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Previous: NUVEEN TAX EXEMPT UNIT TRUST SERIES 408, 485BPOS, 1998-04-22 |
Next: MARK SOLUTIONS INC, 8-K/A, 1998-04-22 |
<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): April 21, 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 7 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 Statement of Operations and Balance Sheet,
reporting the Company's results of operations and financial position as
of and for the first quarter ended April 3, 1998, including a summary
of key operating information.
Item 7. Financial Statements and Exhibits
- ------ ---------------------------------
(c) Exhibits.
99 Condensed Consolidated Statements of Operations and Balance Sheets
(unaudited) of the Company, reporting results of operations for the
first quarters ended April 3, 1998 and March 28, 1997 and financial
position as of April 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: April 22, 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 Operations and 5
Balance Sheets (unaudited) of the Company, reporting
results of operations for the first quarters ended
April 3, 1998 and March 28, 1997 and financial position
as of April 3, 1998 and December 31, 1997, including a
summary of key operating information.
PAGE
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<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Page 1 of 3
(Unaudited; in Millions Except Per Share Data)
First Quarter
--------------------------
1998 1997(a) Change
------- ------- ------
Net Operating Revenues $ 2,958 $ 2,141 38%
Cost of Sales 1,876 1,341 40%
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Gross Profit 1,082 800 35%
Selling, Delivery, and Administrative Expenses 993 742 34%
------- -------
Operating Income 89 58 53%
Interest Expense - Net 168 107 57%
Other Nonoperating Deductions - Net -- 5(b)
------- -------
Loss Before Income Taxes (79) (54)
Income Tax Benefit (28) (21)
------- -------
Net Loss (51) (33)
Preferred Stock Dividends -- 2
------- -------
Net Loss Applicable to Common Share Owners $ (51) $ (35)
======= =======
Basic and Diluted Average Common Shares
Outstanding 387 377 (c)
======= =======
Basic and Diluted Net Loss Per Share
Applicable to Common Shares Owners(d) $ (0.13) $ (0.09)(c)
======= =======
Cash Operating Profit Data:
Operating Income $ 89 $ 58 53%
Depreciation 165 120 38%
Amortization 90 96 (6)%
------- -------
Cash Operating Profit $ 344 $ 274 26%
======= =======
(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) First-quarter 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 the Company's 8 3/4 percent Debentures due April 1, 2017.
(c) Adjusted for 3-for-1 stock split.
(d) 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 2 of 3
(In Millions)
April 3, December 31,
1998 1997
----------- -----------
(Unaudited)
ASSETS
Current
Cash and cash investments $ 16 $ 45
Trade accounts receivable, net 1,120 1,007
Inventories 533 462
Current deferred income tax assets 70 70
Prepaid expenses and other current assets 226 229
------- -------
Total Current Assets 1,965 1,813
Net Property, Plant, and Equipment 4,034 3,862
Franchises and Other Noncurrent Assets - Net 11,812 11,812
------- -------
$17,811 $17,487
======= =======
LIABILITIES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,084 $ 2,000
Current portion of long-term debt 832 1,032
------- -------
Total Current Liabilities 2,916 3,032
Long-Term Debt, Less Current Maturities 8,443 7,760
Retirement and Insurance Programs and Other
Long-Term Obligations 886 917
Long-Term Deferred Income Tax Liabilities 3,891 3,996
Share-Owners' Equity
Common stock 444 443
Additional paid-in capital 1,386 1,364
Reinvested earnings 314 374
Cumulative other comprehensive loss (36) (16)
Cost of common stock in treasury (433) (383)
------- -------
1,675 1,782
------- -------
$17,811 $17,487
======= =======
PAGE
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 3 of 3
(Unaudited)
Reported Comparable
First-Quarter 1998 Change Change(a)
- -------------------------- -------- ----------
Cash Operating Profit
Consolidated 26% 13%
Currency Neutral/Common Fiscal Periods 7%
Physical Case Bottle and Can Volume(b)
Consolidated 38% 8%
North America 33% 6%
Europe 58% 14%
Fountain Gallon Volume(b) 42% 2%
Net Revenues Per Case -- Bottle and Can Flat (1)%
Currency Neutral Flat
Cost of Sales Per Case -- Bottle and Can 1.5% (.5)%
Currency Neutral 1%
(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.
(b) To determine the 1998 comparable volume change, 1997 volume results have
been adjusted for both acquisitions and common fiscal periods.
PAGE
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