[0] Campbell Reports Second Quarter Earnings Per Share At $.49; Shipments of U.S. Soup Decreased 6 Percent for the Quarter and Were Even for the First Half of Fiscal Year 2002.Business Editors CAMDEN Camden, borough, Greater London, England Camden, inner borough (1991 pop. 170,500) of Greater London, SE England. Within the borough, residential Hampstead is popular with writers and artists. , N.J.--(BUSINESS WIRE)--Feb. 13, 2002 Campbell Soup Company Campbell Soup Company (NYSE: CPB) (also known as Campbell's) is a well-known American producer of canned soups and related products. Campbell's products are sold in 120 countries around the world. It is headquartered in Camden, New Jersey. (NYSE NYSE See: New York Stock Exchange :CPB CPB see cardiopulmonary bypass. CPB Cardiopulmonary bypass. See Port-Access cardiopulmonary bypass. ) today reported diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the second quarter ended January January: see month. 27, 2002, of $.49. Excluding the costs of the previously announced Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. manufacturing reconfiguration, diluted earnings per share were $.50, down 23 percent or $.15 from the comparable period last year. This is consistent with the company's November November: see month. 14, 2001 announcement that it expected diluted earnings per share for the second quarter to be between $.48-$.52. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the quarter increased 3 percent to $1.8 billion. The following factors drove the increase: -- Net sales were reduced by $202 million and $399 million respectively. -- Cost of products sold increased by $56 million and $105 million respectively. -- Selling, general and administrative expenses were reduced by $258 million and $504 million respectively. For the quarter, wet soup soup, liquid food in which different kinds of solid food have been cooked, e.g., meat, fish, fowl, vegetables, cereals, or fruit. Many soups are peculiar to certain localities, e.g. shipments compared to one year ago were down 6 percent in the U.S. and up 4 percent in international, resulting in a 3 percent worldwide decline. Net earnings for the quarter were $203 million. Excluding the impact of the Australian reconfiguration, net earnings for the quarter were $206 million, down 24 percent versus a year earlier. The lower earnings were a result of the following: lower U.S. wet soup shipments; the planned significant increase in marketing investments across the portfolio; and the continued softness in Godiva's
Godiva's was a Canadian television comedy-drama series, which debuted on Bravo! and Citytv in 2005. performance due to the events of September September: see month. 11 and the weak U.S. economy. The lower earnings were partially offset by favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. . Total marketing investment for the quarter was up 17 percent before the impact of currency and the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. acquisition. For the first half of fiscal year 2002, net sales increased 6 percent to $3.5 billion. The following factors drove the increase: -- Net sales were reduced by $202 million and $399 million respectively. -- Cost of products sold increased by $56 million and $105 million respectively. -- Selling, general and administrative expenses were reduced by $258 million and $504 million respectively. For the half, wet soup shipments compared to one year ago were even for the U.S. and up 7 percent in international, resulting in a 2 percent worldwide increase. Net earnings for the first half were $374 million. Excluding the impact of the Australian reconfiguration, net earnings for the first half were $380 million, down 20 percent versus a year earlier. Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. R. Conant Co·nant , James Bryant 1893-1978. American educator who was president of Harvard University (1933-1953) and served as ambassador to West Germany (1955-1957). , President and Chief Executive Officer, said, "We are continuing to execute the transformation plan we launched last July July: see month. . We are making strategic investments in consumer marketing, product quality, innovation, infrastructure and our people to put Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. back on a sustainable growth track. "However, in our largest business, U.S. soup, strong shipments in the first quarter driven by planned marketing investments and a modest increase in pantry stock following September 11, have been offset in the second quarter by lower shipments, linked principally to warm weather and the unwinding of the first quarter build in pantry stock. More specifically, while our ready-to-serve brands such as `Campbell's Chunky' and `Campbell's Select' continued to exhibit positive momentum, our condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. soups had a much weaker quarter. Although we are not satisfied with this performance, we are confident that as our transformation plan unfolds, we will revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. this important franchise. "Beyond U.S. soup, several businesses including Pepperidge Farm Pepperidge Farm was founded in 1937 by Margaret Rudkin, who named the brand for a property her family owned in Connecticut (which itself was named for the pepperidge tree, Nyssa sylvatica). In 1961, the company was purchased by Campbell's. , Arnotts Arnotts can refer to;
