Hain Celestial Licenses Rice Dream(R) and Soy Dream(R) to Stremicks Heritage Foods(TM)

8 166.6 10.7)
Other unallocated corporate expenses (6.9)
Earnings before Income Taxes
and Equity Earnings $ 24.6 $ 24.9 million for the third quarter and $6.5 million lower as a result of a favorable adjustment to the
actuarially determined liability due to improved safety performance, fewer
employees, and other trends.1 million, $1.5 million) - -
were offset by certain favorable cost items.7 million for the quarter ended
June 30, 2004.1 million (10 percent) from a year ago.0 million), and $.6 percent
and 4.7 .2 million per month beginning in March 2005. Bremner has experienced some customer service issues related to the
implementation , but the Company expects that the total impact on the fourth
quarter results of operations will not be material.7 246.0 1.

food cheese

"
Louis J. ST. The
corresponding period of fiscal 2004 included results of those businesses
subsequent to their respective acquisition dates.1 174.6
Snack Nuts + Candy 5.5) (10.0 million and the Bremner cracker and cookie division up $2.5 million, but those positive
factors were partially offset by a $. Through nine months, the
segment's profit contribution was $35. In addition to the factors described above, nine-month
profit benefited from favorable volume, improved manufacturing efficiencies
(particularly due to the ISB plant consolidation), pricing, and product mix in
the foodservice and ISB channels ($5.4 million after taxes), compared to
$13. This project, which will include the
termination of 65 employees , is expected to be substantially complete by the
end of the fourth quarter. At the end of the third
quarter of fiscal 2005, a buyer was found for the Kansas city property and the
carrying amount was written down to the amount of the net proceeds expected to
be received in the fourth quarter , resulting in a loss of $. Restructuring costs included $1. In fiscal 2004,
accelerated depreciation charges related to the Kansas City and ISB
restructuring projects. The
projects began during fiscal 2003 and are expected to continue through fiscal
2006.4 47.76

Weighted Average Shares Outstanding
Basic 29.5 29.
DEPRECIATION AND AMORTIZATION BY SEGMENT
(In millions)

Three Months Ended Nine Months Ended
June 30, June 30,
2005 2004 2005 2004
Cereals, Crackers + Cookies $ 6.9
Dressings, Syrups, Jellies + Sauces 2.

food manufacturer

newscom. The forward-
looking statements made in this press release are current as of the date of
this press release, and Hain Celestial does not undertake any obligation to
update forward -looking statements.6 million for this
year's third fiscal quarter compared to $15. Third quarter net earnings were $24.5 million last year.5
Cereals, Crackers + Cookies 171.8

Cereals, Crackers + Cookies
Third quarter net sales for the Cereals, Crackers + Cookies segment
increased $10.5 million and $6.9 million, and $.6 $ 1. This
project was completed in fiscal 2004.5 million and $. These statements are
sometimes identified by their use of terms and phrases such as "should,"
"will," "can," "believes," "could," "likely," "anticipates," "intends,"
"plans ," "expects," or similar expressions.0 $ 24.84 $ 1.1
Diluted 30.4 30.1
Corporate 2.1 .5 $ 330.

llc crackers

Refrigerated Non-Dairy Beverages Increase Distribution

MELVILLE, N. Effective October
1, 2005, Heritage Foods will manufacture, market and distribute Rice Dream and
Soy Dream refrigerated products exclusively throughout the United States,
which is expected to benefit both companies with increased distribution . "This agreement is a natural evolution
from our partnering with Heritage Foods as contract manufacturer , which should
broaden our non-dairy beverage distribution, an area where Heritage Foods is a
known leader.

