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Previous: FIDELITY ADVISOR SERIES V, 24F-2NT, 1999-01-22 |
Next: PULITZER PUBLISHING CO, 8-K, 1999-01-22 |
<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): January 19, 1999
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>
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 1998.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
(c) Exhibits.
99 Consolidated Statements of Income for the fourth-quarter and
full-year 1998 and 1997, Condensed Consolidated Balance
Sheets as of December 31, 1998 (unaudited), and December 31,
1997 and a summary of key financial information for the reported
periods.
2
<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 21, 1999 By:-----------------------------
Lowry F. Kline
Executive Vice President
and General Counsel
3
<PAGE>
COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
- ----------- ----
99 Consolidated Statements of Income for the fourth-quarter 5
and full-year 1998 and 1997, Condensed Consolidated
Balance Sheets as of December 31, 1998 (unaudited), and
December 31, 1997, and a summary of key financial
information for the reported periods.
4
<PAGE>
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONSOLIDATED STATEMENTS OF OPERATIONS Page 1 of 4
(In Millions Except Per Share Data)
Fourth-Quarter
-----------------------------
1998 (a) 1997 Change
------- ------- ------
Net Operating Revenues $ 3,241 $ 3,049 6%
Cost of Sales 2,011 1,917 5%
------- -------
Gross Profit 1,230 1,132 9%
Selling, Delivery, and Administrative
Expenses 1,100 1,007 9%
------- -------
Operating Income 130 125 4%
Interest Expense - Net 184 159 16%
Other Nonoperating Deductions - Net (1) -
------- -------
Loss Before Income Taxes (53) (34)
Income Tax Benefit (19) (15)
------- -------
Net Loss Applicable to
Common Share Owners $ (34) $ (19)
======= =======
Basic and Diluted Average Common
Shares Outstanding 393 386
======= =======
Basic and Diluted Net Loss Per Share
Applicable to Common Share Owners (b) $ (0.09) $ (0.05)
======= =======
Cash Operating Profit Data:
Operating Income $ 130 $ 125 4%
Depreciation 199 164 21%
Amortization 109 92 18%
------- -------
Cash Operating Profit $ 438 $ 381 15%
======= =======
(a) Reported fourth-quarter 1998 results include the operating results of the
Coke Southwest acquisition for all of fourth-quarter 1998.
(b) Per share data calculated prior to rounding to millions.
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
CONSOLIDATED STATEMENTS OF INCOME Page 2 of 4
(In Millions Except Per Share Data)
Full-Year
------------------------------
1998 (a) 1997 (b) Change
------- ------- -------
Net Operating Revenues $13,414 $11,278 19%
Cost of Sales 8,391 7,096 18%
------- -------
Gross Profit 5,023 4,182 20%
Selling, Delivery, and Administrative
Expenses 4,154 3,462 20%
------- -------
Operating Income 869 720 21%
Interest Expense - Net 701 536 31%
Other Nonoperating Expenses (Income) - Net (1) 6 (c)
------- -------
Income Before Income Taxes 169 178 (5%)
Income Tax Expense 56 65 (14%)
Rate Change - Great Britain (d) (29) (58)
------- -------
Net Income 142 171
Preferred Stock Dividends 1 2
------- -------
Net Income Applicable to Common Share Owners $ 141 $ 169
======= =======
Basic Average Common Shares Outstanding 393 383 (e)
======= =======
Basic Net Income Per Share Applicable
to Common Share Owners (f) $ 0.36 $ 0.44
======= =======
Diluted Average Common Shares Outstanding 406 396 (e)
======= =======
Diluted Net Income Per Share Applicable to
Common Share Owners (f) $ 0.35 $ 0.43
======= =======
Cash Operating Profit Data:
Operating Income $ 869 $ 720 21%
Depreciation 725 566 28%
Amortization 395 380 4%
------- -------
Cash Operating Profit $ 1,989 $ 1,666 19%
======= =======
(a) Full-year 1998 results include the results of the Coke Southwest
Acquisition from the closing date of June 5, 1998.
(b) 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 and 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.
(c) Reported 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) Full-year 1998 and 1997 results include benefits from the reduction
of the United Kingdom tax rate change 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)
December 31, December 31,
1998 1997
------------- ------------
(Unaudited)
ASSETS
Current Assets $ 2,285 $ 1,813
Property, Plant and Equipment - Net 4,891 3,862
Franchises and Other Noncurrent Assets 13,956 11,812
------- -------
$21,132 $17,487
======= =======
LIABILITIES AND SHARE-OWNERS' EQUITY
Current Liabilities $ 3,397 $ 3,032
Long-Term Debt 9,605 7,760
Other Long-Term Obligations 977 917
Deferred Income Taxes 4,715 3,996
Share-Owners' Equity 2,438 1,782
------- -------
$21,132 $17,487
======= =======
<PAGE>
COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Fourth-Quarter 1998 Change Change (a)
- ------------------- -------- ----------
Cash Operating Profit-Consolidated (c) 15% 17%
Physical Case Bottle and Can Volume (b)(c)
Consolidated 3% 5%
North America 7%
Europe Flat
Fountain Gallon Volume (b)(c) 3% 2%
Net Revenues Per Case (Bottle and Can) 3 1/2% 3%
Cost of Sales Per Case (Bottle and Can) 2% 2%
Full-Year 1998
- -------------------
Cash Operating Profit-Consolidated 19% 10%
Physical Case Bottle and Can Volume (b)
Consolidated 18% 5%
North America 6%
Europe 2%
Fountain Gallon Volume (b) 20% 1%
Net Revenues Per Case (Bottle and Can) 1% 1 1/2%
Cost of Sales Per Case (Bottle and Can) 1% 1%
(a) To determine the comparable change, 1997 results have been adjusted to
reflect 1998 currency translation rates and include the results of
material 1997 acquisitions as if they occurred on January 1, 1997. 1998
results have been adjusted to exclude the Coke Southwest acquisition.
(b) To determine the comparable change for bottle and can volume and fountain
volume, 1998 acquisitions are included for the same period in 1997 as
reported in 1998.
(c) To determine comparable forth-quarter 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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