-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, mXjpggB4FRIJMrtK5Wsk+V9fAeGN7CVUuZhBaEhUp7KD1YvMEWO+oYT6vhB5wwZF IW0dr2UBoAqUFoo2/PjQtQ== 0000310569-95-000010.txt : 19950801 0000310569-95-000010.hdr.sgml : 19950801 ACCESSION NUMBER: 0000310569-95-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950726 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950731 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: 95557345 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 CAMPBELL TAGGART 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) July 26, 1995 ANHEUSER-BUSCH COMPANIES, INC. (Exact name of registrant as specified in charter) DELAWARE 1-7823 431162835 (State or other jurisdiction (Commission (IRS Employer of incorporation) File 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 5 - OTHER EVENTS - --------------------- On July 26, 1995, the Board of Directors of Anheuser-Busch Companies, Inc. approved a planned spin-off of 100% of the company's Campbell Taggart, Inc. subsidiary to shareholders. The spin-off is subject to receipt of a favorable ruling from the Internal Revenue Service on the tax-free nature of the spin-off. The spin-off is expected to be completed in the first half of 1996. Under the spin-off, each Anheuser-Busch shareholder will receive a pro-rata share of the voting common stock of Campbell Taggart in a special dividend. Campbell Taggart will become a separately traded, publicly held company. In connection with the spin-off, Campbell Taggart will borrow monies in order to pay a dividend to Anheuser-Busch. The dividend amount has yet to be determined. However, a $140 million estimated dividend has been assumed in the attached pro forma financial statements. When the conditions to the spin-off have been satisfied, Anheuser-Busch will be required to restate prior period financial statements to report Campbell Taggart as a discontinued operation. There will be no reported gain or loss associated with the spin-off transaction. - 2 - 3 ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS - ------------------------------------------ Page of This Report ------------------- (A) Pro Forma Condensed Financial Information Pro Forma Balance Sheet at June 30, 1995.................. 4 Pro Forma Statement of Income for the Six Months Ended June 30, 1995............................................. 5 Pro Forma Statement of Income for the Year Ended December 31, 1994......................................... 6 Pro Forma Statement of Income for the Year Ended December 31, 1993......................................... 7 Pro Forma Statement for Income for the Year Ended December 31, 1992......................................... 8 - 3 - 4 ANHEUSER-BUSCH COMPANIES, INC. UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION The historical consolidated financial statements of Anheuser-Busch Companies, Inc. include the results of operations and financial position of the businesses constituting Campbell Taggart, Inc. The pro forma consolidated balance sheet (unaudited) as of June 30, 1995 has been prepared assuming the spin-off of Campbell Taggart and distribution of related shares occurred as of that date. The pro forma consolidated statement of earnings (unaudited) for the six months ended June 30, 1995 has been prepared assuming the spin-off and distribution occurred as of January 1, 1995. The pro forma consolidated statements of earnings (unaudited) for the years ended December 31, 1992, 1993 and 1994 have been prepared assuming the spin-off and distribution occurred as of January 1, 1992. The pro forma financial statements have been prepared by adjusting the historical statements for the effect of costs, expenses, assets and liabilities which might have occurred had the distribution been effected as of the dates indicated. These pro forma financial statements are not necessarily indicative of the consolidated results of operations or financial position that would have existed had the distribution occurred on the dates indicated. ANHEUSER-BUSCH COMPANIES, INC. PRO FORMA CONSOLIDATED BALANCE SHEET JUNE 30, 1995 UNAUDITED (DOLLARS IN MILLIONS)
Anheuser-Busch Anheuser-Busch Elim. Campbell Pro Forma Companies, Inc. Companies, Inc. Taggart, Inc. (a) Adjustments Pro Forma --------------- ----------------- ----------- --------- ASSETS Current Assets............................ $2,072.2 $(246.8) - $1,825.4 Investments and Other Assets.............. 1,784.6 (260.0) $60.2 (b) 1,584.8 Plant and Equipment, Net.................. 7,584.1 (747.0) - 6,837.1 --------- ---------- ----- --------- Total................................... $11,440.9 $(1,253.8) $60.2 $10,247.3 ========= ========== ===== ========= LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities....................... $1,642.7 $(183.7) - $1,459.0 Post Retirement Benefits.................. 633.1 (126.4) - 506.7 Long-Term Debt............................ 3,176.4 (1.5) $(140.0) (c) 3,034.9 Deferred Income Taxes..................... 1,320.2 (158.6) - 1,161.6 Common Stock and Other Shareholders Equity 4,668.5 (783.6) 200.2 4,085.1 --------- ---------- ----- --------- Total................................... $11,440.9 $(1,253.8) $60.2 $10,247.3 ========= ========== ===== ========= - ---------- (a) To eliminate the historical assets and liabilities of Campbell Taggart. (b) To reflect the transfer of excess pension plan assets retained by Anheuser-Busch. (c) To reflect the repayment of debt by Anheuser-Busch using the proceeds of the final dividend payment from Campbell Taggart.
