Campbell Reports Second Quarter Earnings Per Share of $.56; U.S. Wet Soup Shipments Rise 4 Percent; Worldwide Wet Soup Shipments Increase 2 Percent.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, 2003 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. 26, 2003 of $.56 compared to $.49 recorded in the year-ago quarter. Earnings per share in the year-ago quarter were $.53 when adjusted for amortization expense of $.03 per share eliminated under SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142, which the company adopted at the start of fiscal 2003, and $.01 per share of costs related to the 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. For the second quarter, 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 rose 6 percent to $1.9 billion, driven by the following: -- Base volume and mix were up 1 percent; -- Price added 2 percent; -- Promotions subtracted 1 percent; -- Currency added 2 percent; and -- Acquisitions added 2 percent. For the second quarter of fiscal 2003, U.S. wet soup shipments rose 4 percent. Outside of the U.S., wet soup shipments declined 1 percent, resulting in a 2 percent increase worldwide. As reported net earnings were $231 million versus $203 million a year earlier. On a comparable basis, earnings for the year-ago quarter were $219 million, after adjusting for amortization of $13 million eliminated under SFAS No. 142, and $3 million for costs related to the Australian reconfiguration. For the first half of fiscal year 2003, the company reported diluted earnings per share, before the cumulative effect of the accounting change, of $1.03 compared to $.91 recorded in the same period last year. Earnings per share in the year-ago period were $.99 when adjusted for amortization expense of $.06 per share eliminated under SFAS No. 142 and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $.02 per share of costs related to the Australian reconfiguration. Net sales for the first six months increased 2 percent to $3.6 billion compared with the year-ago period, reflecting the following factors: -- Base volume and mix were down 1 percent; -- Price added 1 percent; -- Promotions subtracted 1 percent; -- Currency added 1 percent; and -- Acquisitions added 2 percent. For the first half, compared with the same period last year, wet soup shipments declined 2 percent in the U.S. and 1 percent in international, resulting in a 2 percent worldwide decline. Net earnings for the first half, before the cumulative effect of the accounting change, were $423 million compared to $374 million in the year-ago period. Excluding the impact of amortization of $26 million eliminated under SFAS No. 142 and costs of $6 million related to the Australian reconfiguration, net earnings for the first half of last year were $406 million. 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). , Campbell's President and Chief Executive Officer, said, "We delivered a solid financial performance this quarter. In U.S. Soup, our quality and packaging improvements, as well as our innovation efforts, are beginning to have a positive impact on our results. During the quarter, we began marketing our improved 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. vegetable vegetable, term originally used for any plant, now the name for many food plants, most of them annuals, and for their edible parts. There is no clear botanical distinction between vegetables and fruits. soups, and we have experienced significantly improved consumer purchasing trends since this marketing commenced. Our ready-to-serve soups delivered solid growth this quarter, helped by Campbell's 'Chunky' and 'Select' soups, as well as Campbell's 'Soup at Hand' sippable soups, which are performing very well in the marketplace. '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. continued to show strength over the Thanksgiving Thanksgiving annual U.S. holiday celebrating harvest and yearly blessings; originated with Pilgrims (1621). [Am. Culture: EB, IX: 922] See : America Thanksgiving national holiday with luxurious dinner as chief ritual. [Am. Pop. and Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). holidays. However, we know we still have more work to do to improve our overall marketing effectiveness Marketing Effectiveness is the function of improving how marketers go to market with the goal of optimizing their marketing spend to achieve even better results for both the short-term and long-term. Also related to Marketing ROI and Return on Marketing Investment (ROMI). in U.S. Soup." Conant added, "We are pleased with the performance of 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. , '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. , 'Pace' Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum sauces and our Canadian business Canadian Business is the longest-publishing business magazine in Canada. It was founded in 1928 as The Commerce of the Nation, the organ of the Canadian Chamber of Commerce. The magazine was renamed Canadian Business in 1933. , as well as other elements of our broader portfolio. We will continue to make the strategic investments necessary to help us realize the potential of our full portfolio of businesses." Consistent with earlier guidance, the company continues to expect earnings per share, before the cumulative effect of the accounting change, of approximately $1.47 for fiscal 2003. This compares to $1.28 per share as reported in fiscal 2002, or $1.44 when adjusted for amortization expense of $.13 per share and costs of $.03 per share related to the Australian reconfiguration. For the third quarter of 2003, the company expects earnings per share to be in the range of $.25 to $.27. A summary of second quarter and first half segment results follows. For comparative purposes, prior year business results have been adjusted to reflect the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma impact of amortization eliminated under SFAS No. 142. 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 of $824 million were up 1 percent in the quarter compared to the year-ago period, reflecting 4 percent growth in U.S. wet soup shipments, offset by increased promotional spending. 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 of $209 million were down 4 percent, reflecting increased promotional spending behind the improved condensed vegetable varieties and "Soup at Hand" sippable soups, as well as increased investments in U.S. Soup product development and shelving shelv·ing n. 1. Shelves considered as a group. 2. Material for shelves. 3. An incline; a slope. shelving Noun 1. material for shelves 2. initiatives. Further details include the following: -- Condensed soup shipments declined 3 percent. During the quarter, the company launched consumer marketing in support of the improved vegetable varieties and the expanded line of Fun Favorites Another term for bookmarks, which was popularized by Microsoft's Internet Explorer browser. See favicon and Internet Explorer. soups for kids. Since this marketing commenced, both of these product groups have experienced significant improvement in consumer purchasing trends. -- Ready-to-serve soup shipments rose 4 percent for the quarter, driven by growth 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 "Select," and the introduction of "Soup at Hand," Campbell's new convenient sipping soup designed for out-of-home consumption. -- "Swanson" broth shipments rose 20 percent, boosted by strong growth in consumer purchases over the holiday season and the later timing of the Thanksgiving holiday. For the first half of fiscal 2003, sales of $1.6 billion declined 3 percent and operating earnings of $414 million declined 8 percent compared to the year-ago period. North America Sauces and Beverages Sales of $318 million were recorded in the quarter, compared to sales of $319 million recorded in the year-ago quarter. Operating earnings increased 20 percent to $84 million primarily due to lower manufacturing costs and marketing spending compared to the year-ago quarter. Marketing spending was lower primarily due to the comparison with the year-ago quarter when the introductory marketing behind "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. " Pasta While the only basic difference between these names is the shape of the pasta, each pasta is typically matched with a particular sauce based on cooking time, consistency, ability to hold sauce, ease of eating, etc. Bakes was initiated. Further details include the following: -- Strong gains in "V8" vegetable juice offset declines in "V8 Splash." "V8 Splash" Smoothies were launched in January and are gaining strong retail acceptance. -- "Pace" Mexican sauce shipments delivered double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth, driven by new marketing initiatives and product introductions, including "Pace" Enchilada sauce. -- Shipments of "Prego" pasta sauces and "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. " pasta declined. "Prego" sauce shipments were down primarily due to the tough comparison with the year-ago quarter when introductory marketing behind "Prego" Pasta Bake sauce drove growth. For the first half of fiscal 2003, sales of $625 million declined 1 percent compared to the year-ago period. Operating earnings rose 20 percent to $161 million. 