Kraft Foods Inc. Reports 2001 Third-Quarter Results.Business Editors NORTHFIELD Northfield, city (1990 pop. 14,684), Rice co., SE Minn., near Minneapolis–St. Paul, on the Cannon River; inc. 1875. It is the trade center for a dairy and farming region. Manufactures include printed circuit boards, toys, feeds and seeds, and cereals. On Sept. , Ill.--(BUSINESS WIRE)--Oct. 16, 2001 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 Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. E.P.S. Up 25.0% to $0.30 Pro Forma Net Earnings Up 24.3% to $522 Million Highlights: - Pro forma worldwide volume up 3.0%, with Kraft Foods Kraft Foods Inc. (NYSE: KFT) is the largest food and beverage company headquartered in North America and the second largest in the world after Nestlé SA. The Philip Morris Company (now known as Altria Group), a company that produces tobacco products, acquired Kraft for North America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. up 2.5% and Kraft Foods International up 4.4%. - Pro forma operating companies income up 9.8% to $1.5 billion. - Pro forma diluted earnings per share up 25.0% to $0.30. - Pro forma net earnings up 24.3% to $522 million. - Pro forma cash earnings per share, which exclude amortization of goodwill, increased 15.8% to $0.44. - Reported worldwide volume increased 34.6% and reported operating companies income increased 17.5%. However, due to the impact of the Nabisco acquisition on interest expense and goodwill amortization, reported net earnings were down 8.2% to $503 million and reported diluted earnings per share were down 23.7% to $0.29. Pro Forma results assume Kraft owned Nabisco for all of 2000, rather than from the actual acquisition date of December December: see month. 11, 2000. In addition, pro forma results assume common shares outstanding of 1.735 billion based on the assumption that shares issued immediately following the recent Kraft initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) were outstanding during all periods presented and that, effective January January: see month. 1, 2000, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the IPO were used to retire retire v. 1) to stop working at one's occupation. 2) to pay off a promissory note, and thus "retire" the loan. 3) for a jury to go into the jury room to decide on a verdict after all evidence, argument and jury instructions have been completed. indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. incurred to finance the Nabisco acquisition. These results also adjust for certain items as detailed on the last page of this release, including results from operations divested since the beginning of 2000. Reported results include the operating results of Nabisco in 2001, but not in 2000. Reported results also reflect average shares of common stock outstanding during 2001 and assume an average of 1.455 billion shares outstanding during 2000. Unless otherwise stated, all comparisons are for business results in the third quarter of 2001 versus the third quarter of 2000. Audio Webcast: A conference call with members of the investment community will be Webcast at 5:00 p.m. ET on October October: see month. 16, 2001. Access is available at www.kraft.com. KRAFT FOODS INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . REPORTS 2001 THIRD-QUARTER RESULTS Pro Forma Diluted E.P.S. Up 25.0% to $0.30 Pro Forma Net Earnings Up 24.3% to $522 Million Kraft Foods Inc. (NYSE NYSE See: New York Stock Exchange : KFT KFT Korlátolt Felelõsségû Társaság (Hungarian: limited liability corporation) KFT Kraft Foods International (stock symbol) KFT Kilo-Feet KFT Kung Fu Tzu (Confucius) ), a global leader in branded foods and beverages, announced today strong results for the third quarter, with pro forma 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 increasing 25.0% to $0.30 and net earnings increasing 24.3% to $522 million. Pro forma cash earnings per share, which exclude amortization of goodwill, increased 15.8% to $0.44. "Kraft's continued strong performance was driven by a balance of three factors - higher volume from new products and in developing markets, cost savings from productivity and synergies, and lower interest expense," said Roger K. Deromedi, Co-Chief Executive Officer of Kraft Foods. "Our results in the quarter are on target and keep us in line with our full-year 2001 projections," said Betsy Betsy is an English name for females, used as a nickname for Elizabeth. It is also a surname. Famous uses or users of Betsy include:
adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and Cautionary Statements section of this release, are risks to these projections. During the quarter, Kraft declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. its first regular quarterly dividend of $0.13 per common share. Nabisco Integration "Around the world, the integration of Nabisco is proceeding smoothly and meeting expectations," Deromedi said. "We're we're Contraction of we are. we're we are starting to see the power of joint promotions and cross-branding initiatives," Holden added, "and we're on track to capture $100 million in net cost synergy Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. savings this year." Reported Results On a reported basis, worldwide volume increased 34.6%; operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. increased 29.6% to $8.1 billion; and operating companies operating company A business that engages in transactions with outsiders. income increased 17.5% to $1.5 billion, reflecting the acquisition of Nabisco. Net earnings decreased 8.2% to $503 million and diluted earnings per share decreased 23.7% to $0.29 as a result of higher interest expense and goodwill amortization from the Nabisco acquisition. Included in reported results for the third quarter are $37 million of costs to consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. production lines in the U.S. These costs are part of the previously communicated $200-$300 million in estimated charges for Kraft site closures, reconfigurations and other consolidation programs associated with integrating Kraft and Nabisco. Pro Forma Results Pro forma worldwide volume increased 3.0%; operating revenues decreased 0.7%, as the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of volume growth was more than offset by the adverse effect of currency, lower coffee prices and product mix. Operating companies income