- 4 - 5 PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS SIX MONTHS ENDED JUNE 30, 1995 UNAUDITED (DOLLARS IN MILLIONS)
Anheuser-Busch Companies, Inc. Anheuser-Busch Elim. Campbell Pro Forma Pro Forma Companies, Inc. Taggart, Inc. (a) Adjustments Results --------------- ----------------- ----------- ------- Net Sales................................ $6,048.6 $(756.7) $5,291.9 Cost of Products and Services............ 3,911.4 (454.2) $(2.8) (b) 3,454.4 Marketing, Administrative and Research Expenses & Other Expenses, Net........... 1,124.8 (296.7)* (1.2) (b) 824.9 (2.0) (c) Interest Expense......................... 114.5 (0.2) (4.3) (d) 110.0 ------ ------ ----- ------ Income Before Income Taxes............... 897.9 (5.6) 10.3 902.6 Provision for Income Taxes............... 352.7 (2.7) 3.9 (e) 353.9 ------ ------ ---- ----- Net Income From Continuing Operations.... $545.2 $(2.9) $6.4 $548.7 ====== ====== ==== ====== Earnings Per Share From Continuing Operations: Primary................................. $2.11 $2.12 ===== ===== Fully Diluted........................... $2.09 $2.10 ===== ===== Weighted Average Shares Outstanding: Primary................................. 258.8 258.8 ===== ===== Fully Diluted........................... 263.5 263.5 ===== ===== - ---------- * Includes $7.6 million of one-time expenses associated with the closing of high cost, inefficient bakeries. (a) To eliminate the historical results of Campbell Taggart. (b) To reflect the FAS 87 pension benefit related to excess pension plan assets retained by Anheuser-Busch. (c) To eliminate administrative expenses incurred by Anheuser-Busch Companies, Inc. on behalf of Campbell Taggart. (d) To reflect the reduction of interest expense due to debt repayment from dividend proceeds received from Campbell Taggart. Assumes a $140 million dividend was received January 1, 1995. (e) To reflect the tax effect of the above pro forma adjustments.
- 5 - 6 ANHEUSER-BUSCH COMPANIES, INC. PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS YEAR-ENDED DECEMBER 31, 1994 UNAUDITED (DOLLARS IN MILLIONS)
Anheuser-Busch Companies, Inc. Anheuser-Busch Elim. Campbell Pro Forma Pro Forma Companies, Inc. Taggart, Inc. (a) Adjustments Results --------------- ----------------- ------------ ------- Net Sales................................ $12,053.8 $(1,720.5) $10,333.3 Cost of Products and Services............ 7,784.4 (1,056.4) $(5.6) (b) 6,722.4 Marketing, Administrative and Research Expenses & Other Expenses, Net........... 2,340.9 (627.9) (2.4) (b) 1,706.6 (4.0) (c) Interest Expense......................... 221.4 (0.9) (6.7) (d) 213.8 ------- ------- ----- ------- Income Before Income Taxes............... 1,707.1 (35.3) 18.7 1,690.5 Provision for Income Taxes............... 675.0 (14.6) 7.1 (e) 667.5 -------- ------- ----- -------- Net Income From Continuing Operations.... $1,032.1 $(20.7) $11.6 $1,023.0 ======== ======= ===== ========= Earnings Per Share From Continuing Operations: Primary................................ $3.91 $3.87 ===== ===== Fully Diluted.......................... $3.88 $3.85 ===== ===== Weighted Average Shares Outstanding: Primary................................ 264.1 264.1 ===== ===== Fully Diluted.......................... 269.0 269.0 ===== ===== - ---------- (a) To eliminate the historical results of Campbell Taggart, Inc. (b) To reflect the FAS 87 pension benefit related to excess pension plan assets retained by Anheuser-Busch. (c) To eliminate administrative expenses incurred by Anheuser-Busch on behalf of Campbell Taggart. (d) To reflect the reduction of interest expense due to debt repayment from dividend proceeds received from Campbell Taggart. Assumes a $140 million dividend was received January 1, 1992. (e) To reflect the tax effect of the above pro forma adjustments.
