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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): April 16, 1996
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
- ------ ------------
Coca-Cola Enterprises Inc. (the "Company") files herewith its
unaudited Consolidated Statements of Operations and Balance
Sheets, reporting the Company's results of operations and
financial position for the first quarter of 1996, including
a summary of key financial information.
Item 7. Financial Statements and Exhibits
- ------ ---------------------------------
(c) Exhibits.
99 Consolidated Statements of Operations and Balance Sheets
(unaudited) of the Company, reporting results of operations
and financial position for the first quarter of 1996,
including a summary of key financial information.
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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)
/s/ LOWRY F. KLINE
Date: April 18, 1996 By:-----------------------------
Lowry F. Kline
Senior Vice President
and General Counsel
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COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
- ----------- ----
99 Consolidated Statements of Operations and Balance 5
Sheets (unaudited) of the Company, reporting results
of operations and financial position for the first
quarter of 1996, including a summary of key financial
information.
<PAGE>
Exhibit 99
COCA-COLA ENTERPRISES INC Page 1 of 3
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In millions except per share data)
First Quarter
------------------------------
Percent
1996 (a) 1995 (b) Change
------- ------- -------
Net Operating Revenues $ 1,600 $ 1,462 9%
Cost of Sales (c) 970 901 8%
------- -------
Gross Profit 630 561 12%
Selling, General & Administrative Expenses 539 485 11%
------- -------
Operating Income 91 76 20%
Interest Expense - Net 79 80 (1%)
Other Nonoperating Deductions - Net - -
Gain From Sale of Bottling Operations (d) - 9
------- -------
Income Before Income Taxes 12 5 140%
Income Tax Expense 5 2
------- -------
Net Income 7 3 133%
Preferred Stock Dividend Requirements 2 1
------- -------
Net Income (Loss) Applicable to Common
Share Owners $ 5 $ 2 150%
======= =======
Average Common Shares Outstanding 126 129
======= =======
Net Income Per Common Share (e) $ 0.04 $ 0.02 100%
======= =======
Cash Operating Profit Data:
Operating Income $ 91 $ 76 20%
Depreciation 86 76 13%
Amortization 50 45 11%
------- -------
Cash Operating Profit $ 227 $ 197 15%
======= =======
(a) First-quarter 1996 results include the operating results of
Ouachita Coca-Cola Bottling Company from the date of acquisition,
February 21, 1996.
(b) First-quarter 1995 results include the operating results of Wichita
Coca-Cola Bottling Company from the date of acquisition,
January 27, 1995.
(c) First-quarter 1996 cost of sales includes a favorable $10 million
(approximately 5 cents per common share after tax) claims settlement
from certain suppliers related to purchases made in previous years.
(d) First-quarter 1995 results include a gain from the sale of the
Company's 50 percent ownership interest in The Coca-Cola Bottling
Company of the Mid South (approximately 4 cents per common share
after tax).
(e) Per share data calculated prior to rounding to millions.
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONSOLIDATED BALANCE SHEETS Page 2 of 3
(Unaudited; In millions except per share data)
March 29, December 31,
1996 1995
--------- -----------
ASSETS
Current
Cash and cash equivalents $ 16 $ 8
Trade accounts receivable 502 510
Inventories 274 225
Current deferred income taxes 130 130
Prepaid expenses and other current assets 104 109
------- -------
Total Current Assets 1,026 982
Property, Plant and Equipment, net 2,092 2,069
Construction in progress 96 89
------- -------
2,188 2,158
Franchise and Other Noncurrent Assets 6,364 5,924
------- -------
$ 9,578 $ 9,064
======= =======
LIABILITES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 818 $ 796
Current maturities of long-term debt 125 63
------- -------
Total Current Liabilites 943 859
Long-Term Debt 4,356 4,138
Other Long-Term Obligations 600 600
Deferred Income Taxes 2,204 2,032
Share-Owners' Equity
Preferred Stock 183 30
Common stock 145 145
Paid-in capital 1,356 1,346
Reinvested earnings 146 144
Cumulative effect of currency translations 32 38
Common stock in treasury (387) (268)
------- -------
1,475 1,435
------- -------
$ 9,578 $ 9,064
======= =======
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 3 of 3
(Unaudited)
First Quarter Percent
1996 Change
- ------------------------------------ ---------
Cash Operating Profit
Reported 15%
Comparable* 8%
Volume
Bottle/Can
Reported 10 1/2%
Constant Territory 8 1/2%
Fountain
Reported 9 1/2%
Constant Territory 8%
Net Revenues Per Case - Bottle/Can 1 1/2%
Cost of Sales Per Case - Bottle/Can** 2%
First Quarter First Quarter
Earnings Per Share Reconciliation 1996 1995
- ---------------------------------- ------------- -------------
Reported Earnings Per Share $ 0.04 $ 0.02
Adjusted Earnings Per Share*** $(0.01) $(0.02)
* Comparable change reflects adjustments for certain acquisitions and
one-time benefits, as considered appropriate, to identify underlying
business trends.
** Bottle and can cost of sales per case excludes a favorable first
quarter 1996 $10 million (5 cents per common share after tax)
settlement from certain suppliers for purchases made in prior years.
*** Adjusted earnings per share exclude a favorable first quarter 1996
$10 million (5 cents per common share after tax) claims settlement from
certain suppliers for purchases made in prior years and the
first-quarter 1995 gain of $9 million (4 cents per common share
after tax) on the sale of the Company's interest in The Coca-Cola
Bottling Company of Mid South.
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