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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): October 2, 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
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Item 5. Other Events
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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 third quarter and first nine months of 1998, and its
financial position as of October 2, 1998, including a summary of
key financial information.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99 Condensed Consolidated Statements of Income and Balance Sheets
(unaudited) of the Company, reporting results of operations
for the third quarter and first nine months of 1998 and 1997
and financial position as of October 2, 1998 and December 31,
1997, 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/ E. LISTON BISHOP III
Date: October 27, 1998 By:-----------------------------
E. Liston Bishop III
Vice President
and Assistant Secretary
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COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
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99 Condensed Consolidated Statements of Income and 5
Balance Sheets (unaudited) of the Company, reporting
results of operations for the third quarter and
first nine months of 1998 and 1997 and financial
position as of October 2, 1998 and December 31, 1997,
including a summary of key operating information.
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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)
Third Quarter
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1998 1997 (b) Change
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Net Operating Revenues $ 3,528 $ 3,183 11%
Cost of Sales 2,207 2,017 9%
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Gross Profit 1,321 1,166 13%
Selling, Delivery, and Administrative
Expenses 1,013 939 8%
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Operating Income 308 227 36%
Interest Expense - Net 179 143 25%
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Income Before Income Taxes 129 84 54%
Income Tax Expense 42 30 40%
Income Tax Rate Change Benefit (a) (29) (58)
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Net Income 116 112 4%
Preferred Stock Dividends 1 -
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Net Income Applicable to Common
Share Owners $ 115 $ 112 3%
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Basic Average Common
Shares Outstanding 398 386 3%
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Basic Net Income Per Share
Applicable to Common
Share Owners (c) $ 0.29 $ 0.29
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Diluted Average Common
Shares Outstanding 410 399 3%
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Diluted Net Income Per Share
Applicable to Common
Share Owners (c) $ 0.28 $ 0.28
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Cash Operating Profit Data:
Operating Income $ 308 $ 227 36%
Depreciation 184 143 29%
Amortization 104 117 (11)%
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Cash Operating Profit $ 596 $ 487 22%
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(a) Third-quarter 1998 and 1997 results include one-time benefits from
the reduction of the United Kingdom tax rate of 7 cents and 15 cents
per share, respectively.
(b) Third quarter 1997 results include the operating results of New York
and Canadian bottler aquisitions beginning with the month of August 1997,
and related interest costs associated with this acquisition as if it
closed on August 7, 1997.
(c) Per share data calculated prior to rounding to millions.<PAGE>
Exhibit 99
COCA-COLA ENTERPRISES INC. Page 2 of 4
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; In Millions Except Per Share Data)
Nine Month
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1998 (a) 1997 (b) Change
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Net Operating Revenues $10,173 $ 8,229 24%
Cost of Sales 6,380 5,179 23%
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Gross Profit 3,793 3,050 24%
Selling, Delivery, and Administrative
Expenses 3,054 2,455 24%
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Operating Income 739 595 24%
Interest Expense - Net 517 377 37%
Other Nonoperating Deductions - Net - 6 (c)
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Income Before Income Taxes 222 212 5%
Income Tax Expense 75 80 (6)%
Income Tax Rate Change Benefit (d) (29) (58)
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Net Income 176 190 (7)%
Preferred Stock Dividends 1 2
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Net Income Applicable to Common
Share Owners $ 175 $ 188 (7)%
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Basic Average Common Shares
Outstanding 393 382 (e) 3%
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Basic Net Income Per Share
Applicable to Common Share
Owners (f) $ 0.45 $ 0.49 (8)%
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Diluted Average Common Shares
Outstanding 406 394 (e) 3%
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Diluted Net Income Per Share
Applicable to Common Share
Owners (f) $ 0.43 $ 0.48 (10)%
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Cash Operating Profit Data:
Operating Income $ 739 $ 595 24%
Depreciation 526 402 31%
Amortization 286 288 (1)%
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Cash Operating Profit $ 1,551 $ 1,285 21%
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(a) Nine-month 1998 results include the results of the Coke Southwest
acquisition from the closing date of June 5, 1998.
(b) Nine-month 1997 results include the operating results of the
British bottler beginning with the month of March 1997 and related
interest expense from the closing date of
February 10, 1997 and the operating results of New York and Canadian
bottler acquisitions beginning with the month of August 1997, and
related interest costs associated with this acquisition as if it
closed on August 7, 1997.
(c) Nine-month 1997 results include a $6 million, or 1 cent per common
share, one-time charge related to the April 1,
1997 redemption of 8 3/4 percent Debentures due April 1, 2017.
(d) Nine-month 1998 and 1997 results include one-time
benefits from the reduction of the United Kingdon tax rate of 7 cents
and 15 cents per share, respectively.
(e) Adjusted for 3-for-1 stock split.
(f) 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)
October 2, December 31,
1998 1997
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(Unaudited)
ASSETS
Current
Cash and cash investments $ 92 $ 45
Trade accounts receivable, net 1,269 1,007
Inventories 565 462
Current deferred income tax assets 73 70
Prepaid expenses and other current assets 272 229
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Total Current Assets 2,271 1,813
Net Property, Plant, and Equipment 4,570 3,862
Franchises and Other Noncurrent Assets, Net 13,529 11,812
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$ 20,370 $17,487
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LIABILITIES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,098 $ 2,000
Current portion of long-term debt 1,447 1,032
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Total Current Liabilities 3,545 3,032
Long-Term Debt, Less Current Maturities 9,097 7,760
Retirement and Insurance Programs and
Other Long-Term Obligations 1,005 917
Deferred Income Tax Liabilities 4,564 3,996
Share-Owners' Equity
Preferred stock 48 -
Common stock 446 443
Additional paid-in capital 1,937 1,364
Reinvested earnings 509 374
Cumulative Comprehensive Inc ome (32) (16)
Cost of common stock in treasury (749) (383)
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2,159 1,782
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$20,370 $17,487
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Third-Quarter 1998 Change Change (a)
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Cash Operating Profit
Consolidated 22% 15%
Physical Case Bottle and Can Volume (b)
Consolidated 9% 1%
North America 3%
Europe (8)%
Fountain Gallon Volume (b) 14% Flat
Net Revenues Per Case -- Bottle and Can 1 1/2% 1 1/2%
Currnecy Neutral 2%
Cost of Sales Per Case -- Bottle and Can Flat Flat
Currency Neutral 1%
Nine-Months 1998
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Cash Operating Profit
Consolidated 21% 11%
Currency Neutral/Common Fiscal Periods (c) 10%
Physical Case Bottle and Can Volume (b)
Consolidated 23% 5%
North America 6%
Europe 3%
Fountain Gallon Volume (b) 27% 1%
Net Revenues Per Case -- Bottle and Can 1/2% Flat
Currency Neutral 1%
Cost of Sales Per Case -- Bottle and Can 1/2% (1/2)%
Currency Neutral 1%
(a) To determine the comparable change, 1997 results have been adjusted to
include the results of material 1997 acquisitions for the same
periods they are included in 1998 reported results. 1998 results
have been adjusted to exclude the Coke Southwest acquisition.
(b) To determine the comparable change for bottle and can volume and
founatin volume, Coke Southwest results are included for the same period
in 1997 as reported in 1998.
(c) To determine comparable nine-month results for the change in volume and
cash operating profit, 1997 results have been adjusted to include the
same number of fiscal days as 1998.
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