BAESA announces clarification to second quarter fiscal 1995 earnings.BUENOS AIRES, Argentina--(BUSINESS WIRE)--May 12, 1995--Buenos Aires AIRES advanced imagery requirements exploitation system (US DoD) AIRES Automated Integrated Regulatory Examination System AIRES Automated Information Retrieval and Expert System AIRES Aerolíneas de Integración Regional Embotelladora S.A. (BAESA) (NYSE NYSE See: New York Stock Exchange :BAE) (BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :BAES) today announced a clarification to its previously announced financial results for the second quarter of fiscal 1995. The clarification resulted from a reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of certain unallocable corporate expenses which affected the operating income and cash flow of the company's Argentine and Brazilian operations. The consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of the company were correctly presented. As a result of the reclassification, income from operations in the Argentine operations is reduced and income from operations in the Brazilian operations is increased. The income from operations and cash flow are the following: -0- For the quarter ended March 31, 1995 (in thousands of U.S. dollars)
Total Total Other Corporate
Argentina Brazil Operations Expenses Total
Income (loss) from operations $16,444 $13,070 $755 ($2,681) $27,588 Operating cash flow 23,956 19,591 2,120 (2,287) 43,380 For the six months ended March 31, 1995 (in thousands of U.S. dollars)
Total Total Other Corporate
Argentina Brazil Operations Expenses Total
Income (loss) from operations $43,821 $14,588 $942 ($4,631) $54,720 Operating cash flow 58,328 21,903 4,469 (3,979) 80,721-0- BAESA is the largest Pepsi-Cola bottler outside of the United States, with the exclusive Pepsi and Seven-Up franchises for the Buenos Aires metropolitan area and other regions in Argentina, as well as Chile, Uruguay and Costa Rica. Since December 1, 1994, BAESA also became the exclusive Pepsi and Seven-Up bottler in certain southern states of Brazil, including the metropolitan areas of Sao Paulo and Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r . In May 1993, BAESA became the first company from Argentina to
list its securities on the New York Stock Exchange New York Stock Exchange (NYSE)World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . CONTACT: Dewe Rogerson, New York Amy Figueroa, 212/688-7930 (BAESA's Investor Relations Desk) |
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