Safe Harbor Statement
This press release contains forward-looking statements within and
constitutes a "Safe Harbor" statement under the Private Securities Litigation
Act of 1995.2 million, respectively, an increase of
$101.9 522.2 189.8
Total Net Sales $406.1 1.7 $ 77. Bremner comparisons were affected by incremental
sales to former customers of Bake-Line Group, LLC, which ceased operations
during the second quarter of last year.
Additionally in the nine-month profit comparison, a volume surge and the
implementation of new information systems resulted in temporary production
inefficiencies and higher inventory storage costs in the first quarter of
fiscal 2004. Those benefits were partially
offset by higher incentive compensation ($1.6 million
and $.3 $ - $ .2 .0

City of Industry: In the third quarter of fiscal 2005, Ralcorp announced
plans to close its plant in City of Industry , CA, and transfer production to
other Carriage House facilities.3, million respectively, related to the
remaining net lease obligation.8 million for the third
quarter and $4.6 24.0 $ 5 .9
Total $14.4
Shareholders' Equity 510.

kracker organic

Y.
Nearly half of the increase in year-to-date net sales is attributable to
the timing of business acquisitions.9
Dressings, Syrups, Jellies +
Sauces 98.9 23.2 112.7 . For the first nine
months of the year, net sales dollars were down 1 percent, or $3.
Frozen Bakery Products profit contribution for the third quarter improved
$1.0 million).3 percent a year
ago. Fourth quarter charges are expected to total approximately
$1.6 million and
$3.
In addition, although the costs of energy, freight and several commodities
increased significantly from prior year costs, some of the effects have been
mitigated through hedging and forward purchase contracts as well as volume and
selling price increases.

NOTE: Information in this press release that includes information other
than historical data contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995.2
Cost of products sold (326.6) (1.9
Earnings before Income Taxes
and Equity Earnings 24.0) (9.1
Net Earnings $ 24.8
Frozen Bakery Products 3.

food product

Hain
Celestial will continue to focus on its core competency, the shelf stable
aseptic business, maintaining category leadership through increased
distribution and innovation. Stremick, President and Chief Executive Officer of Heritage Foods
added , "We are pleased to extend our relationship with Hain Celestial and
feature Rice Dream and Soy Dream refrigerated non-dairy beverages as brands
entrusted to Heritage Foods.5 million, up 5 percent from $386.8 $ 74. The effects of growth in these areas
were partially offset by volume from co-manufacturing arrangements coming in
at roughly half the levels experienced in the third quarter of the prior year .4 million, respectively.7 million), packaging ($4. Commodity costs were unfavorable
by $4.0 million and $11.5 million of additional intangible asset
amortization expense.4 percent, respectively, compared to 3. Ralcorp has been unable to sublease a
portion of the property and, during the third quarter of fiscal 2005,
significantly reduced its estimate of future sublease rentals, resulting in an
additional charge of $. The Bremner division implemented the new systems at the beginning of
July 2005.7 million of due diligence expenses related
to a potential business acquisition, which has been terminated .3 $1,233.7 4.7 $12.7 425.7
Other Noncurrent Liabilities 162.

japanese cheese

At Heritage Foods, we produce and sell the
highest quality products at affordable prices for consumers to enjoy. Earnings before equity earnings improved to
$49.5 million, or $1.5 $386.6 million
through nine months, especially packaging, raisins, corn, tree nuts, wheat,
and rice), and packaging redesign costs related to the new trans fat labeling
requirements (up $1.0 million
(5 percent ) as a 7 percent decrease in volume was more than offset by improved
pricing on several items.

Additional Information
See the attached schedules for additional information regarding the
Company's results and financial position.1 million of other
related charges.
Kansas City: In the third quarter of fiscal 2004, the Company announced
plans to close its plant in Kansas City, KS, and transfer production to other
Carriage House facilities by the end of fiscal 2004. The
liability represented the present value of the remaining lease rentals (July
2003 through February 2007), reduced by estimated sublease rentals that could
be reasonably obtained for the property.

