Anheuser-Busch Companies Reports Record Sales And Earnings For The Second Quarter And First Six Months Of 2002.Business Editors ST. LOUIS--(BUSINESS WIRE)--July 24, 2002 Achieves 15th Consecutive Quarter of Double-Digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. Growth Raises EPS Growth Target for 2002 Led by continued strong growth in both its domestic beer and international beer segments, Anheuser-Busch Companies, Inc. (NYSE NYSE See: New York Stock Exchange :BUD) achieved record sales and earnings for the second quarter and first six months of 2002, it was announced today by Patrick Stokes Patrick T Stokes is the former president and CEO of Anheuser-Busch Companies, Inc. He is now chairman of the Board of Directors of the Anheuser-Busch Companies, Inc. Leadership at Anheuser-Busch In 1990, Stokes became president of Anheuser-Busch, Inc. , President and Chief Executive Officer. Second quarter and first six months earnings per share increased 11.9 percent and 13.6 percent, respectively, vs. the same 2001 periods. These results are calculated on a comparable basis, excluding goodwill amortization from all periods. "Our excellent financial performance in the second quarter represents the company's fifteenth In music, a fifteenth (sometimes abbreviated 15ma) is the interval between one musical note and another with one-quarter or quadruple the frequency. It corresponds to two octaves. It is the fourth harmonic. consecutive quarter of solid double- digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. earnings per share growth and reflects strong domestic beer industry fundamentals and our continued ability to deliver consistent, dependable earnings growth," said Mr. Stokes Stokes , William 1804-1878. British physician. Known especially for his studies of diseases of the chest and heart, he expanded on the observations of John Cheyne in describing the breathing irregularity now known as Cheyne-Stokes respiration. . Domestic revenue per barrel barrel: see English units of measurement. and volume gains plus favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. costs drove significantly enhanced profit margins, with gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improving 170 basis points and operating profit margin Operating profit margin The ratio of operating profit to net sales. increasing 120 basis points in the second quarter 2002. For the first six months of 2002, gross margin improved 190 basis points, while operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased 110 basis points. Return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). increased 80 basis points during the past twelve months vs. the similar prior period, and has increased 260 basis points over the past three years. Net income for the international beer segment increased 25 percent in the second quarter, led by the strong performance of the company's equity partner, Grupo Modelo Grupo Modelo is a large brewery in Mexico. It maintains a large part of the Mexican beer export market and produces top-selling imported beer in the United Kingdom, United States and Canada. , Mexico's largest brewer and brewer of the Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. brand, and significant increases in volume and profit on the sale of Anheuser-Busch brands overseas. Domestic revenue per barrel grew 3.0 percent and 3.4 percent in the second quarter and first six months of 2002, respectively, vs. the same periods in 2001. This growth reflects the continued favorable pricing environment and the introduction of Bacardi Bacardi is the world's largest privately held, family-owned spirits company; a producer of rums, including Bacardi Superior and Bacardi 151. The company sells in excess of 200 million bottles per year in 200 countries. Silver in the first quarter 2002. Revenue per barrel has now increased by 2 percent or more for fifteen consecutive quarters, including increases of over 2.5 percent for the last eight quarters. Domestic beer sales-to-wholesalers volume increased 2.1 percent for the second quarter of 2002 vs. the second quarter 2001, and 1.8 percent for the first six months of 2002. Wholesaler sales-to-retailers volume for the second quarter plus the first week of July July: see month. 2002 was up 1.8 percent and increased 2.0 percent year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. . Including the first week of July in sales-to-retailers volume provides a more comparable basis vs. 2001 by eliminating distortions from timing differences of 4th of July holiday sales. Wholesaler sales-to-retailers volume for the second quarter 2002 was up 0.8 percent vs. 2001, and up 1.5 percent for the first six months. The company's reported beer volume is summarized in the following table:
