<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
-------------------
NABISCO HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
DELAWARE 1-13556 13-3077142
(State or other (Commission file (I.R.S. Employer
jurisdiction of number) Identification No.)
incorporation or
organization)
</TABLE>
NABISCO, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
NEW JERSEY 1-1021 13-1841519
(State or other (Commission file (I.R.S. Employer Identification
jurisdiction of number) No.)
incorporation or
organization)
</TABLE>
7 CAMPUS DRIVE
PARSIPPANY, NEW JERSEY 07054
(201) 682-5000
(Address, including zip code, and telephone number, including area code,
of the principal executive offices of Nabisco Holdings Corp. and Nabisco, Inc.)
------------------------
INDICATE BY CHECK MARK WHETHER THE REGISTRANTS (1) HAVE FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE
REGISTRANTS WERE REQUIRED TO FILE SUCH REPORTS), AND (2) HAVE BEEN SUBJECT TO
SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO __
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE REGISTRANTS'
CLASSES OF COMMON STOCK AS OF THE LATEST PRACTICABLE DATE: MARCH 31, 1997:
<TABLE>
<C> <S>
NABISCO HOLDINGS CORP.: 51,819,653 SHARES OF CLASS A COMMON STOCK, PAR VALUE $.01 PER
SHARE
213,250,000 SHARES OF CLASS B COMMON STOCK, PAR VALUE $.01 PER
SHARE
NABISCO, INC.: 100 SHARES OF COMMON STOCK, PAR VALUE $2.50 PER SHARE
</TABLE>
-------------------
NABISCO, INC. MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A)
AND (B) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
INDEX
<TABLE>
<CAPTION>
PAGE
---------
<S> <C> <C>
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Condensed Statements of Income--Three Months Ended
March 31, 1997 and 1996..................................................................... 1
Consolidated Condensed Statements of Cash Flows--Three Months Ended March 31, 1997 and 1996... 2
Consolidated Condensed Balance Sheets--March 31, 1997 and
December 31, 1996........................................................................... 3
Notes to Consolidated Condensed Financial Statements.......................................... 4
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations....................................................................... 5-7
PART II-- OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders........................................... 8
Item 6. Exhibits and Reports on Form 8-K.............................................................. 8
Signatures............................................................................................... 9
</TABLE>
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
NABISCO HOLDINGS CORP.
NABISCO, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1997 MARCH 31, 1996
----------------------- -----------------------
NABISCO NABISCO
HOLDINGS NABISCO HOLDINGS NABISCO
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
NET SALES................................................................... $ 1,905 $ 1,905 $ 1,990 $ 1,990
---------- ----------- ---------- -----------
Costs and expenses:
Cost of products sold..................................................... 1,109 1,109 1,182 1,182
Selling, advertising, administrative and general expenses................. 543 543 570 570
Amortization of trademarks and goodwill................................... 57 57 57 57
---------- ----------- ---------- -----------
OPERATING INCOME...................................................... 196 196 181 181
Interest and debt expense................................................... (81) (81) (84) (84)
Other income (expense), net................................................. (8) (8) (7) (7)
---------- ----------- ---------- -----------
Income before income taxes............................................ 107 107 90 90
Provision for income taxes.................................................. 43 43 37 37
---------- ----------- ---------- -----------
NET INCOME............................................................ $ 64 $ 64 $ 53 $ 53
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE........................... $ .24 $ .20
---------- ----------
---------- ----------
Dividends declared per common share......................................... $ .155 $ .1375
---------- ----------
---------- ----------
Average number of common and common equivalent shares outstanding (in
thousands)................................................................ 268,606 266,817
---------- ----------
---------- ----------
</TABLE>
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
1
<PAGE>
NABISCO HOLDINGS CORP.