As of June 30, 2005, current and noncurrent
liabilities included $.
In March 2005, Bremner management developed a plan to retire equipment
composing one of its production lines by March 2006 . The extra depreciation is included in
cost of products sold in the consolidated statement of earnings but excluded
from the calculation of segment profit contribution.6)
Gross Profit 80.7 .3)
Earnings before Equity Earnings 15.4 8.6 $ 58.2
Total Liabilities and Shareholders' Equity $1,252.

llc cheez

7 97.2 292.2 $1,132.4 5 .
While Ralcorp recorded about $1 million of sales from Medallion since the
June 22 acquisition , the growth at Ralston Foods came primarily from a
13 percent increase in sales volume of ready-to -eat cereal, largely driven by
expanded product offerings with existing customers. Management expects continued softness in
co-manufacturing at both Ralston Foods and Bremner in the fourth quarter.8 million
(2 percent) lower for the first nine months. Most of these benefits were offset by increased
costs.

Snack Nuts + Candy
Third quarter net sales for the Snack Nuts + Candy segment , also known as
Nutcracker Brands, were $5.4 million) and total manufacturing costs.7 million income
received in settlement of certain claims related to antitrust litigation. These
higher costs were partially offset by mark-to-market adjustments on deferred
compensation liabilities which resulted in a year-over-year decrease in
expense of $1.6

Earnings per Share
Basic $ .3
Total Assets $1,252.

cheese kracker

(Logo: http://www.0 million in fiscal 2005
compared to $24.7) (12.2)
Restructuring charges (1.4) (1.6) (1. Bremner's sales
volume from co-manufacturing arrangements was about 20 percent lower than in
last year's third quarter.7 million), reduced process improvement consulting fees ($.3 million), savings from the Kansas City plant
shutdown ($2.2 million in
fiscal 2004.1 million for fiscal 2005 and $5.2
ISB (Kent) . Ralcorp's diversified product mix includes: ready-to-eat
and hot cereals; snack mixes, corn-based chips and extruded corn snack
products; crackers and cookies; snack nuts; chocolate candy; salad dressings;
mayonnaise; peanut butter; jams and jellies; syrups; sauces; frozen griddle
products including pancakes, waffles , and French toast; frozen biscuits; and
other frozen pre-baked products such as breads and muffins .0) (52.4) (27.81 $ .4 29.7 3.3
Noncurrent Assets 1,007.6

japanese vendor

3 million for the three months ended
June 30, 2004.
For the nine-month periods ended June 30, 2005 and 2004, net sales were
$1,233.4
Bremner 79.7 247.5
Interest expense, net (4.8)
Litigation settlement income, net 1.4 million for the third quarter and $8.5 million in
reduced employee compensation costs), savings from the Kansas City plant
closure ($.
The segment's third quarter and nine -month profit contribution improved
$.2 million for the three and nine-month periods ended
June 30, 2005, respectively, as worldwide demand for tree nuts exceeds supply.

Frozen Bakery Products
Net sales for the Frozen Bakery Products segment grew to $80.6 million for
the quarter ended June 30, 2005, from $77. About $7 million of the increase was due to the
timing of acquisitions.

0 million and $3.76 percent from December 2004 through December 2009.
Ralcorp continues to hold an approximate 21 percent equity ownership
interest in Vail Resorts, Inc. Through nine months, Ralcorp recorded
after-tax equity earnings of $9. The Company recorded $.0 million for the quarter and $ .0) (156.6 2.

kracker snack

The Hain Celestial Group, Inc.7 million for the same quarter
last year .76 per
diluted share.3 $1,233.8
Total Segment Profit Contribution 37.9) (1.6 million .6 million and $13. The volume improvement is net of a 12 percent decline related to the
loss of pourable salad dressing sales to a major customer.
For the third quarter and first nine months of fiscal 2005, the weighted
average interest rate on all of the Company's outstanding debt was 4. (NYSE: MTN ) Vail Resorts operates on a fiscal
year ending July 31; therefore, Ralcorp reports its portion of Vail Resorts'
operating results on a two-month time lag. For the third quarter ended
June 30, 2005, Ralcorp's investment in Vail Resorts resulted in non-cash pre-
tax earnings of $12.02 per diluted share.4 80.6 15.5
Equity in earnings of
Vail Resorts, Inc.0 11.7 $40.7 891.6