Reported Beer Volume (millions of barrels)
Second Quarter Six Months Ended June 30
vs. 2001 vs. 2001
2002 Barrels % 2002 Barrels %
Domestic 26.7 Up 0.5 Up 2.1% 51.3 Up 0.9 Up 1.8%
International 2.2 Up 0.2 Up 8.1% 3.9 Up 0.3 Up 7.7%
Worldwide A-B Brands 28.9 Up 0.7 Up 2.5% 55.2 Up 1.2 Up 2.2%
Int'l Equity
Partner Brands 4.8 Up 0.1 Up 2.6% 9.2 Up 0.6 Up 6.7%
Total Brands 33.7 Up 0.8 Up 2.5% 64.4 Up 1.8 Up 2.8%
Consistent with the company's practice of implementing annual price increases in two phases, Anheuser-Busch plans to initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. selected pricing actions in the fourth quarter 2002. The scope of the revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. initiatives, which will again be tailored to specific markets, brands and packages, has not been finalized See finalization. . "Anheuser-Busch's continuing success reflects its ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. favorable domestic beer industry fundamentals for pricing and volume and the increasing profitability of our international beer segment," said Mr. Stokes. "With a strong first half behind us, we look forward to continued strong performance in the remainder of the year and we are raising our full year earnings per share growth target to the 13 to 14 percent range, in line with year-to-date results. In addition, we remain confident in our ability to consistently achieve annual double-digit earnings per share growth over the 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. , with a 12 percent average annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. target through 2004," added Stokes. SECOND QUARTER 2002 FINANCIAL RESULTS Effective in the first quarter 2002, the company ceased amortizing goodwill in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FAS No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ." All discussions of quarterly and year-to-date operating results are based on 2001 results on a comparable basis, excluding goodwill amortization. Key operating results for the second quarter 2002 versus 2001 are summarized below:
($ in millions, except per share)
% Growth
Second Quarter 2002 vs. 2001
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $4,182 $3,994 Up 4.7% Up 4.7%
Net Sales $3,626 $3,452 Up 5.0% Up 5.0%
Operating Income $897 $808 Up 11.0% Up 10.6%
Equity Income, Net of Tax $98 $74 Up 33.4% Up 24.5%
Net Income $587 $524 Up 12.0% Up 10.1%
Diluted Earnings Per Share $.66 $.58 Up 13.8% Up 11.9%
(a) Excludes goodwill amortization in 2001.
A discussion of financial highlights for the second quarter 2002 follows. -- In 2002, the company began presenting U.S. income taxes related to foreign equity investment dividends in the consolidated income tax provision. The company previously presented these taxes in equity income. This presentation change has no impact on net income or earnings per share. -- In the fourth quarter 2001, the company changed its presentation of pass-through finished product delivery costs reimbursed by customers. The company now presents these items separately as sales and cost of products and services. These items were previously offset for zero impact within cost of products and services. This change has a minor impact on revenue and profit margins growth, and has no impact on gross profit, operating income, net income or earnings per share. FIRST SIX MONTHS OF 2002 FINANCIAL HIGHLIGHTS Key operating results for the first six months of 2002 compared to 2001 are summarized below:
Six Months Ended June 30 (in millions, except per share)
% Growth
2002 vs. 2001
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $7,820 $7,531 Up 3.8% Up 3.8%
Net Sales $6,763 $6,496 Up 4.1% Up 4.1%
Operating Income $1,602 $1,463 Up 9.5% Up 9.0%
Equity Income,
Net of Tax $195 $128 Up 52.7% Up 41.9%
Net Income $1,043 $918 Up 13.6% Up 11.4%
Diluted Earnings
Per Share $1.17 $1.01 Up 15.8% Up 13.6%
(a) Excludes goodwill amortization in 2001.
