Snapple 2010 Annual Report Download - page 46

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Results of Operations
Executive Summary — 2010 Financial Overview and Recent Developments
• Net sales totaled $5.64 billion for the year ended December 31, 2010, an increase of $105 million, or 2%, from the year
ended December 31, 2009.
• Net income for the year ended December 31, 2010, was $528 million, compared to $555 million for the year ended
December 31, 2009, a decrease of $27 million, or 5%.
• Diluted earnings per share was $2.17 for both the year ended December 31, 2010 and 2009.
• During 2010, the Company’s Board of Directors (the “Board”) declared dividends of $0.90 per share on outstanding
common stock, as compared to $0.15 per share on outstanding common stock during 2009.
• During the three and twelve months ended December 31, 2010, respectively, we repurchased 5.6 million and 30.8 million
shares of our common stock valued at approximately $203 million and $1.1 billion.
• DPS agreed to license certain brands to PepsiCo in conjunction with PepsiCo’s acquisitions of PBG and PASin February
2010. As part of the transaction, DPS received a one-time cash payment of $900 million, which was recorded as deferred
revenue in 2010 and is being recognized as net sales ratably over the estimated 25-year life of the customer relationship.
• We also agreed to license certain brands to Coca-Cola associated with Coca-Cola’s acquisition of CCE's North American
Bottling Business in October 2010. As part of the transaction, DPS received a one-time cash payment of $715 million in
October 2010, which was recorded as deferred revenue and is being recognized as net sales ratably over the estimated
25-year life of the customer relationship.
• During the first quarter of 2010, we repaid $405 million of our senior unsecured credit facility, which was the facility's
principal balance as of December 31, 2009.
• In December 2010, we completed a tender offer on a portion of the $1.2 billion of 6.82% senior notes due May 1, 2018
("2018 Notes") and retired, at a premium, an aggregate principal amount of approximately $476 million. The loss on
early extinguishment of the 2018 Notes was $100 million.
• Interest expense decreased $115 million compared with the year ago period, reflecting the repayment of our senior
unsecured Term Loan A facility (the "Term Loan A") during December 2009 and our revolving credit facility (the
"Revolver") in February 2010 combined with lower interest rates on our outstanding debt obligations during 2010.
• In January 2011, the Company completed the issuance of $500 million aggregate principal amount of 2.90% senior notes
due January 15, 2016 ("2016 Notes").
References in the financial tables to percentage changes that are not meaningful are denoted by “NM."
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