-----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, RCnAFfI8AhckrmaX5XyFP7NDLmX1Pi8zGyMoVA8DGfOZdgHtesZuomQENwflssw0 hAUbCDt/I9EuARVzgB1+6A== 0000950132-97-000672.txt : 19970918 0000950132-97-000672.hdr.sgml : 19970918 ACCESSION NUMBER: 0000950132-97-000672 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970730 FILED AS OF DATE: 19970912 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEINZ H J CO CENTRAL INDEX KEY: 0000046640 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030] IRS NUMBER: 250542520 STATE OF INCORPORATION: PA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-03385 FILM NUMBER: 97679955 BUSINESS ADDRESS: STREET 1: 600 GRANT ST CITY: PITTSBURGH STATE: PA ZIP: 15219 BUSINESS PHONE: 4124565700 MAIL ADDRESS: STREET 2: P O BOX 57 CITY: PITTSBURGH STATE: PA ZIP: 15230 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 30, 1997 OR [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO ------------------ ---------------- FOR THE THREE MONTHS ENDED JULY 30, 1997 COMMISSION FILE NUMBER 1-3385 H. J. HEINZ COMPANY (Exact name of registrant as specified in its charter) PENNSYLVANIA 25-0542520 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 600 GRANT STREET, PITTSBURGH, PENNSYLVANIA 15219 (Address of Principal Executive Offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 412-456-5700 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 requirements for the past 90 days. Yes X No --- --- The number of shares of the Registrant's Common Stock, par value $.25 per share, outstanding as of August 29, 1997,was 367,183,066 shares. PART I--FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. H. J. HEINZ COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
Three Months Three Months Ended Ended July 30, 1997 July 31, 1996 ------------- ------------- FY 1998 FY 1997 (Unaudited) (In Thousands, Except per Share Amounts) Sales............................................... $2,233,270 $2,208,760 Cost of products sold............................... 1,408,203 1,413,121 ---------- ---------- Gross profit........................................ 825,067 795,639 Selling, general and administrative expenses........ 357,850 447,363 ---------- ---------- Operating income.................................... 467,217 348,276 Interest income..................................... 7,906 10,430 Interest expense.................................... 63,311 65,844 Other expense, net.................................. 6,498 7,894 ---------- ---------- Income before income taxes.......................... 405,314 284,968 Provision for income taxes.......................... 162,013 105,438 ---------- ---------- Net income.......................................... $ 243,301 $ 179,530 ========== ========== Net income per share................................ $ .65 $ .48 ========== ========== Cash dividends per share............................ $ .29 $ .26 1/2 ========== ========== Average shares for earnings per share............... 374,325 376,578 ========== ==========
See Notes to Condensed Consolidated Financial Statements. ------------ 2 H. J. HEINZ COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
July 30, 1997 April 30, 1997* ------------- --------------- FY 1998 FY 1997 (Unaudited) (Thousands of Dollars) Assets Current Assets: Cash and cash equivalents........................ $ 168,091 $ 156,986 Short-term investments, at cost which approximates market.............................. 29,972 31,451 Receivables, net................................. 1,010,079 1,118,874 Inventories...................................... 1,405,848 1,432,511 Prepaid expenses and other current assets........ 254,231 273,284 ---------- ---------- Total current assets........................... 2,868,221 3,013,106 ---------- ---------- Property, plant and equipment.................... 4,122,000 4,380,598 Less accumulated depreciation.................... 1,782,425 1,901,378 ---------- ---------- Total property, plant and equipment, net....... 2,339,575 2,479,220 ---------- ---------- Goodwill, net.................................... 1,795,275 1,803,552 Other intangibles, net........................... 625,847 627,096 Other non-current assets......................... 516,012 514,813 ---------- ---------- Total other non-current assets................. 2,937,134 2,945,461 ---------- ---------- Total assets................................... $8,144,930 $8,437,787 ========== ==========
*Summarized from audited fiscal year 1997 balance sheet. See Notes to Condensed Consolidated Financial Statements. ------------ 3 H. J. HEINZ COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
