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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): July 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 8 pages
Exhibit Index page 4
<PAGE>
Item 5. Other Events
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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 second quarter and first six months of 1996,
including a summary of key financial information.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99 Consolidated Statements of Operations and Balance Sheets
(unaudited) of the Company, reporting results of operations
and financial position for the second quarter and first six
months of 1996, including a summary of key financial
information.
<PAGE>
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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: July 16, 1996 By:-----------------------------
Lowry F. Kline
Senior Vice President
and General Counsel
<PAGE>
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 second
quarter and first six months of 1996, including a
summary of key financial information.
<PAGE>
Exhibit 99
COCA-COLA ENTERPRISES INC Page 1 of 4
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions Except Per Share Data)
Second Quarter
------------------------------
1996 (a) 1995 Change
------- ------- -------
Net Operating Revenues $ 2,016 $ 1,827 10%
Cost of Sales 1,253 1,153 9%
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Gross Profit 763 674 13%
Selling, General and Administrative Expenses 578 507 14%
------- -------
Operating Income 185 167 11%
Interest Expense - Net 84 82 2%
Other Nonoperating Deductions - Net - 3
------- -------
Income Before Income Taxes 101 82 23%
Income Tax Expense 42 36 17%
------- -------
Net Income 59 46 28%
Preferred Stock Dividends 2 -
------- -------
Net Income Applicable to Common
Share Owners $ 57 $ 46 24%
======= =======
Average Common Shares Outstanding 123 130
======= =======
Net Income Per Common Share (b) $ 0.46 $ 0.35 31%
======= =======
Cash Operating Profit Data:
Operating Income $ 185 $ 167 11%
Depreciation 90 79 14%
Amortization 57 48 19%
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Cash Operating Profit $ 332 $ 294 13%
======= =======
(a) Second-quarter 1996 results include the acquisition of the Ouachita
Coca-Cola Bottling Company acquired on February 21, 1996.
(b) Per share data calculated prior to rounding to millions.
<PAGE>
Exhibit 99
COCA-COLA ENTERPRISES INC Page 2 of 4
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions Except Per Share Data)
Six Months
------------------------------
1996 (a) 1995 (b) Change
------- ------- -------
Net Operating Revenues $ 3,616 $ 3,289 10%
Cost of Sales (c) 2,223 2,054 8%
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Gross Profit 1,393 1,235 13%
Selling, General and Administrative Expenses 1,117 992 13%
------- -------
Operating Income 276 243 14%
Interest Expense - Net 163 162 1%
Other Nonoperating Deductions - Net - 3
Gain From Sale of Bottling Operations (d) - (9)
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Income Before Income Taxes 113 87 30%
Income Tax Expense 47 38
------- -------
Net Income 66 49 35%
Preferred Stock Dividends 4 1
------- -------
Net Income Applicable to Common
Share Owners $ 62 $ 48 29%
======= =======
Average Common Shares Outstanding 125 129
======= =======
Net Income Per Common Share (e) $ 0.50 $ 0.37 35%
======= =======
Cash Operating Profit Data:
Operating Income $ 276 $ 243 14%
Depreciation 176 155 14%
Amortization 107 93 15%
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Cash Operating Profit $ 559 $ 491 14%
======= =======
(a) Six-month 1996 results include the acquisition of the
Ouachita Coca-Cola Bottling Company from the date of acquisition
on February 21, 1996.
(b) Six-month 1995 results include the acquisition of the Wichita
Coca-Cola Bottling Company from the date of acquisition on
January 27, 1995.
(c) Six-month 1996 cost of sales includes a favorable $10 million
(5 cents per common share after tax) settlement from certain suppliers
for purchases made in previous years.
(d) Six-month 1995 results include a $9 million gain on the sale of the
Company's 50 percent ownership interest in The Coca-Cola Bottling
Company of the Mid South (4 cents per common share after tax).
(e) Per share data calculated prior to rounding to millions.
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEETS Page 3 of 4
(In Millions)
June 28, December 31,
1996 1995
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(Unaudited)
ASSETS
Current
Cash and cash equivalents $ 24 $ 8
Trade accounts receivable 606 510
Inventories 306 225
Current deferred income taxes 130 130
Prepaid expenses and other current assets 119 109
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Total Current Assets 1,185 982
Property, Plant and Equipment - Net 2,353 2,158
Franchise and Other Noncurrent Assets 6,318 5,924
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$ 9,856 $ 9,064
======= =======
LIABILITES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 1,015 $ 796
Current maturities of long-term debt 144 63
------- -------
Total Current Liabilites 1,159 859
Long-Term Debt 4,362 4,138
Other Long-Term Obligations 643 600
Deferred Income Taxes 2,224 2,032
Share-Owners' Equity
Preferred stock 173 30
Common stock 147 145
Paid-in capital 1,370 1,346
Reinvested earnings 199 144
Cumulative effect of currency translations 24 38
Common stock in treasury (445) (268)
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1,468 1,435
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$ 9,856 $ 9,064
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<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Second-Quarter Six-Month
Change Change
-------------- ---------
Cash Operating Profit
Reported 13% 14%
Comparable (a) 10% 9%
Volume
Bottle/Can Physical Case
Reported 9% 9 1/2%
Constant Territory 6 1/2% 7 1/2%
Fountain Gallons
Reported 10% 10%
Constant Territory 7 1/2% 7 1/2%
Net Revenues Per Case - Bottle/Can 1 1/2% 1 1/2%
Cost of Sales Per Case - Bottle/Can (b) (1/2)% 1/2%
Second- Second- Six- Six-
Earnings Per Share Quarter Quarter Months Months
Reconciliation 1996 1995 Change 1996 1995 Change
- ----------------------------- ------- ------- ------ ------ ------ ------
Reported Earnings Per Share $ 0.46 $ 0.35 31% $0.50 $0.37 35%
Adjusted Earnings Per Share (c) N/A N/A N/A $0.45 $0.33 36%
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(a) Comparable change reflects adjustments for certain acquisitions and
one-time benefits, as considered appropriate, to identify underlying
business trends.
(b) Six-month 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.
(c) Six-month adjusted earnings per share results exclude a favorable
first-quarter 1996 $10 million (5 cents per common share after tax)
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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