Current Liabilities $ 157.5 444 .

cheez products

Diluted earnings per share were
$. Medallion is reported as part of Ralston Foods in the Cereals ,
Crackers + Cookies segment.0 $ 252.2 244.2

Profit Contribution by Segment Three Months Ended Nine Months Ended
(in millions) June 30, June 30,
2005 2004 2005 2004

Cereals, Crackers + Cookies $ 16.0 15.

Dressings, Syrups, Jellies + Sauces
In the Dressings, Syrups, Jellies + Sauces segment, also known as Carriage
House, net sales for the three months ended June 30, 2005 were up $1.9 million unfavorable product mix
variance.5 million decline due
to unfavorable mix. In addition, workers' compensation
expense was $1. Freight costs , packaging costs (especially petroleum-based plastic
containers), and ingredient costs (especially fruits, sweeteners, and peanuts)
were higher by $1.4 million and $1.8
$ 1.7 49.80
Diluted $ .3 6.

recipes manufacturer

("Hain Celestial ") (Nasdaq: HAIN), a leading natural and organic
food and personal care products company, today announced the signing of a
licensing agreement with Stremicks Heritage Foods, LLC ("Heritage Foods") a
family -owned and family-operated manufacturer and distributor of organic
products, for the trademarks and formulas of Hain Celestial's refrigerated
Rice Dream(R) and Soy Dream(R) non-dairy beverage products .0 million, or 9 percent. Results for the first nine months of
fiscal 2005 included a full nine months of results from the Concept 2 Bakers
(C2B) business, acquired on February 27, 2004, and a full nine months of
results from the Bakery Chef business, acquired on December 3, 2003.7
Frozen Bakery Products 11.2) (5. Hot cereal sales volume
was up nearly 5 percent from a year ago.1 million
(1 percent) from last year's third quarter.5 million from higher pricing were more than offset by the
impact of a 2 percent volume decline and an additional $.
The segment's third quarter profit contribution was $.

Equity Interest in Vail Resorts, Inc.0 million.

Ralcorp produces a variety of store brand foods that are sold under the
individual labels of various grocery, mass merchandise and drug store
retailers, and frozen bakery products that are sold to restaurant and food
service customers.5)
Interest expense, net (4 ., net of
related deferred income taxes 8.2 2.

product foods

6 77.7 10.6 35.9
Systems upgrades and conversions (1.6 million from last year, with the Ralston Foods cereal division
up $8. Total
sales volume was flat compared with last year's third quarter, but a reduction
in lower-priced saltines was offset by an increase in relatively higher-priced
specialty crackers .7 million (11 percent) higher for the third quarter but $. The primary driver of the third
quarter improvement was the increase in net sales.5 million higher in
fiscal 2005 than in fiscal 2004. This 4 percent growth came primarily from volume gains in the
foodservice and in-store bakery (ISB) channels , with additional net sales
improvements from favorable ISB pricing and product mix, slightly offset by
soft volume and unfavorable pricing in retail griddle products. For the first
nine months of fiscal 2005, the segment's net sales increased $57. The
remainder of the acquisition cost (which totaled about $100 million) was
funded with cash and increased utilization of the accounts receivable
securitization program.3 $ -
Kansas City .2 .5 million.1) (305.82 $ 1.8

RALCORP HOLDINGS, INC.3 $15.3 1.

product manufacturers

Additionally , this initiative allows us to focus on our aseptic
products while Heritage complements our efforts in refrigerated non-dairy
beverages and enables us to accelerate growth in the non-dairy category .4 million from $47.0 482.7 $ 15.0 99. Lastly, selling prices were
generally stable when comparing fiscal quarters. At Bremner, net sales rose as
a result of improved pricing on some products and favorable product mix.
In addition, profit was reduced by higher freight costs (up approximately
$2.4 million lower than last year
as the noted net sales decline and key cost component increases -- freight
($3.9 million in fiscal 2005, compared to
$23.

