Exhibit 99.1
(TREEHOUSE LOGO)
NEWS RELEASE
     
Contact:
  Investor Relations
708.483.1300 Ext 1331
TreeHouse Foods, Inc. Reports Fourth Quarter 2009 Results
HIGHLIGHTS
    Adjusted earnings per share increased 41.8% from last year
 
    Net sales increased 1.7%; retail sales up 5.1%
 
    Gross margins increased 320 basis points
Westchester, IL, February 11, 2010 — TreeHouse Foods, Inc. (NYSE: THS) today reported significantly higher fourth quarter earnings compared to last year driven by sales growth in its North American Retail Grocery and Food Away From Home businesses and gross margin improvement in all sales channels. Earnings for the quarter were $0.66 per fully-diluted share compared to $0.22 per fully diluted share in the fourth quarter of last year. On an adjusted basis, as described below, fully-diluted earnings per share improved 41.8% to $0.78 compared to $0.55 last year.
The reported results for the fourth quarter of 2009 included a variety of unusual items that affected the quarterly and full year comparisons. The first item relates to a non-cash charge of $7.6 million, ($0.14 per share) resulting from the impairment of TreeHouse’s Nature’s Goodness trade name as the Company focuses its private label opportunities in retail baby food. The second item relates to charges of $1.8 million ($0.04 per share) pertaining to acquisition costs relating to the acquisition of Sturm Foods. The third item is the tax benefit of $1.2 million ($0.04 per share) resulting from the acceleration of Canadian tax deductions as a result of the transfer of a portion of our salad dressing production from Canada to the United States. The Company also recognized a $0.02 per share gain on the mark to market adjustment to an interest rate swap agreement and a $0.01 per share gain on the translation of an intercompany note between the United States and Canada. Both of these gains in the fourth quarter of 2009 offset losses that were recorded in prior quarters as the Canadian dollar strengthened in 2009 versus 2008.
ITEMS AFFECTING DILUTED EPS COMPARABILITY:
                                 
    Three Months Ended     Twelve Months Ended  
    December 31     December 31  
    2009     2008     2009     2008  
    (unaudited)     (unaudited)  
 
                               
Diluted EPS from continuing operations as reported
  $ 0.66     $ 0.22     $ 2.48     $ 0.91  
Non-cash tradename impairment
    0.14               0.14        
Acquisition costs
    0.04             $ 0.04          
Canadian tax deduction timing benefit
    (0.04 )             (0.04 )     0.01  
Mark to market adjustment on interest rate swap
    (0.02 )     0.14       (0.04 )     0.14  
(Gain) loss on intercompany note translation
    (0.01 )     0.13       (0.10 )     0.21  
Plant closing costs and other
    0.01       0.01       0.01       0.30  
Gain on insurance settlement for fixed assets
                    (0.26 )        
One time factory costs from inventory reduction programs
            0.05               0.05  
 
                       
 
                               
Adjusted diluted EPS
  $ 0.78     $ 0.55     $ 2.23     $ 1.62  
 
                       

 


The following information was filed by Treehouse Foods, Inc. (THS) on Thursday, February 11, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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