-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A2GjqTtM0WgSxunIz6VXy6tq4l58dCHAMb38Jbf6PLYFrfemtuPRL6Jvf84BtYZO XGir/GuJ9w39ZfIsvQ4UvQ== 0000310569-96-000008.txt : 19960409 0000310569-96-000008.hdr.sgml : 19960409 ACCESSION NUMBER: 0000310569-96-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960228 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960408 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANHEUSER BUSCH COMPANIES INC CENTRAL INDEX KEY: 0000310569 STANDARD INDUSTRIAL CLASSIFICATION: MALT BEVERAGES [2082] IRS NUMBER: 431162835 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07823 FILM NUMBER: 96545003 BUSINESS ADDRESS: STREET 1: ONE BUSCH PL STREET 2: C/O OFFICE OF THE VP & SEC'Y CITY: ST LOUIS STATE: MO ZIP: 63118 BUSINESS PHONE: 3145772000 MAIL ADDRESS: STREET 1: ONE BUSCH PL CITY: ST LOUIS STATE: MO ZIP: 63118 8-K 1 EARTHGRAINS SPIN-OFF 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) FEBRUARY 28, 1996 ANHEUSER-BUSCH COMPANIES, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) DELAWARE 1-7823 431162835 (STATE OR OTHER JURISDICTION OF (COMMISSION FILE (IRS EMPLOYER INCORPORATION) NUMBER) IDENTIFICATION NO.) ONE BUSCH PLACE, ST. LOUIS, MISSOURI 63118 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (314) 577-2000 2 ITEM 2 - CHANGES IN SECURITIES - ------------------------------ On February 28, 1996, pursuant to the previously announced plan to spin-off 100% of the company's wholly owned subsidiary, The Earthgrains Company (formerly named Campbell Taggart, Inc.), the Board of Directors of Anheuser-Busch Companies, Inc. approved a distribution to shareholders of all the outstanding shares of common stock of Earthgrains. The distribution was effective March 26, 1996. Each shareholder of record as of March 19, 1996, received one share of Earthgrains common stock for every twenty-five shares of Anheuser-Busch common stock held. In connection with the spin-off, Anheuser-Busch received a payment of $80 million from Earthgrains in partial settlement of an intercompany receivable. The attached pro forma condensed consolidated financial statements assume receipt by Anheuser-Busch of the $80 million payment and distribution to shareholders of shares of Earthgrains common stock. -2- 3 ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS - ------------------------------------------ Page of This Report ------------------- (A) Pro Forma Condensed Financial Information Pro Forma Consolidated Balance Sheet at December 31, 1995 4 Pro Forma Consolidated Statement of Income for the Year Ended December 31, 1995 5 -3- 4 ANHEUSER-BUSCH COMPANIES, INC. UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION The historical consolidated financial statements of Anheuser-Busch Companies, Inc. include as Discontinued Operations the net investment in, and operating results of the businesses constituting The Earthgrains Company (formerly known as Campbell Taggart, Inc.). The pro forma condensed consolidated balance sheet (unaudited) as of December 31, 1995 has been prepared assuming the spin-off of Earthgrains and distribution of related shares occurred as of that date. The pro forma condensed consolidated statement of income (unaudited) for the year ended December 31, 1995, has been prepared assuming the spin-off and distribution occurred as of January 1, 1995. The pro forma financial statements have been prepared by adjusting the historical statements for the estimated effect of transactions which might have occurred had the spin-off and distribution been effected as of the dates indicated. ANHEUSER-BUSCH COMPANIES, INC. PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET DECEMBER 31, 1995 UNAUDITED (DOLLARS IN MILLIONS)
Anheuser-Busch Anheuser-Busch Pro Forma Companies,Inc. Companies, Inc. Adjustments Pro Forma --------------- ----------- --------------- ASSETS Current Assets......................... $1,510.6 - $1,510.6 Investments and Other Assets........... 1,553.3 $67.0 (a) 1,620.3 Investment in Discontinued Operations.. 764.0 (67.0) (a) - (697.0) (b) Plant and Equipment.................... 6,763.0 - 6,763.0 --------- ---------- -------- Total.............................. $10,590.9 $(697.0) $9,893.9 ========= ========== ======== LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities.................... $1,242.0 - $1,242.0 Postretirement Benefits................ 512.1 - 512.1 Long-Term Debt......................... 3,270.1 $(80.0) (c) 3,190.1 Deferred Income Taxes.................. 1,132.8 - 1,132.8 Common Stock and Other Shareholders Equity 4,433.9 (697.0) (b) 3,816.9 80.0 (c) --------- ---------- -------- Total............................. $10,590.9 $(697.0) $9,893.9 ========= ========== ======== - ---------- (a) To reflect the transfer of net pension plan assets related to pension liabilities retained by Anheuser-Busch. (b) To reflect the distribution of Earthgrains shares to Anheuser-Busch shareholders. (c) To reflect the repayment of debt by Anheuser-Busch using proceeds from the Earthgrains intercompany receivable payment.
-4- 5 ANHEUSER-BUSCH COMPANIES, INC. PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME YEAR-ENDED DECEMBER 31, 1995 UNAUDITED (DOLLARS IN MILLIONS)
Anheuser-Busch Companies,Inc. Anheuser-Busch Pro Forma Pro Forma Companies,Inc. Adjustments Results -------------- ----------- -------------- Net Sales............................................ $10,340.5 - $10,340.5 Cost of Products and Services........................ 6,791.0 $(8.4) (a) 6,782.6 Marketing, Distribution, Administrative and Other Expenses, Net.................................. 1,701.9 (3.6) (a) 1,694.3 (4.0) (b) Shutdown of Tampa Brewery............................ 160.0 - 160.0 Interest Expense, net................................ 225.9 (4.8) (c) 221.1 --------- ----------- --------- Income Before Income Taxes........................... 1,461.7 20.8 1,482.5 Provision for Income Taxes........................... 575.1 7.9 (d) 583.0 --------- ----------- --------- Income From Continuing Operations.................... $886.6 $12.9 $899.5 ========= =========== ========= Earnings Per Share From Continuing Operations: Primary........................................... $3.44 $3.49 ========= ======== Fully Diluted..................................... $3.42 $3.47 ========= ======== Weighted Average Shares Outstanding: Primary........................................... 257.9 257.9 ========= ======== Fully Diluted..................................... 262.2 262.2 ========= ======== - --------- (a) To reflect FAS 87 income related to the retention of assets and liabilities by the Anheuser-Busch Companies Pension Plan. (b) To eliminate administrative expenses incurred by Anheuser-Busch on behalf of Earthgrains. (c) To reflect the reduction of interest expense due to debt repayment using the intercompany receivable payment received from Earthgrains. Assumes $80 million was received January 1, 1995. (d) To reflect the tax effect of the pro forma adjustments.
-5- 6 SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ANHEUSER-BUSCH COMPANIES, INC. (Registrant) BY: /s/Gerald C. Thayer ------------------------------- Gerald C. Thayer Vice President and Controller Dated: April 8, 1996 -6- -----END PRIVACY-ENHANCED MESSAGE-----