increased 9.8%; net earnings increased 24.3% due to growth in operating companies income and reduced interest expense; diluted earnings per share increased 25.0%; and diluted cash earnings per share increased 15.8%. Excluding unfavorable currency impacts, operating revenues would have increased 1.3% and operating companies income would have been up 10.8%. To allow for a more meaningful comparison of business results for the third quarter of 2001 versus the third quarter of 2000, the following discussion is on a pro forma basis. KRAFT FOODS 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. Volume for Kraft Foods North America (KFNA KFNA Kraft Foods North America ) increased 2.5%, due primarily to strong results in the Beverages, Desserts and Cereals segment and the Oscar Mayer Oscar Mayer is an American meat and cold cut production company, now owned by Kraft Foods, known for its hot dogs, bologna, bacon and Lunchables products. German immigrant Oscar Ferdinand Mayer and Pizza pizza Food of Neapolitan origin. It consists of a flattened disk of bread dough, typically topped with olive oil, tomatoes, and mozzarella cheese, baked quickly, and served hot. Pizza is eaten throughout Italy, with regional variations in toppings. Pizza came to the U.S. segment, as well as contributions from successful new products. Operating revenues increased 0.5% as the favorable impact of stronger volume was partially offset by the adverse impact of currency in 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 , lower coffee pricing due to declines in coffee commodity costs and product mix. Operating companies income improved a strong 10.2%, driven by volume growth and productivity and Nabisco cost synergy savings, partially offset by higher dairy dairy 1. a retail outlet for milk products. 2. the feeding and milking sheds on a dairy farm. 3. pertaining to or emanating from an animals or other thing concerned in the production of milk, e.g. dairy goat, dairy cleanser. commodity costs. Following are results by segment for KFNA: Cheese, Meals and Enhancers volume was 0.9% below prior year due to the company's decision to exit lower-margin, non-branded businesses in both cheese and U.S. Foodservice U.S. Foodservice is one of the largest broadline foodservice distributor in the United States. The company distributes food and related products to over 250,000 customers, including restaurants, healthcare facilities, lodging establishments, cafeterias, schools and colleges. U.S. . Excluding these initiatives, volume increased 0.5%. Operating companies income increased 3.6% for this segment with gains in Meals, Enhancers, Canada and Foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. , partially offset by the adverse impact of higher dairy commodity costs in the Cheese business. Meals recorded strong volume gains in Kraft macaroni macaroni: see pasta. and cheese dinners. Shipments in Canada also increased, driven by continued momentum from new products, including Kraft Delissio frozen pizza. Biscuits, Snacks 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. volume was down 0.3%. Operating companies income increased a strong 26.4%, due primarily to productivity and synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. savings. Biscuits recorded volume gains, led by continued momentum in crackers and pet snacks and the successful introduction of Chocolate chocolate, general term for the products of the seeds of the cacao or chocolate tree, used for making beverages or confectionery. The flavor of chocolate depends not only on the quality of the cocoa nibs (the remainder after the seeds are fermented, dried, and Creme n. 1. Cream; - a term used esp. in cookery, names of liqueurs, etc. Oreos. In salty salt·y adj. salt·i·er, salt·i·est 1. Of, containing, or seasoned with salt. 2. Suggestive of the sea or sailing life. 3. Witty; pungent; earthy: salty humor. snacks, volume declined as a result of lower shipments of Planters Planters is an American snack food company under Kraft Foods manufacturing, best known for its nuts and the Mr. Peanut icon that symbolizes them. Started by Italian immigrants Amedeo Obici and Mario Peruzzi in Wilkes-Barre, Pennsylvania, in 1906, it was incorporated in 1908 nuts to non-grocery channels. Shipments were also lower in the Confectionery business versus a strong year-ago period. Beverages, Desserts and Cereals volume increased 9.6%, driven by continued momentum in ready-to-drink beverages. Operating companies income improved by 11.0% driven by the increase in volume. Double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. volume gains in ready-to-drink beverages resulted from the continued success of new products, including Capri Sun Capri Sun is a brand of juice drink owned by the German Company WILD (Chairman Dr. Hans-Peter Wild) sold in silver pouches. Kraft Foods is a licensed production partner, and owns the exclusive rights for North America. Big Pouch pouch (pouch) a pocket or sac. abdominovesical pouch one formed by reflection of the peritoneum from the abdominal wall to the anterior surface of the bladder. and Crystal Light in bottles. Shipments of Kool-Aid and Country Time powdered pow·der n. 1. A substance consisting of ground, pulverized, or otherwise finely dispersed solid particles. 2. Any of various preparations in the form of powder, as certain cosmetics and medicines. 3. soft drinks also increased, due to strong merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. programs. In Desserts, volume was down in Jell-O dry packaged desserts, partially offset by gains in ready-to-eat Adj. 1. ready-to-eat - food products that are prepared in advance and can be eaten as sold ready-made - made for purchase and immediate use desserts, aided by the launch of Jell-O Oreo pudding pudding. Early writers on cookery class puddings and dumplings together. The earliest puddings were boiled in a bag or cloth. Later they were placed in a buttered bowl, covered with a cloth, and steamed. The baked or chilled puddings evolved even later. . Post cereal cereal or grain Any grass yielding starchy seeds suitable for food. The most commonly cultivated cereals are wheat, rice, rye, oats, barley, corn, and sorghum. As human food, cereals are usually marketed in raw grain form or as ingredients of food products. volume declined due primarily to increased competition in the ready-to-eat cereal category. Oscar Mayer