Interest Expense
Interest expense was $4. For the first nine months of the
year, interest expense was $12.
Significant changes in outstanding debt affecting the comparisons of third
quarter and nine-month interest expense in fiscal 2005 and 2004 include
$270 million of additional borrowings to fund the Bakery Chef acquisition in
December 2003, $50 million of Floating Rate Senior Notes repaid in November
2004, and $47 million of borrowings under committed and uncommitted lines of
credit to fund a portion of the Medallion acquisition in June 2005.4 $ 1. No
significant future charges are expected for this project.

In addition,
Ralcorp holds an interest of approximately 21 percent in Vail Resorts, Inc.0) (9 .7 .9 9.1 $17.5 6.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions)

June 30, Sep.

snack flatbreads

(Nasdaq: HAIN), headquartered in Melville,
NY, is a leading natural and organic beverage, snack, specialty food and
personal care products company in North America and Europe.com.4
Dressings, Syrups, Jellies + Sauces 4.6) (3.5 million through nine months ), raw
materials costs (up about $1.6 million, respectively, from last year as price increases
have begun to catch up with cost increases. About $31 million of the increase was the result of
an additional two months of results from Bakery Chef, acquired
December 3, 2003. Discounts related to this agreement totaled $.6 million.
In the third quarter of fiscal 2005, Ralcorp recorded $1. Other
increases were primarily due to higher systems costs and amortization during
the conversion period, incremental audit fees and other compliance costs
related to the Sarbanes-Oxley Act, and the timing of certain expenses.0 $ 199.2 $1,221.

foods product

6 million for fiscal 2004. The Medallion Foods business
(a producer of value brand and private label corn-based snack products
including tortilla chips, corn chips and extruded corn products), acquired
June 22, 2005, contributed about $1 million to Ralcorp's net sales through
June 30.7 $ 278.3 13.7 .8) (15.5 million, as
gains of nearly $3. These favorable items include
improved production costs ($1.6 million (11 percent) higher than last year. The remaining nine-month
increase was primarily driven by the same factors that impacted the third
quarter: stronger foodservice and ISB volume, favorable pricing and product
mix, slightly offset by lower retail griddle products sales volume. For fiscal 2005, these weighted average rates include the effect of an
interest rate swap contract designated as a hedge of the interest payments on
Ralcorp's Floating Rate Senior Notes, effectively fixing the rate on those
Notes at 4.5 . Beginning in June 2005
and ending in September, accelerated depreciation of nearly $.9 million and $1.1 million for the first nine
months. If these costs remain at elevated levels as expected,
some of these mitigating factors will become less effective when favorable
hedging contracts expire or if sales volume growth slows, resulting in lower
profit margins for the remainder of fiscal 2005.0) (3 .7 77.79 $ .3
Long-term Debt 422.

product vendor

"

The Hain Celestial Group, Inc.

Net Sales by Segment Three Months Ended Nine Months Ended
(in millions) June 30, June 30,
2005 2004 2005 2004

Ralston Foods $ 91.7
Snack Nuts + Candy 55.5) (.6) (3.
Despite a sales volume decline of about 4 percent, net sales grew as a result
of improved pricing, which had lagged commodity cost increases last year, and
sales mix. Through nine months, the segment's net sales were up $8. The increase was due to $.6 percent and 3.9 million ($8.13 per diluted share.5 .2 million of employee
termination benefits in the third quarter, along with $.
ISB (Kent): In the second quarter of fiscal 2003, Ralcorp announced plans
to close its ISB facility in Kent, WA, and transfer production from that
facility and two other ISB facilities to a new ISB plant located in Utah.1 million and $.5) (.2 29.3 $34. 30,
2005 2004
Current Assets $ 244.

