| (In millions except per share data) | FISCAL YEAR | | 1996
| | | Proforma(A)
| Reported
| 1995(B)
| Operations Summary | | | | Net operating revenues | $ 10,307 | $ 7,921 | $ 6,773 | Cost of sales | 6,444
| 4,896
| 4,267
| Gross profit | 3,863 | 3,025 | 2,506 | Selling, general, and administrative | | | | expenses | 3,155 | 2,480 | 2,038 | |
|
|
| Operating income | 708 | 545 | 468 | Interest expense, net | 564 | 351 | 326 | Other nonoperating income | | | | (deductions), net | 5 | - | (6) | Gain from sale of bottling operations | -
| -
| 9
| Income (loss) before income taxes | | | | and cumulative effect of changes in | | | | accounting principles | 149 | 194 | 145 | Income tax expense (benefit) | 61 | 80 | 63 | |
|
|
| Income (loss) before cumulative effect | | | | of changes in accounting principles | 88 | 114 | 82 | Cumulative effect of changes in | | | | accounting principles | -
| -
| -
| Net income (loss) | 88 | 114 | 82 | Preferred stock dividends | 9
| 8
| 2
| Net income (loss) applicable | | | | to common share owners | $ 79
| $ 106
| $ 80
|
| Other Operating Data | | | | Depreciation expense | $ 483 | $ 392 | $ 318 | Amortization expense | 319 | 235 | 211 |
| Share and Per Share Data | | | | Average common shares outstanding | 125 | 125 | 129 | Net income (loss) per common share | | | | before cumulative effect of | | | | changes in accounting principles | $ 0.63 | $ 0.85 | $ 0.62 | Net income (loss) applicable | | | | to common share owners | 0.63 | 0.85 | 0.62 | Dividends per common share | 0.10 | 0.10 | 0.05 | Closing stock price | 481/2 | 481/2 | 267/8 |
| Year-End Financial Position | | | | Property, plant, and equipment, net | $ 3,156 | $ 2,812 | $ 2,158 | Franchises and other | | | | noncurrent assets, net | 9,816 | 7,103 | 5,924 | Total assets | 14,674 | 11,234 | 9,064 | Long-term debt | 7,315 | 5,305 | 4,201 | Share-owners' equity | 1,550 | 1,550 | 1,435 |
|
| 1994
| 1993(C)
| 1992(D)
| Operations Summary | | | | Net operating revenues | $     6,011 | $ 5,465 | $ 5,127 | Cost of sales | 3,703
| 3,372
| 3,219
| Gross profit | 2,308 | 2,093 | 1,908 | Selling, general, and administrative | | | | expenses | 1,868 | 1,708 | 1,602 | |
|
|
| Operating income | 440 | 385 | 306 | Interest expense, net | 310 | 328 | 312 | Other nonoperating income | | | | (deductions), net | (3) | (2) | (6) | Gain from sale of bottling operations | -
| -
| -
| Income (loss) before income taxes | | | | and cumulative effect of changes in | | | | accounting principles | 127 | 55 | (12) | Income tax expense (benefit) | 58 | 70 | 3 | |
|
|
| Income (loss) before cumulative effect | | | | of changes in accounting principles | 69 | (15) | (15) | Cumulative effect of changes | | | | in accounting principles | -
| -
| (171)
| Net income (loss) | 69 | (15) | (186) | Preferred stock dividends | 2
| -
| -
| Net income (loss) applicable | | | | to common share owners | $ 67
| $ (15)
| $ (186)
|
| Other Operating Data | | | | Depreciation expense | $ 282 | $ 254 | $ 227 | Amortization expense | 179 | 165 | 162 |
| Share and Per Share Data | | | | Average common shares outstanding | 130 | 129 | 129 | Net income (loss) per common share | | | | before cumulative effect of changes | | | | in accounting principles | $ 0.52 | $ (0.11) | $ (0.11) | Net income (loss) applicable | | | | to common share owners | 0.52 | (0.11) | (1.45) | Dividends per common share | 0.05 | 0.05 | 0.05 | Closing stock price | 18 | 151/4 | 121/4 |
| Year-End Financial Position | | | | Property, plant, and equipment, net | $ 1,963 | $ 1,890 | $ 1,733 | Franchises and other | | | | noncurrent assets, net | 5,965 | 6,046 | 5,651 | Total assets | 8,738 | 8,682 | 8,085 | Long-term debt | 4,187 | 4,391 | 4,131 | Share-owners' equity | 1,339 | 1,260 | 1,254 |
|
| 1991
| | | Proforma(E)
| Reported
| 1990
| Operations Summary | | | | Net operating revenues | $     5,027 | $ 3,915 | $ 3,933 | Cost of sales | 3,170
| 2,420
| 2,400
| Gross profit | 1,857 | 1,495 | 1,533 | Selling, general, | | | | and administrative expenses | 1,687 | 1,375 | 1,208 | |
|
|
| Operating income | 170 | 120 | 325 | Interest expense, net | 312 | 210 | 200 | Other nonoperating income | | | | (deductions), net | (3) | (2) | 3 | Gain from sale of bottling operations | -
| -
| 56
| Income (loss) before income taxes | | | | and cumulative effect of changes in | | | | accounting principles | (145) | (92) | 184 | Income tax expense (benefit) | (17) | (9) | 91 | |
|
|
| Income (loss) before cumulative effect | | | | of changes in accounting principles | (128) | (83) | 93 | Cumulative effect of changes in | | | | accounting principles | -
| -
| -
| Net income (loss) | (128) | (83) | 93 | Preferred stock dividends | 9
| 9
| 16
| Net income (loss) applicable | | | | to common share owners | $ (137)
| $ (92)
| $ 77
|
| Other Operating Data | | | | Depreciation expense | $ 205 | $ 160 | $ 150 | Amortization expense | 125 | 91 | 86 |
