|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MUNICIPAL INVT TR FD INSURED SERIES 214 DEFINED ASSET FUNDS, 497, 1998-01-30 |
Next: AMERICREDIT CORP, 8-K, 1998-01-30 |
PAGE
<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): January 20, 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
<PAGE>
Item 5. Other Events
- ------- ------------
Coca-Cola Enterprises Inc. (the "Company") files herewith its
Consolidated Statements of Income and Unaudited Condensed
Consolidated Balance Sheet and a summary of key financial
information reporting the Company's results of operations and
financial position for the fourth quarter and full-year 1997.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
(c) Exhibits.
99 Consolidated Statements of Income for the fourth quarter and
full-year of 1997 and 1996, Condensed Consolidated Balance
Sheets as of December 31, 1997 (unaudited), and December 31,
1996 and a summary of key financial information for the reported
periods.
PAGE
<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)
/s/ LOWRY F. KLINE
Date: January 30, 1998 By:-----------------------------
Lowry F. Kline
Executive Vice President
and General Counsel
PAGE
<PAGE>
COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
- ----------- ----
99 Consolidated Statements of Income for the fourth quarter 5
and full-year of 1997 and 1996, Condensed Consolidated
Balance Sheets as of December 31, 1997 (unaudited), and
December 31, 1996, and a summary of key financial
information for the reported periods.
PAGE
<PAGE>
PAGE
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONSOLIDATED STATEMENTS OF INCOME Page 1 of 4
(In Millions Except Per Share Data)
Fourth Quarter
-----------------------------
1997 1996 Change
------- ------- -------
Net Operating Revenues $ 3,049 $ 2,118 44%
Cost of Sales 1,917 1,310 46%
------- -------
Gross Profit 1,132 808 40%
Selling, Delivery, and Administrative Expenses 1,007 696 45%
------- -------
Operating Income 125 112 12%
Interest Expense - Net 159 98 62%
Other Nonoperating Deductions - Net - (1)
------- -------
Income (Loss) Before Income Taxes (34) 15
Income Tax Expense (Benefit) (15) 6
------- -------
Net Income (Loss) (19) 9
Preferred Stock Dividends - 2
------- -------
Net Income (Loss) Applicable to
Common Share Owners $ (19) $ 7
======= =======
Basic Average Common Shares Outstanding(a) 386 375
======= =======
Basic Net Income Per Share
Applicable to Common Share Owners(a)(b) $ (0.05) $ 0.02
======= =======
Diluted Average Common Shares Outstanding(a) 386 383
======= =======
Diluted Net Income Per Share Applicable to
Common Share Owners(a)(b) $ (0.05) $ 0.02
======= =======
Cash Operating Profit Data:
Operating Income $ 125 $ 112 12%
Depreciation 164 113 45%
Amortization 92 62 48%
------- -------
Cash Operating Profit $ 381 $ 287 33%
======= =======
(a) Adjusted for 3-for-1 stock split.
(b) Per share data calculated prior to rounding to millions.
PAGE
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONSOLIDATED STATEMENTS OF INCOME Page 2 of 4
(In Millions Except Per Share Data)
Full-Year
------------------------------
1997 (a) 1996 (b) Change
------- ------- -------
Net Operating Revenues $11,278 $ 7,921 42%
Cost of Sales 7,096 4,896 45%
------- -------
Gross Profit 4,182 3,025 38%
Selling, Delivery and Administrative Expenses 3,462 2,480 40%
------- -------
Operating Income 720 545 32%
Interest Expense - Net 536 351 53%
Other Nonoperating Expenses - Net 6 (c) -
------- -------
Income Before Income Taxes 178 194 (8%)
Income Tax Expense 65 80
Rate Change - Great Britain (58) -
------- -------
Net Income 171 114 50%
Preferred Stock Dividends 2 8
------- -------
Net Income Applicable to Common Share Owners $ 169 $ 106 59%
======= =======
Basic Average Common Shares Outstanding (d) 383 373
======= =======
Basic Net Income Per Common Share Applicable
to Common Share Owners (d)(e) $ 0.44 $ 0.28
======= =======
Diluted Average Common Shares Outstanding (d) 396 380
======= =======
Diluted Net Income Per Share Applicable to
Common Share Owners (d)(e) $ 0.43 $ 0.28
======= =======
Cash Operating Profit Data:
Operating Income $ 720 $ 545 32%
Depreciation 566 392 44%
Amortization 380 235 62%
------- -------
Cash Operating Profit $ 1,666 $ 1,172 42%
======= =======
(a) Reported 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. Reported 1997
results include the operating results of the New York and Canadian bottler
acquisition beginning with the month of August 1997, and interest costs
associated with this acquisition as of August 7, 1997.
(b) Reported 1996 results include the operating results of the Ouachita, Coke
West, and French and Belgian bottler acquisitions from their respective
acquisition dates. The British, New York and Canadian bottler acquisi-
tions are not included in reported 1996 results. Reported 1996 cost of
sales includes a favorable $10 million settlement from certain suppliers.
(c) Reported 1997 results include a $6 million, or 1 cent per common share
(split-adjusted), one-time charge related to the April 1, 1997 redemp-
tion 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
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEETS Page 3 of 4
(In Millions)
December 31, December 31,
1997 1996
------------- ------------
(Unaudited)
ASSETS
Current Assets $ 1,813 $ 1,319
Property, Plant and Equipment - Net 3,862 2,812
Franchise and Other Noncurrent Assets 11,812 7,103
------- -------
$17,487 $11,234
======= =======
LIABILITIES AND SHARE-OWNERS' EQUITY
Current Liabilities 3,032 1,690
Long-Term Debt 7,760 4,814
Other Long-Term Obligations 917 699
Deferred Income Taxes 3,996 2,481
Share-Owners' Equity 1,782 1,550
------- -------
$17,487 $11,234
======= =======
PAGE
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Fourth-Quarter 1997 Change Change (a)
- ------------------- -------- ----------
Cash Operating Profit (b)
Consolidated 33% 5%
Currency Neutral 5%
Physical Case Bottle and Can Volume (c)
Consolidated 46% 6%
North America 31% 6%
Europe N/A 7%
Fountain Gallon Volume (c) 55% 7%
Net Revenues Per Case (Bottle and Can) (2%) (3%)
Currency Neutral (1%)
Cost of Sales Per Case (Bottle and Can) 1/2% (2%)
Currency Neutral Flat
Full-Year 1997
- -------------------
Cash Operating Profit (b)
Consolidated 42% 10%
Currency Neutral 11%
Physical Case Bottle and Can Volume (c)
Consolidated 41% 7%
North America 17% 6%
Europe N/A 8%
Fountain Gallon Volume (c) 39% 5%
Net Revenues Per Case (Bottle and Can) 1/2% (2 1/2%)
Currency Neutral (1%)
Cost of Sales Per Case (Bottle and Can) 3% (2%)
Currency Neutral (1/2%)
(a) To determine the comparable change, 1996 results have been adjusted to
include the results of material 1996 and 1997 acquisitions for the same
periods they are included in reported 1997 results and to exclude the
first-quarter 1996 favorable supplier settlement.
(b) Comparable cash operating profit is determined as described in (a) with
an adjustment to exclude the reported results of the New York and Canadian
bottler.
(c) To determine the 1997 comparable volume change, 1996 volume results have
been adjusted for both acquisitions and common fiscal periods.
PAGE
<PAGE>
|
|