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Previous: DREYFUS GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND, NSAR-A, 1998-07-23 |
Next: CAPITAL ASSOCIATES INC, 10-K, 1998-07-23 |
PAGE
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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 3, 1998
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
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Item 5. Other Events
- ------- ------------
Coca-Cola Enterprises Inc. (the "Company") files herewith its
unaudited Condensed Consolidated Statements of Income and
Balance Sheet reporting the Company's results of operations
for the second quarter and first six months of 1998, and its
financial position as of July 3, 1998, including a summary of
key financial information.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
(c) Exhibits.
99 Condensed Consolidated Statements of Income and Balance Sheets
(unaudited) of the Company, reporting results of operations
for the second quarter and first six months of 1998 and 1997
and financial position as of July 3, 1998 and December 31,
1997, including a summary of key operating information.
PAGE
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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: July 23, 1998 By:-----------------------------
Lowry F. Kline
Executive Vice President
and General Counsel
PAGE
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COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
- ----------- ----
99 Condensed Consolidated Statements of Income and 5
Balance Sheets (unaudited) of the Company, reporting
results of operations for the second quarter and
first six months of 1998 and 1997 and financial
position as of July 3, 1998 and December 31, 1997,
including a summary of key operating information.
PAGE
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Exhibit 99
COCA-COLA ENTERPRISES INC. Page 1 of 4
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; In Millions Except Per Share Data)
Second Quarter
-----------------------------
1998 (a) 1997 Change
------- ------- -------
Net Operating Revenues $ 3,687 $ 2,905 27%
Cost of Sales 2,297 1,821 26%
------- -------
Gross Profit 1,390 1,084 28%
Selling, Delivery, and Administrative
Expenses 1,048 774 35%
------- -------
Operating Income 342 310 10%
Interest Expense - Net 170 127 34%
Other Nonoperating Deductions - Net - 1 -
------- -------
Income Before Income Taxes 172 182 (5)%
Income Tax Expense 61 71 (14)%
------- -------
Net Income Applicable to Common
Share Owners $ 111 $ 111 -
======= =======
Basic Average Common
Shares Outstanding 394 383
======= =======
Basic Net Income Per Share
Applicable to Common
Share Owners (b) $ 0.28 $ 0.29 (3)%
======= =======
Diluted Average Common
Shares Outstanding 407 394
======= =======
Diluted Net Income Per Share
Applicable to Common
Share Owners (b) $ 0.27 $ 0.28 (4)%
======= =======
Cash Operating Profit Data:
Operating Income $ 342 $ 310 10%
Depreciation 177 139 27%
Amortization 92 75 23%
------- -------
Cash Operating Profit $ 611 $ 524 17%
======= =======
(a) Second-quarter 1998 results include the results of the Coke Southwest
acquisition from the closing date of June 5, 1998.
(b) Per share data calculated prior to rounding to millions.
PAGE
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COCA-COLA ENTERPRISES INC. Exhibit 99
CONSOLIDATED STATEMENTS OF INCOME Page 2 of 4
(Unaudited; In Millions Except Per Share Data)
Six Month
-----------------------------
1998 (a) 1997 (b) Change
------- ------- -------
Net Operating Revenues $ 6,645 $ 5,046 32%
Cost of Sales 4,173 3,162 32%
------- -------
Gross Profit 2,472 1,884 31%
Selling, Delivery, and Administrative
Expenses 2,041 1,516 35%
------- -------
Operating Income 431 368 17%
Interest Expense - Net 338 234 44%
Other Nonoperating Deductions - Net - 6 (c) -
------- -------
Income Before Income Taxes 93 128 (27)%
Income Tax Expense 33 50 (34)%
------- -------
Net Income 60 78 (23)%
Preferred Stock Dividends - 2 -
------- -------
Net Income Applicable to Common
Share Owners $ 60 $ 76 (21)%
======= =======
Basic Average Common Shares
Outstanding 390 380 (d)
======= =======
Basic Net Income Per Share
Applicable to Common Share
Owners (e) $ 0.15 $ 0.20 (25)%
======= =======
Diluted Average Common Shares
Outstanding 404 391 (d)
======= =======
Diluted Net Income Per Share
Applicable to Common Share
Owners (e) $ 0.15 $ 0.20 (25)%
======= =======
Cash Operating Profit Data:
Operating Income $ 431 $ 368 17%
Depreciation 342 259 32%
Amortization 182 171 6%
------- -------
Cash Operating Profit $ 955 $ 798 20%
======= =======
(a) Six-month 1998 results include the results of the Coke Southwest
acquisition from the closing date of June 5, 1998.