and Pizza volume increased 3.2% with gains across all major categories. Operating companies income increased 7.5%, resulting from volume gains, partially offset by higher meat and cheese costs. The processed meats business recorded volume gains in luncheon meats, hot dogs, Lunchables Lunchables are Oscar Mayer/Kraft combinations of food that are packaged and aimed at children's lunches. In late 2005 they were added to Sensible Solution's line of products to make them more healthy. and Boca meat alternatives. Shipments of frozen pizza also increased, aided by the successful introduction of DiGiorno DiGiorno (Delissio in Canada) is a frozen pizza brand owned by Kraft Foods. DiGiorno's website says the brand has been around for "over ten years" and Kraft's website says that it was available nationally in 1996. The brand's slogan is "It's not delivery. stuffed crust crust Outermost solid part of the Earth, essentially composed of a range of igneous and metamorphic rock types. In continental regions, the crust is made up chiefly of granitic rock, whereas the composition of the ocean floor corresponds mainly to that of basalt and gabbro. pizza and Tombstone Tombstone, city (1990 pop. 1,220), Cochise co., SE Ariz.; inc. 1881. With its pleasant climate and legendary past, Tombstone is a well-known tourist attraction. The city became a national historic landmark in 1962. Mexican-style pizza. KRAFT FOODS INTERNATIONAL Volume for Kraft Foods International (KFI KFI Key from Image KFI Key Facts Illustration (UK financial services) KFI Kraft Foods International KFI Korea Fire Equipment Inspection Corporation KFI Key Frame Interval KFI Kernel Function Instrumentation ) increased 4.4%, benefiting from gains across most key sectors and driven by a 12.1% growth in the developing markets of Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. , Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Asia Pacific. Operating companies income increased 8.2%, driven by volume growth, continued productivity savings and Nabisco cost synergies. Excluding an unfavorable currency impact of $11 million, operating companies income would have increased 12.5%. Operating revenues decreased 4.1%. Excluding the negative currency impact, revenues increased 2.7% with the impact of higher volume moderated by lower coffee pricing due to declining commodity costs. Following are results by segment for KFI: 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). , Middle East and Africa (EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. ) volume was in-line In-lineUsed in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with prior year, as double-digit gains in the developing markets of Central and Eastern Europe and growth in Austria Austria (ô`strēə), Ger. Österreich [eastern march], officially Republic of Austria, federal republic (2005 est. pop. 8,185,000), 32,374 sq mi (83,849 sq km), central Europe. , Greece Greece, Gr. Hellas or Ellas, republic (2005 est. pop. 10,668,000), 50,944 sq mi (131,945 sq km), SE Europe. It occupies the southernmost part of the Balkan Peninsula and borders on the Ionian Sea in the west, on the Mediterranean Sea in the south, on , Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. , Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. and the United Kingdom were offset by lower volumes 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 Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. . Operating companies income increased 0.5% including an unfavorable currency impact of $7.0 million. Excluding negative currency, operating companies income would have increased 4.0%. Snacks volume increased, driven by favorable confectionery and salty snacks performance. Confectionery volume was above last year, reflecting growth of Milka in Bulgaria Bulgaria (bŭlgâr`ēə), Bulgarian Balgarija, officially Republic of Bulgaria, republic (2005 est. pop. 7,450,000), 42,823 sq mi (110,912 sq km), SE Europe, on the E Balkan Peninsula. , Hungary Hungary, Hung. Magyarország, officially Republic of Hungary, republic (2005 est. pop. 10,007,000), 35,919 sq mi (93,030 sq km), central Europe. , Italy, Spain and the Ukraine Ukraine (y  `krān, ykrān`), Ukr. Ukraina, republic (2005 est. pop. ; Cote d'Or 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 Italy; Marabou marabou: see stork. marabou African stork (Leptoptilos crumeniferus). Standing 5 ft (1.5 m) tall with a wingspread of 8.5 ft (2.6 m), the marabou is the largest of all storks. in Sweden and Korona The word Korona is a generic term of some Slavic languages and of the Hungarian language for a crown. As such it might refer to a variety of meanings:
ā`nēə), Lithuanian Lietuva, officially Republic of Lithuania, republic (2005 est. pop. 3,597,000), 25,174 sq mi (65,201 sq km), N central Europe. and the strong performance of Lux and Estrella
brands in the Ukraine.Volume growth in beverages was driven by favorable performance in both coffee and refreshment beverages. Coffee volume increases were led by Hag in Austria and Italy; Jacobs in Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, , Lithuania and the Ukraine; Kenco For the photographic company, see Kenko. Kenco is a brand of instant coffee, and Roast & Ground Coffee distributed by Kraft Foods in the United Kingdom. Originally known as the Kenya Coffee Company, they started distributing coffee to Britain in 1923. Rappor and Maxwell House Maxwell House is a brand of coffee manufactured by a like-named division of Kraft Foods. It is named in honor of the Maxwell House Hotel in Nashville, Tennessee. For many years until the late 1980s it was the largest-selling coffee in the U.S. and is currently (ca. in the United Kingdom as well as recent coffee acquisitions in Bulgaria, Romania Romania (rōmān`ēə, –yə) or Rumania (r –), republic (v), 91,699 sq mi (237,500 sq km), SE Europe. and Morocco Morocco, country, AfricaMorocco (mərŏk`ō), officially Kingdom of Morocco, kingdom (2005 est. pop. 32,726,000), 171,834 sq mi (445,050 sq km), NW Africa. . In Germany, coffee volume declined reflecting continued trade inventory reductions. Refreshment beverages volume grew, driven by higher Tang tang, in zoology tang: see butterfly fish. shipments to the Middle East and Africa. Cheese volume was lower, as favorable Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. cream cheese performance in Belgium, Italy, Spain, the United Kingdom and Away from Home markets was more than offset by lower volume in Germany, reflecting increased price competition. In Convenient Meals, volume was down as lower canned meats volume in Italy was partly offset by the continued momentum of new Dairylea Dairylea can refer to:
During the quarter, KFI announced its agreement to purchase the Central and Eastern European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. confectionery business of Stollwerck Stollwerck GmbH is a German food company known for the production of chocolate. In 1998 it acquired Sarotti. External links
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals in the respective countries. Latin America and Asia Pacific (LAAP LAAP Louisiana Army Ammunition Plant LAAP Longhorn Army Ammunition Plant ) volume increased 10.7%, driven by gains 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. , Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , China, Peru and the Philippines Philippines officially Republic of the Philippines Island country, western Pacific Ocean, on an archipelago off the southeast coast of Asia. Area: 122,121 sq mi (316,294 sq km). Population (2005 est.): 84,191,000. , partially offset by a decline in Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. due to economic weakness. Operating companies income increased 34.5%, driven by higher volume, productivity and Nabisco synergies. In snacks, volume was higher, driven by successful marketing programs for Club Social crackers and line extensions of Trakinas cookies in Brazil, higher sales of Chips Ahoy!, Trakinas and Marbu cookies in China and gains in Club Social crackers and Oreo cookies in Peru. Double-digit volume growth in beverages was driven by the strong performance of Tang, Fresh and Clight powdered soft drinks and Maguary juice concentrate in Brazil, as well as successful marketing programs and improved distribution of Tang in the Philippines. Cheese volume also grew strongly, driven by higher Philadelphia cream cheese shipments in Australia and successful marketing programs for Kraft Cheez Whiz Cheez Whiz is a thick processed cheese sauce or spread introduced by Kraft Foods in 1953. The bright, yellow, viscous liquid usually comes in a glass jar, and is used as a topping for corn chips, hot dogs, cheesesteaks, and other foods. and Eden process cheese in the Philippines. Kraft Foods Inc. is the largest branded food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. company headquartered in 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. and the second largest worldwide. Kraft Foods markets many of the world's leading food brands, including Kraft cheese, Jacobs and Maxwell House coffees, Nabisco cookies and crackers, Philadelphia cream cheese, Oscar Mayer meats, Post cereals Post Cereals, formerly Postum Cereals was founded by C. W. Post. It began in 1895 with the first Postum, a "cereal beverage", developed by Post in Battle Creek, Michigan. The first cereal, Grape-Nuts, was developed in 1897. and Milka chocolates, in more than 140 countries. You may learn more by listening to a live audio webcast of the Kraft conference call with members of the investment community at 5:00 p.m. ET on October 16, 2001. Access is available at www.kraft.com. Forward-Looking and Cautionary Statements This press release contains projections of future results and other 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. that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The following important factors could cause actual results and outcomes to differ materially from those contained in such forward-looking statements. The Company is subject to unfavorable currency movements, intense competition, changes in consumer preferences and demand for its products, changing prices for raw materials, fluctuations in levels of customer inventories and the effects of foreign economies and local economic and market conditions. Its results are dependent upon its continued ability to promote brand equity successfully; to anticipate and respond to new consumer trends; to develop new products and markets and to broaden brand portfolios; to compete effectively with lower-priced products in a consolidating environment at the retail and manufacturing levels; to improve productivity; to successfully integrate Nabisco's operations with its own; and other risks detailed from time to time in the Company's publicly-filed documents, including the Prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. related to its initial public offering of shares. The Company cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statement.
KRAFT FOODS INC.
and Subsidiaries
Condensed Statements of Earnings
For the Quarters Ended September 30,
($ in millions, except per share data)
REPORTED
-----------------------------
2001 2000 %Change
-----------------------------
Operating revenues $ 8,056 $ 6,215 29.6 %
Cost of sales 4,224 3,257 29.7 %
---------------------
Gross profit 3,832 2,958 29.5 %
Marketing, administration
and research costs 2,335 1,854 25.9 %
Loss on sale of a North American food
factory and integration costs 37 -
Gain on sale of a French confectionery
business - (139)
---------------------
Operating companies income 1,460 1,243 17.5 %
Amortization of goodwill 239 136
General corporate expenses 45 50
Interest and other debt expense, net 256 122
---------------------
Earnings before income taxes 920 935 (1.6)%
Provision for income taxes 417 387 7.8 %
---------------------
Net earnings $ 503 $ 548 (8.2)%
=====================
Basic earnings per share (b) $ 0.29 $ 0.38 (23.7)%
=====================
Diluted earnings per share (b) $ 0.29 $ 0.38 (23.7)%
=====================
Weighted average number of
shares outstanding
- Basic 1,735 1,455 19.2 %
- Diluted 1,735 1,455 19.2 %
PRO FORMA (a)
-----------------------------
2001 2000 %Change
-----------------------------
Operating revenues $ 8,056 $ 8,110 (0.7)%
Operating companies income $ 1,497 $ 1,363 9.8 %
Net earnings $ 522 $ 420 24.3 %
=====================
Basic earnings per share (b) $ 0.30 $ 0.24 25.0 %
=====================
Diluted earnings per share (b) $ 0.30 $ 0.24 25.0 %
=====================
Weighted average number of
shares outstanding
- Basic 1,735 1,735 - %
- Diluted 1,735 1,735 - %
(a) Results are presented on a Pro forma basis as if Nabisco had been
acquired on Jan. 1, 2000 and the initial public offering had been
completed for all the periods presented.