July 30, 1997 April 30, 1997* ------------- --------------- FY 1998 FY 1997 (Unaudited) (Thousands of Dollars) Liabilities and Shareholders' Equity Current Liabilities: Short-term debt.................................. $ 461,772 $ 589,893 Portion of long-term debt due within one year.... 576,025 573,549 Accounts payable................................. 827,878 865,154 Salaries and wages............................... 69,812 64,836 Accrued marketing................................ 175,036 164,354 Accrued restructuring costs...................... 179,751 210,804 Other accrued liabilities........................ 329,627 315,662 Income taxes..................................... 187,627 96,163 ---------- ---------- Total current liabilities...................... 2,807,528 2,880,415 ---------- ---------- Long-term debt................................... 2,094,148 2,283,993 Deferred income taxes............................ 240,253 265,409 Non-pension postretirement benefits.............. 208,349 211,500 Other liabilities................................ 357,830 356,049 ---------- ---------- Total long-term debt and other liabilities..... 2,900,580 3,116,951 ---------- ---------- Shareholders' Equity: Capital stock.................................... 108,006 108,015 Additional capital............................... 177,450 175,811 Retained earnings................................ 4,177,665 4,041,285 Cumulative translation adjustments............... (271,048) (210,864) ---------- ---------- 4,192,073 4,114,247 Less: Treasury stock at cost (63,812,393 shares at July 30, 1997 and 63,912,463 shares at April 30, 1997)........................................... 1,711,969 1,629,501 Unfunded pension obligation..................... 26,941 26,962 Unearned compensation relating to the ESOP...... 16,341 17,363 ---------- ---------- Total shareholders' equity..................... 2,436,822 2,440,421 ---------- ---------- Total liabilities and shareholders' equity..... $8,144,930 $8,437,787 ========== ==========
*Summarized from audited fiscal year 1997 balance sheet. See Notes to Condensed Consolidated Financial Statements. ------------ 4 H. J. HEINZ COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Three Months Ended Ended July 30, 1997 July 31, 1996 ------------- ------------- FY 1998 FY 1997 (Unaudited) (Thousands of Dollars) Cash Provided by Operating Activities.............. $ 188,376 $ 104,473 --------- --------- Cash Flows from Investing Activities: Capital expenditures............................. (88,133) (94,599) Acquisitions, net of cash acquired............... (93,825) (41,750) Proceeds from sale of Ore-Ida frozen foodservice foods business................................... 490,739 -- Purchases of short-term investments.............. (230,955) (232,137) Sales and maturities of short-term investments... 222,386 240,864 Other items, net................................. (1,766) 14,932 --------- --------- Cash provided by (used for) investing activities..................................... 298,446 (112,690) --------- --------- Cash Flows from Financing Activities: Payments on long-term debt....................... (3,194) (9,183) (Payments on) proceeds from short-term debt, net. (302,802) 228,726 Dividends........................................ (106,921) (97,412) Purchases of treasury stock...................... (168,245) (116,546) Exercise of stock options........................ 81,940 40,614 Other items, net................................. 13,803 15,841 --------- --------- Cash (used for) provided by financing activities..................................... (485,419) 62,040 --------- --------- Effect of exchange rate changes on cash and cash equivalents........................................ 9,702 1,422 --------- --------- Net increase in cash and cash equivalents.......... 11,105 55,245 Cash and cash equivalents at beginning of year..... 156,986 90,064 --------- --------- Cash and cash equivalents at end of period......... $ 168,091 $ 145,309 ========= =========
See Notes to Condensed Consolidated Financial Statements. ------------ 5 H. J. HEINZ COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (1) The Management's Discussion and Analysis of Financial Condition and Results of Operations which follows these notes contains additional information on the results of operations and the financial position of the company. Those comments should be read in conjunction with these notes. The company's annual report on Form 10-K for the fiscal year ended April 30, 1997 includes additional information about the company, its operations, and its financial position, and should be read in conjunction with this quarterly report on Form 10-Q. (2) The results for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year due to the seasonal nature of the company's business. Certain prior year amounts have been reclassified in order to conform with the fiscal 1998 presentation. (3) In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results of operations of these interim periods have been included. (4) The composition of inventories at the balance sheet dates was as follows:
July 30, 1997 April 30, 1997 ------------- -------------- (Thousands of Dollars) Finished goods and work-in-process........... $1,039,160 $1,040,104 Packaging material and ingredients........... 366,688 392,407 ---------- ---------- $1,405,848 $1,432,511 ========== ==========
(5) The provision for income taxes consists of provisions for federal, state, U.S. possessions and foreign income taxes. The company operates in an international environment with significant operations in various locations outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable tax rates. (6) On June 30, 1997, the company completed the sale of its Ore-Ida frozen foodservice foods business to McCain Foods Limited of New Brunswick, Canada. The transaction resulted in a pretax gain of approximately $96.6 million ($0.14 per share), and was recorded as an offset to selling, general and administrative expenses. The transaction included the sale of the company's Ore-Ida appetizer, pasta and potato foodservice business and five of the Ore-Ida plants that manufacture the products. The Ore-Ida frozen foodservice foods business contributed approximately $525 million in net sales for fiscal 1997. This sale was an essential part of Project Millennia as it will allow the company to focus its efforts on the Ore-Ida retail frozen potato and pasta business, and on the frozen retail snacks business. The sale is not expected to have an adverse impact on the company's results of operations. (7) On June 30, 1997, the company acquired John West Foods Limited from Unilever. John West Foods Limited, with annual sales of more than $250 million, is the leading brand of canned tuna and fish in the United Kingdom. Based in Liverpool, John West Foods Limited sells its canned fish products throughout Continental Europe and in a number of other international markets. (John West operations in Australia, New Zealand and South Africa were not included in the transaction.) On July 21, 1997, the company announced that it had acquired a majority interest in a joint venture with Tiger Oats Limited of Johannesburg, South Africa. The new company will be known as Pet Products (Pty) Limited with its headquarters in Cape Town. Pet Products will manufacture and market pet food brands formerly owned exclusively by Tiger Oats. These brands include Dogmor, Husky, Pamper and Catmor. During the quarter the company also made other acquisitions, primarily in Australasia. 6 All of the above acquisitions have been accounted for as purchases and, accordingly, the respective purchase prices have been allocated on a preliminary basis to the respective assets and liabilities based on their estimated fair values as of the dates of the acquisitions. Operating results of these acquisitions have been included in the Consolidated Statement of Income from the dates of the acquisitions. On August 28, 1997, the company acquired a majority interest in one of Poland's leading food processors, Pudliszki S.A. Pudliszki is the largest ketchup producer in Poland and also markets tomato concentrate, canned vegetables and cooking sauces. Pro forma results of the company, assuming all of the above transactions had been made at the beginning of each period presented, would not be materially different from the results reported. (8) The company's $2.30 billion credit agreement, which expires in September 2001, supports its domestic commercial paper program. At July 30, 1997, the company had $1.16 billion of domestic commercial paper outstanding, all of which has been classified as long-term debt due to the long-term nature of the credit agreement. As of April 30, 1997, the company had $1.35 billion of domestic commercial paper outstanding and classified as long-term debt. (9) On September 10, 1997, the company's board of directors raised the quarterly dividend on the company's common stock to $0.31 1/2 per share from $0.29 per share, for an indicated annual rate of $1.26 per share. The dividend will be paid on October 10, 1997 to shareholders of record at the close of business on September 23, 1997. (10) On September 10, 1997, the company's board of directors authorized the repurchase of up to an additional 10 million shares of its common stock, par value $0.25 per share. This is in addition to the current repurchase program which was announced on July 10, 1996. Of that authorization, 6.3 million shares remain. (11) In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share," effective for financial statements issued for periods ending after December 15, 1997. The new standard specifies the computation, presentation and disclosure requirements for earnings per share for entities with publicly held common stock. Since early adoption of the standard is prohibited, pro forma earnings per share amounts computed using the new standard are presented below.
