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THE COCA-COLA COMPANY ANNOUNCES 23 PERCENT INCREASE IN FOURTH QUARTER EARNINGS PER SHARE AND PLANS FOR A TWO-FOR-ONE STOCK SPLIT

 THE COCA-COLA COMPANY ANNOUNCES 23 PERCENT INCREASE IN FOURTH
 QUARTER EARNINGS PER SHARE AND PLANS FOR A TWO-FOR-ONE STOCK SPLIT
 -- Earnings per common share increased 23 percent to $0.54 in the
 fourth quarter and 19 percent to $2.43 in the full year.
 -- Net income available to common share owners increased 23 percent
 to $358 million in the fourth quarter and 19 percent to $1.6
 billion in the full year.
 -- Management intends to recommend a two-for-one stock split to
 the Board of Directors at its February meeting.
 ATLANTA, Jan. 30 /PRNewswire/ -- The Coca-Cola Company (NYSE: KO) reported today that 1991 net income available to common share owners as well as earnings per common share advanced 23 percent in the fourth quarter and 19 percent in the full year. Excluding previously announced nonrecurring items, net income available to common share owners and earnings per common share increased 17 percent and 16 percent, respectively, in the fourth quarter and 18 percent and 19 percent, respectively, in the full year. The Company also announced that management intends to recommend a two-for-one stock split to the Board of Directors at its February meeting.
 "Last year, and particularly the last quarter, was especially rewarding because our Company once again demonstrated an extraordinary capability to adapt to prevailing conditions and produce consistently reliable and profitable growth," said Roberto C. Goizueta, chairman of the Board and chief executive officer. "In spite of harsh economic conditions in many world markets, we have moved into 1992 with undiminished momentum. This augurs well for the current year's results." Coca-Cola USA Expands Volume, Profit, and Market Share
 Coca-Cola USA unit case sales advanced 3 percent in the fourth quarter and 2.5 percent in the full year 1991. Gallon sales of concentrates and syrups grew 2 percent in the fourth quarter and full year. Operating income advanced 31 percent in the full year 1991. Excluding nonrecurring items in 1990, operating income increased 15 percent, benefiting from volume growth and a favorable comparison due to one-time equipment conversion costs, expensed in 1990, associated with large new fountain accounts.
 In 1991, Coca-Cola USA increased its share of U.S. carbonated soft drink industry sales to 41 percent, once again outperforming the rest of the soft drink industry and widening its lead over its nearest competitor.
 Mr. Goizueta commented: "We are pleased with the superior volume performance of our U.S. soft drink business in a difficult economic environment. Our lead in the U.S. versus our major domestic competitor expanded in 1991 to about 700 million cases. That gap is more than our total case sales in Brazil, our second-largest international market." International Soft Drink Operating Income Increased 19 Percent in 1991
 International soft drink operating income advanced 19 percent in 1991 due to strong volume growth and improved margins. International gallon sales of concentrates and syrups as well as unit case sales to retail customers grew 6 percent in 1991. Unit case growth was led by increases of 8 percent in the Latin America region and the European Community.
 In Latin America, operating income advanced 35 percent and gallon sales of concentrates and syrups grew 8 percent in 1991. Unit case sales growth in Latin America was led by a 30 percent increase in Argentina and a 6 percent gain in Mexico. Latin America growth continues to benefit from promotional activity and the success of the superliter package.
 In the European Community, operating income increased 15 percent and gallon sales grew 6 percent in 1991. Overall, unit case sales advanced 8 percent, despite an 11 percent decline in Great Britain due to economic conditions and despite the strong 12 percent increase in the prior year. In Germany, unit case sales soared 18 percent and gallon sales increased 17 percent, fueled by continued strong volume growth in eastern Germany. In France and the Benelux region, unit case sales momentum continued, growing 11 and 9 percent, respectively.
 In the Pacific region, unit case sales and gallon sales grew 4 percent. The growth in unit case sales and gallon sales in 1991 comes on top of gains of 11 percent in both unit case sales and gallon sales in the prior year. In Japan and Australia unit case sales grew 7 percent and 2 percent, respectively, in 1991. Unit case sales in the Philippines were down 1 percent from the prior year, impacted by several natural disasters that occurred during 1991. Operating income in the Pacific and Canada combined increased 16 percent for the year.
 Operating income increased 17 percent for the year in Northeast Europe and Africa, and unit case sales grew 5 percent. Unit case sales in Nigeria increased 10 percent for the year, following a 15 percent gain in the prior year. Unit case sales in Egypt advanced 6 percent. Gallon sales of concentrates and syrups increased 3 percent in Northeast Europe and Africa. Fourth Quarter Volume Gains Continue in All Geographic Segments
 Unit case sales growth in the fourth quarter of 1991 included gains of 6 percent in the European Community, 6 percent in Latin America, and 3 percent in the Pacific and Northeast Europe and Africa regions. Coca-Cola Foods Operating Income Advanced 11 Percent in 1991
 At Coca-Cola Foods, total orange juice volume increased 17 percent. Volume for Minute Maid frozen concentrated orange juice was up 29 percent over the prior year, while from-concentrate and Premium Choice not-from-concentrate chilled orange juice volumes increased 13 percent and 38 percent, respectively. Operating income advanced 11 percent fueled by continued volume growth and improved margins. Strong Cash Flow, Return on Equity, and Year-End Balance Sheet
 The Company reported return on average share-owners' equity of 39.5 percent in 1991 and significant cash flow and balance sheet strength. In 1991, cash from operations was approximately $2.1 billion and the year-end net-debt-to-net-capital ratio was 21 percent. With a self-imposed net-debt-to-net-capital ratio ceiling of 35 percent, the Company has the capacity to borrow an additional $1.2 billion without exceeding its self-imposed limit.
