is in due diligence with several potential buyers and
expects to finalize a sale by the end of the calendar year.
SEGMENT INFORMATION
During the quarter ended June 30, 2000 the Company decided to dispose
of its Yeast division and integrate its Dehydrated Products division
with the Flavor division. As a result of these actions, the Company's
reportable segments became Flavor and Color and all segment data has
been restated to reflect this change.
Flavor - The Flavor segment reported revenue of $128,706,000 for the
third quarter of fiscal 2000 compared to $133,563,000 for the same
period last year. Total revenue was negatively impacted by currency
exchange rates and closure of its Dehydrated Products operation in
Ireland. In addition, revenues from the Dehydrated division were down
from 1999 due to lower garlic prices. Year-to-date revenues in the
Flavor segment decreased by $1,323,000 to $388,468,000. Operating
income for the Flavor segment was up 12.1% for the three months and
9.6% for the nine months compared to the same periods in the prior year
due to improvements in product mix and lower manufacturing costs.
-7-
<PAGE>
Color - Revenue for the Color segment was $72,670,000 for the third
quarter of fiscal 2000, a 15.3% increase from $63,036,000 for the third
quarter of fiscal 1999. Year-to-date revenue increased 28.1% to
$207,679,000. Revenue increases for the quarter and nine months ended
June 30, 2000 are primarily due to higher volumes of natural colors and
strong sales of inks for ink-jet printers. Operating income for the
third quarter ended June 30, 2000 was up 22.6%, to $18,293,000 and up
24.1% to $48,944,000 for the nine months ended June 30, 2000 due to
increased volumes and favorable product mix.
FINANCIAL CONDITION
The consolidated condensed balance sheet as of June 30, 2000 has been
presented with "Net assets held for sale" of the discontinued
operation classified in current assets. The balance sheet has not been
restated for prior periods.
The current ratio was 1.5 at June 30, 2000 compared with 1.7 at
September 30, 1999. The decrease is primarily the result of increased
short-term borrowings used to fund acquisitions and the refinancing of
$40,000,000 in senior notes.
Net cash provided by continuing operations was $33,067,000 for the nine
months ended June 30, 2000, compared to $49,625,000 provided by
continuing operations for the nine months ended June 30, 1999. Net cash
provided by discontinued operations was $12,786,000 for the nine months
ended June 30, 2000 compared to $19,542,000 provided by discontinued
operations for the nine months ended June 30, 1999. The decrease in cash
provided by operating activities in fiscal 2000 was primarily due to
increased inventories of dehydrated products, decreased payables, and
lower earnings from the Yeast division compared to the prior year.
Net cash used in investing activities was $80,007,000 for the nine months
ended June 30, 2000 and $96,002,000 for the nine months ended June 30,
1999. Cash used to acquire new businesses was $44,206,000 for the nine
months ended June 30, 2000 compared to $52,958,000 for the same period in
1999. Investing activities include capital additions of $36,999,000 and
$38,920,000 during fiscal 2000 and 1999, respectively. The capital
expenditure program reflects the Company's continuing commitment to
maintain and enhance product quality, further automate and upgrade
manufacturing processes, and expand the business through internal growth.
Net cash provided by financing activities was $30,841,000 for the nine
months ended June 30, 2000, compared with $33,068,000 in the comparable
period last year. Proceeds from net borrowings of $120,370,000
during the first nine months of fiscal 2000 were used to fund
acquisitions and purchase treasury stock. Dividends of $19,833,000
and $20,170,000 were paid during fiscal 2000 and 1999, respectively.
-8-
<PAGE>
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the Company's market risk
during the third quarter ended June 30, 2000. For additional
information on market risk, refer to page 15 of the Company's 1999
Annual Report.
FORWARD-LOOKING INFORMATION
This document contains forward-looking statements that reflect
management's current assumptions and estimates of future economic
circumstances, industry conditions, Company performance and
financial results. The Private Securities Litigation Reform Act of 1995
provides a safe harbor for such forward-looking statements. Such
forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors that could cause actual events to differ materially from those
expressed in those statements. A variety of factors could cause the
Company's actual results and experience to differ materially from the
anticipated results. These factors and assumptions include the pace and
nature of new product introductions by the Company's customers;
execution of the Company's acquisition program; industry and economic
factors related to the Company's domestic and international business;
the sale of the Yeast division within twelve months; the sale of the
Yeast division at a gain; and the outcome of various
productivity-improvement and cost-reduction efforts. The Company does
not undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that any
projected results expressed or implied therein will not be realized.
-9-
<PAGE>
PART II
OTHER INFORMATION
-----------------
<PAGE>
ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The information responsive to this item was provided in, and
incorporated by reference from the Company's quarterly report on
Form 10-Q for the quarter ended December 31, 1999, filed on
February 11, 2000.
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits. (See Exhibit Index following this report.)
(b) No reports on Form 8-K were filed during the quarter ended
June 30, 2000.
-10-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNIVERSAL FOODS CORPORATION
Date: August 11, 2000 By: /s/ John L. Hammond
---------------------------------
John L. Hammond, Vice President,
Secretary and General Counsel
Date: August 11, 2000 By: /s/ Michael L. Hennen
---------------------------------
Michael L. Hennen, Vice President
and Controller
-11-
<PAGE>
UNIVERSAL FOODS CORPORATION EXHIBIT INDEX TO
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2000
Filed Incorporated by
Exhibit Description Herewith Reference From
------- ----------- -------- ---------------
3.1 Universal Foods Corporation Exhibit A to the Registrant's
Amended and Restated Articles Definitive Proxy Statement
of Incorporation adopted filed on Schedule 14A on
January 21, 1999 December 15, 1998
(Commission File No. 17626)
27.1 Financial Data Schedule X
27.2 Restated Financial Data Schedule X
(Second quarter ended March 31,
2000)
27.3 Restated Financial Data Schedule X
(First quarter ended December 31,
1999)
27.4 Restated Financial Data Schedule X
(Year ended September 30, 1999)
27.5 Restated Financial Data Schedule X
(Third quarter ended June 30,
1999)
27.6 Restated Financial Data Schedule X
(Second quarter ended March 31,
1999)
27.7 Restated Financial Data Schedule X
(First quarter ended December 31,
1998)
27.8 Restated Financial Data Schedule X
(Year ended September 30, 1998)
27.9 Restated Financial Data Schedule X
(Year ended September 30, 1997)
-12-
