-----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, Ifqco4SBsWrd29BaLZOfDFEF114UmD6nc2QQbiHP9VU6zm5JKRYPr1PW2o8faJDE o0pEGYwvv3mtwkVcGBixIA== 0000310569-98-000016.txt : 19980813 0000310569-98-000016.hdr.sgml : 19980813 ACCESSION NUMBER: 0000310569-98-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980812 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: 10-Q SEC ACT: SEC FILE NUMBER: 001-07823 FILM NUMBER: 98683069 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 10-Q 1 SECOND QUARTER 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended June 30, 1998 Commission file number 1-7823 ANHEUSER-BUSCH COMPANIES, INC. (Exact name of registrant as specified in its charter) DELAWARE 43-1162835 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Busch Place, St. Louis, Missouri 63118 (Address of principal executive offices) (Zip Code) 314-577-2000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. $1 Par Value Common Stock - 482,139,946 shares as of June 30, 1998 1 CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS Anheuser-Busch Companies, Inc., and Subsidiaries (Unaudited) Second Quarter Ended Six Months Ended June 30, June 30, (In millions, except per share data) 1998 1997 1998 1997 - --------------------------------------------------------------------------------------- Sales........................................... $3,521.6 $3,463.4 $6,472.8 $6,327.2 Less excise taxes............................. (515.3) (469.1) (959.0) (870.0) -------------------------------------- Net sales....................................... 3,006.3 2,994.3 5,513.8 5,457.2 Cost of products and services................. (1,863.4) (1,869.6) (3,502.2) (3,466.6) -------------------------------------- Gross profit.................................... 1,142.9 1,124.7 2,011.6 1,990.6 Marketing, distribution and administrative expenses...................................... (483.7) (478.7) (884.1) (876.3) -------------------------------------- Operating income................................ 659.2 646.0 1,127.5 1,114.3 Other income and expenses: Interest expense.............................. (72.2) (65.3) (147.7) (122.5) Interest capitalized.......................... 8.4 11.0 17.1 19.8 Interest income............................... 1.6 2.0 3.1 3.9 Other income/(expense), net................... 2.0 4.6 (4.1) 1.1 -------------------------------------- Income before income taxes...................... 599.0 598.3 995.9 1,016.6 Provision for income taxes...................... (227.7) (229.9) (378.7) (390.5) Equity income, net of tax....................... 19.9 12.8 39.2 12.8 -------------------------------------- Net income...................................... 391.2 381.2 656.4 638.9 Retained earnings, beginning of period.......... 7,743.5 7,062.7 7,604.9 6,924.5 Common stock dividends (per share: 2nd quarter, 1998--$.26; 1997--$.24; six months, 1998-- $.52; 1997--$.48)............................. (125.9) (118.5) (252.5) (238.0) -------------------------------------- Retained earnings, end of period................ $8,008.8 $7,325.4 $8,008.8 $7,325.4 ======================================= Basic earnings per share........................ $ .81 $ .77 $ 1.35 $ 1.29 ======================================= Diluted earnings per share...................... $ .80 $ .76 $ 1.34 $ 1.27 =======================================
See accompanying Notes to Consolidated Financial Statements on Pages 3 and 4. 2 Notes to Consolidated Financial Statements 1. UNAUDITED FINANCIAL STATEMENTS: The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles and applicable SEC guidelines pertaining to interim financial information, and include all adjustments necessary for a fair presentation. These statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the company's Annual Report to Shareholders for the year ended December 31, 1997. 2. COMPREHENSIVE INCOME: Effective with the first quarter 1998, the company adopted Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" (FAS 130). FAS 130 requires that noncash changes in shareholders equity be combined with net income and reported in a new financial statement category entitled "comprehensive income." Adoption of FAS 130 had no impact on the results of the company's operations. 3 The following table sets forth the components of comprehensive income for the second quarter and first six months of 1998 (in millions): --------------------------------------------------------------------------------------------------------------------------------- QUARTER ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Net Income $391.2 $381.2 $656.4 $638.9 Foreign currency translation adjustment (1.0) (183.1) 2.0 (192.4) --------------------------------------------------------------------- Comprehensive Income $390.2 $198.1 $658.4 $446.5 ===================================================== - ---------------------------------------------------------------------------------------------------------------------------------
3. NEW ACCOUNTING STANDARD In June 1998, the Financial Accounting Standards Board issued Statement of Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities" (FAS 133). The Standard requires all derivative financial instruments to be reflected on an entity's balance sheet at fair value, with changes in fair value recognized quarterly in either earnings or equity, depending on the nature of the exposure being hedged. Adoption of FAS 133 requires a one-time recognition on the balance sheet of the fair value of the company's derivatives portfolio plus a cumulative effect adjustment to earnings for the impact of hedges that are not highly correlated. The company's derivatives portfolio is not material to its balance sheet. Anheuser-Busch uses only derivative instruments that are highly correlated to the underlying exposure and therefore anticipates no earnings impact from the initial adoption of FAS 133. The company plans no changes to its risk management policies or approach as a result of adopting the new Standard. FAS 133 is required to be adopted by Anheuser-Busch no later than January 1, 2000. Early adoption of the Standard is permitted. The company has not yet made a determination as to when FAS 133 will be adopted. 4 CONSOLIDATED BALANCE SHEET Anheuser-Busch Companies, Inc., and Subsidiaries (Unaudited) JUNE 30, ------------------- (In millions) 1998 1997 - ----------------------------------------------------------------- ASSETS CURRENT ASSETS: Cash and marketable securities........... $ 152.5 $149.1 Receivables, less allowance for doubtful accounts...................... 