(b) Basic and Diluted earnings per share are computed for each of the
periods presented. Accordingly, the sum of the quarterly earnings
per share amounts may not agree to the year-to-date amounts.
KRAFT FOODS INC.
and Subsidiaries
Operating Revenues
For the Quarters Ended September 30,
($ in millions)
OPERATING REVENUES REPORTED
----------------------------------------------------------------------
2001 2000 %Change
-----------------------------
Cheese, Meals and Enhancers $ 2,438 $ 2,237 9.0 %
Biscuits, Snacks and Confectionery 1,479 82 100.0+%
Beverages, Desserts and Cereals 1,225 1,188 3.1 %
Oscar Mayer and Pizza 913 872 4.7 %
---------------------
Total Kraft Foods North America 6,055 4,379 38.3 %
---------------------
Europe, Middle East and Africa 1,427 1,552 (8.1)%
Latin America and Asia Pacific 574 284 100.0+%
---------------------
Total Kraft Foods International 2,001 1,836 9.0 %
---------------------
Total operating revenues
- Kraft Foods Inc. $ 8,056 $ 6,215 29.6 %
=====================
OPERATING REVENUES PRO FORMA (a)
----------------------------------------------------------------------
2001 2000 %Change
-----------------------------
Cheese, Meals and Enhancers $ 2,438 $ 2,447 (0.4)%
Biscuits, Snacks and Confectionery 1,479 1,479 - %
Beverages, Desserts and Cereals 1,225 1,226 (0.1)%
Oscar Mayer and Pizza 913 872 4.7 %
----------------------
Total Kraft Foods North America 6,055 6,024 0.5 %
----------------------
Europe, Middle East and Africa 1,427 1,529 (6.7)%
Latin America and Asia Pacific 574 557 3.1 %
----------------------
Total Kraft Foods International 2,001 2,086 (4.1)%
----------------------
Total operating revenues
- Kraft Foods Inc. $ 8,056 $ 8,110 (0.7)%
=====================
(a) Results are presented on a Pro forma basis as if Nabisco had been
acquired on Jan. 1, 2000.
KRAFT FOODS INC.
and Subsidiaries
Operating Companies Income
For the Quarters Ended September 30,
( $ in millions)
OPERATING COMPANIES INCOME REPORTED
----------------------------------------------------------------------
2001 2000 %Change
-----------------------------
Cheese, Meals and Enhancers $ 525 $ 456 15.1 %
Loss on sale of a North American food
factory and integration costs (31) -
---------------------
Cheese, Meals and Enhancers, net 494 456 8.3 %
Biscuits, Snacks and Confectionery 278 24 100.0+%
Beverages, Desserts and Cereals 273 240 13.8 %
Loss on sale of a North American food
factory and integration costs (6) -
---------------------
Beverages, Desserts and Cereals, net 267 240 11.3 %
Oscar Mayer and Pizza 144 134 7.5 %
---------------------
Total Kraft Foods North America 1,220 854 42.9 %
Loss on sale of a North American food
factory and integration costs (37) -
---------------------
Total Kraft Foods North America, net 1,183 854 38.5 %
---------------------
Europe, Middle East and Africa 199 211 (5.7)%
Gain on sale of a French confectionery
business - 139
---------------------
Europe, Middle East and Africa, net 199 350 (43.1)%
Latin America and Asia Pacific 78 39 100.0 %
---------------------
Total Kraft Foods International 277 250 10.8 %
Gain on sale of a French confectionery
business - 139
---------------------
Total Kraft Foods International, net 277 389 (28.8)%
---------------------
Total operating companies income
- Kraft Foods Inc. $ 1,497 $ 1,104 35.6 %
Loss on sale of a North American food
factory and integration costs (37) -
Gain on sale of a French confectionery
business - 139
---------------------
Total operating companies income
- Kraft Foods Inc., net $ 1,460 $ 1,243 17.5 %
=====================
OPERATING COMPANIES INCOME PRO FORMA (a)
----------------------------------------------------------------------
2001 2000 %Change
-----------------------------
Cheese, Meals and Enhancers $ 525 $ 507 3.6 %
Loss on sale of a North American food
factory and integration costs - -
---------------------
Cheese, Meals and Enhancers, net 525 507 3.6 %
Biscuits, Snacks and Confectionery 278 220 26.4 %
Beverages, Desserts and Cereals 273 246 11.0 %
Loss on sale of a North American food
factory and integration costs - -
---------------------
Beverages, Desserts and Cereals, net 273 246 11.0 %
Oscar Mayer and Pizza 144 134 7.5 %
---------------------
Total Kraft Foods North America 1,220 1,107 10.2 %
Loss on sale of a North American food
factory and integration costs - -
---------------------
Total Kraft Foods North America, net 1,220 1,107 10.2 %
---------------------
Europe, Middle East and Africa 199 198 0.5 %
Gain on sale of a French confectionery
business - -
---------------------
Europe, Middle East and Africa, net 199 198 0.5 %
Latin America and Asia Pacific 78 58 34.5 %
---------------------
Total Kraft Foods International 277 256 8.2 %
Gain on sale of a French confectionery
business - -
---------------------
Total Kraft Foods International, net 277 256 8.2 %
---------------------
Total operating companies income
- Kraft Foods Inc. $ 1,497 $ 1,363 9.8 %
Loss on sale of a North American food
factory and integration costs - -
Gain on sale of a French confectionery
business - -
---------------------
Total operating companies income
- Kraft Foods Inc., net $ 1,497 $ 1,363 9.8 %
=====================
(a) Results are presented on a Pro forma basis as if Nabisco had been
acquired on Jan. 1, 2000.
