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Previous: NUVEEN TAX EXEMPT UNIT TRUST SERIES 432, 485BPOS, 1996-10-23 |
Next: PREMIER GNMA FUND, 497, 1996-10-23 |
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): October 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
- ------ ------------
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 third quarter and first nine months 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 third quarter and first nine
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: October 22, 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 third
quarter and first nine months of 1996, including a
summary of key financial information.
Exhibit 99
COCA-COLA ENTERPRISES INC. Page 1 of 4
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions Except Per Share Data)
Third Quarter
------------------------------
1996 (a) 1995 Change
------- ------- -------
Net Operating Revenues $ 2,187 $ 1,841 19%
Cost of Sales 1,363 1,183 15%
------- -------
Gross Profit 824 658 25%
Selling, General and Administrative Expenses 667 513 30%
------- -------
Operating Income 157 145 8%
Interest Expense - Net 90 82 10%
Other Nonoperating Deductions - Net 1 0
------- -------
Income Before Income Taxes 66 63 5%
Income Tax Expense 27 27 0%
------- -------
Net Income 39 36 8%
Preferred Stock Dividends 2 1
------- -------
Net Income Applicable to Common
Share Owners $ 37 $ 35 6%
======= =======
Average Common Shares Outstanding 124 129
======= =======
Net Income Per Common Share (b) $ 0.29 $ 0.27 7%
======= =======
Cash Operating Profit Data:
Operating Income $ 157 $ 145 8%
Depreciation 103 80 29%
Amortization 65 47 38%
------- -------
Cash Operating Profit $ 325 $ 272 19%
======= =======
(a) Third-quarter 1996 results include the acquisitions of the Ouachita
Coca-Cola Bottling Company acquired on February 21, 1996; Coca-Cola
Beverages S.A., Coca-Cola Production S.A., and S.A. Beverages Sales
Holding N.V. (collectively French and Belgian bottling operations) as
of July 26, 1996; and Coca-Cola Bottling Company West, Inc. and Grand
Forks Coca-Cola Bottling Co. (collectively Coke West) as of August 12,
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)
Nine Months
------------------------------
1996 (a) 1995 (b) Change
------- ------- -------
Net Operating Revenues $ 5,803 $ 5,130 13%
Cost of Sales (c) 3,586 3,237 11%
------- -------
Gross Profit 2,217 1,893 17%
Selling, General and Administrative Expenses 1,784 1,505 19%
------- -------
Operating Income 433 388 12%
Interest Expense - Net 253 244 4%
Other Nonoperating Deductions - Net 1 3
Gain From Sale of Bottling Operations (d) 0 (9)
------- -------
Income Before Income Taxes 179 150 19%
Income Tax Expense 74 65
------- -------
Net Income 105 85 24%
Preferred Stock Dividends 6 2
------- -------
Net Income Applicable to Common
Share Owners $ 99 $ 83 19%
======= =======
Average Common Shares Outstanding 125 129
======= =======
Net Income Per Common Share (e) $ 0.79 $ 0.64 23%
======= =======
Cash Operating Profit Data:
Operating Income $ 433 $ 388 12%
Depreciation 279 235 19%
Amortization 173 140 24%
------- -------
Cash Operating Profit $ 885 $ 763 16%
======= =======
(a) Nine-month 1996 results include the acquisitions of the Ouachita
Coca-Cola Bottling Company as of February 21, 1996; Coca-Cola
Beverages S.A., Coca-Cola Production S.A., and S.A. Beverages
Sales Holding N.V. (collectively French and Belgian bottling
operations) as of July 26, 1996; and Coca-Cola Bottling Company
West, Inc. and Grand Forks Coca-Cola Bottling Co. (collectively
Coke West) as of August 12, 1996.
(b) Nine-month 1995 results include the acquisition of the Wichita
Coca-Cola Bottling Company from the date of acquisition on January 27,
1995.
(c) Nine-month 1996 cost of sales includes a favorable $10 million (5 cents
per common share after tax) supplier settlement.
(d) Nine-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)
September 27, December 31,
1996 1995
------------- ------------
(Unaudited)
ASSETS
Current
Cash and cash equivalents $ 26 $ 8
Trade accounts receivable 730 510
Inventories 374 225
Current deferred income taxes 130 130
Prepaid expenses and other current assets 164 109
------- -------
Total Current Assets 1,424 982
Property, Plant and Equipment - Net 2,814 2,158
Franchise and Other Noncurrent Assets 7,139 5,924
------- -------
$11,377 $ 9,064
======= =======
LIABILITES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 1,299 $ 796
Current maturities of long-term debt 782 63
------- -------
Total Current Liabilites 2,081 859
Long-Term Debt 4,645 4,138
Other Long-Term Obligations 664 600
Deferred Income Taxes 2,460 2,032
Share-Owners' Equity
Preferred stock 132 30
Common stock 147 145
Paid-in capital 1,408 1,346
Reinvested earnings 233 144
Cumulative effect of currency translations 30 38
Common stock in treasury (423) (268)
------- -------
1,527 1,435
------- -------
$11,377 $ 9,064
======= =======
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Third-Quarter Nine-Month
1996 1996
Change Change
------------- ----------
Cash Operating Profit
Reported 19% 16%
Comparable (a) 9% 9%
Volume
Bottle/Can Physical Case
Reported 15% 11 1/2%
Constant Territory 3 1/2% 6%
Domestic 4 1/2% 6 1/2%
International (6 1/2)% (1)%
Fountain Gallons
Reported 11% 10 1/2%
Constant Territory 2% 5 1/2%
Net Revenues Per Case - Bottle/Can
Reported 4% 2 1/2%
Domestic 2% 2%
Cost of Sales Per Case - Bottle/Can
Reported 1% 1/2%
Domestic (b) (3)% (1/2)%
Earnings Per Share Third-Quarter Nine-Months
Reconciliation 1996 1995 Change 1996 1995 Change
- ----------------------------- ------- ------- ------ ------ ------ ------
Reported Earnings Per Share $0.29 $0.27 7% $0.79 $0.64 23%
Adjusted Earnings Per Share (c) N/A N/A N/A $0.74 $0.60 23%
- --------------------------------------------
(a) Comparable change reflects adjustments for certain acquisitions and
one-time benefits, as considered appropriate, to identify underlying
business trends.
(b) Nine-month bottle and can cost of sales per case excludes a favorable
first-quarter 1996 $10 million (5 cents per common share after tax)
supplier settlement.
(c) Nine-month adjusted earnings per share results exclude a favorable
first-quarter 1996 $10 million (5 cents per common share after tax)
supplier settlement 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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