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THE COCA-COLA COMPANY ANNOUNCES STRONG EARNINGS GROWTH AND ACCELERATING UNIT VOLUME

 -- Worldwide Unit Case Volume Exceeded 10 Billion Cases
 For the First Time in History
 -- December Unit Case Volume Climbed 11 Percent Internationally
 And 6 Percent in the United States
 -- Operating Income and Earnings Per Share Advanced
 20 Percent in 1992, Excluding the Effects of Adopting
 New Accounting Standards
 ATLANTA, Jan. 28 /PRNewswire/ -- The Coca-Cola Company (NYSE: KO) reported today that its worldwide unit case volume exceeded 10 billion cases for the first time in history. "Even amid tough economic times, our Company earned record profits, advanced worldwide unit case volume to over 10 billion cases and continued to invest and build for the future," said Roberto C. Goizueta, chairman, Board of Directors, and chief executive officer. "Our unit case volume increase last year, by itself, was larger than our total volume in Spain, our fifth largest international market." The Company also reported today that earnings per share in 1992 increased 20 percent to $1.45, excluding the effects of adopting new accounting standards. The 20 percent increase comes on top of 19 percent growth in earnings per share in 1991, excluding nonrecurring items.
 In the fourth quarter, earnings per share grew 19 percent to $0.31, following 18 percent growth in the fourth quarter of 1991, excluding accounting adjustments and nonrecurring items.
 "The fourth quarter results benefited from volume growth, which became progressively better as the calendar moved from October through December, including extremely successful global holiday marketing activities which generated 9 percent worldwide unit case volume growth in December. It augurs well for 1993 that we ended 1992 with such momentum," said Mr. Goizueta.
 "Although we are never satisfied, considering the global economic malaise of 1992, it is rewarding to be able to report 20 percent growth in operating profit and earnings per share on an apples-to-apples basis," Mr. Goizueta continued. "Despite difficult economic environments in virtually every major market, we again reached new heights of market leadership, profitability and cash flow."


COCA-COLA USA EXPANDS VOLUME AND PROFIT
 As previously announced, Coca-Cola USA unit case volume sold to retail bottle/can and fountain customers grew 4 percent in the fourth quarter and 2 percent for the full year. Gallon shipments of concentrates and syrups advanced 7 percent in the fourth quarter and 2 percent for the full year. Operating income from soft drink operations in the U.S. advanced 9 percent in the full year 1992, on top of a 15 percent increase in 1991, excluding nonrecurring items.
 While continuing its primary commitment to core brands Coca-Cola classic and diet Coke, Coca-Cola USA introduced an innovative new mainstream cola product, Tab clear. In addition, the Company entered two additional beverage categories in 1992 with the rollouts of sports drink, PowerAde, and sparkling flavored water, Nordic Mist. All three of the new products are expected to be available nationally in 1993.


INTERNATIONAL SOFT DRINK OPERATING INCOME INCREASED 18 PERCENT IN 1992
 International soft drink operating income advanced 18 percent in 1992 due to volume growth, strategic pricing, and improved margins. As previously announced, international unit case volume sold to retail customers increased 4 percent and gallon shipments of concentrates and syrups grew 3 percent in 1992. In the fourth quarter, international unit case volume grew 5 percent and gallon shipments increased 7 percent. On a weighted average basis, the U.S. dollar was approximately even in the fourth quarter and 5 percent weaker for the full year vs. key hard currencies in the prior year.
 Operating income increased 16 percent for the year in the Northeast Europe and Africa Group. Unit case volume increased a strong 14 percent and gallon shipments advanced 15 percent for the year. In the fourth quarter, unit cases increased 18 percent. Unit case growth continues to be driven by rapid expansion into new markets and infrastructure building in existing markets in East Central Europe, where the Company sold almost 270 million unit cases in 1992, an increase of 63 million cases or 31 percent over the previous year. The incremental volume sold in East Central Europe in 1992 is equivalent in size to the total volume for the year in Turkey, the Company's largest market in East Central Europe.
 In Latin America, operating income advanced 24 percent in 1992. For the year, unit case volume and gallon shipments in Latin America were even with the prior year, primarily because of an 18 percent decrease in cases and a 19 percent decrease in gallons in Brazil, where severe economic conditions eroded consumer purchasing power. Fourth quarter unit case volume grew 1 percent in Latin America led by gains of 20 percent in Chile, 19 percent in Argentina, and 6 percent in Mexico, which offset an 18 percent decrease in Brazil in the fourth quarter.
 In the European Community, operating income increased 16 percent in 1992. Unit case volume advanced 5 percent, while gallon shipments for the full year grew 3 percent. Fourth quarter unit cases in the European Community grew 5 percent, including a 10 percent increase in Great Britain, 11 percent increase in France, 11 percent in the Benelux and Denmark division, and 3 percent increases in both Germany and Spain.
 In the Pacific region, unit case volume increased 3 percent and gallon shipments grew 2 percent for the year. In the fourth quarter, unit cases grew 3 percent in the Pacific. Unit case volume increased 6 percent in Japan, 17 percent in the China Division, and 32 percent in Malaysia/Singapore, offsetting a 7 percent decline in the Philippines, where natural disasters in the quarter hampered distribution. Operating income in the Pacific and Canada combined increased 17 percent for the year.