Three Months Ended --------------------------- July 30, 1997 July 31, 1996 ------------- ------------- As presented.................................... $0.65 $0.48 Pro forma: Basic earnings per share...................... $0.66 $0.49 Diluted earnings per share.................... $0.65 $0.48
7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THREE MONTHS ENDED JULY 30, 1997 AND JULY 31, 1996 H. J. Heinz Company announced its largest-ever reorganization plan in the fourth quarter of fiscal 1997. This reorganization and restructuring program ("Project Millennia") is designed to strengthen the company's six core businesses and improve the company's profitability and global growth. On June 30, 1997, the company completed the sale of its Ore-Ida frozen foodservice foods business to McCain Foods Limited. The transaction resulted in a pretax gain of approximately $96.6 million ($0.14 per share), and was recorded as an offset to selling, general and administrative expenses. This sale was an essential part of Project Millennia as it will allow the company to focus its efforts on the Ore-Ida retail frozen potato and pasta business, and on the frozen retail snacks business. In addition, the company has announced the closure or sale of 19 plants worldwide, with another half dozen to come. Also during the first quarter, the company incurred non-recurring costs related to the ongoing implementation of Project Millennia, $11.5 million pretax ($0.02 per share). The company anticipates that non-recurring costs related to the implementation of Project Millennia during the fiscal year will be more than offset on an after-tax basis by the gain from the sale of the Ore-Ida frozen foodservice foods business. RESULTS OF OPERATIONS For the three months ended July 30, 1997, sales increased $24.5 million, or 1.1%, to $2,233.3 million from $2,208.8 million recorded in the same period a year ago. The sales increase came primarily from the impact of acquisitions of 2.9%, favorable pricing of 2.5% and volume gains of 1.2%; partially offset by the unfavorable effect of foreign exchange translation rates of 1.4% and divestitures of 4.1%. Domestic operations provided approximately 54% of consolidated net sales in the first quarter of 1998, compared to approximately 56% in the first quarter of 1997. Price increases were realized in Heinz ketchup, tuna, pet food and infant food. Volume increases were recorded in retail frozen potatoes, bakery products and soups; partially offset by volume declines in frozen entrees. Acquisitions impacting the quarter-to-quarter sales dollar comparison included John West Foods Limited in Europe, substantially all of the pet food businesses of Martin Feed Mills Limited in Canada, the canned beans and pasta business of Nestle Canada, Inc., and other acquisitions primarily in Australasia. The sales impact of these acquisitions was more than offset by divestitures, primarily the Ore-Ida frozen foodservice foods business and the New Zealand ice cream business. Gross profit increased $29.4 million to $825.1 million from $795.6 million a year ago. The ratio of gross profit to sales increased to 36.9% from 36.0%. The current year's gross profit and gross profit ratio were favorably impacted by domestic price increases and reduced trade allowances which resulted from the discontinuance of inefficient end-of-quarter trade promotions, and a favorable profit mix. Operating income increased $118.9 million to $467.2 million from $348.3 million a year ago. Excluding the impact of the gain on the sale of the Ore- Ida frozen foodservice foods business and non-recurring costs related to the ongoing implementation of Project Millennia, operating income would have increased $33.9 million to $382.2 million. The increase in operating income, excluding the effects of these non-recurring items, is primarily due to the increase in gross profit. An increase in marketing expense was offset by a decrease in general and administrative expense. Net interest expense remained unchanged at $55.4 million compared to the same quarter a year ago as the impact of lower borrowings was offset by higher average interest rates. The effective tax rate for the first quarter of 1998 was 40.0% compared to 37.0% for the same period last year. The increase in the effective tax rate for the current quarter reflects a significantly higher tax 8 rate associated with the sale of the Ore-Ida frozen foodservice foods