A discussion of financial highlights for the first six months of 2002 follows: -- In 2002, the company began presenting U.S. income taxes related to foreign equity investment dividends in the consolidated income tax provision. The company previously presented these taxes in equity income. This presentation change has no impact on net income or earnings per share. -- In the fourth quarter 2001, the company changed its presentation of pass-through finished product delivery costs reimbursed by customers. The company now presents these items separately as sales and cost of products and services. These items were previously offset for zero impact within cost of products and services. This change has a minor impact on revenue and profit margins growth, and has no impact on gross profit, operating income, net income or earnings per share. BEER SALES RESULTS Worldwide Beer Volume Worldwide Anheuser-Busch beer sales volume increased 2.5 percent and 2.2 percent, respectively, for the second quarter and first six months of 2002 to 28.9 million and 55.2 million barrels. Worldwide beer volume is comprised of domestic volume and international volume. Domestic volume represents Anheuser-Busch beer produced and shipped within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . International volume represents exports from the company's U.S. breweries See for an up to date listing of all the breweries detailed on Wikipedia, sorted into regions. Africa
Asia
Total volume, which combines worldwide Anheuser-Busch brand volume with equity volume (representing the company's share of its foreign equity partners' volume) was 33.7 million barrels in the second quarter 2002, up 0.8 million barrels, or 2.5 percent vs. second quarter 2001. Total volume for the first six months increased 2.8 percent, to 64.4 million barrels. Domestic Beer Volume Anheuser-Busch reported domestic beer sales-to-wholesalers of 26.7 million barrels in the second quarter 2002 and 51.3 million barrels in the first six months. This represents increases of 2.1 percent for the second quarter and 1.8 percent for the first six months, compared to 2001. These increases were led by Bud Family sales. The company's domestic market share (excluding exports) for the first six months of 2002 was 48.3 percent, compared to 2001 market share of 48.2 percent. Domestic market share is determined based on an estimated beer industry sales using information provided by the Beer Institute and the U.S. Department of Commerce. International Beer Volume International Anheuser-Busch brand beer volume for the second quarter and first six months of 2002 was 2.2 million and 3.9 million barrels, respectively, representing increases of 8.1 percent and 7.7 percent versus comparable 2001 periods. The increases are primarily due to volume growth in China and the United Kingdom. Other Matters Anheuser-Busch will conduct a conference call with investors to discuss second quarter earnings results at 3:00 p.m. CDST CDST Central Daylight Savings Time CDST Chassis Dynamometer Smoke Test (diesel emissions test) CDST Clinical Decision Support Tool CDST Cassini Deep Space Transponder CDST Certified Desktop Support Technician today. The company will broadcast the conference call live via 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 . For details visit the company's site on the Internet at www.anheuser-busch.com. This release contains 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. regarding the company's expectations concerning its future operations, earnings and prospects. On the date the statements are made, the statements represent the company's expectations, but the company's expectations concerning its future operations, earnings and prospects may change. The company disclaims any obligation to update any of these statements. If the company determines to update any forward-looking statement, it will do so publicly. No private statements by the company or its personnel should be interpreted Translated from source code into machine code one line at a time. See interpreted language and interpreter. interpreted - interpreter as updating forward-looking statements. The company's expectations involve significant risks and uncertainties, and are based upon many assumptions that the company believes to be reasonable, but such assumptions may ultimately prove to be inaccurate or incomplete, in whole or in part. Accordingly, there can be no assurances that the company's expectations and the forward-looking statements will be correct. Further information on factors that could affect the company's future operations, earnings and prospects is included in the company's Forms 10-Q and 10-K.
Comparative Statement of Earnings
Second Quarter Ended June 30, 2002
(In Millions, Except Per Share)
% Change 2002 vs. 2001
Fav./(Unfav.)