866.6 830.1 Inventories: Raw materials and supplies............. 313.7 267.0 Work in progress....................... 100.6 98.0 Finished goods......................... 200.3 159.6 Total inventories.................... 614.6 524.6 Other current assets..................... 182.2 230.5 ------------------------ Total current assets................... 1,815.9 1,734.3 INVESTMENTS IN AFFILIATED COMPANIES...... 1,287.7 1,202.5 INVESTMENTS AND OTHER ASSETS............. 1,109.9 1,044.7 PLANT AND EQUIPMENT, NET................. 7,869.3 7,492.5 ------------------------ TOTAL ASSETS........................... $12,082.8 $11,474.0 ======================== LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES: Accounts payable....................... $ 708.6 $695.6 Accrued salaries, wages and benefits... 225.7 217.9 Accrued taxes.......................... 304.5 348.9 Other current liabilities.............. 346.1 283.1 ------------------------ Total current liabilities............ 1,584.9 1,545.5 ------------------------ POSTRETIREMENT BENEFITS.................. 525.8 525.5 ------------------------ LONG-TERM DEBT........................... 4,417.4 4,185.1 ------------------------ DEFERRED INCOME TAXES.................... 1,341.9 1,238.7 SHAREHOLDERS EQUITY: ------------------------ Common stock........................... 711.0 708.0 Capital in excess of par value......... 1,052.2 967.3 Retained earnings...................... 8,008.8 7,325.4 Foreign currency translation adjustment (212.0) (201.2) ------------------------ 9,560.0 8,799.5 Treasury stock, at cost................ (5,100.0) (4,538.2) ESOP debt guarantee.................... (247.2) (282.1) ------------------------ 4,212.8 3,979.2 ------------------------ COMMITMENTS AND CONTINGENCIES............ -- -- ------------------------ TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $12,082.8 $11,474.0 ========================
5 CONSOLIDATED STATEMENT OF CASH FLOWS Anheuser-Busch Companies, Inc., and Subsidiaries (Unaudited) Six months ended June 30, ---------------------------- (In millions) 1998 1997 - --------------------------------------------------------------------------- CASH FLOW FROM OPERATING ACTIVITIES: Net income......................................... $ 656.4 $ 638.9 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization.................. 360.1 330.0 Increase in deferred income taxes.............. 48.3 30.5 Undistributed earnings of affiliated companies. (23.4) (12.8) (Increase) in noncash working capital.......... (142.7) (98.4) Other, net..................................... (13.9) (34.3) ------------------ Cash provided by operating activities.............. 884.8 853.9 CASH FLOW FROM INVESTING ACTIVITIES: Capital expenditures............................... (444.1) (596.9) New business acquisitions.......................... --- (619.2) ------------------ Cash (used for) investing activities............... (444.1) (1,216.1) ------------------ CASH FLOW FROM FINANCING ACTIVITIES: Increase in long-term debt......................... 116.7 1,034.0 Decrease in long-term debt......................... (30.0) (86.5) Dividends paid to stockholders..................... (252.5) (238.0) Acquisition of treasury stock...................... (306.7) (332.1) Shares issued under stock plans.................... 37.0 40.3 ------------------ Cash provided by (used for) financing activities... (435.5) 417.7 ------------------ Net increase in cash and marketable securities during the period..................... 5.2 55.5 Cash and marketable securities, beginning of period........................................... 147.3 93.6 ------------------ Cash and marketable securities, end of period...... $ 152.5 $149.1 ==================
6 A more complete understanding of the company's financial position and business can be gained by reference to the Anheuser-Busch Companies, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 1997. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION - ------------ This Discussion summarizes the significant factors affecting the consolidated operating results, financial condition and liquidity/cash flows of Anheuser-Busch Companies, Inc. for the second quarter and first six months ended June 30, 1998 compared to the second quarter and first six months ended June 30, 1997, and the year ended December 31, 1997. This Discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the company's Annual Report to Shareholders for the year ended December 31, 1997. Additional information concerning the company's consolidated financial and operating results is located in the Letter to Shareholders section of the second quarter Financial Report contained in the quarterly Anheuser-Busch publication Horizons. --------- This Discussion contains statements regarding the company's expectations concerning its operations, earnings and prospects. These statements are forward-looking statements that involve significant risks and uncertainties, and accordingly no assurances can be given that such expectations will be correct. These expectations are based upon many assumptions that the 7 company believes to be reasonable but such assumptions may ultimately prove to be inaccurate or incomplete, in whole or in part. Important factors that could cause actual results to differ from the expectations stated in this Discussion include, among others, changes in the pricing environment for the company's products; factors that may affect domestic demand for malt beverage products; changes in customer preference for the company's malt beverage products; changes in raw materials prices; changes in interest rates; changes in foreign currency exchange rates; changes in attendance and consumer spending patterns for the company's theme park operations; changes in demand for aluminum beverage containers; changes in the company's international beer business or in the beer business of the company's international equity partners; and the effect of stock market conditions on the company's share repurchase program. SECOND QUARTER AND FIRST SIX MONTHS 1998 FINANCIAL RESULTS - ---------------------------------------------------------- Key operating results for the second quarter and first six months of 1998 versus the comparable periods in 1997 are summarized below: 8 - -------------------------------------------------------------------------------- | Second Quarter (in millions, except per share) | | ---------------------------------------------- | | 1998 1997 || 1998 vs. 1997 | | ---- ---- || ---- ---- | | || $ % | | || ---- ---- | | || | | Gross Sales $3,522 $3,463 || Up $59 Up 1.7% | | Net Sales $3,006 $2,994 || Up $12 Up 0.4% | | Operating Income $659 $646 || Up $13 Up 2.0% | | Equity Income, Net of Tax $20 $13 || Up $7 N/M | | Net Income $391 $381 || Up $10 Up 2.6% | | Diluted Earnings per $.80 $.76 || Up $.04 Up 5.3% | | Share || | - -------------------------------------------------------------------------------- N/M - Not Meaningful
