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CAMPBELL SOUP REPORTS RECORD SALES & EARNINGS BEFORE SPECIAL CHARGES

 CAMDEN, N.J., Sept. 9 /PRNewswire/ -- Campbell Soup Company (NYSE: CPB) today reported record sales and earnings for the fourth quarter and fiscal year ended Aug. 1, 1993.
 Earnings per share rose 17 percent to $2.28, before special charges, compared to $1.95 the prior fiscal year. Net earnings before special charges climbed to $574 million vs. $491 million last year. Sales rose 5 percent to $6.6 billion, from $6.3 billion in fiscal 1992, which contained an additional week.
 Fourth quarter earnings per share were $.48, up from $.44 last year. Net earnings were $122 million vs. $109 million last year. Before the effects of the accounting changes, net earnings increased 15 percent in the quarter. Fourth quarter sales rose to $1.5 billion from $1.4 billion reported in the year-earlier fourth quarter which contained the additional week.
 "This is our fourth consecutive year of record earnings," said David W. Johnson, president and chief executive officer. "Our team can be proud of this performance as we continue to lead our competitors in the food industry."
 "Worldwide volume growth of 3 percent in our flagship soup business was especially important, as was the 31 percent increase in profits from our
businesses outside the U.S. Our portfolio reconfiguration strategy, including acquisition of majority ownership of Arnotts in Australia, strongly positions us for future earnings growth," said Johnson.
 Special charges consist of $1.19 per share for restructuring and $1.06 per share for adoption of new accounting standards. These charges reduced net earnings to $8 million and earnings per share to $.03, for the year.
 Restructuring charges announced in February 1993, and recorded in the second quarter, provided for plant closings and divestitures which 0set the stage for improved future profitability. Accounting changes announced in July were for adoption of new standards: FAS 106, "Accounting for Postretirement Benefits Other Than Pensions;" FAS 109, "Accounting for Income Taxes;" and FAS 112, "Accounting for Postemployment Benefits."
 The cumulative effect of adopting these standards was $249 million or 99 cents per share, and the incremental annual charge in 1993 was 7 cents per share.
 Division results before the special charges were:
 CAMPBELL NORTH AND SOUTH AMERICA
 Campbell North and South America, the company's largest division, reported operating earnings for the year of $862 million, a 9 percent increase over $790 million last year.
 Sales increased 2 percent for the year to $ 4.6 billion. Soup volume was up 2.5 percent, despite the one less week, with strong performances by "Home Cookin'" and "Healthy Request" ready-to-serve soups. The "Swanson" line of frozen dinners, "Great Starts" breakfast sandwiches, "V8" Vegetable Juice and "Pepperidge Farm" gravies all achieved strong volume growth, driven by new product introductions. Food Service frozen products, "Vlasic" pickles and Argentina operations also recorded substantial volume gains during the year.
 CAMPBELL BISCUIT AND BAKERY
 Fiscal year operating earnings for Campbell Biscuit and Bakery rose 23 percent to $111 million from $91 million last year. Sales also increased 23 percent to $999 million from $809 million last year. These increases stem mainly from Campbell's attaining 58 percent ownership of Arnotts in fiscal 1993 which contributed $170 million in sales in the year. Previously, the company owned 33 percent and accounted for its investment on the equity method. Arnotts had strong earnings growth in the year.
 "Pepperidge Farm" volume increased slightly for the year with sales trends improving significantly in the fourth quarter, led by the introduction of "Goldfish" cookies and frozen garlic bread and rolls.
 Earnings of Delacre in Europe were down because of a sluggish European economy, the costs of starting up new production lines, and the introduction of the new "Biscuits Maison" patterned after Pepperidge Farm's "American Collection" and "Old Fashioned" cookies.
 EUROPE/ASIA
 Fiscal year operating earnings rose 23 percent to $53 million versus $43 million last year due primarily to significant improvements in the United Kingdom and Germany.