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $4,182.4 $3,993.8 4.7 4.7
Excise Taxes (556.3) (541.8) (2.7) (2.7)
Net Sales 3,626.1 3,452.0 5.0 5.0
Cost of Products
and Services (2,119.8) (2,080.6) (1.9) (2.0)
Marketing, Distribution &
Administrative Expenses (609.6) (563.7) (8.1) (8.2)
Operating Income 896.7 807.7 11.0 10.6
Interest Expense (91.3) (91.7) 0.3 0.3
Interest Capitalized 4.7 7.4 (35.8) (35.8)
Interest Income 0.5 0.3 134.4 134.4
Other Income/
(Expense), Net 0.6 (0.7) N/M N/M
Income Before Income Taxes 811.2 723.0 12.2 11.6
Provision for
Income Taxes (322.8) (272.8) (18.3) (18.3)
Equity Income 98.1 73.5 33.4 24.5
Net Income $586.5 $523.7 12.0 10.1
Basic Earnings Per Share $.67 $.59 13.6 11.7
Diluted Earnings Per Share $.66 $.58 13.8 11.9
Increase/(Decrease)
Amount %
Capital Expenditures $210.9 $272.7 $(61.8) (22.7)
Depreciation and
Amortization $210.4 $205.7 $4.7 2.3
Weighted Average Shares:
Basic 872.3 892.4 (20.1) (2.3)
Diluted 885.3 903.3 (18.0) (2.0)
(a) Excludes goodwill amortization in 2001.
Note - Prior year (2001) information has been recast re·cast tr.v. re·cast, re·cast·ing, re·casts 1. To mold again: recast a bell. 2. to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the following presentation conventions:
-- In 2002, the company began presenting U.S. income taxes related to foreign equity investment dividends in the consolidated income tax provision. The company previously presented these taxes in equity income. This presentation change has no impact on net income or earnings per share.
-- In the fourth quarter 2001, the company changed its presentation of pass-through finished product delivery costs reimbursed by customers. The company now presents these items separately as sales and cost of products and services. These items were previously offset for zero impact within cost of products and services. This change has a minor impact on revenue and profit margins growth, and has no impact on gross profit, operating income, net income or earnings per share.
Comparative Statement of Earnings
Year-to-Date Ended June 30, 2002
(In Millions, Except Per Share)
% Change 2002 vs. 2001
Fav./(Unfav.)
2001 Comparable
2002 Reported Reported Basis (a)
Gross Sales $7,819.8 $7,531.1 3.8 3.8
Excise Taxes (1,057.1) (1,034.9) (2.1) (2.1)
Net Sales 6,762.7 6,496.2 4.1 4.1
Cost of Products and
Services (4,034.4) (4,007.5) (0.7) (0.8)
Marketing, Distribution &
Administrative Expenses (1,126.6) (1,043.6) (8.0) (8.0)
Gain on Sale of Business -- 17.8 N/A N/A
Operating Income 1,601.7 1,462.9 9.5 9.0
Interest Expense (180.9) (183.3) 1.3 1.3
Interest Capitalized 9.0 14.6 (38.4) (38.4)
Interest Income 0.6 0.5 42.0 42.0
Other Expense, Net (0.3) (4.2) 91.2 87.0
Income Before Income Taxes 1,430.1 1,290.5 10.8 10.1
Provision for Income Taxes (582.7) (500.3) (16.5) (16.5)
Equity Income 195.2 127.9 52.7 41.9
Net Income $1,042.6 $918.1 13.6 11.4
Basic Earnings Per Share $1.19 $1.03 15.5 14.4
Diluted Earnings Per Share $1.17 $1.01 15.8 13.6
Increase/(Decrease)
Amount %
Capital Expenditures $392.6 $578.7 $(186.1) (32.2)
Depreciation and
Amortization $417.5 $409.0 $8.5 2.1
Weighted Average Shares:
Basic 875.4 895.5 (20.1) (2.2)
Diluted 888.5 906.9 (18.4) (2.0)
(a) Excludes goodwill amortization in 2001.
Note - Prior year (2001) information has been recast to conform to the following presentation conventions:
-- In 2002, the company began presenting U.S. income taxes related to foreign equity investment dividends in the consolidated income tax provision. The company previously presented these taxes in equity income. This presentation change has no impact on net income or earnings per share.