NABISCO, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1997 MARCH 31, 1996
------------------------ ------------------------
<S> <C> <C> <C> <C>
NABISCO NABISCO
HOLDINGS NABISCO HOLDINGS NABISCO
----------- ----------- ----------- -----------
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net income............................................................. $ 64 $ 64 $ 53 $ 53
Adjustments to reconcile net income to net cash flows from operating
activities:
Depreciation of property, plant and equipment...................... 70 70 64 64
Amortization of intangibles........................................ 57 57 57 57
Deferred income tax provision...................................... 21 21 3 3
Changes in working capital items, net.............................. (380) (380) (231) (231)
Other, net......................................................... 2 2 2 2
----- ----- ----- -----
Net cash flows (used in) operating activities........................ (166) (166) (52) (52)
----- ----- ----- -----
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Capital expenditures................................................... (61) (61) (100) (100)
Acquisition of businesses.............................................. -- -- (55) (55)
Other, net............................................................. 2 2 1 1
----- ----- ----- -----
Net cash flows (used in) investing activities........................ (59) (59) (154) (154)
----- ----- ----- -----
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Net proceeds from the issuance of long-term debt....................... 207 207 156 156
Repayments of long-term debt........................................... (10) (10) (44) (44)
Increase (decrease) in notes payable................................... 47 47 97 97
Dividends paid on common stock......................................... (41) (41) (36) (36)
----- ----- ----- -----
Net cash flows from financing activities............................. 203 203 173 173
----- ----- ----- -----
Effect of exchange rate changes on cash and cash equivalents............. (2) (2) (1) (1)
----- ----- ----- -----
Net change in cash and cash equivalents.............................. (24) (24) (34) (34)
Cash and cash equivalents at beginning of period......................... 93 93 121 121
----- ----- ----- -----
Cash and cash equivalents at end of period............................... $ 69 $ 69 $ 87 $ 87
----- ----- ----- -----
----- ----- ----- -----
</TABLE>
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
2
<PAGE>
NABISCO HOLDINGS CORP.
NABISCO, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
MARCH 31, 1997 DECEMBER 31, 1996
---------------------- ----------------------
<S> <C> <C> <C> <C>
NABISCO NABISCO
HOLDINGS NABISCO HOLDINGS NABISCO
----------- --------- ----------- ---------
ASSETS
Current assets:
Cash and cash equivalents.......................................... $ 69 $ 69 $ 93 $ 93
Accounts and notes receivable, net................................. 555 555 556 556
Deferred income taxes.............................................. 29 29 55 55
Inventories........................................................ 915 915 879 879
Prepaid expenses................................................... 71 71 46 46
----------- --------- ----------- ---------
TOTAL CURRENT ASSETS........................................... 1,639 1,639 1,629 1,629
----------- --------- ----------- ---------
Property, plant and equipment, net................................... 3,260 3,260 3,287 3,287
Trademarks, net...................................................... 3,826 3,826 3,856 3,856
Goodwill, net........................................................ 3,426 3,426 3,451 3,451
Other assets and deferred charges.................................... 61 61 67 67
----------- --------- ----------- ---------
$ 12,212 $ 12,212 $ 12,290 $ 12,290
----------- --------- ----------- ---------
----------- --------- ----------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable...................................................... $ 294 $ 294 $ 251 $ 251
Accounts payable and accrued liabilities........................... 1,322 1,312 1,582 1,572
Current maturities of long-term debt............................... 27 27 24 24
Income taxes accrued............................................... 65 65 112 112
----------- --------- ----------- ---------
TOTAL CURRENT LIABILITIES...................................... 1,708 1,698 1,969 1,959
----------- --------- ----------- ---------
Long-term debt (less current maturities)............................. 4,407 4,407 4,213 4,213
Other noncurrent liabilities......................................... 703 703 708 708
Deferred income taxes................................................ 1,310 1,310 1,316 1,316
Stockholders' equity:................................................
Class A common stock (51,819,653 shares issued and outstanding at
March 31, 1997).................................................. 1 -- 1 --
Class B common stock (213,250,000 shares issued and outstanding at
March 31, 1997).................................................. 2 -- 2 --
Paid-in capital.................................................... 4,087 4,141 4,087 4,141
Retained earnings.................................................. 66 23 43 --
Cumulative translation adjustment.................................. (70) (70) (47) (47)
Notes receivable on common stock purchases......................... (2) -- (2) --
----------- --------- ----------- ---------
TOTAL STOCKHOLDERS' EQUITY..................................... 4,084 4,094 4,084 4,094
----------- --------- ----------- ---------
$ 12,212 $ 12,212 $ 12,290 $ 12,290
----------- --------- ----------- ---------
----------- --------- ----------- ---------
</TABLE>
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
3
<PAGE>
NABISCO HOLDINGS CORP.
NABISCO, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
NOTE 1--INTERIM REPORTING AND RESULTS OF OPERATIONS
For interim reporting purposes, certain costs and expenses are charged to
operations in proportion to the estimated total annual amount expected to be
incurred.
Certain prior year amounts have been reclassified to conform to the 1997
presentation.
