Zacks Analyst Blog Highlights: Votorantim Celulose, Dean Foods, SAP A.G. and Wal-Mart

Business Wire, April 20, 2006

Dean Foods maintains a highly leveraged balance sheet with a debt to total capitalization ratio of 64% as of December 31, 2005. The company has substantially pledged all assets (including the assets of its subsidiaries) to secure the company's indebtedness.

Wal-Mart's (NYSE:WMT) aggressive expansion into the grocery channel continues dampen pricing flexibility. Wal-Mart is well known for applying its buying power to command low prices from its customers. Since Wal-Mart is the company's largest dairy customer, Wal-Mart exerts its power as a major buyer on Dean Foods, not allowing the company to pass-through cost increases quickly.

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