-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K3XlnPqUioQqrbTLYmLAT2BYBl6+JpO1zbDsLZ0S4uD0JRd/h0qJujBW8BJeSh2V 9a8Y52UjSfRI08hfxCZ25w== 0000804055-99-000001.txt : 19990125 0000804055-99-000001.hdr.sgml : 19990125 ACCESSION NUMBER: 0000804055-99-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990119 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COCA COLA ENTERPRISES INC CENTRAL INDEX KEY: 0000804055 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 580503352 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09300 FILM NUMBER: 99509725 BUSINESS ADDRESS: STREET 1: 2500 WINDY RIDGE PKWY CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 7709893000 MAIL ADDRESS: STREET 1: 2500 WINDY RIDGE PKWY CITY: ATLANTA STATE: GA ZIP: 30339 8-K 1 ITEMS 5/7 4TH QTR 98 EARNINGS 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 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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 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 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 EX-99 2 CONSOLIDATED STATEMENT OF OPERATIONS 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. 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. 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 ======= ======= 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. -----END PRIVACY-ENHANCED MESSAGE-----