- -------------------------------------------------------------------------------- | Six Months Ended June 30 (in millions, except per share) | | ---------------------------------------------------------- | 1998 1997 || 1998 vs. 1997 | | ---- ---- || ------------- | | || $ % | | || ---- ---- | | || | | Gross Sales $6,473 $6,327 || Up $146 Up 2.3% | | Net Sales $5,514 $5,457 || Up $57 Up 1.0% | | Operating Income $1,127 $1,114 || Up $13 Up 1.2% | | Equity Income, Net $39 $13 || Up $26 N/M | | of Tax || | | Net Income $656 $639 || Up $17 Up 2.7% | | Diluted Earnings per $1.34 $1.27 || Up $.07 Up 5.5% | | Share || | - -------------------------------------------------------------------------------- N/M - Not Meaningful
9 RESULTS OF OPERATIONS - --------------------- Anheuser-Busch achieved gross sales of $3.5 billion and $6.5 billion, and net sales of $3.0 billion and $5.5 billion, respectively in the second quarter and first six months of 1998. These amounts represent gross sales increases over 1997 of $58.2 million, or 1.7%, for the second quarter and $145.6 million, or 2.3%, for the first six months. Net sales increased over 1997 by $12.0 million, or 0.4%, and $56.6 million, or 1.0%, for the same periods. The increases are due to higher domestic beer sales volume, increased international beer sales volume in the second quarter and increased sales from the company's theme park and packaging operations, partially offset by lower revenue per barrel. Gross sales and excise taxes in 1998 include the impact of consolidating the Stag Brewery operations in the United Kingdom. The company's strategy initiated at the beginning of 1998 to reduce the emphasis on widespread price discounting that occurred in the beer industry throughout 1997 has been successful in many markets. Anheuser-Busch has seen a reduction in discounting since the fourth quarter of last year, but pricing remains competitive. Domestic revenue per barrel declined 1.4 percent in the second quarter 1998 versus the second quarter last year. The decline is an improvement over first quarter 1998 results (normalized for the impact of the first quarter wholesaler inventory build) and represents improvement over revenue per barrel in the fourth quarter 1997. Given the strong sales trends 10 thus far in 1998 and the fact that many markets have not had a price increase in two years, the company is currently analyzing opportunities for additional discount reductions or selective price increases in the fourth quarter of this year, based on a market-by-market assessment of competitive conditions. The revenue enhancement strategy will be flexible, and the company will not permit market share erosion. The company's beer volume information is summarized in the following table: - --------------------------------------------------------------------------- | Beer Volume (millions of barrels) | |-------------------------------------------------------------------------| | Second Quarter || Six Months Ended June 30 | | --------------------- || ------------------------ | | Vs. 1997 || Vs. 1997 | | -------- || ----------------- | | 1998 Barrels % || 1998 Barrels % | | ---- ------- ----- || ---- ------- ----- | |S> || | | Domestic 24.1 Up 0.3 Up 1.6% || 45.6 Up 1.4 Up 3.3% | | International 2.0 Up 0.2 Up 9.9% || 3.3 Up 0.1 Up 2.0% | | ---- ------- -------- || ---- ------ ------- | | Worldwide - A-B 26.1 Up 0.5 Up 2.2% || 48.9 Up 1.5 Up 3.2% | | Brands || | | International || | | Equity Partner 2.7 Up 1.5 N/M || 5.0 Up 3.1 N/M | | Brands ---- ------- -------- || ---- ------ ------- | | || | | Total Brands 28.8 Up 2.0 Up 7.5% || 53.9 Up 4.6 Up 9.3% | | ---- ------- -------- || ---- ------ ------- | | ---- ------- -------- || ---- ------ ------- | - --------------------------------------------------------------------------- N/M - Not Meaningful
11 Worldwide Anheuser-Busch beer brands were up 2.2% in the second quarter and 3.2% for the first six months. Worldwide beer volume is comprised of domestic volume and international volume. Domestic volume represents Anheuser-Busch beer produced and shipped within the United States. International volume represents exports from the company's U.S. breweries to markets around the world, plus Anheuser-Busch brands produced overseas by company-owned breweries and under license and contract brewing agreements. Total volume, which combines equity volume (representing the company's share of its foreign equity partners' volume) with worldwide Anheuser-Busch brand volume, was up 2.0 million barrels, or 7.5%, in the second quarter and up 4.6 million barrels, or 9.3%, for the first six months. International equity partner brands reflects the company's 37% ownership interest in Grupo Modelo brands for 1998, compared with a 17.7% ownership interest in Grupo Modelo in 1997. Anheuser-Busch domestic beer shipments were up 1.6% in the second quarter and 3.3% for the first six months of 1998. The increase in domestic beer shipments reflects strong sales-to-retailer performance, up over 3%, with Bud Family sales- to-retailers up 3.0% for the first six months of 1998. The strong sales-to-retailer performance has reduced wholesaler beer inventories to normal seasonal levels, down from first quarter levels. In the first quarter the company built wholesaler inventories in anticipation of the expiration of the collective bargaining agreement with the International Brotherhood of Teamsters. 