On August 4, 2008, we completed the split-off of the Post cereals business, which was in connection with our November 15, 2007 agreement to distribute and merge the Post cereals business into Ralcorp Holdings, Inc. after a tax-free exchange with our shareholders. Please refer to our press releases on August 1, 6 and 8, 2008 for additional information on this split-off transaction.

Beginning in the third quarter of 2008 we will reflect the Post cereals business operating results as discontinued operations net of taxes on our condensed consolidated statement of earnings and we will restate prior period operating results in a consistent manner. As a result, our U.S. Snacks & Cereals reportable segment is now known as U.S. Snacks. Attached as Exhibit 99.1 to this Form 8-K, are unaudited financial schedules for 2008, 2007, and 2006, reconciling net revenues, operating income and segment operating income, based on this restatement.

Management uses segment operating income to evaluate segment performance and allocate resources. In the second quarter of 2008, we began excluding unrealized gains and losses on hedging activities from segment operating income in order to provide better transparency of our segment operating results. Segment operating income excludes unrealized gains and losses on hedging activities (which is a component of cost of sales), general corporate expenses and amortization of intangibles for all periods presented.

The attached schedules include non-GAAP financial measures because our management uses this information to monitor and evaluate our operating results and trends on an on-going basis and to facilitate internal comparison to historical operating results. Our management uses non-GAAP financial information and measures internally for operating, budgeting and financial planning purposes.

Our management believes the non-GAAP information is useful for investors by offering them the ability to facilitate comparisons to historical operating results, better identify trends in our business, and better understand how management evaluates our business. These non-GAAP measures have limitations, however, because they do not include all items of income and expense that affect us. See the schedules attached as Exhibit 99.1 to this Current Report for corresponding reconciliations to GAAP financial measures for the years ended December 31, 2007, 2006 and 2005, and for the quarters in 2008, 2007 and 2006. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for each of our results which are prepared in accordance with GAAP. In addition, the non-GAAP measures we use may differ from non-GAAP measures used by other companies.

(d) The following exhibit is being filed with this Current Report on Form 8-K.

                          Exhibit
                          Number    Description
                          99.1      Financial Schedules