vendor related

Hain Celestial
participates in almost all natural food categories with well-known brands that
include Celestial Seasonings(R ), Terra Chips(R), Garden of Eatin'(R), Health
Valley(R), WestSoy(R), Earth's Best(R), Arrowhead Mills (R), Hain Pure
Foods(R), Hollywood(R), Walnut Acres Organic(R), Imagine Foods(R), Rice
Dream(R ), Soy Dream(R), Rosetto(R), Ethnic Gourmet(R), Yves Veggie Cuisine(R),
Lima(R), Biomarche(R), Grains Noirs(R), Natumi(R), JASON(R) and Zia(R) Natural
Skincare.hain-celestial. Except for the historical information contained herein, the
matters discussed in this press release are forward-looking statements that
involve known and unknown risks and uncertainties, which could cause our
actual results to differ materially from those described in the forward-
looking statements.

Ralcorp Holdings Announces Results for the Third Quarter of Fiscal 2005

6 million, or $1.0 230.9 million
of favorable ingredient costs, the benefit of favorable ISB pricing and
product mix, profit from incremental foodservice sales, and improved
manufacturing efficiencies, partially offset by higher freight costs
($.2
million of operating lease termination costs recorded as a liability when the
facility was vacated in 2003 and an adjustment of $. Based on the shortened
expected useful life of that equipment, depreciation has been accelerated by
about $.
Litigation settlement income was $.2 million in the third quarter of
fiscal 2005 and 2004, respectively, for a total of $5.7 million for the first nine months of each year.
It is important to note that operating results for any quarter are not
necessarily indicative of the results for any other quarter or for the full
year.2 $1,132.1 231.4) (147.6 29.

rice japanese

Simon , President and Chief
Executive Officer of Hain Celestial. Both Bakery Chef and C2B are
reported in the Frozen Bakery Products segment.7 $ 83.8
Frozen Bakery Products 80.0 ) (9.
While this drop was expected, its impact significantly counteracted strong
results from Ralston Foods' key base business. As in the third quarter, nine-month
net sales from crackers benefited from a shift from saltines to specialty
crackers.1 million), and ingredients ($1. In addition to the results of
operations discussed above, the following items should be considered when
evaluating current and prior year results.
Large-scale information systems upgrades and conversions resulted in
incremental expenses of $1. Certain aspects of the Company's operations, especially in the Snack
Nuts + Candy segment, are somewhat seasonal with a higher percentage of sales
and profits expected to be recorded in the first and fourth fiscal quarters.,
the leading mountain resort operator in the United States.1) (900.6
Selling, general and
administrative expenses (52.8 74.92 $ 1.3

RALCORP HOLDINGS, INC.

organic cheez

, The Hain Celestial
Group, Inc. Earnings before equity earnings were $15.7 50.0) (.
Compared to the prior year, the segment's profit contribution was
$1.7 million for the three months
ended June 30, 2005 and 2004, respectively.0 million in fiscal 2005 and $9.1 million for
fiscal 2004 - an increase of $.
CONSOLIDATED STATEMENT OF EARNINGS
(In millions except per share data)

Three Months Ended Nine Months Ended
June 30, June 30,
2005 2004 2005 2004

Net Sales $ 406.5 $ 386.0)
Litigation settlement income 1.0) (28.6
Snack Nuts + Candy .0 152.

food enterprises

These risks include, but are not limited to, general
economic and business conditions; the ability to implement business and
acquisition strategies; integrate acquisitions; obtain financing for general
corporate purposes; competition; retention of key personnel; compliance with
government regulations; and other risks detailed from time-to-time in Hain
Celestial reports filed with the Securities and Exchange Commission, including
the report on Form 10-K for the fiscal year ended June 30, 2004.79 for the quarter, down $.6 289.1 3.9 34.5) (1 . Ready-to-eat cereal sales volume was up 15 percent for the first
nine months of the year.3 million for the quarter and nine months, respectively. Profits were helped by savings derived from
previously initiated cost reduction projects (including over $.1 million), as well as lower ingredient
costs overall (approximately $2. These changes were the result of both higher rates on the
Company's floating rate debt (which have doubled since last year) and the
timing of a few significant borrowings and repayments.
Other unallocated corporate expenses increased $2.7) (12.1 5.7 .