In management's opinion, the accompanying unaudited consolidated condensed
financial statements (the "Consolidated Condensed Financial Statements") of
Nabisco Holdings Corp. ("Nabisco Holdings") and Nabisco, Inc. ("Nabisco" and
together with Nabisco Holdings, the "Registrants") contain all adjustments,
consisting only of normal recurring adjustments, necessary for a fair statement
of the results for the interim periods presented.
NEW ACCOUNTING PRONOUNCEMENTS
In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 128, Earnings per Share, which established
new standards for computing and presenting net income per common share and
replaced the standards previously found in Accounting Principles Board Opinion
No. 15., Earnings Per Share. Nabisco Holdings will begin reporting net income
per common share and net income per common share assuming dilution according to
this new standard in the fourth quarter of 1997. For Nabisco Holdings, net
income per common share amounts, for the first quarter of 1997 and all prior
periods, computed under the new standard are equal to the net income per common
share amounts reported under the previous standard.
RESTRUCTURING EXPENSE
In 1996, Nabisco Holdings recorded a restructuring expense of $428 million
($300 million after tax), including cash expenditures of approximately $230
million, related to a program announced on June 24, 1996. The restructuring
program, which was undertaken to streamline operations and improve
profitability, will be substantially completed during 1997. After completion of
the restructuring program, pre-tax savings are expected to be approximately $200
million annually.
The major components of the $428 million restructuring expenses are domestic
and international severance and related benefits associated with workforce
reductions totaling approximately 6,000 employees (approximately $194 million),
estimated losses from disposals of equipment and packaging materials related to
product line rationalizations, which will eliminate production of more than 300
SKU's (stock keeping units) of slow-moving products (approximately $116
million), estimated loss to write-down the carrying value of several
non-strategic product lines prior to sale (approximately $51 million), estimated
costs to terminate manufacturing supply and distribution contracts
(approximately $45 million) and estimated losses from disposals of property
related to international plant closures and domestic and international facility
reorganizations (approximately $22 million).
As of March 31, 1997, approximately $214 million of the restructuring
accruals were utilized as follows: $110 million for severance and related
benefits, $76 million for product line rationalizations, $22 million for
contract terminations and $6 million for plant closures.
NOTE 2--INVENTORIES
The major classes of inventory are shown in the table below:
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
----------- ---------------
<S> <C> <C>
Finished products........................................................... $ 555 $ 536
Raw materials............................................................... 210 199
Other....................................................................... 150 144
----- -----
$ 915 $ 879
----- -----
----- -----
</TABLE>
4
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following discussion and analysis of Nabisco Holdings' financial
condition and results of operations should be read in conjunction with the
historical financial information included in the Consolidated Condensed
Financial Statements.
The food business is conducted by operating subsidiaries of Nabisco
Holdings. Nabisco's businesses in the United States are comprised of the Nabisco
Biscuit Company and the U.S. Foods Group (collectively, the "Domestic Food
Group"). The U.S. Foods Group is comprised of Specialty Products, LifeSavers,
Planters, Tablespreads and Food Service Companies. Nabisco's businesses outside
the United States are conducted by Nabisco Ltd and Nabisco International, Inc.
("Nabisco International" and together with Nabisco Ltd, the "International Food
Group").
RESULTS OF OPERATIONS
Summarized financial data for Nabisco Holdings is as follows:
<TABLE>
<CAPTION>
THREE MONTHS
ENDED MARCH 31,
---------------------------------
1997 1996 % CHANGE
--------- --------- -----------
<S> <C> <C> <C>
(Dollars in Millions)
Net Sales:
Biscuit........................................................................... $ 801 $ 871 (8%)
U.S. Foods Group.................................................................. 527 563 (6%)
--------- ---------
Domestic Food Group............................................................... 1,328 1,434 (7%)
International Food Group.......................................................... 577 556 4%
--------- ---------
Total Nabisco Holdings............................................................ $ 1,905 $ 1,990 (4%)
--------- ---------
--------- ---------
Operating Company Contribution(1):
Biscuit........................................................................... $ 134 $ 125 7%
U.S. Foods Group.................................................................. 65 63 3%
--------- ---------
Domestic Food Group............................................................... 199 188 6%
International Food Group.......................................................... 54 50 8%
--------- ---------
Total Nabisco Holdings............................................................ $ 253 $ 238 6%
--------- ---------
--------- ---------
Operating Income:
Domestic Food Group............................................................... $ 148 $ 137 8%
International Food Group.......................................................... 48 44 9%
--------- ---------
Total Nabisco Holdings............................................................ $ 196 $ 181 8%
--------- ---------
--------- ---------
</TABLE>
- ------------------------
(1) Operating income before amortization of trademarks and goodwill.
