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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 19, 1995
COCA-COLA ENTERPRISES INC.
(Exact name of registrant as specified in its charter)
Delaware 01-09300 58-0503352
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
2500 Windy Ridge Parkway, Atlanta, Georgia 30339
(Address of principal executive offices, including zip code)
(770) 989-3000
(Registrant's telephone number, including area code)
Page 1 of 7 pages
Exhibit Index page 4
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Item 5. Other Events
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On December 19, 1995, Coca-Cola Enterprises Inc. (the "Company")
issued a press release announcing changes in the Company's share
repurchase program and an increase during the fourth quarter of 1995 and
in 1996 of certain noncash expenses.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
28 Press Release of Coca-Cola Enterprises Inc. issued
December 19, 1995
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SIGNATURE
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 hereunto duly authorized.
COCA-COLA ENTERPRISES INC.
(Registrant)
LOWRY F. KLINE
Date: December 20, 1995 By:------------------------------
Lowry F. Kline
General Counsel
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COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
28 Press release of Coca-Cola Enterprises Inc. 5
issued December 19, 1995
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COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
28 Press Release of Coca-Cola Enterprises Inc. 5
issued December 19, 1995
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EXHIBIT 28
CONTACT: Laura Asman - Media Relations
(770) 989-3023
Margaret Carton - Investor Relations
(770) 989-3622
FOR IMMEDIATE RELEASE
COCA-COLA ENTERPRISES INC. ANNOUNCES CHANGE TO EXISTING SHARE
REPURCHASE PROGRAM AND INCREASE IN FOURTH-QUARTER 1995 AND FULL-YEAR
1996 NONCASH EXPENSES
ATLANTA, December 19, 1995 -- The Coca-Cola Enterprises Board of
Directors today approved the use of debt in addition to free cash flow
to fund transactions under the Company's existing share repurchase
program. Under the August 1994 program, Coca-Cola Enterprises can
repurchase up to 10 million shares of the Company's common stock in
open market and privately negotiated transactions, depending on market
conditions. As of December 15, 1995, share repurchase transactions
under the program totaled 3.3 million shares. Repurchased shares will
be available for general corporate purposes, including the funding of
acquisitions and various employee benefits and compensation plans.
"With the Ouachita acquisition as well as other potential
acquisitions ahead of us, we wanted the flexibility to continue share
repurchase activity even after using free cash flow for acquisitions,"
commented Summerfield K. Johnston, Jr., vice chairman and chief
executive officer of Coca-Cola Enterprises. "We continue to believe
that the repurchase of our own shares represents a high return
reinvestment in our business."
Coca-Cola Enterprises also reported that certain noncash Selling,
General And Administrative Expenses are expected to increase above
third-quarter 1995 levels in the fourth quarter of 1995, as well as
impact results in 1996.
The more than 60 percent increase in the Company's stock price as
of the date of this press release, has resulted in increased expenses
relating to existing performance-based stock compensation. The Company
also expects to implement additional stock-based compensation plans in
1996. The Company believes these performance-based stock compensation
plans are effective tools for maximizing results and share-owner value.
In addition, depreciation expense will increase in the fourth
quarter of 1995 and in 1996 as a result of 1995 capital spending levels
which are now expected to reach approximately $500 million, almost $100
million above estimates at the beginning of 1995. The current 1995
capital spending levels reflect the opportunities identified in the
Company's strategic, on-going investment in the revenue-enhancing cold
drink channel of its business.
The incremental Selling, General And Administrative Expenses are
expected to reduce reported fourth-quarter 1995 results by
approximately 15 cents per common share. In 1996, increases in
Selling, General And Administrative Expenses are expected to reduce
reported earnings by approximately 9 to 11 cents per common share. The
exact impact of these expenses on 1996 results will depend in part on
the Company's stock performance in 1996.
While the incremental noncash expenses will reduce reported
earnings per common share for fourth-quarter and full-year 1995, as
well as for 1996, there is no impact on cash operating profit
(operating income before deducting depreciation or amortization) or
cash flow.
"As we close 1995, we are confident that we can produce 8 percent
to 9 percent comparable cash operating profit growth, ahead of original
1995 expectations," stated Henry A. Schimberg, president and chief
operating officer of Coca-Cola Enterprises. "Our 1996 plans build on
our current momentum and should translate into another year of strong
operating growth and profit enhancement. We expect to increase
comparable cash operating profit by at least 8 percent again in 1996,"
continued Mr. Schimberg.
Coca-Cola Enterprises Inc. (NYSE: CCE) is the world's largest
bottler of products of The Coca-Cola Company, distributing
approximately 55 percent of The Coca-Cola Company's United States
bottle and can volume. Coca-Cola Enterprises is also the sole licensed
bottler for products of The Coca-Cola Company in the Netherlands.
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