COCA-COLA FOODS OPERATING INCOME ADVANCED 8 PERCENT IN 1992
 At Coca-Cola Foods, operating income increased 8 percent in 1992 as higher margins offset flat volumes. Volume for all juice and juice drink products was unchanged following the strong performance of the prior year, when volume increased 12 percent.


INCOME STATEMENT REVIEW
 The Coca-Cola Company reported record operating income of $2.8 billion in 1992. Worldwide gallon shipments, as well as unit case volume, increased 3 percent. Revenues increased 13 percent and gross profit grew 16 percent, reflecting favorable raw material cost. Marketing expenditures increased in line with gross profit, continuing a pattern of aggressively investing for future growth. Slower growth in general administrative expenses resulted in operating margin expansion and a 20 percent increase in operating profit, excluding accounting adjustments. Net income available to common share owners increased 18 percent, and fewer shares outstanding helped earnings per common share increase 20 percent, excluding the effects of the adoption of new accounting standards.


STRONG CASH FLOW, RETURN ON EQUITY, AND YEAR-END BALANCE SHEET
 The Company reported return on average share-owners' equity of 46.4 percent in 1992 and significant cash flow and balance sheet strength. In 1992, cash from operations was approximately $2.2 billion and the year-end net-debt-to-net-capital ratio was 32 percent.
 During the year, the Company repurchased approximately 30 million shares of common stock at an average cost of $40.66 per share. In early January of 1993, the Company repurchased the remaining 1 million shares required to complete the program to acquire a total of 80 million shares. Since Jan. 1, 1984, the Company has repurchased over 25 percent of common shares outstanding, or a cumulative total of 416 million shares, at an average cost of $12.74 per share.