Nabisco Holdings reported net sales of $1.91 billion in the first quarter of
1997, a decrease of 4% from the first quarter 1996 level of $1.99 billion, with
the Domestic Food Group off 7% and the International Food Group up 4%. Within
the Domestic Food Group, Nabisco Biscuit sales declined 8%, principally due to
the impact of reorganizing the sales force and volume declines caused by three
fewer selling days in the 1997 first quarter versus the 1996 first quarter. The
U.S. Foods Group net sales decline of 6% was attributable to lower sales volume
for tablespreads and condiments, partially offset by higher sales volume for
nuts, candy and gum. The International Food Group's sales increase was primarily
driven by the second half 1996 business acquisitions, principally Lucky in
Taiwan and improved results in Argentina, Mexico and Iberia, mainly due to
volume gains. Partially offsetting these gains were volume declines in Brazil,
due to a change in trade practices which reduced distributor purchases, and
South Africa.
5
<PAGE>
Nabisco Holdings' operating company contribution was $253 million in the
first quarter of 1997, an increase of 6% from the first quarter 1996 level of
$238 million, with the Domestic Food Group up 6% and the International Food
Group up 8%. The Domestic Food Group's operating company contribution increase
for the first quarter of 1997 was primarily due to improved operating results at
Nabisco Biscuit, resulting largely from restructuring driven margin
improvements. The U.S. Foods Group's increase in operating company contribution
was primarily attributable to restructuring efficiencies. The International Food
Group's increase in operating company contribution for the first quarter of 1997
was principally due to the Taiwan acquisition, the profit impact of increased
sales volumes in Argentina, Mexico and Iberia, and productivity initiatives in
Canada.
Nabisco Holdings' operating income was $196 million in the first quarter of
1997, an increase of 8% from the first quarter of 1996 level of $181 million, as
a result of the increase in operating company contribution discussed above.
RESTRUCTURING EXPENSE
In 1996, Nabisco Holdings recorded a restructuring expense of $428 million
($300 million after tax), including cash expenditures of approximately $230
million, related to a program announced on June 24, 1996. The restructuring
program, which was undertaken to streamline operations and improve
profitability, will be substantially completed during 1997. After completion of
the restructuring program, pre-tax savings are expected to be approximately $200
million annually. The restructuring program is discussed further in Note 1 to
the Consolidated Condensed Financial Statements.
INTEREST AND DEBT EXPENSE
Consolidated interest expense of $81 million in the first quarter of 1997
decreased 4% from the first quarter of 1996, primarily as a result of lower
market interest rates.
NET INCOME
Nabisco Holdings reported net income of $64 million in the first quarter of
1997, an increase of 21% when compared with net income of $53 million for the
first quarter of 1996. This increase resulted primarily from higher operating
income, and lower interest and debt expense as discussed above, and a lower
effective income tax rate, 40.2% in 1997 compared with 41.1% in 1996.
IMPACT OF NEW ACCOUNTING PRONOUNCEMENTS
In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 128, Earnings per Share, which established
new standards for computing and presenting net income per common share and
replaced the standards previously found in Accounting Principles Board Opinion
No. 15., Earnings Per Share. Nabisco Holdings will begin reporting net income
per common share and net income per common share assuming dilution according to
this new standard in the fourth quarter of 1997. For Nabisco Holdings, net
income per common share amounts, for the first quarter of 1997 and all prior
periods, computed under the new standard are equal to the net income per common
share amounts reported under the previous standard.
LIQUIDITY AND FINANCIAL CONDITION
Net cash flows used in operating activities amounted to $166 million for the
first quarter of 1997 compared to $52 million for the first quarter of 1996. The
increase in net cash flows used in operating activities primarily reflects 1997
payments of $61 million related to restructuring and $19 million for higher
income tax payments, partially offset by the 1997 increase in net income.
6
<PAGE>
Cash flows used in investing activities decreased $95 million in the first
quarter of 1997 to $59 million from the first quarter of 1996, primarily because
there was no spending for business acquisitions in 1997 compared to $55 million
in 1996, and capital expenditures were lower by $39 million.
Capital expenditures were $61 million in the first quarter of 1997.
Management expects that the current level of capital expenditures planned for
1997 will be approximately $450 million, which is sufficient to support the
strategic and operating needs of Nabisco Holdings' businesses. Management also
expects that cash flow from operations will be sufficient to support its planned
capital expenditures in 1997.