enterprises biscuits

com /cgi-bin/prnh/20050324/NYTH131 )
"We are pleased to license our Rice Dream and Soy Dream refrigerated non-
dairy beverage production and marketing to Heritage Foods, a well-respected
leader in the organic industry," said Irwin D. LOUIS, Ralcorp Holdings, Inc.03 from a year ago.2 million and $1,132 .0 $ 50.2 10.0)
Accelerated depreciation (1. Excluding co-manufacturing, total cracker sales volume
grew 2 percent, and total cookie volume was up 3 percent.
Through the first nine months of fiscal 2005, net sales for the segment
were up slightly more than 8 percent from a year ago, with Ralston Foods and
Bremner contributing increases of $25.5 million,
respectively .4
million), and selling price increases. The
segment's nine-month profit contribution was $.4 million
compared to fiscal 2004.0 million) and freight costs
(approximately $1.
Restructuring charges included (in millions):

Three Months Ended Nine Months Ended
June 30, June 30,
2005 2004 2005 2004
City of Industry $ .8 .9 million in the three and
nine months ended June 30, 2004, respectively. The fiscal 2005 third
quarter includes approximately $1. Any such forward-looking
statements are made based on information currently known and are subject to
various risks and uncertainties and are therefore qualified by the Company 's
cautionary statements contained in its filings with the Securities and
Exchange Commission.

1 1.8
Income taxes (9.5 $ 52.

recipes official

For more information, visit http: //www.
(NYSE: RAH) today reported net sales for the three months ended June 30, 2005
of $406. Net earnings for the current
year's first nine months were $58.8 77.6 $ 51.0) (3.2) (. The decline in volume under
co-manufacturing agreements reduced segment profit by approximately
$1 .8 million in fiscal 2004.
The Company has an agreement which gives it the ability to sell up to
$66 million of certain of its trade accounts receivable on an ongoing basis
through fiscal 2005.3 million in the first nine months of fiscal 2005 and 2004,
respectively, and are included in the consolidated statement of earnings in
selling, general and administrative expenses. Vail Resorts ' operations are highly
seasonal, typically yielding income for the second and third fiscal quarters
and losses for the first and fourth fiscal quarters. However, in the second
quarter of fiscal 2004, Vail Resorts recorded a charge related to debt
refinancing, resulting in a reported net loss .8 million ($8.4 million per
month is being recorded on certain City of Industry equipment that will not be
transferred to other Ralcorp facilities.6 million for the nine-month period.

RALCORP HOLDINGS, INC.6) (987.2)
Restructuring charges (1.4) (1.98 $ 1.0 30.2 8.

snack enterprises

92 per diluted share,
compared to prior year nine-month net earnings of $52.5 160. Bremner's cracker and cookie volumes were up
4 percent and 16 percent, respectively, for the nine-month period (again
excluding co-manufacturing). Bremner's sales volume under co-manufacturing arrangements was
18 percent lower than last year and Ralston Foods co-manufacturing volume was
down almost 40 percent.5 million through nine months). Sales volume increased nearly
2 percent and higher pricing added about $.2 million), the previously mentioned lower workers' compensation
expense, and the continued benefits of cost reduction projects that have
improved the segment's SG+A cost structure. Another $16 million is attributable to the additional five
months of sales from C2B, acquired February 27, 2004.9 million after taxes) for last year's third quarter - a
decrease of $.5 $ .2 million in 2004. These expenses are not
allocated to the operating segments and are included in selling, general and
administrative expenses in the consolidated statement of earnings.2 $1,221.