| Share and Per Share Data | | | | Average common shares outstanding | 129 | 116 | 119 | Net income (loss) per common share | | | | before cumulative effect of | | | | changes in accounting principles | $ (1.06) | $ (0.79) | $ 0.65 | Net income (loss) applicable | | | | to common share owners | (1.06) | (0.79) | 0.65 | Dividends per common share | 0.05 | 0.05 | 0.05 | Closing stock price | 153/8 | 153/8 | 151/2 |
| Year-End Financial Position | | | | Property, plant, and equipment, net | $ 1,706 | $ 1,706 | $ 1,373 | Franchises and other | | | | noncurrent assets, net | 4,265 | 4,265 | 3,153 | Total assets | 6,677 | 6,677 | 5,021 | Long-term debt | 4,091 | 4,091 | 2,537 | Share-owners' equity | 1,442 | 1,442 | 1,627 |
| 1989
| 1988
| 1987
| Operations Summary | | | | Net operating revenues | $     3,822 | $ 3,821 | $ 3,327 | Cost of sales | 2,350
| 2,303
| 1,953
| Gross profit | 1,472 | 1,518 | 1,374 | Selling, general, and administrative | | | | expenses | 1,162 | 1,164 | 1,037 | |
|
|
| Operating income | 310 | 354 | 337 | Interest expense, net | 193 | 202 | 160 | Other nonoperating income | | | | (deductions), net | 10 | 12 | (4) | Gain from sale of bottling operations | 11
| 104
| -
| Income (loss) before income taxes | | | | and cumulative effect of changes in | | | | accounting principles | 138 | 268 | 173 | Income tax expense (benefit) | 66 | 115 | 85 | |
|
|
| Income (loss) before cumulative effect | | | | of changes in accounting principles | 72 | 153 | 88 | Cumulative effect of changes | | | | in accounting principles | -
| -
| -
| Net income (loss) | 72 | 153 | 88 | Preferred stock dividends | 18
| 10
| -
| Net income (loss) applicable to | | | | common share owners | $ 54
| $ 143
| $ 88
|
| Other Operating Data | | | | Depreciation expense | $ 148 | $ 143 | $ 123 | Amortization expense | 81 | 82 | 72 |
| Share and Per Share Data | | | | Average common shares outstanding | 130 | 139 | 140 | Net income (loss) per common share | | | | before cumulative effect | | | | of changes in accounting principles | $ 0.41 | $ 1.03 | $ 0.63 | Net income (loss) applicable to | | | | common share owners | 0.41 | 1.03 | 0.63 | Dividends per common share | 0.05 | 0.05 | 0.05 | Closing stock price | 16 | 15 | 141/4 |
| Year-End Financial Position | | | | Property, plant, and equipment, net | $ 1,286 | $ 1,180 | $ 1,038 | Franchises and other noncurrent | | | | assets, net | 2,952 | 3,001 | 2,760 | Total assets | 4,732 | 4,669 | 4,250 | Long-term debt | 2,305 | 2,211 | 2,157 | Share-owners' equity | 1,680 | 1,808 | 1,526 | Fiscal periods presented are calendar years, beginning after 1991, and fiscal years ending on the Friday nearest December 31 prior to 1991. The Company acquired subsidiaries in each year presented and divested subsidiaries in certain periods. Such transactions, except for: (i) the 1997 acquisition of Coca-Cola & Schweppes Beverages Limited ("CCSB"), (ii) the acquisition of Coca-Cola Beverages S.A., Coca-Cola Production S.A., and S.A. Beverage Sales Holding N.V. (collectively "the French and Belgian bottlers"), (iii) the acquisition of Johnston Coca-Cola Bottling Group, Inc. ("Johnston"), and (iv) gains from the sale of certain bottling operations, did not significantly affect the Company's operating results in any one fiscal period. All acquisitions and divestitures have been included in or excluded from, as appropriate, the consolidated operating results of the Company from their respective transaction dates. (A) | The 1996 proforma Operations Summary, Other Operating Data and Share and Per Share Data give effect to the following acquisitions as though each had been owned for a full year beginning January 1, 1996: Coca-Cola & Schweppes Beverages Limited, the French and Belgian bottlers, Coca-Cola Bottling Company West, Inc., Grand Forks Coca-Cola Bottling Co., and Ouachita Coca-Cola Bottling Company, Inc. ("Ouachita"). | (B) | In January 1995 the Company sold its 50% ownership interest in The Coca-Cola Bottling Company of the Mid South ("Mid South") to Ouachita. The Company's interest in Mid South was reacquired through the Ouachita acquisition in February 1996. | (C) | A one-time charge of $40 million ($0.31 per common share) in income tax expense to increase deferred income taxes resulted from a 1% increase in the corporate marginal income tax rate in connection with the Omnibus Budget Reconciliation Act of 1993. | (D) | The adoption of SFAS 106 and SFAS 109 resulted in one-time charges to income. Fiscal periods prior to 1992 were not restated for these accounting changes. | (E) | The 1991 proforma Operations Summary, Other Operating Data and Share and Per Share Data give effect to the acquisition of Johnston in December 1991 as though it had been completed at the beginning of 1991. A restructuring charge in 1991 of $152 million is included in selling, general, and administrative expenses. | |