12 The company's domestic market share (excluding exports) for the first six months of 1998 was 45.2%, an increase of 0.5 percentage points over 1997 market share of 44.7%. Including exports, the company's share of U.S. shipments was 45.1% versus 44.4% for the first six months of 1997. Domestic market share and share of U.S. shipments are determined based on industry sales estimates provided by the Beer Institute. Anheuser-Busch has led the U. S. brewing industry in sales volume and market share since 1957. International beer volume (excluding Modelo) increased in the second quarter and first six months of 1998 compared to the same periods last year. Overall, international beer volume was up 9.9% for the second quarter and 2% for the first six months. Second quarter volume gains in the United Kingdom, continental Europe and the Americas more than offset weakness in Asia due to economic conditions. In June the company restructured its alliance granting Labatt Brewing Company perpetual rights to brew and sell the Budweiser and Bud Light brands in Canada. In return, Labatt will significantly increase marketing support behind the two brands and provide Anheuser-Busch with a greater share of associated profits. Budweiser is currently the third largest selling beer in Canada. During the second quarter the company completed its 13 expansion of the Wuhan brewery in China. The expansion doubles Wuhan's capacity, bringing it to 2.1 million barrels. Cost of products and services was $1.9 billion and $3.5 billion, respectively, for the second quarter and first six months of 1998, decreasing 0.3% and increasing 1.0% compared to the same periods in 1997. The decrease in costs of products and services in the second quarter 1998 is primarily due to a change in method of accounting for the Stag brewery operation. In 1997, before Stag was 100% owned by Anheuser-Busch, the company accounted for its 50% share of the operations under the equity method. Excise taxes paid by Stag on beer sold by the company's sales office were included in the cost of beer purchased from Stag. In 1998, under full consolidation accounting, excise taxes are shown as a deduction from gross sales. The increase in cost of products and services for the first six months is primarily attributable to higher domestic beer volume and higher depreciation, partially offset by productivity improvements. Gross profit as a percentage of net sales was 38.0% for the second quarter 1998, an increase of 0.4 percentage points versus the second quarter 1997, and 36.5% for the first six months of 1998, unchanged versus prior year. 14 Marketing, distribution and administrative expenses for the second quarter 1998 were $483.7 million compared with $478.7 million for the second quarter 1997, an increase of $5.0 million, or 1.1%. For the first six months of 1998, these expenses were $884.1 million, an increase of $7.8 million, or 0.9% compared with $876.3 million in 1997. These increases are primarily due to higher domestic and international marketing expense in support of premium brands, primarily the Bud Family, partially offset by reduced general and administrative costs. Operating income for the second quarter 1998 was $659.2 million, an increase of $13.2 million, or 2.0%, over the comparable period last year. Operating income for the first six months of 1998 was $1.1 billion, an increase of $13.2 million, or 1.2% versus the first six months of 1997. The increases in operating income are primarily due to increased domestic beer sales volume offset by lower revenue per barrel, increased international beer sales volume in the second quarter, continued brewery operating efficiencies and improved performance by the company's theme park and packaging operations. Theme park operating results for the second quarter 1998 benefited from increased attendance due to the Easter holiday falling within the second quarter and higher in-park spending by visitors. 15 Equity income, net of tax, increased $7.1 million, to $19.9 million for the second quarter and increased $26.4 million, to $39.2 million for the first six months of 1998. The increases are principally due to the company's larger equity stake in Grupo Modelo. In 1998, equity income includes the company's 37% share of the net earnings of Modelo (December 1997 through May 1998 reporting on a one-month-delay basis) versus 17.7% share of Modelo's earnings in 1997 (January 1997 through May 1997 on a one- month delay). The company began recognizing its share of net earnings of Modelo under the equity method for the first time during the second quarter 1997. Consistent with the initial adoption of the equity method, the equity income recognized in the second quarter 1997 included recognition of the company's year-to-date share of Modelo net earnings (January through May 1997 at a 17.7% ownership interest). In May 1998, the International Accounting Task Force of the American Institute of Certified Public Accountants, in conjunction with the Securities and Exchange Commission (SEC), concluded that the Mexican economy continues to be highly inflationary for accounting purposes. Accordingly, the company will continue to apply hyperinflationary accounting for its investment in Grupo Modelo for at least the remainder of 1998. The Task Force and the SEC will reconsider Mexico's inflationary status in December 1998 to determine if hyperinflationary accounting should continue into 1999. The change to non- hyperinflation accounting, when approved by the SEC, is expected to be favorable to Anheuser-Busch due to the strong net monetary asset position of Modelo. 16 Net interest cost (interest expense less interest income) was $70.6 million for the second quarter 1998, an increase of $7.3 million, or 11.5%, compared to net interest cost of $63.3 million for the second quarter 1997. Net interest cost for the first six months of 1998 was $144.6 million, an increase of $26.0 million, or 21.9%, over net interest cost of $118.6 million for the corresponding period in 1997. These increases reflect higher average outstanding debt balances, principally due to the additional investment in Grupo Modelo in May 1997. Interest capitalized declined $2.6 million and $2.7 million for the second quarter and first six months of 1998, to $8.4 million and $17.1 million, respectively. The decreases are the result of lower construction-in-progress balances due to reduced capital expenditures as the company completes its brewery modernization projects. The components of other income/(expense), net provided income of $2.0 million for the second quarter and reflected expense of $4.1 million for the first six months of 1998. Other income/(expense), net includes numerous items of a nonoperating nature which do not have a material impact on the company's consolidated results of operations, either individually or in the aggregate. The effective tax rate was 38.0% of pretax earnings for the second quarter and first six months of 1998, a decline of 0.4 percentage points in both periods versus the comparable periods in 1997. The decline is