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Previous: INTERTAN INC, SC 13G/A, 1997-01-31 |
Next: EXABYTE CORP, SC 13G, 1997-01-31 |
<PAGE>
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 31, 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 Condensed
Balance Sheets, reporting the Company's results of operations
for the fourth quarter and full year 1996 and 1995, and
its financial position at December 31, 1996 and 1995,
including a summary of key financial information.
Item 7. Financial Statements and Exhibits
- ------ ---------------------------------
(c) Exhibits.
99 Consolidated Statements of Operations and Condensed
Balance Sheets (unaudited) of the Company, reporting
results of operations for the fourth quarter and full year
1996 and 1995, and its financial position at December 31,
1996 and 1995, 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)
Date: December 31, 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 5
Condensed Balance Sheets (unaudited) of the Company,
reporting results of operations for the fourth
quarter and full year 1996 and 1995, and its financial
position at December 31, 1996 and 1995, including a
summary of key financial information.
<PAGE>
<PAGE>
Exhibit 99
COCA-COLA ENTERPRISES INC. Page 1 of 4
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions Except Per Share Data)
Fourth Quarter
------------------------------
1996 1995 Change
------- ------- -------
Net Operating Revenues $ 2,118 $ 1,643 29%
Cost of Sales 1,310 1,030 27%
------- -------
Gross Profit 808 613 32%
Selling, General and Administrative Expenses 696 533 31%
------- -------
Operating Income 112 80 40%
Interest Expense - Net 98 82 20%
Other Nonoperating (Income) Deductions - Net (1) 3
------- -------
Income (Loss) Before Income Taxes 15 (5) 400%
Income Tax Expense (Benefit) 6 (2) 400%
------- -------
Net Income (Loss) 9 (3) 400%
Preferred Stock Dividends 2 -
------- -------
Net Income (Loss) Applicable to Common
Share Owners $ 7 $ (3) 333%
======= =======
Average Common Shares Outstanding 125 129 (3)%
======= =======
Net Income (Loss) Per Common Share (a) $ 0.06 $ (0.03) 300%
======= =======
Cash Operating Profit Data:
Operating Income $ 112 $ 80 40%
Depreciation 113 83 36%
Amortization 62 71 (13)%
------- -------
Cash Operating Profit $ 287 $ 234 23%
======= =======
(a) 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)
Full Year
------------------------------
1996 (a) 1995 (b) Change
------- ------- -------
Net Operating Revenues $ 7,921 $ 6,773 17%
Cost of Sales (c) 4,896 4,267 15%
------- -------
Gross Profit 3,025 2,506 21%
Selling, General and Administrative Expenses 2,480 2,038 22%
------- -------
Operating Income 545 468 16%
Interest Expense - Net 351 326 8%
Other Nonoperating Deductions - Net - 6
Gain From Sale of Bottling Operations (d) - (9)
------- -------
Income Before Income Taxes 194 145 34%
Income Tax Expense 80 63 27%
------- -------
Net Income 114 82 39%
Preferred Stock Dividends 8 2
------- -------
Net Income Applicable to Common
Share Owners $ 106 $ 80 33%
======= =======
Average Common Shares Outstanding 125 129 (3)%
======= =======
Net Income Per Common Share (e) $ 0.85 $ 0.62 37%
======= =======
Cash Operating Profit Data:
Operating Income $ 545 $ 468 16%
Depreciation 392 318 23%
Amortization 235 211 11%
------- -------
Cash Operating Profit $ 1,172 $ 997 18%
======= =======
(a) 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) 1995 results include the acquisition of the Wichita Coca-Cola Bottling
Company from the date of acquisition on January 27, 1995.
(c) 1996 cost of sales includes a favorable $10 million (5 cents per common
share after tax) supplier settlement.
(d) 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)
December 31, December 31,
1996 1995
------------- ------------
(Unaudited)
ASSETS
Current Assets $ 1,319 $ 982
Property, Plant and Equipment - Net 2,812 2,158
Franchise and Other Noncurrent Assets 7,103 5,924
------- -------
$11,234 $ 9,064
======= =======
LIABILITES AND SHARE-OWNERS' EQUITY
Current Liabilites $ 1,690 $ 859
Long-Term Debt 4,814 4,138
Other Long-Term Obligations 699 600
Deferred Income Taxes 2,481 2,032
Share-Owners' Equity 1,550 1,435
------- -------
$11,234 $ 9,064
======= =======
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Fourth-Quarter Full-Year
1996 1996
Change Change
-------------- ---------
Cash Operating Profit
Reported 23% 18%
Comparable (a) 12% 10%
Volume
Bottle/Can Physical Case
Reported 24% 14 1/2%
Constant Territory 4% 5 1/2%
Domestic 3 1/2% 6%
International 6 1/2% 2%
Fountain Gallons
Reported 19 1/2% 12 1/2%
Constant Territory 2 1/2% 5%
Net Revenues Per Case - Bottle/Can
Reported 4% 3%
Domestic 1/2% 1 1/2%
Cost of Sales Per Case - Bottle/Can
Reported 2 1/2% 1%
Domestic (b) (3 1/2)% (1)%
Fourth-Quarter Full-Year
Earnings Per Share ----------------------- ----------------------
Reconciliation 1996 1995 Change 1996 1995 Change
- ----------------------------- ------- ------ ------ ------ ------ ------
Reported Earnings Per Share $0.06 $(0.03) N/M $0.85 $0.62 37%
Adjusted Earnings Per Share (c) N/A N/A N/A $0.80 $0.58 38%
- --------------------------------------------
(a) Comparable change reflects adjustments for certain acquisitions and
one-time benefits, as considered appropriate, to identify underlying
business trends.
(b) 1996 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) 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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