KRAFT FOODS INC.
and Subsidiaries
Condensed Statements of Earnings
For the Nine Months Ended September 30,
($ in millions, except per share data)
REPORTED
-----------------------------
2001 2000 %Change
-----------------------------
Operating revenues $ 25,115 $ 19,649 27.8 %
Cost of sales 12,883 10,195 26.4 %
---------------------
Gross profit 12,232 9,454 29.4 %
Marketing, administration
and research costs 7,673 5,952 28.9 %
Loss on sale of a North American food
factory and integration costs 66 -
Gain on sale of a French confectionery
business - (139)
---------------------
Operating companies income 4,493 3,641 23.4 %
Amortization of goodwill 719 403
General corporate expenses 141 151
Interest and other debt expense, net 1,189 381
---------------------
Earnings before income taxes 2,444 2,706 (9.7)%
Provision for income taxes 1,110 1,120 (0.9)%
---------------------
Net earnings $ 1,334 $ 1,586 (15.9)%
=====================
Basic earnings per share (b) $ 0.85 $ 1.09 (22.0)%
=====================
Diluted earnings per share (b) $ 0.85 $ 1.09 (22.0)%
=====================
Weighted average number of
shares outstanding
- Basic 1,568 1,455 7.8 %
- Diluted 1,568 1,455 7.8 %
PRO FORMA (a)
-----------------------------
2001 2000 %Change
-----------------------------
Operating revenues $ 25,111 $ 25,171 (0.2)%
Operating companies income $ 4,558 $ 4,218 8.1 %
Net earnings $ 1,536 $ 1,329 15.6 %
=====================
Basic earnings per share (b) $ 0.89 $ 0.77 15.6 %
=====================
Diluted earnings per share (b) $ 0.89 $ 0.77 15.6 %
=====================
Weighted average number of
shares outstanding
- Basic 1,735 1,735 - %
- Diluted 1,735 1,735 - %
(a) Results are presented on a Pro forma basis as if Nabisco had been
acquired on Jan. 1, 2000 and the initial public offering had been
completed for all the periods presented.
(b) Basic and Diluted earnings per share are computed for each of the
periods presented. Accordingly, the sum of the quarterly earnings
per share amounts may not agree to the year-to-date amounts.
KRAFT FOODS INC.
and Subsidiaries
Operating Revenues
For the Nine Months Ended September 30,
($ in millions)
REPORTED
-----------------------------
2001 2000 % Change
-----------------------------
Cheese, Meals and Enhancers $ 7,680 $ 7,010 9.6 %
Incremental Year 2000 business - (34)
-----------------
Cheese, Meals and Enhancers, net 7,680 6,976 10.1 %
-----------------
Biscuits, Snacks and Confectionery 4,310 225 100.0+ %
Incremental Year 2000 business - (3)
-----------------
Biscuits, Snacks and Confectionery, net 4,310 222 100.0+ %
-----------------
Beverages, Desserts and Cereals 4,106 4,037 1.7 %
Incremental Year 2000 business - (22)
-----------------
Beverages, Desserts and Cereals, net 4,106 4,015 2.3 %
-----------------
Oscar Mayer and Pizza 2,759 2,621 5.3 %
Incremental Year 2000 business - (12)
-----------------
Oscar Mayer and Pizza, net 2,759 2,609 5.7 %
-----------------
Total Kraft Foods North America 18,855 13,893 35.7 %
Incremental Year 2000 business - (71)
-----------------
Total Kraft Foods North America, net 18,855 13,822 36.4 %
-----------------
Europe, Middle East and Africa 4,477 4,926 (9.1)%
Incremental Year 2000 business - (14)
-----------------
Europe, Middle East and Africa, net 4,477 4,912 (8.9)%
-----------------
Latin America and Asia Pacific 1,783 927 92.3 %
Incremental Year 2000 business - (12)
-----------------
Latin America and Asia Pacific, net 1,783 915 94.9 %
-----------------
Total Kraft Foods International 6,260 5,853 7.0 %
Incremental Year 2000 business - (26)
-----------------
Total Kraft Foods International, net 6,260 5,827 7.4 %
-----------------
Total operating revenues - Kraft
Foods Inc. $25,115 $19,746 27.2 %
Incremental Year 2000 business (97) -
-----------------
Total operating revenues -
Kraft Foods Inc., net $25,115 $19,649 27.8 %
=================
PRO FORMA ( a )
-----------------------------
2001 2000 % Change
-----------------------------
Cheese, Meals and Enhancers $ 7,680 $ 7,649 0.4 %
Incremental Year 2000 business - -
-----------------
Cheese, Meals and Enhancers, net 7,680 7,649 0.4 %
-----------------
Biscuits, Snacks and Confectionery 4,310 4,201 2.6 %
Incremental Year 2000 business - -
-----------------
Biscuits, Snacks and Confectionery, net 4,310 4,201 2.6 %
-----------------
Beverages, Desserts and Cereals 4,106 4,142 (0.9)%
Incremental Year 2000 business - -
-----------------
Beverages, Desserts and Cereals, net 4,106 4,142 (0.9)%
-----------------
Oscar Mayer and Pizza 2,759 2,621 5.3 %
Incremental Year 2000 business - -
-----------------
Oscar Mayer and Pizza, net 2,759 2,621 5.3 %
-----------------
Total Kraft Foods North America 18,855 18,613 1.3 %
Incremental Year 2000 business - -
-----------------
Total Kraft Foods North America, net 18,855 18,613 1.3 %
-----------------
Europe, Middle East and Africa 4,477 4,828 (7.3)%
Incremental Year 2000 business - -
-----------------
Europe, Middle East and Africa, net 4,477 4,828 (7.3)%
-----------------
Latin America and Asia Pacific 1,779 1,730 2.8 %