business. Excluding the foodservice sale, the effective tax rate in the first quarter was 38.4%, higher than the company's expected rate for fiscal 1998 of 37.0% to 37.5%. In the second quarter, the company expects to recognize the benefit of recent tax legislation in the United Kingdom, which along with an anticipated reduction in the Italian income tax rate, should bring the effective tax rate to 37.0% to 37.5%. Net income increased $63.8 million to $243.3 million from $179.5 million for the same period last year. Excluding the impact of the gain on the sale of the Ore-Ida frozen foodservice foods business and non-recurring costs related to the ongoing implementation of Project Millennia, net income would have increased $17.8 million, or 9.9%, to $197.3 million. LIQUIDITY AND FINANCIAL POSITION Cash provided by operating activities totaled $188.4 million for the three month period ended July 30, 1997 compared to $104.5 million last year. Cash provided by investing activities totaled $298.4 million compared to requiring $112.7 million last year. Cash provided by divestitures in the current quarter totaled $490.7 million, due to the sale of the Ore-Ida frozen foodservice foods business. Acquisitions in the current period required $93.8 million, due mainly to the purchase of John West Limited in Europe, a majority interest in a pet food joint venture with Tiger Oats Limited of Johannesburg, South Africa and other acquisitions, primarily in Australasia. Acquisitions in the prior year's first quarter required $41.8 million, due primarily to the purchase of Southern Country Foods Ltd. in Australia. In the current quarter, $485.4 million was applied to financing activities, while financing activities provided $62.0 million in the same period a year ago. During the current quarter, the company reduced short-term debt by making net repayments of $302.8 million compared to incurring net borrowings of short-term debt of $228.7 million. Share repurchases totaled $168.2 million (3.7 million shares) versus $116.5 million (3.6 million shares) in the prior year's first quarter. Dividend payments totaled $106.9 million compared to $97.4 million a year ago. Cash provided from stock options exercised totaled $81.9 million compared to $40.6 million in the same period a year ago. The company's $2.30 billion credit agreement, which expires in September 2001, supports its domestic commercial paper program. At July 30, 1997, the company had $1.16 billion of domestic commercial paper outstanding, all of which has been classified as long-term debt due to the long-term nature of the credit agreement. As of April 30, 1997, the company had $1.35 billion of domestic commercial paper outstanding and classified as long-term debt. The company continues to evaluate long-term financing vehicles in order to reduce short-term variable interest rate debt. On September 10, 1997, the company's board of directors raised the quarterly dividend on the company's common stock to $0.31 1/2 per share from $0.29 per share, for an indicated annual rate of $1.26 per share. The dividend will be paid on October 10, 1997 to shareholders of record at the close of business on September 23, 1997. On September 10, 1997, the company's board of directors authorized the repurchase of up to an additional 10 million shares of its common stock, par value $0.25 per share. This is in addition to the current repurchase program which was announced on July 10, 1996. Of that authorization, 6.3 million shares remain. The company expects over the next 12 months to purchase 10 million to 12 million shares, or approximately 3% of the outstanding shares. The company's financial position continues to remain strong, enabling it to meet cash requirements for operations, capital expansion programs and dividends to shareholders. OTHER MATTERS On August 28, 1997, the company acquired a majority interest in one of Poland's leading food processors, Pudliszki S.A. Pudliszki is the largest ketchup producer in Poland and also markets tomato concentrate, canned vegetables and cooking sauces. 