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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) July 26, 1995
ANHEUSER-BUSCH COMPANIES, INC.
(Exact name of registrant as specified in charter)
DELAWARE 1-7823 431162835
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
ONE BUSCH PLACE, ST. LOUIS, MISSOURI 63118
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 314-577-2000
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ITEM 5 - OTHER EVENTS
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On July 26, 1995, the Board of Directors of Anheuser-Busch Companies,
Inc. approved a planned spin-off of 100% of the company's Campbell Taggart,
Inc. subsidiary to shareholders. The spin-off is subject to receipt of a
favorable ruling from the Internal Revenue Service on the tax-free nature of
the spin-off. The spin-off is expected to be completed in the first half of
1996.
Under the spin-off, each Anheuser-Busch shareholder will receive a
pro-rata share of the voting common stock of Campbell Taggart in a special
dividend. Campbell Taggart will become a separately traded, publicly held
company.
In connection with the spin-off, Campbell Taggart will borrow monies in
order to pay a dividend to Anheuser-Busch. The dividend amount has yet to be
determined. However, a $140 million estimated dividend has been assumed in
the attached pro forma financial statements.
When the conditions to the spin-off have been satisfied, Anheuser-Busch
will be required to restate prior period financial statements to report
Campbell Taggart as a discontinued operation. There will be no reported gain
or loss associated with the spin-off transaction.
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ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS
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Page of This Report
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(A) Pro Forma Condensed Financial Information
Pro Forma Balance Sheet at June 30, 1995.................. 4
Pro Forma Statement of Income for the Six Months Ended
June 30, 1995............................................. 5
Pro Forma Statement of Income for the Year Ended
December 31, 1994......................................... 6
Pro Forma Statement of Income for the Year Ended
December 31, 1993......................................... 7
Pro Forma Statement for Income for the Year Ended
December 31, 1992......................................... 8
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ANHEUSER-BUSCH COMPANIES, INC.
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
The historical consolidated financial statements of Anheuser-Busch Companies,
Inc. include the results of operations and financial position of the
businesses constituting Campbell Taggart, Inc. The pro forma consolidated
balance sheet (unaudited) as of June 30, 1995 has been prepared assuming the
spin-off of Campbell Taggart and distribution of related shares occurred as of
that date. The pro forma consolidated statement of earnings (unaudited) for
the six months ended June 30, 1995 has been prepared assuming the spin-off and
distribution occurred as of January 1, 1995. The pro forma consolidated
statements of earnings (unaudited) for the years ended December 31, 1992, 1993
and 1994 have been prepared assuming the spin-off and distribution occurred as
of January 1, 1992. The pro forma financial statements have been prepared by
adjusting the historical statements for the effect of costs, expenses, assets
and liabilities which might have occurred had the distribution been effected
as of the dates indicated. These pro forma financial statements are not
necessarily indicative of the consolidated results of operations or financial
position that would have existed had the distribution occurred on the dates
indicated.
<TABLE>
ANHEUSER-BUSCH COMPANIES, INC.
PRO FORMA CONSOLIDATED BALANCE SHEET
JUNE 30, 1995
UNAUDITED
(DOLLARS IN MILLIONS)
<CAPTION>
Anheuser-Busch
Anheuser-Busch Elim. Campbell Pro Forma Companies, Inc.
Companies, Inc. Taggart, Inc. (a) Adjustments Pro Forma
--------------- ----------------- ----------- ---------
<S> <C> <C> <C> <C>
ASSETS
Current Assets............................ $2,072.2 $(246.8) - $1,825.4
Investments and Other Assets.............. 1,784.6 (260.0) $60.2 (b) 1,584.8
Plant and Equipment, Net.................. 7,584.1 (747.0) - 6,837.1
--------- ---------- ----- ---------
Total................................... $11,440.9 $(1,253.8) $60.2 $10,247.3
========= ========== ===== =========
LIABILITIES & SHAREHOLDERS EQUITY
Current Liabilities....................... $1,642.7 $(183.7) - $1,459.0
Post Retirement Benefits.................. 633.1 (126.4) - 506.7
Long-Term Debt............................ 3,176.4 (1.5) $(140.0) (c) 3,034.9
Deferred Income Taxes..................... 1,320.2 (158.6) - 1,161.6
Common Stock and Other Shareholders Equity 4,668.5 (783.6) 200.2 4,085.1
--------- ---------- ----- ---------
Total................................... $11,440.9 $(1,253.8) $60.2 $10,247.3
========= ========== ===== =========
<FN>
- ----------
(a) To eliminate the historical assets and liabilities of Campbell Taggart.
(b) To reflect the transfer of excess pension plan assets retained by
Anheuser-Busch.