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. Sales rose 14 percent to $486 million in the quarter. Excluding the impact of currency and the acquisition of Snack Foods Limited Snack Foods Limited is an Australian snack food company and was officially formed on 25 November 1999, and is owned by the Campbell Soup Company's Australian subsidiary, Arnott's Biscuits Holdings Pty Ltd. , sales grew 4 percent. Operating earnings rose 5 percent to $87 million, excluding the impact of the Australian manufacturing reconfiguration in fiscal 2002. Operating earnings rose 4 percent, excluding the acquisition of Snack Foods Limited and currency. During the quarter, sales gains were driven by Pepperidge Farm, Godiva Chocolatier choc·o·la·tier n. 1. One who makes or sells chocolate. 2. A place where chocolate is made or sold. [French, from chocolat, chocolate, from Spanish chocolate , and the impact of the acquisition of Snack Foods Limited. Further details include the following: -- Pepperidge Farm delivered strong sales growth across its entire portfolio of cookies, crackers, bread and frozen products. The primary driver of growth was the "Goldfish" cracker (1) A person who breaks into a computer system without authorization, whose purpose is to do damage (destroy files, steal credit card numbers, plant viruses, etc.). Because a cracker uses low-level hacker skills to do cracking, the terms "cracker" and "hacker" have become line, which grew at a double-digit rate for the quarter and the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period. This business was bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by Super Bowl promotions and the introduction of "Goldfish" Colors during the quarter. -- Godiva Chocolatier's worldwide sales increased, helped by 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). and Asia. Same store sales Same Store SalesA statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of in North America remained weak. -- Excluding currency and the acquisition of Snack Foods Limited, sales at Arnotts Arnotts can refer to;
favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by an $8 million gain on the sale of the site of the recently closed Burwood Burwood may refer to any of these places:
substantially offset by start-up Start-up The earliest stage of a new business venture. costs at the Huntingwood plant and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs related to the integration of Snack Foods Limited. For the first half of fiscal 2003, sales of $896 million rose 11 percent compared to the year-ago period. Excluding the impact of the acquisition of Snack Foods Limited and currency, sales grew 3 percent. Operating earnings rose 5 percent to $130 million, excluding the impact of the Australian manufacturing reconfiguration. Operating earnings rose 5 percent, excluding the acquisition of Snack Foods Limited and currency. International Soup and Sauces International Soup and Sauces sales rose 16 percent to $290 million and operating earnings were $34 million in the quarter, a decline of 3 percent compared to the year-ago period. Excluding the impact of currency and the acquisition of Erin Erin (ĕr`ĭn, ēr`–), ancient and poetic name of Ireland. Foods in Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. , sales were unchanged and operating earnings declined 14 percent, compared to the year-ago quarter. The operating earnings decline was driven by costs related to strategy development, investments in infrastructure and higher promotional spending primarily behind the company's dry soup business in Europe. Dry soups continued to deliver a positive performance, helped by new products 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 strong sales in Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. and the Nordic region. These increases were offset by a decline in sales in the U.K. Sales in the Asia Pacific region were unchanged. For the first half of fiscal 2003, sales were $532 million, an increase of 10 percent compared to the year-ago period. Excluding the impact of currency and the acquisition of Erin Foods, sales declined 1 percent. Operating earnings declined 6 percent to $60 million compared to the year-ago period. Excluding the impact of currency and the acquisition of Erin Foods, operating earnings declined 16 percent. Conference Call The company will host a conference call to discuss these results on February February: see month. 13, 2003 at 11:00 a.m. Eastern Standard Time. U.S. participants may access the call at 1-888-396-9931 and non-U non-U adj. Chiefly British Not characteristic of the upper class, especially in language usage. [non- + U2. .S. participants at 1-630-395-0077. 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 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. Soup and 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 Webcast 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 17, 2003 at 1-800-884-1530 or 1-402-220-3007. 