Incremental Year 2000 business - -
-----------------
Latin America and Asia Pacific, net 1,779 1,730 2.8 %
-----------------
Total Kraft Foods International 6,256 6,558 (4.6)%
Incremental Year 2000 business - -
-----------------
Total Kraft Foods International, net 6,256 6,558 (4.6)%
-----------------
Total operating revenues -
Kraft Foods Inc. $25,111 $25,171 (0.2)%
Incremental Year 2000 business - -
-----------------
Total operating revenues -
Kraft Foods Inc., net $25,111 $25,171 (0.2)%
=================
(a) Results are presented on a Pro forma basis
as if Nabisco had been acquired on Jan. 1, 2000.
KRAFT FOODS INC.
and Subsidiaries
Operating Companies Income
For the Nine Months Ended September 30,
($ in millions)
REPORTED
--------------------------
2001 2000 % Change
--------------------------
Cheese, Meals and Enhancers $ 1,647 $ 1,452 13.4 %
Incremental Year 2000 business - (15)
Loss on sale of a North American food
factory and integration costs (60) -
-----------------
Cheese, Meals and Enhancers, net 1,587 1,437 10.4 %
-----------------
Biscuits, Snacks and Confectionery 689 65 100.0+ %
Incremental Year 2000 business - (1)
-----------------
Biscuits, Snacks and Confectionery, net 689 64 100.0+ %
-----------------
Beverages, Desserts and Cereals 953 877 8.7 %
Incremental Year 2000 business - (7)
Loss on sale of a North American food
factory and integration costs (6) -
-----------------
Beverages, Desserts and Cereals, net 947 870 8.9 %
-----------------
Oscar Mayer and Pizza 456 429 6.3 %
Incremental Year 2000 business - (4)
-----------------
Oscar Mayer and Pizza, net 456 425 7.3 %
-----------------
Total Kraft Foods North America 3,745 2,823 32.7 %
Incremental Year 2000 business - (27)
Loss on sale of a North American food
factory and integration costs (66) -
-----------------
Total Kraft Foods North America, net 3,679 2,796 31.6 %
-----------------
Europe, Middle East and Africa 563 584 (3.6)%
Incremental Year 2000 business - (8)
Gain on sale of a French confectionery
business - 139
-----------------
Europe, Middle East and Africa, net 563 715 (21.3)%
-----------------
Latin America and Asia Pacific 251 135 85.9 %
Incremental Year 2000 business - (5)
-----------------
Latin America and Asia Pacific, net 251 130 93.1 %
-----------------
Total Kraft Foods International 814 719 13.2 %
Incremental Year 2000 business - (13)
Gain on sale of a French confectionery
business - 139
-----------------
Total Kraft Foods International, net 814 845 (3.7)%
-----------------
Total operating companies income -
Kraft Foods Inc. $ 4,559 $ 3,542 28.7 %
Incremental Year 2000 business - (40)
Loss on sale of a North American
food factory and integration costs (66) -
Gain on sale of a French confectionery
business - 139
-----------------
Total operating companies income -
Kraft Foods Inc., net $4,493 $ 3,641 23.4 %
=================
PRO FORMA (a)
--------------------------
2001 2000 % Change
--------------------------
Cheese, Meals and Enhancers $ 1,647 $ 1,600 2.9 %
Incremental Year 2000 business - -
Loss on sale of a North American
food factory and integration costs - -
-----------------
Cheese, Meals and Enhancers, net 1,647 1,600 2.9 %
-----------------
Biscuits, Snacks and Confectionery 689 549 25.5 %
Incremental Year 2000 business - -
-----------------
Biscuits, Snacks and Confectionery, net 689 549 25.5 %
-----------------
Beverages, Desserts and Cereals 953 889 7.2 %
Incremental Year 2000 business - -
Loss on sale of a North American
food factory and integration costs - -
-----------------
Beverages, Desserts and Cereals, net 953 889 7.2 %
-----------------
Oscar Mayer and Pizza 456 429 6.3 %
Incremental Year 2000 business - -
-----------------
Oscar Mayer and Pizza, net 456 429 6.3 %
-----------------
Total Kraft Foods North America 3,745 3,467 8.0 %
Incremental Year 2000 business - -
Loss on sale of a North American
food factory and integration costs - -
-----------------
Total Kraft Foods North America, net 3,745 3,467 8.0 %
-----------------
Europe, Middle East and Africa 563 553 1.8 %
Incremental Year 2000 business - -
Gain on sale of a French confectionery
business - - -
-----------------
Europe, Middle East and Africa, net 563 553 1.8 %
-----------------
Latin America and Asia Pacific 250 198 26.3 %
Incremental Year 2000 business - -
-----------------
Latin America and Asia Pacific, net 250 198 26.3 %
-----------------
Total Kraft Foods International 813 751 8.3 %
Incremental Year 2000 business - -
Gain on sale of a French confectionery
business - -
-----------------
Total Kraft Foods International, net 813 751 8.3 %
-----------------
Total operating companies income -
Kraft Foods Inc. $ 4,558 $ 4,218 8.1 %
Incremental Year 2000 business - -
Loss on sale of a North American food
factory and integration costs - -
Gain on sale of a French confectionery
business - -
-----------------
Total operating companies income -
Kraft Foods Inc., net $4,558 $ 4,218 8.1 %
=================
(a) Results are presented on a Pro forma basis
as if Nabisco had been acquired on Jan. 1, 2000.
