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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 15, 1997
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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Coca-Cola Enterprises Inc. (the "Company") files herewith its
unaudited Consolidated Statement of Operations and Balance Sheet,
reporting the Company's results of operations and financial
position as of and for the first quarter ended March 28, 1997,
including a summary of key operating 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
for the first quarters ended March 28, 1997 and March 29,
1996 and financial position as of March 28, 1997 and
December 31, 1996, including a summary of key operating
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 29, 1997 By:-----------------------------
Lowry F. Kline
Senior Vice President
and General Counsel
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COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
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99 Consolidated Statements of Operations and Balance 5
Sheets (unaudited) of the Company, reporting results
of operations for the first quarters ended March 28,
1997 and March 29, 1996 and financial position as of
March 28, 1997 and December 31, 1996, including a
summary of key operating information.
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Exhibit 99
COCA-COLA ENTERPRISES INC. Page 1 of 3
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions Except Per Share Data)
First Quarter
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1997 (a) 1996 (b) Change
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Net Operating Revenues $ 2,141 $ 1,600 34%
Cost of Sales 1,341 970(c) 38%
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Gross Profit 800 630 27%
Selling, General, and Administrative
Expenses 742 539 38%
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Operating Income 58 91 (36%)
Interest Expense - Net 107 79 35%
Other Nonoperating Deductions - Net 5(d) 0
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Income (Loss) Before Income Taxes (54) 12
Income Tax Expense (Benefit) (21) 5
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Net Income (Loss) (33) 7
Preferred Stock Dividends 2 2
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Net Income (Loss) Applicable to
Common Share Owners $ (35) $ 5
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Average Common Shares Outstanding 126 126
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Net Income (Loss) Per Common Share (e) $ (0.27) $ 0.04
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Restated Average Shares Outstanding
After Proposed 3-For-1 Stock Split 377 379
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Restated Net Income (Loss) Per Common
Share After Proposed 3-For-1 Stock
Split (e) $ (0.09) $ 0.01
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Cash Operating Profit Data:
Operating Income $ 58 $ 91 (36%)
Depreciation 120 86 40%
Amortization 96 50 92%
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Cash Operating Profit $ 274 $ 227 21%
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(a) Reported first-quarter 1997 results include the operating results
of the British bottler for the month of March 1997 and interest
expense from the closing date of February 10, 1997.
(b) Reported first-quarter 1996 results include the Ouachita acquisition
from the closing date of February 21, 1996.
(c) Reported first-quarter 1996 cost of sales includes the favorable $10
million (5 cents per common share after tax) settlement from certain
suppliers.
(d) First-quarter 1997 results include a $6 million, or 3 cents per common
share, one-time charge related to the April 1, 1997 redemption of the
Company's 8 3/4 percent Debentures due April 1, 2017.
(e) Per share data calculated prior to rounding to millions.
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COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEETS Page 2 of 3
(In Millions)
March 28, December 31,
1997 1996
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(Unaudited)
ASSETS
Current
Cash and cash investments $ 9 $ 47
Trade accounts receivable, net 928 668
Inventories 409 317
Current deferred income tax assets 140 140
Prepaid expenses and other current assets 165 147
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Total Current Assets 1,651 1,319
Net Property, Plant, and Equipment 3,197 2,812
Franchise and Other Noncurrent Assets, Net 9,641 7,103
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$14,489 $11,234
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LIABILITES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 1,509 $ 1,199
Payments due on long-term debt 2,207 491
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Total Current Liabilites 3,716 1,690
Long-Term Debt 5,123 4,814
Retirement and Insurance Programs and
Other Long-Term Obligations 849 699
Long-Term Deferred Income Tax Liabilities 3,249 2,481
Share-Owners' Equity
Preferred stock 115 134
Common stock 442* 147
Additional paid-in capital 1,209* 1,434
Reinvested earnings 200 237
Cumulative effect of currency translations 3 21
Cost of common stock in treasury (417) (423)
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1,552 1,550
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$14,489 $11,234
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* Restated for the share-owner approved 3-for-1 stock split to be effected
May 1, 1997. The actual balance for common stock was $147 million at
March 28, 1997. The actual balance for additional paid-in capital was
$1,504 million at March 28, 1997.
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COCA-COLA ENTERPRISES INC. Exhibit 99
Key Operating Information Page 3 of 3
Reported Comparable
First Quarter 1997 Change Change*
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Cash Operating Profit 21% 8%
Cash Operating Profit Excluding the
Effect of Currency Translations N/A 9%
Physical Case Bottle and Can Volume**
Consolidated 32% 10%
United States Groups 9% 9%
European Group N/A 14%
Fountain Gallon Volume 23% 6%
Net Revenues Per Case (Bottle/Can)*** 1% (1 1/2%)
Cost of Sales Per Case (Bottle/Can)*** 5% (1 1/2%)
* To determine the first-quarter 1997 comparable change, 1996 results have
been adjusted to include the results of all of the Company's 1996 and
1997 acquisitions for the same periods they are included in 1997
reported results and to exclude the first-quarter 1996 favorable
supplier settlement of $10 million.
** To determine the first-quarter 1997 comparable volume change, 1996
volume results have also been adjusted to common fiscal periods.
*** To determine the comparable change for net revenues and cost of sales
per case, comparable first-quarter 1996 results have also been adjusted
to eliminate the effect of changes in the currency rates.
