Pizza Hut 1999 Annual Report Download - page 69

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selected financial data
TRICON Global Restaurants, Inc. and Subsidiaries
(in millions, except per share and unit amounts)
Fiscal Year Ended
1999 1998 1997 1996 1995
Summary of Operations:
System sales (rounded)(1)
U.S. $ 14,500 $14,000 $ 13,500 $ 13,400 $ 13,200
International 7,300 6,600 7,000 6,900 6,500
Total 21,800 20,600 20,500 20,300 19,700
Revenues
Company sales 7,099 7,852 9,112 9,738 9,813
Franchise and license fees 723 627 578 494 437
Total 7,822 8,479 9,690 10,232 10,250
Facility actions net gain (loss)(2) 381 275 (247) 37 (402)
Unusual items(3) (51) (15) (184) (246) —
Operating profit 1,240 1,028 241 372 252
Interest expense, net 202 272 276 300 355
Income (loss) before income taxes(2)(3) 1,038 756 (35) 72 (103)
Net income (loss)(2)(3) 627 445 (111) (53) (132)
Basic earnings per common share(4) 4.09 2.92 N/A N/A N/A
Diluted earnings per common share(4) 3.92 2.84 N/A N/A N/A
Cash Flow Data:
Provided by operating activities $565$ 674 $ 810 $ 713 $ 813
Capital spending 470 460 541 620 701
Refranchising of restaurants 916 784 770 355 165
Balance Sheet:
Total assets $ 3,961 $ 4,531 $ 5,114 $ 6,520 $ 6,908
Operating working capital deficit (832) (960) (1,073) (915) (925)
Long-term debt 2,391 3,436 4,551 231 260
Total debt 2,508 3,532 4,675 290 404
Investments by and advances from PepsiCo —— — 4,266 4,604
Other Data:
Number of stores at year-end(1)
Company 6,981 8,397 10,117 11,876 12,540
Unconsolidated Affiliates 1,178 1,120 1,090 1,007 926
Franchisees 18,414 16,650 15,097 13,066 11,901
Licensees 3,409 3,596 3,408 3,147 2,527
System 29,982 29,763 29,712 29,096 27,894
U.S. Company same store sales growth(1)
KFC 2% 3% 2% 6% 7%
Pizza Hut 9% 6% (1)% (4)% 4%
Taco Bell —3% 2% (2)% (4)%
Blended 4% 4% 1% N/A N/A
Shares outstanding at year-end (in millions) 151 153 152 N/A N/A
Market price per share at year-end $37
15/16 $47
5/8$28 5/16 N/A N/A
N/A — Not Applicable.
TRICON Global Restaurants, Inc. and Subsidiaries (“TRICON”) became an independent, publicly owned company on October 6, 1997 through the spin-off of the restaurant operations of its
former parent, PepsiCo, Inc., to its shareholders. The historical consolidated financial data for 1997 and the prior years above were prepared as if we had been an independent, publicly
owned company for all periods presented. The selected financial data should be read in conjunction with the Consolidated Financial Statements and the Notes thereto.
(1) Excludes Non-core Businesses.
(2) Includes $13 million ($10 million after-tax) and $54 million ($33 million after-tax) of favorable adjustments to our 1997 fourth quarter charge in 1999 and 1998, respectively, $410 million
($300 million after-tax) related to our fourth quarter charge in 1997 and $457 million ($324 million after-tax) related to the early adoption of Statement of Financial Accounting Standards
No. 121, “Accounting for the Impairment Of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of” in 1995.
(3) Includes $11 million ($10 million after-tax) and $11 million ($7 million after-tax) of favorable adjustments to our 1997 fourth quarter charge in 1999 and 1998, respectively. 1997
includes $120 million ($125 million after-tax) related to our 1997 fourth quarter charge and an additional $54 million ($34 million after-tax) related to the 1997 disposal of the Non-core
Businesses. 1996 includes $246 million ($189 million after-tax) writedown of our Non-core Businesses. See Note 5 to the Consolidated Financial Statements.
(4) EPS data has been omitted for 1997 and prior years as our capital structure as an independent, publicly owned company did not exist for those years.