principally due to lower state taxes. Net income was $391.2 million for the second quarter 1998, an increase of $10.0 million, or 2.6%, compared to the second quarter 1997. For the first six months of 1998, net income was 17 $656.4 million, an increase of $17.5 million, or 2.7%, compared to 1997. Diluted earnings per share for the second quarter 1998 were $.80, an increase of $.04, or 5.3%, compared to the second quarter 1997. For the first six months of 1998, diluted earnings per share were $1.34, an increase of $.07, or 5.5%, compared to 1997. Diluted earnings per share are based on the weighted average outstanding shares of the company's common stock. Earnings per share growth continues to benefit from fewer shares outstanding due to the company's ongoing share repurchase program. The company has repurchased over 6.5 million shares through the first six months of 1998 and continues to anticipate the repurchase in 1998 of approximately 3% of total shares outstanding. FINANCIAL CONDITION - ------------------- Cash and marketable securities at June 30, 1998 totaled $152.5 million, representing increases of $3.4 million from June 30, 1997 and $5.2 million since December 31, 1997. The principal source of the company's cash flow is cash generated by operations. Additional sources of cash during the twelve-month period ended June 30, 1998 were financing activities. Principal uses of cash during the period were capital expenditures, share repurchases and dividends. Total long-term debt increased $232.3 million during the twelve-month period ended June 30, 1998. The net increase in 18 debt during this period is shown below, by key component: Debt Issuances . . . $658.6 million, comprised of the following: --------------- - $250.0 million of long-term notes (interest rate: 7.125%) - $200.0 million of debentures (interest rates: $100.0 million at 6.75% and $100.0 million at 6.5%) - $162.8 million of dual-currency notes (quarterly floating interest rate) - $20.4 million of industrial revenue bonds (various fixed interest rates) - $25.4 million of other miscellaneous borrowings Debt Reduction . . . $426.3 million, comprised of the following: -------------- - $45.0 million of debentures (interest rates: $22.5 million at 8.625% and $22.5 million at 8.5%) - $40.0 million of medium-term notes (various fixed interest rates) - $306.4 million of commercial paper (weighted average interest rate: 5.6%) - $34.9 million reduction of the ESOP debt guarantee (interest rate: 8.3%)
At June 30, 1998, $592.3 million of commercial paper borrowings were outstanding, a decrease of $306.4 million compared to the June 30, 1997 balance and an increase of $0.4 million over the balance at December 31, 1997. Commercial paper is classified as long-term debt since it is intended to be maintained on a long-term basis with on-going credit support provided by the company's $1 billion revolving credit agreement. Capital expenditures during the second quarter 1998 were $206.7 million compared to $331.3 million for the second quarter 1997, a decrease of 37.6%, and $444.1 million for the 19 first six months of 1998 versus $596.9 million for the first six months of 1997, a decrease of 25.6%. Capital expenditures are down versus the prior year as the company completes its brewery modernization program. RISK MANAGEMENT - --------------- The company's derivatives holdings will fluctuate during the year based on normal and recurring changes in purchasing and production activity. Since December 31, 1997, there have been no significant changes in the company's interest rate, commodity price and foreign currency exposures, changes in the types of derivative instruments used to hedge those exposures, or changes in underlying market conditions. Environmental Matters - --------------------- The company is subject to federal, state and local environmental protection laws and regulations and is operating within such laws or is taking action aimed at assuring compliance with such laws and regulations. Compliance with these laws and regulations is not expected to materially affect the company's competitive position. None of the Environmental Protection Agency (EPA) designated clean-up sites for which Anheuser-Busch has been identified as a Potentially Responsible Party (PRP) would have a material impact on the company's consolidated financial statements. 20 PART II - OTHER INFORMATION --------------------------- Item 5: Other Information Labor Negotiations - ------------------ The labor agreement covering employees at the company's 12 U.S. breweries represented by the International Brotherhood of Teamsters expired March 29, 1998 after a 30-day extension. The company's contract offer was rejected by union membership on May 1. Following that balloting, discussions were held with the union to clarify the provisions of the company's offer, including sessions facilitated by the former head of the Federal Mediation and Conciliation Service, John Calhoun Wells. The company stipulated as a condition of those talks that a secret mail ballot contract vote be held immediately upon their completion. Union leadership agreed, but recommended members reject the contract offer. The ballots from the second vote were tabulated on July 30 and the union membership again rejected the company's contract offer. Union leadership has recently contacted the company to discuss possible next steps towards reaching a new labor agreement. The company anticipates reaching an agreement with the union, but remains fully prepared to operate in the event of a work stoppage. Grupo Modelo Arbitration - ------------------------ In June 1997, the company exercised its remaining option to increase its direct and indirect ownership in Grupo Modelo's operating subsidiary, Diblo, to 50.2% for approximately $550 million. The company and the controlling shareholders of Grupo Modelo are currently pursuing arbitration in accordance with the investment agreement to resolve a dispute concerning the purchase price for the option shares. It is anticipated that Anheuser- Busch will complete the transaction in the fourth quarter 1998. 21 Dividend Increase - ----------------- On July 22, 1998, the Board of Directors approved an increase in the quarterly dividend on the company's common stock from 26 cents to 28 cents per share, an increase of $.02, or 7.7%. The dividend is payable September 9, 1998 to shareholders of record on August 10, 1998. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits -------- 10.1 - Consulting and Indemnification Agreement between Anheuser-Busch Companies, Inc. and a current director. 10.2 - Amendment to the Consulting and Indemnification Agreement between Anheuser-Busch Companies, Inc. and a current director. 12 - Ratio of Earnings to Fixed Charges 27.1 - Financial Data Schedule 27.2 - Restated Financial Data Schedule for the fiscal quarters ended March 31, June 30 and September 30 of 1997. 27.3 - Restated Financial Data Schedule for each fiscal quarter of 1996. (b) Reports on Form 8-K ------------------- No reports on Form 8-K were filed during the three month period ending June 30, 1998. 22 SIGNATURES Pursuant to the requirements 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) /s/ W. Randolph Baker ------------------------------------------ W. Randolph Baker Vice President and Chief Financial Officer (Chief Financial Officer) August 12, 1998 /s/ John F. Kelly ------------------------------------------ John F. Kelly Vice President and Controller (Chief Accounting Officer) August 12, 1998 23 EX-10.1 2 CONSULTING/INDEMNIFICATION AGREEMENT CONSULTING AND INDEMNIFICATION AGREEMENT This Consulting and Indemnification Agreement ("Agreement") is between Anheuser-Busch Companies, Inc. ("A-BC") and James R. Jones (the "Director Designee"). WHEREAS, Anheuser-Busch International Holdings, Inc., a subsidiary of A-BC, has nominated Director Designee to be a director of Grupo Modelo, S.A. de C.V. ("Grupo Modelo"); and WHEREAS, Director Designee has agreed to serve as a director of Grupo Modelo and to provide certain consulting services to A- BC; NOW, THEREFORE, in consideration of the foregoing premises and respective representations, warranties, covenants and agreements, and upon the terms and subject to the conditions hereinafter set forth, and intending to be legally bound hereby, the parties do hereby agree as follows: 1. Certain Definitions: -------------------- (a) Claim: any threatened, pending or completed ------ action, suit or proceeding, or any inquiry, hearing or investigation, whether conducted by A-BC or any other party, that Director Designee in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other. (b) Expenses: include attorneys' fees and --------- all other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal) any Claim relating to any Indemnifiable Event. (c) Indemnifiable Event: any event or --------------------- occurrence related to the fact that Director Designee is or was a director, alternate director, agent or fiduciary of Grupo Modelo, or by reason of anything done or not done by Director Designee in any such capacity. (d) Reviewing Party: any appropriate person ----------------- or body consisting of a member or members of A- BC's Board of Directors; any other person or body appointed by the Board who is not a party to the particular Claim for which Director Designee is seeking indemnification and, to the extent permitted by applicable law, any officer of A-BC authorized therefor. 1 2. Consulting Services. Director Designee agrees to serve -------------------- as a director of Grupo Modelo and agrees to refrain from resigning as a director without giving A-BC at least 30 days' advance written notice. From time to time, Director Designee agrees to be reasonably available to A-BC for discussions and advice concerning Grupo Modelo. 3. Compensation. A-BC shall annually pay to the Director ------------- Designee any amount by which the aggregate cash fees that A-BC would have paid Director Designee for each calendar year had the Director Designee been a member of the Board of Directors of A-BC exceeds the cash fees actually paid to the Director Designee by Grupo Modelo for services on the Board of Directors of Grupo Modelo, taking into account (i) the committees of the Board of Directors of Grupo Modelo on which the Director Designee served and the capacities in which the Director Designee served; (ii) the meetings of the Board of Directors of Grupo Modelo and of the committees thereof on which the Director Designee served, scheduled and held during that calendar year and the number of such meetings that the Director Designee attended; and (iii) the portion of such calendar year during which Director Designee served on the Board of Directors of Grupo Modelo or any committee thereof. Within 45 days after the end of each of the first three calendar quarters in each year, A-BC shall pay to Director Designee its estimate of one-quarter of the annual amount required to be paid by A-BC under this Section 3, and on or prior to February 15 of each year A-BC shall pay to the Director Designee any amount by which the annual amount required to be paid by A-BC under this Section 3 exceeds the aggregate payments previously made by A-BC with respect to such calendar year. 4. Basic Indemnification Arrangement. ----------------------------------- (a) In the event Director Designee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, A-BC shall indemnify Director Designee to the fullest extent permitted by law, as soon as practicable but in any event no later than thirty days after written demand is presented to A-BC, against any and all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other Charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties or amounts paid in settlement) of such Claim and any federal, state, local or foreign taxes imposed on the Director Designee as a result of the actual or deemed receipt of any payments under this Agreement. Notwithstanding anything in this Agreement to the contrary and except as provided in Section 5, Director Designee shall not be entitled 2 to indemnification pursuant to this Agreement in connection with any Claim initiated by Director Designee against A-BC or any director or officer of A-BC unless A-BC has joined in or consented to the initiation of such Claim. If so requested by Director Designee, A-BC shall advance (within two business days of such request) any and all Expenses to Director Designee (an "Expense Advance"). (b) Notwithstanding the foregoing, (i) the obligations of A-BC under Section 4(a) shall be subject to the condition that the Reviewing Party shall not have determined that the Director Designee is not entitled to be indemnified under applicable law, and (ii) the obligation of A-BC to make an Expense Advance pursuant to Section 4(a) shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that Director Designee would not be permitted to be so indemnified under applicable law, A-BC shall be entitled to be reimbursed by Director