For the fiscal year, the company is maintaining its previous earnings estimate of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.30 per share, excluding the impact of the Australian reconfiguration. For the fiscal year 2002 third quarter, the company expects diluted earnings per share to be between $.21-$.24, excluding the impact of the Australian reconfiguration. In addition, the company reported: -- Net sales were reduced by $202 million and $399 million respectively. -- Cost of products sold increased by $56 million and $105 million respectively. -- Selling, general and administrative expenses were reduced by $258 million and $504 million respectively. A summary of fiscal year 2002 second quarter results by segment follows: North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Soup and Away From Home Sales for the quarter decreased 5 percent or $40 million to $812 million due to a 6 percent decrease in U.S. soup shipments. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before were $216 million, down 27 percent, resulting from lower volumes in condensed soup and the company's previously announced plans to significantly increase marketing investments. For the quarter, shipments of condensed soup decreased 13 percent, shipments of ready-to-serve soup increased 1 percent and shipments of "Swanson" broth broth liquid media for culturing microorganisms. cooked meat broth a medium useful for culturing anaerobic bacteria. enrichment broth one modified to permit growth by selected bacteria. increased 3 percent. For the half, shipments of condensed soup decreased 7 percent, shipments of ready-to-serve soup increased 9 percent and shipments of "Swanson" broth increased 5 percent. Quality improvements in "Campbell's Chunky chunk·y adj. chunk·i·er, chunk·i·est 1. Short and thick; stocky. 2. Containing small thick pieces: chunky peanut butter; chunky soup. " and "Campbell's Select" soups helped lead the ready-to-serve increases. For the quarter, shipments of eating soups decreased 8 percent and shipments of cooking soups decreased 5 percent. For the half, shipments of both eating and cooking soups declined less than 1 percent. Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of had strong sales results for the quarter and the first half. North America Sauces and Beverages Sales for the quarter increased 2 percent to $319 million. Operating earnings decreased 27 percent to $65 million. The earnings decline was driven by a planned increase in marketing for "Prego Prego® is a trade mark brand name pasta sauce of Campbell Soup Company. It was introduced in 1981 internationally and is based on a family recipe of one of the chefs. Eventually they became the number one selling dry grocery product of the decade. " Italian sauces, "Pace" Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum sauces and "V8" vegetable juice Vegetable juice is a popular drink all over the world. Vegetable juice is an alternative to fruit juice. Most commercial brands do however contain a large amount of sodium. If making vegetable juice at home, a juicer that can process vegetables will be needed. . -- Net sales were reduced by $202 million and $399 million respectively. -- Cost of products sold increased by $56 million and $105 million respectively. -- Selling, general and administrative expenses were reduced by $258 million and $504 million respectively. Biscuits and Confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. Biscuits and Confectionery sales for the quarter increased 1 percent to $428 million. Excluding the impact of currency, sales increased 2 percent. Volume growth at Arnotts and Pepperidge Farm was offset by lower sales at Godiva, principally in North America. Operating earnings declined 10 percent to $80 million, excluding the impact of the Australian manufacturing reconfiguration. Excluding the impact of currency, operating earnings declined 8 percent. This decrease resulted from a planned increase in marketing investments and the decline in sales and earnings at Godiva. Pepperidge Farm delivered solid sales performance across its portfolio with increased shipments and share growth in all strategic categories -- cookies, crackers, breads and frozen products. New products, including "Giant Goldfish" sandwich Sandwich, city, Canada Sandwich, Ont., Canada, part (since 1935) of the city of Windsor. Sandwich, town, England Sandwich, town (1991 