SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8
AMENDMENT TO REPORT
Filed pursuant to Section 13 of
The Securities Exchange Act of 1934
GENERAL MILLS, INC.
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items,
financial statements, exhibits or other portions of its Current
Report on Form 8-K dated May 28, 1995, as set forth in the
pages attached hereto:
Item 7(b)
Pursuant to the requirements of the Securities Exchange Act,
the registrant has duly caused this amendment to be signed on
its behalf by the undersigned, thereunto duly authorized.
GENERAL MILLS, INC.
Dated: July 11, 1995 By: /s/ Siri S. Marshall
Siri S. Marshall
Senior Vice President, General
Counsel and Secretary
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(b) Pro Forma financial information
As described in Item 7(b) of the Current Report on Form 8-
K dated May 28, 1995 previously filed, pro forma financial
information will not be filed, since the disposition
transaction described in Item 2 of the previously filed
Form 8-K is fully reflected in the General Mills, Inc.
(the "Company") consolidated balance sheet and
consolidated income statement as of and for the fiscal
year ended May 28, 1995. Therefore the registrant is
providing herewith the General Mills, Inc. consolidated
balance sheet and consolidated income statement as of and
for the fiscal year ended May 28, 1995.
The consolidated balance sheet at May 28, 1995 reflects
the distribution by the Company of the common stock of
Darden Restaurants, Inc. (comprised of substantially all
the Company's restaurant operations) to Company
stockholders effective May 28, 1995. The distribution
resulted in a decrease in net stockholders' equity of the
Company of $1,218.7 million. The consolidated income
statement for the period ended May 28, 1995 includes the
Company's restaurant operations within the "Discontinued
Operations after Taxes" line item.
GENERAL MILLS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions)
May 28, May 29,
1995 1994
ASSETS
Current Assets:
Cash and cash equivalents $ 13.0 $ 27.8
Receivables 277.3 266.0
Inventories 372.0 339.3
Prepaid expenses and other 80.8 80.4
Deferred income taxes 153.8 198.1
Total Current Assets 896.9 911.6
Land, Buildings and Equipment 2,611.9 2,512.5
Less accumulated depreciation (1,155.3) (1,009.3)
Net Land, Buildings and Equipment 1,456.6 1,503.2
Net assets of Discontinued Operations - 1,508.1
Other Assets 1,004.7 881.1
Total Assets $3,358.2 $4,804.0
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable $ 494.0 $ 513.9
Current portion of debt 93.7 115.1
Notes payable 112.9 433.3
Accrued taxes 108.8 147.0
Other current liabilities 411.5 332.0
Total Current Liabilities 1,220.9 1,541.3
Long-term Debt 1,400.9 1,413.3
Deferred Income Taxes 248.6 209.5
Deferred Income Taxes-Tax Leases 169.1 189.8
Other Liabilities 177.7 176.9
Total Liabilities 3,217.2 3,530.8
Common Stock Subject to Put Options - 122.0
Stockholders' Equity:
Common stock 379.5 251.0
Retained earnings 1,233.3 2,457.9
Less common stock in treasury (1,372.1) (1,334.4)
Unearned compensation and other (57.9) (160.2)
Foreign currency adjustment (41.8) (63.1)
Total Stockholders' Equity 141.0 1,151.2
Total Liabilities and Equity $3,358.2 $4,804.0
GENERAL MILLS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In Millions, Except per Share Data)
Fiscal Year Ended
May 28, May 29, May 30,
1995 1994 1993
Continuing Operations:
Sales $ 5,026.7 $5,327.2 $5,138.4
Costs and Expenses:
Cost of sales 2,023.0 2,012.5 2,002.6
Selling, general and administrative 2,123.3 2,367.1 2,213.7
Depreciation and amortization 191.4 173.8 153.3
Interest, net 101.2 78.8 56.0
Unusual items 183.2 146.9 36.4
Total Costs and Expenses 4,622.1 4,779.1 4,462.0
Earnings from Continuing Operations
before Taxes 404.6 548.1 676.4
Income Taxes 144.9 208.1 265.4
Earnings from Continuing Operations 259.7 340.0 411.0
Discontinued Operations after Taxes 107.7 133.4 95.1
Cumulative Effect to May 31, 1993 of
Continuing Operations Accounting Changes - (3.5) -
Net Earnings $ 367.4 $ 469.9 $ 506.1
Earnings per Share:
Continuing operations $ 1.64 $ 2.14 $ 2.52
Discontinued operations .69 .83 .58
Cumulative effect of
accounting changes - (.02) -
Net Earnings per Share $ 2.33 $ 2.95 $ 3.10
Average Number of Shares 158.0 159.1 163.1