Cash flows from financing activities for the first quarter of 1997 increased
$30 million to $203 million from the first quarter of 1996, principally from
increased borrowings to pay for higher working capital requirements.
The credit agreement, dated October 31, 1996, among Nabisco Holdings,
Nabisco and various financial institutions, provides lending commitments of $1.5
billion for five years and permits the issuance of up to $300 million of
irrevocable letters of credit. Availability is reduced by the aggregate amount
of borrowings outstanding and letters of credit issued and by the amount of
outstanding Nabisco commercial paper in excess of $1.5 billion. At March 31,
1997, the full $1.5 billion remained available.
The commercial paper facility, dated October 31, 1996, among Nabisco
Holdings, Nabisco and various financial institutions, provides a 364 day $1.5
billion credit facility primarily to support the issuance of commercial paper
borrowings. Availability is reduced by an amount equal to the aggregate amount
of outstanding Nabisco commercial paper. At March 31, 1997, approximately $1,297
million of commercial paper was outstanding. Accordingly, $203 million was
available under the commercial paper facility. At the end of the 364 day period,
any bank borrowing outstanding under the commercial paper facility is
convertible into a three-year term loan at Nabisco's option.
The Registrants believe that they are currently in compliance with all
covenants and restrictions imposed by the terms of their indebtedness.
At March 31, 1997, Nabisco Holdings' total debt (notes payable and long-term
debt, including current maturities) and total capital (total debt and total
stockholders' equity) amounted to approximately $4.73 billion and $8.81 billion,
respectively, of which total debt is higher by $240 million and total capital is
higher by $240 million than their respective balances at December 31, 1996.
Approximately $4.37 billion of this debt was issued by Nabisco, of which $59
million was secured debt. The $357 million balance was issued by various Nabisco
subsidiaries. Nabisco Holdings' ratios of total debt to total stockholders'
equity and total debt to total capital at March 31, 1997 were 1.16 to 1 and .54
to 1, respectively.
Nabisco Holdings currently pays regular quarterly dividends on its common
stock at an annual rate of $.62 per share. At that rate, the aggregate amount of
dividends to be paid would be approximately $164 million during 1997.
------------------------
The foregoing discussion in "Management's Discussion and Analysis of
Financial Condition and Results of Operations" contains forward-looking
statements concerning, among other things, the level of future capital
expenditures and the amount of future savings expected as a result of the 1996
restructuring program. These statements reflect management's current views with
respect to future events and financial performance. These forward-looking
statements are based on many assumptions and factors including competitive
pricing for products, commodity prices, success of new product innovations and
acquisitions, economic conditions in countries where Nabisco Holdings'
subsidiaries do business, the effects of currency fluctuations and the effects
of government regulation. Any changes in such assumptions or factors could
produce significantly different results.
7
<PAGE>
PART II
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The matters below were voted upon at the annual meeting of stockholders of
Nabisco Holdings Corp. held on April 17, 1997. At the meeting, 39,219,808 shares
of Class A Common Stock and 213,250,000 shares of Class B Common Stock were
represented in person or by proxy. Class A Common Stock and Class B Common Stock
are entitled to one (1) vote and ten (10) votes per share, respectively, and
vote together as a single class.
(a) Election of seven Directors.
<TABLE>
<CAPTION>
NAME VOTES FOR VOTES WITHHELD
- -------------------- -------------- --------------
<S> <C> <C>
Herman Cain 2,172,372,165 83,112
John T. Chain, Jr. 2,172,403,422 51,855
Steven F. Goldstone 2,172,398,749 56,528
H. John Greeniaus 2,172,397,449 57,828
David B. Jenkins 2,172,400,953 54,324
Kay Koplovitz 2,172,372,364 82,913
John G. Medlin, Jr. 2,172,400,485 54,792
</TABLE>
(b) Ratification of appointment of Deloitte & Touche LLP as independent
auditors.
<TABLE>
<S> <C> <C>
For: 2,171,897,229
Against: 531,795
Abstain: 26,253
</TABLE>
(c) Approval of Amendment and Restatement of the Nabisco Holdings Corp. 1994
Long-Term Incentive Plan.
<TABLE>
<S> <C> <C>
For: 2,155,499,522
Against: 12,757,354
Abstain: 168,420
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
<TABLE>
<CAPTION>
*11 Nabisco Holdings Corp. Computation of Earnings Per Share for the three months ended
March 31, 1997 and 1996.