-- In the fourth quarter 2001, the company changed its presentation of pass-through finished product delivery costs reimbursed by customers. The company now presents these items separately as sales and cost of products and services. These items were previously offset for zero impact within cost of products and services. This change has a minor impact on revenue and profit margins growth, and has no impact on gross profit, operating income, net income or earnings per share.
Business Segments
Second Quarter Ended June 30, 2002
($ in Millions)
Domestic Int'l Pack- Enter- Other Corporate Consol.
Beer Beer aging tain. & Elims.
2002
Gross Sales $3,279.3 199.7 576.7 265.0 32.3 (170.6) $4,182.4
Net Sales:
- Intersegment --- --- $235.8 --- 8.9 (244.7) $---
- External $2,759.1 163.6 340.9 265.0 23.4 74.1 $3,626.1
Income Before
Income Taxes $815.8 28.5 47.9 70.9 4.7 (156.6) $811.2
Equity Income --- $98.1 --- --- --- --- $98.1
Net Income $505.8 115.7 29.7 44.0 2.9 (111.6) $586.5
2001 Comparable Basis (a)
Gross Sales $3,133.5 182.5 534.9 268.9 36.3 (162.3) $3,993.8
Net Sales:
- Intersegment --- --- $222.1 --- 10.9 (233.0) $---
- External $2,623.9 150.3 312.8 268.9 25.4 70.7 $3,452.0
Income Before
Income Taxes $745.5 22.1 32.1 68.2 5.3 (146.2) $727.0
Equity Income --- $78.8 --- --- --- --- $78.8
Net Income $459.8 92.4 19.8 42.3 3.3 (84.6) $533.0
2001
Gross Sales $3,133.5 182.5 534.9 268.9 36.3 (162.3) $3,993.8
Net Sales:
- Intersegment --- --- $222.1 --- 10.9 (233.0) $---
- External $2,623.9 150.3 312.8 268.9 25.4 70.7 $3,452.0
Income Before
Income Taxes $744.4 21.8 31.9 65.7 5.3 (146.1) $723.0
Equity Income --- $73.5 --- --- --- --- $73.5
Net Income $459.1 86.9 19.7 40.7 3.3 (86.0) $523.7
(a) Excludes goodwill amortization.
Note: 2001 segment results have been updated to present beer sales
to U.S. military installations and certain operating expenses in the
Domestic Beer segment. These activities were previously presented
within International Beer and Corporate.
Business Segments
Year-to-Date Ended June 30, 2002
($ in Millions)
Domestic Int'l Pack- Enter- Other Corporate Consol.
Beer Beer aging tain. & Elims.
2002
Gross Sales $6,306.9 343.7 1,046.3 390.8 49.7 (317.6) $7,819.8
Net Sales:
- Intersegment --- --- $445.1 --- 13.2 (458.3) $---
- External $5,307.3 286.2 601.2 390.8 36.5 140.7 $6,762.7
Income Before
Income Taxes $1,551.8 45.2 78.6 56.4 3.3 (305.2) $1,430.1
Equity Income --- $195.2 --- --- --- --- $195.2
Net Income $962.1 223.2 48.7 35.0 2.0 (228.4) $1,042.6
2001 Comparable Basis (a)
Gross Sales $6,030.6 316.6 1,029.6 396.6 55.2 (297.5) $7,531.1
Net Sales:
- Intersegment --- --- $416.9 --- 14.9 (431.8) $---
- External $5,047.5 264.8 612.7 396.6 40.3 134.3 $6,496.2
Income Before
Income Taxes $1,419.1 32.8 58.3 68.4 3.9 (284.1) $1,298.4
Equity Income --- $137.6 --- --- --- --- $137.6
Net Income $877.5 157.9 36.1 36.9 2.4 (175.1) $935.7
2001
Gross Sales $6,030.6 316.6 1,029.6 396.6 55.2 (297.5) $7,531.1
Net Sales:
- Intersegment --- --- $416.9 --- 14.9 (431.8) $---
- External $5,047.5 264.8 612.7 396.6 40.3 134.3 $6,496.2
Income Before
Income Taxes $1,417.0 32.2 57.9 63.2 3.9 (283.7) $1,290.5
Equity Income --- $127.9 --- --- --- --- $127.9
Net Income $876.2 147.8 35.8 33.6 2.4 (177.7) $918.1
(a) Excludes goodwill amortization.