KRAFT FOODS INC.
and Subsidiaries
Diluted Earnings per Share
Reconciliation of Reported to Pro forma results
For the Quarters Ended September 30,
($ and shares in millions, except per share data)
2001 2000 % Change
-----------------------------
Reported Net Earnings $ 503 $ 548 (8.2)%
After-tax effect of incremental year 2000
income, loss on sale of food factory and
integration costs and divestiture gain(1) 19 (82)
Nabisco results(2) - (137)
Lower after-tax interest expense
assuming 1/1/00 IPO data - 91
-------------------
Pro forma net earnings $ 522 $ 420 24.3 %
===================
Average shares outstanding 1,735 1,455
Adjustment to reflect shares
outstanding after IPO - 280
-------------------
Pro forma shares outstanding 1,735 1,735
===================
-------------------
Pro forma diluted earnings per share $ 0.30 $ 0.24 25.0 %
===================
For the Nine Months Ended September 30,
($ and shares in millions,
except per share data)
2001 2000 % Change
-----------------------------
Reported Net Earnings $1,334 $1,586 (15.9)%
After-tax effect of incremental year 2000
income, loss on sale of food factory and
integration costs and divestiture gain(1) 37 (58)
Nabisco results(2) - (472)
Lower after-tax interest expense
assuming 1/1/00 IPO data 165 273
-------------------
Pro forma net earnings $1,536 $1,329 15.6 %
===================
Average shares outstanding 1,568 1,455
Adjustment to reflect shares
outstanding after IPO 167 280
-------------------
Pro forma shares outstanding 1,735 1,735
===================
-------------------
Pro forma diluted earnings per share $ 0.89 $ 0.77 15.6 %
===================
(1) See notes on last page.
(2) Nabisco results include goodwill amortization and interest expense
as if Nabisco had been acquired on January 1, 2000.
KRAFT FOODS INC.
and Subsidiaries
Condensed Balance Sheets
($ in millions, except ratios)
September 30, December 31,
2001 2000
-----------------------------
Assets
Current assets $ 7,348 $ 7,152
Property, plant and equipment, net 9,090 9,405
Goodwill and other intangible assets, net 31,472 31,584
Other assets 3,913 3,930
---------------------------
Total assets $ 51,823 $ 52,071
===========================
Liabilities and Stockholders' Equity
Total current liabilities $ 8,419 $ 7,590
Long-term debt 4,654 2,695
Notes payable to parent and affiliates 9,000 21,407
Other long-term liabilities 6,443 6,331
---------------------------
Total liabilities 28,516 38,023
Total stockholders' equity 23,307 14,048
---------------------------
Total liabilities and
stockholders' equity $ 51,823 $ 52,071
===========================
Total debt $ 16,731 $ 25,826
Debt/equity ratio 0.72 1.84
KRAFT FOODS INC.
and Subsidiaries
Notes to Condensed Statements of Earnings and Selected Financial Data
($ in millions)
The following pre-tax items had an impact on underlying results in
2001 and 2000:
Third Third Nine Nine
Quarter Quarter Months Months
2001 2000 2001 2000
---- ---- ---- ----
- Loss on sale of a North American
food factory and integration costs $ 37 $ - $ 66 $ -
- Gain on sale of a French
confectionery business - (139) (139)
- Related to incremental
Year 2000 business:(1)
Kraft Foods North America - - (27)
Kraft Foods International - - - (13)
======= ==== ====== =====
37 (139) $ 66 $(179)
======= ===== ====== =====
(1) Relates to sales of products that would normally have occurred in
January 2000, but were made in 1999 in order for the Company's
customers to avoid potential problems related to the Century Date
Change. These sales were previously excluded from the underlying
1999 fourth quarter results.
In addition, operating results of businesses sold since the beginning of 2000 are excluded from underlying operating revenues and operating companies income (but not from underlying net earnings or earnings per share). Several international food and domestic food operations were divested since the beginning of 2000. No assumptions were made as to the application of proceeds from the sales of any operations. Operating revenues and operating companies income for all periods presented were restated to reflect the transfer of management responsibility for Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. from the international food business to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. food business. |
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