 Sales increased 2 percent to $1.02 billion from $1.0 billion last year. Both sales and earnings benefitted from the acquisition of Fray Bentos, the leading premium canned meat brand in the United Kingdom, and from Campbell's acquisition of the remaining 50 percent ownership of the Spring Valley juice business in Australia.
 CAMPBELL SOUP COMPANY CONSOLIDATED
 STATEMENTS OF EARNINGS
 (in millions except per share amounts)
 Twelve Months Ended Aug. 1, Aug. 2,
 1993 1992
 Net sales $6,586.2 $6,263.2
 Costs and expenses:
 Cost of products sold 4,027.8 3,963.1
 Selling, general and
 administrative expenses 1,611.8 1,414.2
 Divestiture and restructuring charges 353.0 ---
 Total 5,992.6 5,377.3
 Earnings before interest and taxes 593.6 885.9
 Interest, net 73.8 86.6
 Earnings before taxes 519.8 799.3
 Taxes on earnings 262.6 308.8
 Earnings before cumulative
 effect of accounting changes 257.2 490.5
 Cumulative effect of accounting changes 249.0 ---
 Net earnings $ 8.2 $ 490.5
 Per share data:
 Earnings before cumulative
 effect of accounting changes $ 1.02 $ 1.95
 Cumulative effect of accounting changes (.99) ---
 Net earnings $ .03 $ 1.95
 Dividends $ .915 $ .71
 Average shares outstanding (weighted) 251.9 251.7
 Three months ended Aug. 1, Aug. 2,
 1993 1992
 Net sales $1,469.6 $1,433.4
 Costs and expenses
 Cost of products sold 874.1 904.7
 Selling, general and
 administrative expenses 396.2 341.9
 Divestiture and restructuring charges --- ---
 Total sales 1,270.3 1,246.6
 Earnings before interest and taxes 199.3 186.8
 Interest, net 16.1 16.4
 Earnings before taxes 183.2 170.4
 Taxes on earnings 61.2 61.2
 Earnings before cumulative
 effect of accounting changes 122.0 109.2
 Cumulative effect of accounting changes --- ---
 Net earnings $ 122.0 $ 109.2
 Per share data:
 Earnings before cumulative
 effect of accounting changes $ .48 $ .44
 Cumulative effect of accounting changes --- ---
 Net earnings $ .48 $ .44
 Dividends $ .25 $ .195
 Average shares outstanding (weighted) 251.9 251.0
 CAMPBELL SOUP COMPANY CONSOLIDATED
 SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
 (in millions except per share amounts)
 Twelve Months Ended Aug. 1, Aug. 2, Percent
 1993 1992 Change
 Sales:
 Contributions:
 Campbell North & South America $4,568.7 $4,457.8 2
 Campbell Biscuit and Bakery 998.6 808.6 23
 Campbell Europe/Asia 1,024.4 999.6 2
 Interdivision (5.5) (2.8)
 Total sales $6,586.2 $6,263.2 5
 Earnings:
 Contributions:
 Campbell North & South America $ 635.3 $ 790.1
 Campbell Biscuit and Bakery 101.1 90.6
 Campbell Europe/Asia (90.8) 43.2
 Total operating earnings 645.6 923.9
 Unallocated corporate
 expenses (52.0) (38.0)
 Earnings before interest
 and taxes 593.6 885.9
 Interest, net (73.8) (86.6)
 Taxes on earnings (262.6) (308.8)
 Earning before cumulative
 effect of accounting changes 257.2 490.5
 Cumulative effect of accounting
 changes (249.0) ---
 Net earnings $ 8.2 $ 490.5
 Per share
 Earnings before cumulative
 effect of accounting changes $ 1.02 1.95
 Cumulative effect of accounting
 changes (.99) ---
 Net earnings $ .03 $ 1.95
 Contributions to earnings by division include the 1993 incremental charge of $28 million for FAS 106, "Employers' Accounting for Postretirement Benefits" which was adopted effective August 3, 1992. This charge was applied as follows: Campbell North and South America $22 million, Campbell Biscuit and Bakery $5 million and Campbell Europe/Asia $1 million. The consolidated after tax effect was $18 million, or $.07 per share.