Designee (who hereby agrees to reimburse A- BC) for all such amounts theretofore paid; provided, however, that if Director Designee has commenced legal proceedings in a court of competent jurisdiction to secure a determination that Director Designee should be indemnified under applicable law, any determination made by the Reviewing Party that Director Designee would not be permitted to be indemnified under applicable law shall not be binding and Director Designee shall not be required to reimburse A-BC for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). Director Designee's obligation to reimburse A-BC for Expense Advances shall be unsecured and no interest shall be charged thereon. If there has been no determination by the Reviewing Party or if the Reviewing Party determines that Director Designee substantively would not be permitted to be indemnified in whole or in part under applicable law, Director Designee shall have the right to commence litigation in any court in the States of Missouri or Delaware having subject matter jurisdiction thereof and in which venue is proper, seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, and A-BC hereby consents to service of process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on A-BC and Director Designee. 3 5. Indemnification for Additional Expenses. A-BC shall ------------------------------------------- indemnify Director Designee against any and all expenses (including attorneys' fees) and, if requested by Director Designee, shall (within two business days of such request) advance such expenses to Director Designee, which are incurred by Director Designee in connection with any claim asserted against or action brought by Director Designee for (i) indemnification or advance payment of Expenses by A-BC under this Agreement or any other agreement or under applicable law or the Company's Restated Certificate of Incorporation or By-laws now or hereafter in effect relating to Claims for Indemnifiable Events and/or (ii) recovery under any directors' and officers' liability insurance policies maintained by A-BC, in each case under (i) or (ii) regardless of whether Director Designee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the case may be. 6. Partial Indemnity, Etc. If Director Designee is ----------------------- entitled under any provision of this Agreement to indemnification by A-BC for some or a portion of the Expenses, judgments, fines, penalties and amounts paid in settlement of a Claim but not, however, for all of the total amount thereof, A-BC shall nevertheless indemnify Director Designee for the portion thereof to which Director Designee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Director Designee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, Director Designee shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination by the Reviewing Party or otherwise as to whether Director Designee is entitled to be indemnified hereunder, the burden of proof shall be on A-BC to establish that Director Designee is not so entitled. 7. No Presumption. For purposes of this Agreement, the ---------------- termination of any claim, action, suit or proceeding, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Director Designee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 4 8. Non-exclusivity, Etc. The rights of the Director ---------------------- Designee hereunder shall be in addition to any other rights Director Designee may have under A-BC's Restated Certificate of Incorporation or By-laws or the Delaware General Corporation Law or otherwise. To the extent that a change in the Delaware General Corporation Law (whether by statute or judicial decision) occurring after the date hereof permits greater indemnification by agreement than would be afforded currently under A-BC's Restated Certificate of Incorporation and By-laws and this Agreement, it is the intent of the parties hereto that Director Designee shall enjoy by this Agreement the greater benefits so afforded by such change. 9. Liability Insurance. To the extent A-BC maintains an -------------------- insurance policy or policies providing directors' and officers' liability insurance, Director Designee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available to Director Designee. 10. Amendments, Etc. No supplement, modification or ----------------- amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 11. Subrogation. In the event of payment under this ------------ Agreement, A-BC shall be subrogated to the extent of such payment to all of the rights of recovery of Director Designee against any other party, including Grupo Modelo, and Director Designee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable A-BC effectively to bring suit to enforce such rights. 12. No Duplication of Payments. A-BC shall not be liable --------------------------- under this Agreement to make any payment in connection with any claim made against Director Designee to the extent Director Designee has otherwise actually received payment (under any insurance policy, from Grupo Modelo or otherwise) of the amounts otherwise indemnifiable hereunder. 5 13. Binding Effect, Etc. This Agreement shall be binding -------------------- upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of A-BC, spouses, heirs, and personal and legal representatives. A-BC shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of A-BC, by written agreement in form and substance satisfactory to Director Designee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that A-BC would be required to perform if no such succession had taken place. 