pop. 4,184), Kent, SE England, on the Stour River. crackers and "Dessert Bliss" cookies performed well. "Farmhouse" breads delivered a positive performance and new varieties of "Pepperidge Farm" Texas toast Texas Toast is a thicker variation of pre-sliced packaged bread of the 'Wonder Bread' variety[1]. The name is somewhat misleading as it is not toast when it is sold this way. helped increase frozen product sales. Total sales of "Goldfish" products were up, led by "Giant Goldfish" crackers and the new "Goldfish" sandwich crackers. Godiva Chocolatier's sales and earnings were negatively impacted by weaknesses in the U.S. economy and the events of September 11, which reduced sales at retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → such as airport duty-free du·ty-free adj. 1. Exempt from customs duties: duty-free merchandise. 2. Of, relating to, or being a region or establishment in which imported goods are exempt from customs duties: stores and resort-destination stores. Arnotts in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. reported increased sales driven by new "Rix" rice chips and "Rice Shapes," as well as new premium "Emporio" biscuits. International Soup and Sauces International Soup and Sauces sales for the quarter increased by 53 percent to $251 million compared to $164 million a year ago. Operating earnings increased by 47 percent to $28 million compared to $19 million a year ago. These results were principally driven by the European acquisition. Excluding the impact of the European acquisition and currency, sales decreased 3 percent and operating earnings declined 31 percent as a result of planned increases in marketing investments to drive long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth. In Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , base sales were down slightly versus a year earlier.
Sales softness in the United Kingdom across soup and sauces was
partially offset by growth of "Liebig Lie·big , Baron Justus von 1803-1873.German chemist who made a number of contributions to organic chemistry and pioneered laboratory-based scientific education (1826). " soups in France. On the innovation front, full distribution in France of "Liebig DeliSoup" for children was achieved and the new "Homepride" stir fry Verb 1. stir fry - fry very quickly over high heat; "stir-fry the vegetables in a wok" cookery, cooking, preparation - the act of preparing something (as food) by the application of heat; "cooking can be a great art"; "people are needed who have experience in sauces in the United Kingdom performed well. The newly acquired European dry soup and sauces business is meeting expectations despite some initially weak marketplace performance. In Asia Pacific, progress continues to be made on the soup and broths business in Australia as
Reporting Changes The company adopted the Emerging Issues Task Force (EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation ) consensus on Issue No. 00-10 "Accounting for Shipping and Handling Fees and Costs" in the fourth quarter of fiscal year 2001. In the first quarter of fiscal year 2002, the company adopted EITF Issues No. 00-14 and 00-25, which address the measurement and income statement classification of certain consumer and trade sales promotion expenses such as coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer redemption costs, cooperative advertising programs and in-store display incentives. As a result, the following reclassifications were made to the second quarter and first half of fiscal year 2001 financial statements: -- Net sales were reduced by $202 million and $399 million respectively. -- Cost of products sold increased by $56 million and $105 million respectively. -- Selling, general and administrative expenses were reduced by $258 million and $504 million respectively. Conference Call The company will host a conference call to discuss these results on February February: see month. 13, 2002 at 10:00 a.m. Eastern Standard Time. U.S. participants may access the call at 1-800-857-9600 and non-U non-U adj. Chiefly British Not characteristic of the upper class, especially in language usage. [non- + U2. .S. participants at 630-395-0025. Participants should call at least five minutes prior to the starting time Noun 1. starting time - the time at which something is supposed to begin; "they got an early start"; "she knew from the get-go that he was the man for her" commencement, get-go, offset, outset, showtime, start, kickoff, beginning, first . The passcode is Campbell Soup. The conference leader is Len Griehs. The call will also be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.campbellsoup.com and can be accessed by clicking on the "News" banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. . A recording of the call will be available approximately two hours after it is completed through midnight February 18, 2002 at 1-800-964-4586 for U.S. callers or 1-402-998-0980 for non-U.S. participants. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release contains "forward-looking statements" which reflect the company's current expectations about its future performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the company. Please refer to the company's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and subsequent filings for a further discussion of these risks and uncertainties. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release. About Campbell Soup Company Campbell Soup Company is a global manufacturer and marketer of high quality soup, sauces, beverage, biscuits, confectionery and prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include "Campbell's" soups worldwide, "Erasco" soups in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). and "Liebig" soups in France, "Pepperidge Farm" cookies and crackers, "V8" vegetable juices, "V8 Splash" juice beverages, "Pace" Mexican sauces, "Prego" Italian sauces, "Franco-American Fran·co-A·mer·i·can n. An American of French or French-Canadian descent. adj. 1. Of or relating to the Franco-Americans. 2. " canned pastas and gravies, "Swanson" broths, "Homepride" sauces in the United Kingdom, "Arnott's" biscuits in Australia and "Godiva" chocolates around the world. The company also owns dry soup and sauce businesses in Europe under the "Batchelors For unrelated subjects with similar spelling see Bachelor. Batchelors is a brand of predominantly dried food products. The company makes instant soup, in particular Cup A Soup and noodle products such as Super Noodles. ," "Oxo," "Lesieur," "Royco," "Liebig," "Heisse Tasse," "Bla Band" and "McDonnells" brands. The company is ably supported by approximately 24,000 employees worldwide. For more information on the company, visit Campbell's website on the Internet at www.campbellsoup.com. CONTACT: Campbell Soup Company Elizabeth Elizabeth, sister of King Louis XVI of France Elizabeth, 1764–94, sister of King Louis XVI of France, known as Madame Elizabeth. Deeply loyal to her brother, she remained in France during the French Revolution, suffered imprisonment, and was Bingham Bing·ham , George Caleb 1811-1879. American painter noted for his portraits and genre paintings of the American frontier. Douglass (Media) 856/342-3813 or Leonard Leon·ard , Ray Charles Known as "Sugar Ray." Born 1956. American boxer who won the 1976 Olympic light welterweight title. He held five world titles as both a welterweight and middleweight between 1979 and 1987. Noun 1. F. Griehs (Analysts) 856/342-6428
CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
THREE MONTHS ENDED
------------------
January January
27, 2002 28, 2001
--------- ---------
Net sales $ 1,810 $ 1,755
--------- ---------
Costs and expenses
Cost of products sold 1,004 918
Selling, general and
administrative expenses 453 377
Restructuring charge 1 -
--------- ---------
Total costs and expenses 1,458 1,295
--------- ---------
Earnings before interest and taxes 352 460
Interest, net 45 49
--------- ---------
Earnings before taxes 307 411
Taxes on earnings 104 140
--------- ---------
Net earnings $ 203 $ 271
========= =========
Per share - basic
Net earnings $ 0.49 $ 0.65
========= =========
Dividends $ .1575 $ .225
========= =========
Weighted average shares outstanding - basic 410 415
========= =========
Per share - assuming dilution
Net earnings $ 0.49 $ 0.65
========= =========
Weighted average shares outstanding
- assuming dilution 411 419
========= =========
In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the three month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$202; Cost of products sold was increased by $56; and Selling, general
and administrative expenses were reduced by $258.
CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
SIX MONTHS ENDED
----------------
January January
27, 2002 28, 2001
-------- --------
Net sales $ 3,539 $ 3,336
-------- --------
Costs and expenses
Cost of products sold 1,975 1,774
Selling, general and
administrative expenses 897 739
Restructuring charge 1 -
-------- --------
Total costs and expenses 2,873 2,513
-------- --------
Earnings before interest and taxes 666 823
Interest, net 98 101
-------- --------
Earnings before taxes 568 722
Taxes on earnings 194 247
-------- --------
Net earnings $ 374 $ 475
======== ========
Per share - basic
Net earnings $ 0.91 $ 1.14
======== ========
Dividends $ .315 $ .450
======== ========
Weighted average shares outstanding - basic 410 418
======== ========
Per share - assuming dilution
Net earnings $ 0.91 $ 1.12
======== ========
Weighted average shares outstanding
- assuming dilution 411 425
======== ========
In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the six month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$399; Cost of products sold was increased by $105; and Selling,
general and administrative expenses were reduced by $504.
CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
THREE MONTHS ENDED
------------------
January January Percent
Sales 27, 2002 28, 2001 Change
----- -------- -------- -------
Contributions:
North America Soup and
Away From Home $ 812 $ 852 -5%
North America Sauces and
Beverages 319 314 2%
Biscuits and Confectionery 428 425 1%
International Soup and Sauces 251 164 53%
------- -------
Total sales $ 1,810 $ 1,755 3%
======= =======
Percent
Change
Excluding
Special
Earnings Charges (1)
-------- -----------
Contributions:
North America Soup and
Away From Home $ 216 $ 294 -27% -27%
North America Sauces and
Beverages 65 89 -27% -27%
Biscuits and Confectionery 76 89 -15% -10%
International Soup and Sauces 28 19 47% 47%
------- -------
Total operating earnings 385 491 -22% -21%
Unallocated corporate
expenses (33) (31)
------- -------
Earnings before interest and
taxes 352 460 -23% -23%
Interest, net (45) (49)
Taxes on earnings (104) (140)
------- -------
Net earnings $ 203 $ 271 -25% -24%
======= =======
Net earnings per share - assuming
dilution $ .49 $ .65 -25% -23%
======= =======
In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the three month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$202; Cost of products sold was increased by $56; and Selling, general
and administrative expenses were reduced by $258.
(1) Percent change is calculated excluding the effects of the
Australian manufacturing reconfiguration plan announced in fiscal
2001.
CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
SIX MONTHS ENDED
----------------
January January Percent
27, 2002 28, 2001 Change
-------- -------- --------
Sales
-----
Contributions:
North America Soup and Away
From Home $1,618 $1,626 0%
North America Sauces and
Beverages 632 613 3%
Biscuits and Confectionery 807 792 2%
International Soup and Sauces 482 305 58%
------ ------
Total sales $3,539 $3,336 6%
====== ======
Percent
Change
Excluding
Special
Charges (1)
Earnings -----------
--------
Contributions:
North America Soup and
Away From Home $ 445 $ 552 -19% -19%
North America Sauces and
Beverages 124 161 -23% -23%
Biscuits and Confectionery 110 134 -18% -12%
International Soup and Sauces 51 33 55% 55%
------ ------
Total operating earnings 730 880 -17% -16%
Unallocated corporate
expenses (64) (57)
------ ------
Earnings before interest and
taxes 666 823 -19% -18%
Interest, net (98) (101)
Taxes on earnings (194) (247)
------ ------
Net earnings $ 374 $ 475 -21% -20%
====== ======
Net earnings per share - assuming
dilution $ 0.91 $ 1.12 -19% -18%
====== ======
In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the six month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$399; Cost of products sold was increased by $105; and Selling,
general and administrative expenses were reduced by $504.
(1) Percent change is calculated excluding the effects of the
Australian manufacturing reconfiguration plan announced in fiscal
2001.
CAMPBELL SOUP COMPANY CONSOLIDATED
BALANCE SHEETS (unaudited)
(millions)
January January
27, 2002 28, 2001
-------- --------
Current assets $ 1,438 $ 1,229
Plant assets, net 1,586 1,570
Intangible assets, net 2,408 1,704
Other assets 617 591
-------- --------
Total assets $ 6,049 $ 5,094
======== ========
Current liabilities $ 2,888 $ 2,732
Long-term debt 2,354 1,742
Nonpension postretirement benefits 330 350
Other liabilities 481 461
Shareowners' equity (4) (191)
-------- --------
Total liabilities and shareowners' equity $ 6,049 $ 5,094
======== ========
Total debt $ 3,810 $ 3,175
======== ========
Net debt $ 3,778 $ 3,137
======== ========
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