<S> <C>
*12 Nabisco, Inc. Computation of Ratio of Earnings to Fixed Charges for the three months
ended March 31, 1997.
*27.1 Nabisco Holdings Corp. Financial Data Schedule.
*27.2 Nabisco, Inc. Financial Data Schedule.
</TABLE>
- ------------------------
* Filed herewith.
(b) Reports on Form 8-K
None.
8
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
<TABLE>
<S> <C>
NABISCO HOLDINGS CORP.
NABISCO, INC.
(Registrants)
Date: May 1, 1997 /s/ ROBERT A. SCHIFFNER
...........................................................................................
Robert A. Schiffner
Senior Vice President and Controller
</TABLE>
9
<PAGE>
EXHIBIT 11
NABISCO HOLDINGS CORP.
COMPUTATION OF EARNINGS PER SHARE
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 1997 MARCH 31, 1996
----------------------- -----------------------
<S> <C> <C> <C> <C>
FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
--------- ------------ --------- ------------
Average number of common and common equivalent shares
outstanding during the period (in thousands):
Common Stock issued and outstanding at beginning of period... 265,070 265,070 265,000 265,000
Average number of shares of common stock issued during the
period..................................................... -- -- 12 12
Average number of stock options outstanding during the
period..................................................... 3,536 3,698 1,805 1,805
--------- ------------ --------- ------------
Average number of common and common equivalent shares
outstanding during the period.............................. 268,606 268,768 266,817 266,817
--------- ------------ --------- ------------
--------- ------------ --------- ------------
Net income applicable to common stock.......................... $64 $64 $53 $53
--------- ------------ --------- ------------
--------- ------------ --------- ------------
Net income per common and common equivalent share.............. $.24 $.24 $.20 $.20
--------- ------------ --------- ------------
--------- ------------ --------- ------------
</TABLE>
<PAGE>
EXHIBIT 12
NABISCO, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
THREE MONTHS
ENDED
MARCH 31, 1997
-----------------
<S> <C>
Earnings before fixed charges:
Net income...................................................................................... $ 64
Provision for income taxes...................................................................... 43
-----
Income before income taxes...................................................................... 107
Interest and debt expense....................................................................... 81
Interest portion of rental expense.............................................................. 7
-----
Earnings before fixed charges..................................................................... $ 195
-----
-----
Fixed charges:
Interest and debt expense....................................................................... $ 81
Interest portion of rental expense.............................................................. 7
Capitalized interest............................................................................ 2
-----
Total fixed charges........................................................................... $ 90
-----
-----
Ratio of earnings to fixed charges................................................................ 2.2
-----
-----
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS OF NABISCO HOLDINGS CORP., WHICH
WERE FILED WITH SEC FORM 10-Q, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000932130
<NAME> NABISCO HOLDINGS CORP.
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 69
<SECURITIES> 0
<RECEIVABLES> 555
<ALLOWANCES> 0
<INVENTORY> 915
<CURRENT-ASSETS> 1,639
<PP&E> 3,260
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,212
<CURRENT-LIABILITIES> 1,708
<BONDS> 4,407
0
0
<COMMON> 3
<OTHER-SE> 4,081
<TOTAL-LIABILITY-AND-EQUITY> 12,212
<SALES> 1,905
<TOTAL-REVENUES> 1,905
<CGS> 1,109
<TOTAL-COSTS> 1,109
<OTHER-EXPENSES> 57
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 81
<INCOME-PRETAX> 107
<INCOME-TAX> 43
<INCOME-CONTINUING> 64
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 64
<EPS-PRIMARY> .24
<EPS-DILUTED> .24
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS OF NABISCO, INC. WHICH WERE FILED
WITH SEC FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000069526
<NAME> NABISCO, INC.
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 69
<SECURITIES> 0
<RECEIVABLES> 555
<ALLOWANCES> 0
<INVENTORY> 915
<CURRENT-ASSETS> 1,639
<PP&E> 3,260
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,212
<CURRENT-LIABILITIES> 1,698
<BONDS> 4,407
0
0
<COMMON> 0
<OTHER-SE> 4,094
<TOTAL-LIABILITY-AND-EQUITY> 12,212
<SALES> 1,905
<TOTAL-REVENUES> 1,905
<CGS> 1,109
<TOTAL-COSTS> 1,109
<OTHER-EXPENSES> 57
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 81
<INCOME-PRETAX> 107
<INCOME-TAX> 43
<INCOME-CONTINUING> 64
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 64
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