9 PART II--OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS With respect to the antitrust litigation against the company and its two principal competitors in the United States baby food industry which was previously reported in the company's Annual Report on Form 10-K for the fiscal year ended April 30, 1997, on July 25, 1997, the United States District Court in Newark, New Jersey granted summary judgment in favor of the company and the other baby food companies and entered an order dismissing the complaint with prejudice. On August 22, 1997, the plaintiff filed a notice of appeal to the District Court's decision with the United States Court of Appeals for the Third Circuit. The appeals process is expected to take several months. The state court actions in Alabama and California were not affected. ITEM 2. CHANGES IN SECURITIES Nothing to report under this item. ITEM 3. DEFAULTS UPON SENIOR SECURITIES Nothing to report under this item. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Nothing to report under this item. ITEM 5. OTHER INFORMATION See Note 7 to the Condensed Consolidated Financial Statements in Part I-- Item 1 of this Quarterly Report on Form 10-Q and "Other Matters" in Part I-- Item 2 of this Quarterly Report on Form 10-Q. This report contains certain forward-looking statements which are based on management's current views and assumptions regarding future events and financial performance. Reference should be made to the section "Forward- Looking Statements" in Item 1 of the registrant's Annual Report on Form 10-K for the fiscal year ended April 30, 1997 for a description of the important factors that could cause actual results to differ materially from those discussed herein. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits required to be furnished by Item 601 of Regulation S-K are listed below and are filed as part hereof. The Registrant has omitted certain exhibits in accordance with Item 601(b)(4)(iii)(A) of Regulation S- K. The Registrant agrees to furnish such documents to the Commission upon request. Documents not designated as being incorporated herein by reference are filed herewith. The paragraph numbers correspond to the exhibit numbers designated in Item 601 of Regulation S-K. 11.Computation of net income per share. 27.Financial Data Schedule. (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended July 30, 1997. 10 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. H. J. HEINZ COMPANY (Registrant) Date: September 12, 1997 /s/ Paul F. Renne By................................... Paul F. Renne Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: September 12, 1997 /s/ Edward J. McMenamin By................................... Edward J. McMenamin Vice President and Corporate Controller (Principal Accounting Officer) 11 EX-11 2 COMPUTATION OF NET INCOME PER SHARE EXHIBIT 11 H. J. Heinz Company and Subsidiaries COMPUTATION OF NET INCOME PER SHARE (Unaudited)
Three Months Ended ------------------- July 30, July 31, 1997 1996 ---- ---- FY 1998 FY 1997 Primary income per share: Net income............................................... $ 243,301 $ 179,530 Preferred dividends...................................... 10 11 --------- --------- Net income applicable to common stock.................... $ 243,291 $ 179,519 ========= ========= Average common shares outstanding and common stock equivalents............................................. 374,325 376,578 ========= ========= Net income per share--primary............................ $ .65 $ .48 ========= ========= Fully diluted income per share: Net income............................................... $ 243,301 $ 179,530 ========= ========= Average common shares outstanding and common stock equivalents............................................. 374,325 376,578 Additional common shares assuming: Conversion of $1.70 third cumulative preferred stock.... 319 359 Additional common shares assuming options were exercised at the period-end market price......................... 758 548 --------- --------- Average common shares outstanding and common stock equivalents............................................. 375,402 377,485 ========= ========= Net income per share--fully diluted..................... $ .65 $ .48 ========= =========
All amounts in thousands except per share amounts. ------------ EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR THE PERIOD ENDED JULY 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 U.S. DOLLARS 3-MOS APR-29-1998 MAY-01-1997 JUL-30-1997 1 168,091 29,972 1,010,079 0 1,405,848 2,868,221 4,122,000 1,782,425 8,144,930 2,807,528 2,094,148 0 232 107,774 2,328,816 8,144,930 2,233,270 2,233,270 1,408,203 1,408,203 0 0 63,311 405,314 162,013 243,301 0 0 0 243,301 .65 .65
-----END PRIVACY-ENHANCED MESSAGE-----