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 plans and performance, including statements concerning the impact of marketing investments and strategies, new product introductions, and quality improvements on sales and earnings. 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 and "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, "Pepperidge Farm" cookies and crackers, "V8" vegetable juices, "V8 Splash" juice beverages, "Pace" Mexican sauces, "Prego" pasta sauces, "Franco-American" canned pastas and gravies, "Swanson" broths, "Homepride" sauces in the United Kingdom, "Arnott's" biscuits 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. 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 25,000 employees worldwide. For more information on the company, visit Campbell's website on the Internet at www.campbellsoup.com. CONTACT: Michelle M. Davidson Da·vid·son , Jo(seph) 1883-1952. American sculptor best remembered for his vigorous portrait busts of Woodrow Wilson, Franklin D. Roosevelt, and Albert Einstein, among others. (Media) (856) 968-4390 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
26, 2003 27, 2002
-------------- --------------
Net sales $ 1,918 $ 1,810
-------------- --------------
Costs and expenses
Cost of products sold 1,056 1,004
Selling, general and
administrative expenses 477 453
Restructuring charge - 1
-------------- --------------
Total costs and expenses 1,533 1,458
-------------- --------------
Earnings before interest and taxes 385 352
Interest, net 46 45
-------------- --------------
Earnings before taxes 339 307
Taxes on earnings 108 104
-------------- --------------
Net earnings $ 231 $ 203
============== ==============
Per share - basic
Net earnings $ .56 $ .49
============== ==============
Dividends $ .1575 $ .1575
============== ==============
Weighted average shares outstanding -
basic 411 410
============== ==============
Per share - assuming dilution
Net earnings $ .56 $ .49
============== ==============
Weighted average shares outstanding
- assuming dilution 411 411
============== ==============
In the first quarter of fiscal 2003, the company adopted Statement of
Financial Accounting Standards No. 142 "Goodwill and Other Intangible
Assets." In accordance with the standard, the company discontinued
the amortization of goodwill and indefinite-lived intangible assets.
Net earnings for the quarter ended January 27, 2002 would have been
$216 or $.53 per diluted share had the provisions of the standard been
adopted at the beginning of the prior year.
CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
SIX MONTHS ENDED
--------------------------
January January
26, 2003 27, 2002
------------ ------------
Net sales $ 3,623 $ 3,539
------------ ------------
Costs and expenses
Cost of products sold 2,027 1,975
Selling, general and
administrative expenses 881 897
Restructuring charge - 1
------------ ------------
Total costs and expenses 2,908 2,873
------------ ------------
Earnings before interest and taxes 715 666
Interest, net 91 98
------------ ------------
Earnings before taxes 624 568
Taxes on earnings 201 194
------------ ------------
Earnings before cumulative
effect of accounting change 423 374
Cumulative effect of accounting change (31) -
------------ ------------
Net earnings $ 392 $ 374
============ ============
Per share - basic
Earnings before cumulative
effect of accounting change $ 1.03 $ .91
Cumulative effect of accounting change (.08) -
------------ ------------
Net earnings $ .95 $ .91
============ ============
Dividends $ .315 $ .315
============ ============
Weighted average shares outstanding - basic 411 410
============ ============
Per share - assuming dilution
Earnings before cumulative
effect of accounting change $ 1.03 $ .91
Cumulative effect of accounting change (.08) -
------------ ------------
Net earnings $ .95 $ .91
============ ============
Weighted average shares outstanding
- assuming dilution 411 411
============ ============
In the first quarter of fiscal 2003, the company adopted Statement of
Financial Accounting Standards No. 142 "Goodwill and Other Intangible
Assets." In accordance with the standard, the company discontinued
the amortization of goodwill and indefinite-lived intangible assets.
Net earnings for the six months ended January 27, 2002 would have been
$400 or $.97 per diluted share had the provisions of the standard been
adopted at the beginning of the prior year.
In connection with the adoption of this new standard, the company also
recognized a non-cash charge of $31 (net of a $17 tax benefit) as a
cumulative effect of accounting change for the write-down of goodwill
of one business unit in the first quarter of fiscal 2003.
CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
THREE MONTHS ENDED
------------------
January January Percent
Sales 26, 2003 27, 2002 Change
----- -------- -------- -------
Contributions:
North America Soup and Away
From Home $ 824 $ 812 1%
North America Sauces and
Beverages 318 319 0%
Biscuits and Confectionery 486 428 14%
International Soup and
Sauces 290 251 16%
--------- ---------
Total sales $1,918 $1,810 6%
========= =========
Percent
Change
Excluding
Restructuring
Related
Earnings Costs(1)
-------- -------------
Contributions:
North America Soup and Away
From Home $ 209 $ 218 -4% -4%
North America Sauces and
Beverages 84 70 20% 20%
Biscuits and Confectionery 87 79 10% 5%
International Soup and
Sauces 34 35 -3% -3%
--------- ---------
Total operating earnings 414 402 3% 2%
Unallocated corporate expenses (29) (33)
--------- ---------
Earnings before interest
and taxes 385 369 4% 3%
Interest, net (46) (45)
Taxes on earnings (108) (108)
--------- ---------
Net earnings $ 231 $ 216 7% 5%
========= =========
Net earnings - assuming
dilution $ .56 $ .53 6% 6%
========= =========
Results for the period ended January 27, 2002 have been restated to
reflect the pro forma impact of SFAS No. 142. Amortization expense of
$17 ($13 after tax or $.03 per share) has been eliminated from the
prior period results.
Earnings contributions from Biscuits and Confectionery include the
effect of costs associated with the Australian manufacturing
reconfiguration plan. In the second quarter of fiscal 2002, costs
were $4 pre-tax ($3 after tax).
(1) Percent change is calculated excluding the effects of the
Australian manufacturing reconfiguration plan.
CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
SIX MONTHS ENDED
------------------
January January Percent
Sales 26, 2003 27, 2002 Change
----- -------- -------- -------
Contributions:
North America Soup and Away
From Home $1,570 $1,618 -3%
North America Sauces and
Beverages 625 632 -1%
Biscuits and Confectionery 896 807 11%
International Soup and
Sauces 532 482 10%
--------- ---------
Total sales $3,623 $3,539 2%
========= =========
Percent
Change
Excluding
Restructuring
Related
Earnings Costs(1)
-------- -------------
Contributions:
North America Soup and Away
From Home $ 414 $ 450 -8% -8%
North America Sauces and
Beverages 161 134 20% 20%
Biscuits and Confectionery 129 116 11% 5%
International Soup and
Sauces 60 64 -6% -6%
--------- ---------
Total operating earnings 764 764 0% -1%
Unallocated corporate expenses (49) (64)
--------- ---------
Earnings before interest
and taxes 715 700 2% 1%
Interest, net (91) (98)
Taxes on earnings (201) (202)
--------- ---------
Earnings before
cumulative effect of
accounting change 423 400 6% 4%
Cumulative effect of
accounting change (31) -
--------- ---------
Net earnings $ 392 $ 400 -2% -3%
========= =========
Net earnings per share before
cumulative effect of
accounting change
- assuming dilution $ 1.03 $ 0.97 6% 4%
========= =========
Results for the period ended January 27, 2002 have been restated to
reflect the pro forma impact of SFAS No. 142. Amortization expense of
$34 ($26 after tax or $.06 per share) has been eliminated from the
prior period results.
Earnings contributions from Biscuits and Confectionery include the
effect of costs associated with the Australian manufacturing
reconfiguration plan. In the six month period ended January 26, 2003,
costs were both $1 pre- and after tax. In the six month period ended
January 27, 2002, costs were $8 pre-tax ($6 after tax).
(1) Percent change is calculated excluding the effects of the
Australian manufacturing reconfiguration plan.
CAMPBELL SOUP COMPANY CONSOLIDATED
BALANCE SHEETS (unaudited)
(millions)
January January
26, 2003 27, 2002
---------- ----------
Current assets $ 1,484 $ 1,420
Plant assets, net 1,757 1,586
Intangible assets, net 2,748 2,408
Other assets 298 635
---------- ----------
Total assets $ 6,287 $ 6,049
========== ==========
Current liabilities $ 3,034 $ 2,888
Long-term debt 2,270 2,354
Nonpension postretirement benefits 314 330
Other liabilities 430 481
Shareowners' equity (deficit) 239 (4)
---------- ----------
Total liabilities and shareowners' equity
(deficit) $ 6,287 $ 6,049
========== ==========
Total debt $ 3,627 $ 3,810
========== ==========
Net debt $ 3,590 $ 3,778
========== ==========
Certain reclassifications were made to prior year financial
statements.
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