(b) Six-month 1997 results include the operating results of the
British bottler beginning with the month of March 1997 and interest
expense associated with this acquisition from the closing date of
February 10, 1997.
(c) Six-month 1997 results include a $6 million, or 1 cent per common
share (split-adjusted), one-time charge related to the April 1,
1997 redemption of 8 3/4 percent Debentures due April 1, 2017.
(d) Adjusted for 3-for-1 stock split.
(e) Per share data calculated prior to rounding to millions.
PAGE
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COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEETS Page 3 of 4
(In Millions)
July 3, December 31,
1998 1997
----------- ----------
(Unaudited)
ASSETS
Current
Cash and cash investments $ 27 $ 45
Trade accounts receivable, net 1,473 1,007
Inventories 614 462
Current deferred income tax assets 75 70
Prepaid expenses and other current assets 257 229
------- -------
Total Current Assets 2,446 1,813
Net Property, Plant, and Equipment 4,502 3,862
Franchises and Other Noncurrent Assets, Net 13,488 11,812
------- -------
$ 20,436 $17,487
======= =======
LIABILITIES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,298 $ 2,000
Current portion of long-term debt 1,186 1,032
------- -------
Total Current Liabilities 3,484 3,032
Long-Term Debt, Less Current Maturities 8,979 7,760
Retirement and Insurance Programs and
Other Long-Term Obligations 943 917
Long-Term Deferred Income Tax Liabilities 4,608 3,996
Share-Owners' Equity
Preferred stock 10 -
Common stock 445 443
Additional paid-in capital 1,931 1,364
Reinvested earnings 408 374
Cumulative Comprehensive Income Adjustments (27) (16)
Cost of common stock in treasury (345) (383)
------- -------
2,422 1,782
------- -------
$20,436 $17,487
======= =======
PAGE
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Second-Quarter 1998 Change Change (a)
- ------------------- -------- ----------
Cash Operating Profit
Consolidated 17% 5%
Currency Neutral/Common Fiscal Periods 6%
Physical Case Bottle and Can Volume (b)
Consolidated 27% 8%
North America 9%
Europe 4%
Fountain Gallon Volume (b) 32% 2%
Net Revenues Per Case -- Bottle and Can Flat Flat
Currency Neutral 1%
Cost of Sales Per Case -- Bottle and Can (1/2)% (1)%
Currency Neutral Flat
Six-Months 1998
- -------------------
Cash Operating Profit
Consolidated 20% 8%
Currency Neutral/Common Fiscal Periods 6%
Physical Case Bottle and Can Volume (b)
Consolidated 32% 8%
North America 8%
Europe 9%
Fountain Gallon Volume (b) 36% 2%
Net Revenues Per Case -- Bottle and Can Flat (1/2)%
Currency Neutral 1/2%
Cost of Sales Per Case -- Bottle and Can 1/2% (1/2)%
Currency Neutral 1/2%
(a) To determine the comparable change, 1997 results have been adjusted to
include the results of significant 1997 acquisitions for the same
periods they are included in reported 1998 results and 1998 results
have been adjusted to exclude the Coke Southwest acquisition.
(b) To determine the 1998 comparable volume change, 1997 volume results have
been adjusted for acquisitions and common fiscal periods.
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