 In 1991, excess cash was used to repurchase approximately 7 million shares of common stock at an average cost of $57.45 per share. Cumulatively, the Company has acquired approximately 25 million shares under a program to acquire a total of 40 million shares. Since Jan. 1, 1984, the Company has repurchased approximately 23.5 percent of common shares outstanding or a cumulative total of 193 million shares, at an average cost of $21.05 per share. Summary of Previously Announced Nonrecurring Items in 1991
 The Coca-Cola Company recorded nonrecurring gains and charges in 1991 that added approximately $5 million ($0.01 per share) to full year earnings. In the second quarter of 1991, the Company recorded a reserve of approximately $13 million after-tax ($0.02 per share) for potential future one-time charges related to bottler litigation.
 In the fourth quarter, the Company was impacted by three nonrecurring items: an after-tax charge of approximately $44 million ($0.07 per share) due to a restructuring provision at Coca-Cola Enterprises (NYSE: CCE); an after-tax gain of approximately $18 million ($0.03 per share) resulting from the sale of the Company's shares in Johnston Coca-Cola Bottling Group to Coca-Cola Enterprises; and an after-tax gain of approximately $44 million ($0.07 per share) resulting from the sale of property no longer required as a result of a restructuring of concentrate operations in Japan. Investments in Value-Added Building Blocks Continued in 1991
 The Coca-Cola Company aggressively expanded into new markets in 1991, including joint ventures in Hungary, Romania, and Indonesia, and investments in production and distribution infrastructure in eastern Germany and Poland. In addition, the Company formed a joint venture with Nestle S.A. to manufacture and distribute ready-to-drink coffee and tea products worldwide, excluding Japan. "Building blocks put in place over the last few years -- joint ventures, packaging innovations and basic infrastructure -- are starting to bear fruit, fueling our Company's gains in volume, share and profits," said Mr. Goizueta. "Our global Coca-Cola system is stronger and more sharply focused than at any other time in our history. This is at the heart of our optimism for the future earnings gains of our Company."
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 Fourth quarter 1991 1990 Pct. chg.
 Net operating revenues $2,879,001 $2,556,010 12.6
 Cost of goods sold 1,191,322 1,075,213 10.8
 Gross profit 1,687,679 1,480,797 14.0
 Selling, administrative and
 general expenses 1,200,602 1,059,328 13.3
 Operating income 487,077 421,469 15.6
 Interest income 49,726 47,795 4.0
 Interest expense 43,397 52,006 (16.6)
 Equity income (loss) (38,623) 28,085 ---
 Other income (loss) - net 92,317 (16,284) ---
 Income before income taxes 547,100 429,059 27.5
 Income taxes 188,717 134,724 40.1
 Net income 358,383 294,335 21.8
 Preferred stock dividends --- 3,664 ---
 Net income available to
 common share owners $ 358,383 $ 290,671 23.3(a)
 Net income per common share $0.54 $0.44 22.7(a)
 Average common shares
 outstanding 664,818 668,020 (0.5)
 (a) Excluding nonrecurring gains and charges in the fourth quarter of 1991, Net Income Available to Common Share Owners and Net Income Per Common Share increased 17.3 percent and 15.9 percent, respectively.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 Full year 1991 1990 Pct. chg.
 Net operating revenues $11,571,614 $10,236,350 13.0
 Cost of goods sold 4,648,385 4,208,850 10.4
 Gross profit 6,923,229 6,027,500 14.9
 Selling, administrative and
 general expenses 4,604,184 4,075,936 13.0
 Operating income 2,319,045 1,951,564 18.8
 Interest income 175,406 169,985 3.2
 Interest expense 192,515 230,979 (16.7)
 Equity income 39,975 110,139 (63.7)
 Other income - net 41,368 13,727 ---
 Income before income taxes 2,383,279 2,014,436 18.3
 Income taxes 765,277 632,532 21.0
 Net income 1,618,002 1,381,904 17.1
 Preferred stock dividends 521 18,158 (97.1)
 Net income available to
 common share owners $ 1,617,481 $ 1,363,746 18.6(a)
 Net income per common share $2.43 $2.04 19.1(a)
 Average common shares
 outstanding 666,472 668,570 (0.3)
 (a) Excluding nonrecurring gains and charges in 1991 and 1990, Net Income Available to Common Share Owners and Net Income Per Common Share increased 18.5 percent and 18.6 percent, respectively.
 -0- 1/30/92
 /CONTACT: Linda Peek of The Coca-Cola Company, 404-676-4848/
 (KO) CO: The Coca-Cola Company ST: Georgia IN: FOD SU: ERN


BR-BN -- AT002 -- 5063 01/30/92 08:10 EST
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Date:Jan 30, 1992
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