- 6 - 7 ANHEUSER-BUSCH COMPANIES, INC. PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS YEAR-ENDED DECEMBER 31, 1993 UNAUDITED (DOLLARS IN MILLIONS)
Anheuser-Busch Companies, Inc. Anheuser-Busch Elim. Campbell Pro Forma Pro Forma Companies, Inc. Taggart, Inc. (a) Adjustments Results --------------- ----------------- ----------- ------- Net Sales................................. $11,505.3 $(1,760.7) $9,744.6 Cost of Products and Services............. 7,419.7 (1,041.1) $(5.6) (b) 6,373.0 Marketing, Administrative and Research Expenses & Other Expenses, Net............ 2,262.4 (634.3) (2.4) (b) 1,621.7 (4.0) (c) Restructuring Charge...................... 565.0 (114.6) 450.4 Interest Expense.......................... 207.8 (1.9) (5.5) (d) 200.4 ------- ------ ----- ------- Income Before Income Taxes................ 1,050.4 31.2 17.5 1,099.1 Provision for Income Taxes................ 455.9 12.4 6.6 (e) 474.9 ------ ----- ----- ------ Net Income From Continuing Operations..... $594.5 $18.8 $10.9 $624.2 ====== ===== ===== ====== Earnings Per Share From Continuing Operations: Primary................................. $2.17 $2.28 ===== ===== Fully Diluted........................... $2.17 $2.28 ===== ===== Weighted Average Shares Outstanding: Primary................................. 274.3 274.3 ===== ===== Fully Diluted........................... 279.3 279.3 ===== ===== - --------- (a) To eliminate the historical results of Campbell Taggart. (b) To reflect the FAS 87 pension benefit related to excess pension plan assets retained by Anheuser-Busch. (c) To eliminate administrative expenses incurred by Anheuser-Busch on behalf of Campbell Taggart. (d) To reflect the reduction of interest expense due to debt repayment from dividend proceeds received from Campbell Taggart. Assumes a $140 million dividend was received January 1, 1992. (e) To reflect the tax effect of the above pro forma adjustments.
- 7 - 8 ANHEUSER-BUSCH COMPANIES, INC. PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS YEAR-ENDED DECEMBER 31, 1992 UNAUDITED (DOLLARS IN MILLIONS)
Anheuser-Busch Companies, Inc. Anheuser-Busch Elim. Campbell Pro Forma Pro Forma Companies, Inc. Taggart, Inc. (a) Adjustments Results --------------- ----------------- ----------- ------- Net Sales................................ $11,393.7 $(1,783.0) $9,610.7 Cost of Products and Services............ 7,309.1 (1,044.6) $(8.4) (c) 6,256.1 Marketing, Administrative and Research Expenses & Other Expenses, Net........... 2,269.8 (654.7) (3.6) (c) 1,607.5 (4.0) (d) Interest Expense......................... 199.6 (4.1) (4.6) (e) 190.9 ------- ------- ----- ------ Income Before Income Taxes............... 1,615.2 (79.6) 20.6 1,556.2 Provision for Income Taxes............... 621.0 (28.1) 7.8 (f) 600.7 ------- ------ ---- ------ Income From Continuing Operations before Cumulative Effect of Accounting Changes (a) $994.2 $(51.5) $12.8 $955.5 ======= ======= ===== ====== Earnings Per Share From Continuing Operations before Cumulative Effect of Accounting Changes (a) Primary................................ $3.48 $3.34 ===== ===== Fully Diluted.......................... $3.46 $3.33 ===== ===== Weighted Average Shares Outstanding: Primary................................ 285.8 285.8 ===== ===== Fully Diluted.......................... 290.8 290.8 ===== ===== - ---------- (a) Before cumulative effect of changes in the method of accounting for post-retirement benefits (FAS 106) and income taxes (FAS 109). (b) To eliminate the historical results of Campbell Taggart. (c) To reflect FAS 87 pension benefit related to excess plan assets retained by Anheuser-Busch. (d) To eliminate administrative expenses incurred by Anheuser-Busch on behalf of Campbell Taggart. (e) To reflect the reduction of interest expense due to debt repayment from dividend proceeds received from Campbell Taggart. Assumes a $140 million dividend was received January 1, 1992. (f) To reflect the tax effect of the above pro forma adjustments.
- 8 - 9 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) BY:/s/Gerald C. Thayer ----------------------------- Gerald C. Thayer Vice President and Controller Dated: July 31, 1995 - 9 - -----END PRIVACY-ENHANCED MESSAGE-----