SUMMARY OF PREVIOUSLY ANNOUNCED ADOPTION OF NEW ACCOUNTING STANDARDS
 The Coca-Cola Company previously announced that it would retroactively adopt SFAS 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" as of Jan. 1, 1992. The Company also announced that it would retroactively adopt SFAS 109, "Accounting for Income Taxes," by restating all financial statements beginning in 1989. Both SFAS 106 and SFAS 109 are required accounting changes that are non- cash in nature.
 The Company reported that the adoption of SFAS 106 resulted in a one-time catch-up adjustment to net income of $219 million, or $0.17 per share. The ongoing annual non-cash negative impact of SFAS 106 is expected to be approximately $0.02 per share. The Company restated its 1992 quarterly results to reflect the adoption of SFAS 106.
 The adoption of SFAS 109 resulted in a one-time catch-up adjustment of $265 million at Jan. 1, 1989. The adoption of SFAS 109 did not significantly impact net income of any year other than 1989, and the impact of SFAS 109 going forward is expected to be immaterial.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 RESULTS OF OPERATIONS
 EXCLUDING EFFECTS OF ADOPTION OF SFAS 106 AND 109
 (In thousands, except per share data)
 FOURTH QUARTER 1992 1991 Pct. chg.
 Net operating revenues $3,244,091 $2,879,001 12.7
 Gross profit 1,980,140 1,687,679 17.3
 Operating income 603,441 487,077 23.9
 Net income (available to
 common share owners) 400,582 358,383 11.8
 Income per common share $0.31 $0.26(a) 19.2
 (a) Excludes nonrecurring items.
 FULL YEAR 1992 1991 Pct. chg.
 Net operating revenues $13,073,860 $11,571,614 13.0
 Gross profit 8,019,483 6,923,229 15.8
 Operating income 2,790,308 2,319,045 20.3
 Net income (available to
 common share owners) 1,905,276 1,617,481 17.8
 Income per common share $1.45 $1.21(a) 19.8
 (a) Excludes nonrecurring items.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 FOURTH QUARTER 1992 1991 Pct. chg.
 Net operating revenues $3,244,091 $2,879,001 12.7
 Cost of goods sold 1,263,951 1,191,322 6.1
 Gross profit 1,980,140 1,687,679 17.3
 Selling, administrative and
 general expenses 1,381,751 1,200,602 15.1
 Operating income 598,389 487,077 22.9
 Interest income 43,579 49,726 (12.4)
 Interest expense 43,174 43,397 (.5)
 Equity income (loss) 7,639 (38,623) ---
 Other income (deductions) - net (34,161) 92,317 ---
 Income before income taxes 572,272 547,100 4.6
 Income taxes 179,693 188,717 (4.8)
 Net income 392,579 358,383 9.5
 Preferred stock dividends --- --- ---
 Net income available to
 common share owners $ 392,579 $ 358,383 9.5
 Net income per common share $0.30 $0.27(a) 11.1(b)
 Average common shares
 outstanding 1,309,709 1,329,635(a) (1.5)
 (a) Net income per common share and average common shares outstanding have been adjusted to reflect a two-for-one stock split, effective May 1, 1992.
 (b) Excluding the ongoing effect of adopting new accounting standards in 1992 and nonrecurring items in 1991, net income per common share increased 19.2 percent to $0.31.
 FULL YEAR 1992 1991 Pct. chg.
 Net operating revenues $13,073,860 $11,571,614 13.0
 Cost of goods sold 5,054,377 4,648,385 8.7
 Gross profit 8,019,483 6,923,229 15.8
 Selling, administrative and
 general expenses 5,249,392 4,604,184 14.0
 Operating income 2,770,091 2,319,045 19.4(b)
 Interest income 163,784 175,406 (6.6)
 Interest expense 171,351 192,515 (11.0)
 Equity income 65,111 39,975 62.9
 Other income (deductions) - net (81,547) 41,368 ---
 Income before income taxes and
 change in accounting principle 2,746,088 2,383,279 15.2
 Income taxes 862,273 765,277 12.7
 Income before change in accounting
 principle 1,883,815 1,618,002 16.4
 Catch-up adjustment for change in
 accounting for postretirement
 benefits other than pensions
 Consolidated operations 146,364 --- ---
 Equity investments 73,069 --- ---
 Net income 1,664,382 1,618,002 2.9
 Preferred stock dividends --- 521 ---
 Net income available to
 common share owners $1,664,382 $1,617,481 2.9
 Income per common share:
 Before change in accounting
 principle $1.43 $1.21(a) 18.2
 Catch-up adjustment for change in
 accounting for postretirement
 benefits other than pensions
 Consolidated operations (.11) --- ---
 Equity investments (.06) --- ---
 Net income per common share $1.26 $1.21(a) 4.1(b)
 Average common shares
 outstanding 1,316,758 1,332,944(a) (1.2)
 (a) Net income per common share and average common shares outstanding have been adjusted to reflect a two-for-one stock split, effective May 1, 1992.
 (b) Excluding the effects of adopting new accounting standards in 1992, operating income and net income per common share both increased 20 percent to $2.8 billion and $1.45, respectively.
 -0- 1/28/93
 /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 -- AT003 -- 0040 01/28/93 08:08 EST
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Date:Jan 28, 1993
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