(c) To reflect the repayment of debt by Anheuser-Busch using the proceeds of
the final dividend payment from Campbell Taggart.
</TABLE>
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<PAGE>5
<TABLE>
PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS
SIX MONTHS ENDED JUNE 30, 1995
UNAUDITED
(DOLLARS IN MILLIONS)
<CAPTION>
Anheuser-Busch
Companies, Inc.
Anheuser-Busch Elim. Campbell Pro Forma Pro Forma
Companies, Inc. Taggart, Inc. (a) Adjustments Results
--------------- ----------------- ----------- -------
<S> <C> <C> <C> <C>
Net Sales................................ $6,048.6 $(756.7) $5,291.9
Cost of Products and Services............ 3,911.4 (454.2) $(2.8) (b) 3,454.4
Marketing, Administrative and Research
Expenses & Other Expenses, Net........... 1,124.8 (296.7)* (1.2) (b) 824.9
(2.0) (c)
Interest Expense......................... 114.5 (0.2) (4.3) (d) 110.0
------ ------ ----- ------
Income Before Income Taxes............... 897.9 (5.6) 10.3 902.6
Provision for Income Taxes............... 352.7 (2.7) 3.9 (e) 353.9
------ ------ ---- -----
Net Income From Continuing Operations.... $545.2 $(2.9) $6.4 $548.7
====== ====== ==== ======
Earnings Per Share From Continuing Operations:
Primary................................. $2.11 $2.12
===== =====
Fully Diluted........................... $2.09 $2.10
===== =====
Weighted Average Shares Outstanding:
Primary................................. 258.8 258.8
===== =====
Fully Diluted........................... 263.5 263.5
===== =====
<FN>
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* Includes $7.6 million of one-time expenses associated with the closing of
high cost, inefficient bakeries.
(a) To eliminate the historical results of Campbell Taggart.
(b) To reflect the FAS 87 pension benefit related to excess pension plan
assets retained by Anheuser-Busch.
(c) To eliminate administrative expenses incurred by Anheuser-Busch
Companies, Inc. on behalf of Campbell Taggart.
(d) To reflect the reduction of interest expense due to debt repayment from
dividend proceeds received from Campbell Taggart. Assumes a $140
million dividend was received January 1, 1995.
(e) To reflect the tax effect of the above pro forma adjustments.
</TABLE>
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<TABLE>
ANHEUSER-BUSCH COMPANIES, INC.
PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS
YEAR-ENDED DECEMBER 31, 1994
UNAUDITED
(DOLLARS IN MILLIONS)
<CAPTION>
Anheuser-Busch
Companies, Inc.
Anheuser-Busch Elim. Campbell Pro Forma Pro Forma
Companies, Inc. Taggart, Inc. (a) Adjustments Results
--------------- ----------------- ------------ -------
<S> <C> <C> <C> <C>
Net Sales................................ $12,053.8 $(1,720.5) $10,333.3
Cost of Products and Services............ 7,784.4 (1,056.4) $(5.6) (b) 6,722.4
Marketing, Administrative and Research
Expenses & Other Expenses, Net........... 2,340.9 (627.9) (2.4) (b) 1,706.6
(4.0) (c)
Interest Expense......................... 221.4 (0.9) (6.7) (d) 213.8
------- ------- ----- -------
Income Before Income Taxes............... 1,707.1 (35.3) 18.7 1,690.5
Provision for Income Taxes............... 675.0 (14.6) 7.1 (e) 667.5
-------- ------- ----- --------
Net Income From Continuing Operations.... $1,032.1 $(20.7) $11.6 $1,023.0
======== ======= ===== =========
Earnings Per Share From Continuing Operations:
Primary................................ $3.91 $3.87
===== =====
Fully Diluted.......................... $3.88 $3.85
===== =====
Weighted Average Shares Outstanding:
Primary................................ 264.1 264.1
===== =====
Fully Diluted.......................... 269.0 269.0
===== =====
<FN>
- ----------
(a) To eliminate the historical results of Campbell Taggart, Inc.
(b) To reflect the FAS 87 pension benefit related to excess pension plan
assets retained by Anheuser-Busch.
(c) To eliminate administrative expenses incurred by Anheuser-Busch on behalf
of Campbell Taggart.
(d) To reflect the reduction of interest expense due to debt repayment from
dividend proceeds received from Campbell Taggart. Assumes a $140
million dividend was received January 1, 1992.
(e) To reflect the tax effect of the above pro forma adjustments.
</TABLE>
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<TABLE>
ANHEUSER-BUSCH COMPANIES, INC.
PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS
YEAR-ENDED DECEMBER 31, 1993
UNAUDITED
(DOLLARS IN MILLIONS)
<CAPTION>
Anheuser-Busch
Companies, Inc.
Anheuser-Busch Elim. Campbell Pro Forma Pro Forma
Companies, Inc. Taggart, Inc. (a) Adjustments Results
--------------- ----------------- ----------- -------
<S> <C> <C> <C> <C>
Net Sales................................. $11,505.3 $(1,760.7) $9,744.6
Cost of Products and Services............. 7,419.7 (1,041.1) $(5.6) (b) 6,373.0
Marketing, Administrative and Research
Expenses & Other Expenses, Net............ 2,262.4 (634.3) (2.4) (b) 1,621.7
(4.0) (c)
Restructuring Charge...................... 565.0 (114.6) 450.4
Interest Expense.......................... 207.8 (1.9) (5.5) (d) 200.4
------- ------ ----- -------
Income Before Income Taxes................ 1,050.4 31.2 17.5 1,099.1
Provision for Income Taxes................ 455.9 12.4 6.6 (e) 474.9
------ ----- ----- ------
Net Income From Continuing Operations..... $594.5 $18.8 $10.9 $624.2
====== ===== ===== ======
Earnings Per Share From Continuing Operations:
Primary................................. $2.17 $2.28
===== =====
Fully Diluted........................... $2.17 $2.28
===== =====
Weighted Average Shares Outstanding:
Primary................................. 274.3 274.3
===== =====
Fully Diluted........................... 279.3 279.3
===== =====
<FN>
- ---------
(a) To eliminate the historical results of Campbell Taggart.
(b) To reflect the FAS 87 pension benefit related to excess pension plan
assets retained by Anheuser-Busch.
(c) To eliminate administrative expenses incurred by Anheuser-Busch on behalf
of Campbell Taggart.
(d) To reflect the reduction of interest expense due to debt repayment from
dividend proceeds received from Campbell Taggart. Assumes a $140 million
dividend was received January 1, 1992.
(e) To reflect the tax effect of the above pro forma adjustments.
</TABLE>
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<TABLE>
ANHEUSER-BUSCH COMPANIES, INC.
PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS
YEAR-ENDED DECEMBER 31, 1992
UNAUDITED
(DOLLARS IN MILLIONS)
<CAPTION>
Anheuser-Busch
Companies, Inc.
Anheuser-Busch Elim. Campbell Pro Forma Pro Forma
Companies, Inc. Taggart, Inc. (a) Adjustments Results
--------------- ----------------- ----------- -------
<S> <C> <C> <C> <C>
Net Sales................................ $11,393.7 $(1,783.0) $9,610.7
Cost of Products and Services............ 7,309.1 (1,044.6) $(8.4) (c) 6,256.1
Marketing, Administrative and Research
Expenses & Other Expenses, Net........... 2,269.8 (654.7) (3.6) (c) 1,607.5
(4.0) (d)
Interest Expense......................... 199.6 (4.1) (4.6) (e) 190.9
------- ------- ----- ------
Income Before Income Taxes............... 1,615.2 (79.6) 20.6 1,556.2
Provision for Income Taxes............... 621.0 (28.1) 7.8 (f) 600.7
------- ------ ---- ------
Income From Continuing Operations before
Cumulative Effect of Accounting Changes (a) $994.2 $(51.5) $12.8 $955.5
======= ======= ===== ======
Earnings Per Share From Continuing Operations
before Cumulative Effect of
Accounting Changes (a)
Primary................................ $3.48 $3.34
===== =====
Fully Diluted.......................... $3.46 $3.33
===== =====
Weighted Average Shares Outstanding:
Primary................................ 285.8 285.8
===== =====
Fully Diluted.......................... 290.8 290.8
===== =====
<FN>
- ----------
(a) Before cumulative effect of changes in the method of accounting for
post-retirement benefits (FAS 106) and income taxes (FAS 109).
(b) To eliminate the historical results of Campbell Taggart.
(c) To reflect FAS 87 pension benefit related to excess plan assets retained
by Anheuser-Busch.
(d) To eliminate administrative expenses incurred by Anheuser-Busch on behalf
of Campbell Taggart.
(e) To reflect the reduction of interest expense due to debt repayment from
dividend proceeds received from Campbell Taggart. Assumes a $140
million dividend was received January 1, 1992.
(f) To reflect the tax effect of the above pro forma adjustments.
</TABLE>
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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.
ANHEUSER-BUSCH COMPANIES, INC.
(Registrant)
BY:/s/Gerald C. Thayer
-----------------------------
Gerald C. Thayer
Vice President and Controller
Dated: July 31, 1995
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