Note: 2001 segment results have been updated to present beer sales
to U.S. military installations and certain operating expenses in the
Domestic Beer segment. These activities were previously presented
within International Beer and Corporate.
Consolidated Balance Sheet
Anheuser-Busch Companies, Inc. (Unaudited)
(In Millions)
June 30, December 31,
2002 2001
Assets
Current Assets:
Cash $288.8 $162.6
Accounts and notes receivable 883.9 620.9
Inventories:
Raw materials and supplies 243.4 352.4
Work in progress 88.4 79.8
Finished goods 221.2 159.6
Total Inventories 553.0 591.8
Other current assets 181.9 175.1
Total current assets 1,907.6 1,550.4
Investments in affiliated companies 2,836.2 2,855.0
Other assets 1,160.4 1,149.5
Plant and equipment, net 8,354.5 8,390.0
Total assets $14,258.7 $13,944.9
Liabilities and Shareholders Equity
Current Liabilities:
Accounts payable $929.8 $945.0
Accrued salaries, wages and benefits 238.4 255.8
Accrued taxes 335.0 161.1
Other current liabilities 413.5 374.6
Total current liabilities 1,916.7 1,736.5
Postretirement benefits 481.9 482.9
Debt 6,066.5 5,983.9
Deferred income taxes 1,417.2 1,367.2
Other long-term liabilities 315.7 312.9
Shareholder Equity:
Common stock, $1.00 par value,
1.6 billion shares authorized 1,450.7 1,445.2
Capital in excess of par value 953.2 810.2
Retained earnings 11,985.3 11,258.2
Treasury stock, at cost (9,783.1) (8,981.6)
Accumulated other comprehensive loss (455.1) (338.3)
ESOP debt guarantee (90.3) (132.2)
Total Shareholders Equity 4,060.7 4,061.5
Commitments and Contingencies --- ---
Total Liabilities and Shareholders
Equity $14,258.7 $13,944.9
Consolidated Statement of Cash Flows
Anheuser-Busch Companies, Inc. (Unaudited)
(In Millions)
Six Months Ended June 30,
2002 2001
Cash flow from operating activities:
Net Income $1,042.6 $918.1
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization 417.5 409.0
Deferred income taxes 50.0 7.9
Gain on sale of SeaWorld Cleveland -- (17.8)
Undistributed earnings of affiliated
companies (148.4) (101.0)
Other, net 89.6 5.3
Operating cash flow before change in
working capital 1,451.3 1,221.5
Increase in working capital (30.0) (161.7)
Cash provided by operating activities 1,421.3 1,059.8
Cash flow from investing activities:
Capital expenditures (392.6) (578.7)
New business acquisitions -- (370.4)
Proceeds from sale of SeaWorld Cleveland -- 110.0
Cash used for investing activities (392.6) (839.1)
Cash flow from financing activities:
Increase in long-term debt 554.9 1,106.5
Decrease in long-term debt (435.7) (386.6)
Dividends paid to shareholders (315.5) (295.4)
Acquisition of treasury stock (801.5) (666.2)
Shares issued under stock plans 95.3 32.6
Cash used for financing activities (902.5) (209.1)
Net increase in cash during the period 126.2 11.6
Cash beginning of period 162.6 159.9
Cash, end of period $288.8 $171.5
SOURCE: Anheuser-Busch Companies, Inc. |
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