 Contributions to earnings by divisions also include the effects of a second quarter fiscal 1993 divestiture and restructuring charge of $353 million as follows: Campbell North and South America $205 million, Campbell Biscuit and Bakery $5 million and Campbell Europe/Asia $143 million. The consolidated after tax effect was $300 million, or $1.19 per share.
 In February 1993, Campbell increased its ownership in Arnotts Limited from a minority interest to 58 percent. Accordingly, beginning with the third quarter of fiscal 1993, Arnotts' results have been consolidated. Prior to this time, Campbell's investment in Arnotts was accounted for by the equity method.
 CAMPBELL SOUP COMPANY CONSOLIDATED
 SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
 (in millions except per share amounts)
 Three Months Ended Aug. 1, Aug. 2, Percent
 1993 1992 Change
 Sales:
 Contributions:
 Campbell North & South America $ 933.4 $ 982.6 (5)
 Campbell Biscuit and Bakery 300.9 198.2 52
 Campbell Europe/Asia 235.4 252.8 (7)
 Interdivision (.1) (.2)
 Total sales $1,469.6 $1,433.4 3
 Earnings:
 Contributions:
 Campbell North & South America $ 159.5 $ 159.9 ---
 Campbell Biscuit and Bakery 40.5 25.7 58
 Campbell Europe/Asia 14.5 9.1 59
 Total operating earnings 214.5 194.7 10
 Unallocated corporate
 expenses (15.2) (7.9)
 Earnings before interest
 and taxes 199.3 186.8 7
 Interest, net (16.1) (16.4)
 Taxes on earnings (61.2) (61.2)
 Earning before cumulative
 effect of accounting changes 122.0 109.2 12
 Cumulative effect of accounting
 changes --- ---
 Net earnings $ 122.0 $ 109.2 12
 Per share data:
 Earnings before cumulative
 effect of accounting changes $ .48 $ .44 9
 Cumulative effect of accounting
 changes - -
 Net earnings $ .48 $ .44 9
 Contributions to earnings by division include the 1993 incremental charge of $7.0 million for FAS 106, "Employers' Accounting for Postretirement Benefits" which was adopted effective August 3, 1992. This charge was applied as follows: Campbell North and South America $5.5 million, Campbell Biscuit and Bakery $1.4 million and Campbell Europe/Asia $.1 million. The consolidated after tax effect for the fourth quarter was $4.5 million, or $.02 per share.
 In February 1993, Campbell increased its ownership in Arnotts Limited from a minority interest to 58 percent. Accordingly, beginning with the third quarter of fiscal 1993, Arnotts' results have been consolidated. Prior to this time, Campbell's investment in Arnotts was accounted for by the equity method.
 CAMPBELL SOUP COMPANY CONSOLIDATED
 BALANCE SHEETS
 (in millions)
 Period Ended Aug. 1, 1993 Aug. 2, 1992
 Current assets $1,686.2 $1,501.6
 Plant assets, net 2,264.4 1,965.8
 Intangible assets, net 596.0 441.8
 Other assets 350.9 444.6
 Total assets $4,897.5 $4,353.8
 Current liabilities $1,850.5 $1,299.7
 Long-term debt 461.9 693.3
 Nonpension postretirement
 benefits 388.7 ---
 Other liabilities 492.4 333.2
 Shareowners' equity 1,704.0 2,027.6
 Total liabilities $4,897.5 $4,353.8
 /delval/
 -0- 9/8/93
 /CONTACT: Len Griehs, 609-342-6428, or James H. Moran, 609-342-6426, both of Campbell Soup/
 (CPB)


CO: Campbell Soup Company ST: New Jersey IN: FOD SU: ERN

JM -- PH002 -- 0122 09/09/93 08:35 EDT
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