14. Severability. The provisions of this Agreement shall be ------------- severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 15. Governing Law. This Agreement shall be governed by and -------------- construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such State without giving effect to the principles of conflicts of laws. 6 16. Termination. ------------ (a) At the option of A-BC, A-BC may terminate this Agreement and its obligations hereunder by written notice to the Director Designee delivered to his address as recorded upon the records of A-BC. Upon receipt by Director Designee of such notice, A-BC shall have no further obligations hereunder; provided that such termination shall not limit the rights of the Director Designee or the obligations of A-BC with respect to any Claim arising prior to such termination. (b) In the event that Director Designee terminates service as a director of Grupo Modelo, this Agreement shall terminate, but such termination shall not limit the rights or obligations of Director Designee or A-BC hereunder arising prior to such termination. IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of October 1, 1997. ANHEUSER-BUSCH COMPANIES, INC. By: /s/ W. Randolph Baker ------------------------------------------------- Title: Vice President and Chief Financial Officer /s/ James R. Jones ------------------------------------------------- James R. Jones 7 EX-10.2 3 AMENDMENT TO CONSULTING AND INDEMNIFICATION AGREEM AMENDMENT TO CONSULTING AND INDEMNIFICATION AGREEMENT This Amendment to Consulting and Indemnification Agreement ("Amendment") is between Anheuser-Busch Companies, Inc. ("A-BC") and James R. Jones (the "Director Designee"). WHEREAS, A-BC and Director Designee have entered into a Consulting and Indemnification Agreement (the "Indemnification Agreement") dated as of October 1, 1997; WHEREAS, A-BC and Director Designee have agreed to clarify certain provisions in the Indemnification Agreement; NOW, THEREFORE, in consideration of the foregoing premises and the respective covenants and agreements, and upon the terms and subject to the conditions hereinafter set forth, and intending to be legally bound hereby, the parties do hereby agree as follows: 1. Section 16(a) of the Indemnification Agreement is hereby deleted and the following is hereby inserted in its place: (a) At the option of A-BC, A-BC may terminate this Agreement and its obligations hereunder by written notice to the Director Designee delivered to his address as recorded upon the records of A-BC. Upon receipt by Director Designee of such notice, A-BC shall have no further obligations hereunder; provided that such termination shall not limit the rights of the Director Designee or the obligations of A-BC with respect to any Indemnifiable Event occurring prior to such termination. 2. This Amendment shall be effective and shall apply and take effect as of the date of the Indemnification Agreement. All other provisions of the Indemnification Agreement that are not explicitly modified hereby shall remain in full force and effect, and this Amendment shall be construed in connection with and as part of the Indemnification Agreement. 3. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such State without giving effect to the principles of conflicts of laws. 1 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment as of January 1, 1998. ANHEUSER-BUSCH COMPANIES, INC. By: /s/ W. Randolph Baker ------------------------------------------------- Title: Vice President and Chief Financial Officer /s/ James R. Jones ------------------------------------------------- James R. Jones 2 EX-12 4 RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES The following table sets forth the ratio of the Company's earnings to fixed charges, on a consolidated basis, for the periods indicated: Six Months Ended June 30, Year Ended December 31, -------------- ---------------------------------------- 1998 1997 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- ---- ---- 7.2X 8.4X 7.3X 8.1X 1/ 6.6X 2/ 7.7X 5.8X 3/ For purposes of this ratio, earnings have been calculated by adding to income before income taxes the distributed earnings of investees accounted for under the equity method and the amount of fixed charges. Fixed charges consist of interest on all indebtedness, amortization of debt discount and that portion of rental expense deemed to represent interest. 1/ The ratio for 1996 includes the gain from the sale of the Cardinals, which increased income before income taxes by $54.7 million for the year. Excluding this one-time gain, the ratio would have been 7.9X. 2/ The ratio for 1995 includes the impact of the Tampa Brewery shutdown and the reduction of beer wholesaler inventories. Excluding these non-recurring items, the ratio would have been 7.6X. 3/ Includes the impact of the one-time, pretax restructuring charge of $401.3 million as a result of the company's Profitability Enhancement Program. Excluding this non-recurring special charge, the ratio would have been 7.5X. EX-27.1 5 FINANCIAL DATA SCHEDULE, 1998
5 U.S. 1,000 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 1 152,500 0 866,600 0 614,600 1,815,900 7,869,300 0 12,082,800 1,584,900 4,417,400 0 0 711,000 3,501,800 12,082,800 5,513,800 5,513,800 3,502,200 4,386,300 4,100 0 147,700 995,900 378,700 656,400 0 0 0 656,400 1.35 1.34
EX-27.2 6 RESTATED FDS FOR 1997
5 U.S. 1,000 3-MOS 6-MOS 9-MOS DEC-31-1997 DEC-31-1997 DEC-31-1997 JAN-01-1997 JAN-01-1997 JAN-01-1997 MAR-31-1997 JUN-30-1997 SEP-30-1997 1 1 1 266,000 149,100 116,200 0 0 0 746,600 830,100 804,300 0 0 0 606,500 524,600 532,900 1,814,000 1,734,300 1,633,800 12,455,600 12,711,500 12,944,100 5,141,100 5,219,000 5,335,300 10,909,700 11,474,000 11,542,600 1,550,700 1,545,500 1,552,200 3,498,600 4,185,100 4,065,600 0 0 0 0 0 0 707,000 708,000 708,700 3,398,700 3,271,200 3,433,100 10,909,700 11,474,000 11,542,600 2,462,900 5,457,200 8,558,800 2,462,900 5,457,200 8,558,800 1,597,000 3,466,600 5,390,200 1,994,600 4,342,900 6,785,700 0 0 0 0 0 0 57,200 122,500 192,100 418,300 1,016,600 1,618,500 160,600 390,500 621,600 257,700 638,900 1,032,400 0 0 0 0 0 0 0 0 0 257,700 638,900 1,032,400 .52 1.29 2.09 .51 1.27 2.06
EX-27.3 7 RESTATED FDS FOR 1996
5 U.S. 1,000 3-MOS 6-MOS 9-MOS 12-MOS DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996 JAN-01-1996 JAN-01-1996 JAN-01-1996 JAN-01-1996 MAR-31-1996 JUN-30-1996 SEP-30-1996 DEC-31-1996 1 1 1 1 219,400 132,800 122,500 93,600 0 0 0 0 607,900 762,600 649,200 635,800 0 0 0 3,100 631,900 550,700 527,400 531,100 1,692,100 260,300 1,562,300 1,465,800 11,446,900 11,648,200 11,879,000 12,214,700 4,630,400 4,704,200 4,831,700 5,006,500 10,212,500 10,374,100 10,393,500 10,463,600 1,327,600 1,332,400 1,365,900 1,430,900 3,451,700 3,559,800 3,235,300 3,270,900 0 0 0 0 0 0 0 0 348,600 348,900 704,900 705,800 3,389,200 3,434,100 3,357,900 3,323,300 10,212,500 10,374,100 10,393,500 10,463,600 2,371,800 5,332,900 8,396,400 10,883,700 2,371,800 5,332,900 8,396,400 10,883,700 1,538,100 3,384,300 5,270,100 6,964,500 1,926,100 4,249,700 6,603,000 8,799,900 0 0 0 0 0 0 0 0 58,200 119,900 178,500 232,800 452,900 1,034,200 1,647,800 1,892,900 177,400 405,300 641,700 736,800 275,500 628,900 1,006,100 1,156,100 0 33,800 33,800 33,800 0 0 0 0 0 0 0 0 275,500 662,700 1,039,900 1,189,900 .55 1.26 2.02 2.31 .53 1.23 1.97 2.27
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