Tyson Foods 2002 Annual Report Download - page 59

eleven-year
financial
summary
p 57
in millions, except per share and ratio data
2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992
Summary of Operations
Sales $23,367 $10,563 $7,268 $7,621 $7,414 $6,356 $6,454 $5,511 $5,110 $4,707 $4,169
Cost of sales 21,550 9,660 6,453 6,470 6,260 5,318 5,506 4,423 4,149 3,797 3,390
Gross profit 1,817 903 815 1,151 1,154 1,038 948 1,088 961 911 779
Operating income 887 316 349 487 204 400 269 472 195 376 332
Interest expense 305 144 116 124 139 110 133 115 86 73 77
Provision for income taxes 210 58 83 129 46 144 49 131 121 129 101
Net income (loss) $ 383 $ 88 $ 151 $ 230 $ 25 $ 186 $ 87 $ 219 $ (2) $ 180 $ 161
Year end shares outstanding 353 349 225 229 231 213 217 217 218 221 206
Diluted average shares
outstanding 355 222 226 231 228 218 218 218 222 223 208
Diluted earnings (loss) per share $ 1.08 $ 0.40 $ 0.67 $ 1.00 $ 0.11 $ 0.85 $ 0.40 $ 1.01 $ (0.01) $ 0.81 $ 0.77
Basic earnings (loss) per share 1.10 0.40 0.67 1.00 0.11 0.86 0.40 1.01 (0.01) 0.82 0.78
Dividends per share:
Class A 0.160 0.160 0.160 0.115 0.100 0.095 0.080 0.053 0.047 0.027 0.027
Class B 0.144 0.144 0.144 0.104 0.090 0.086 0.072 0.044 0.039 0.022 0.022
Depreciation and amortization $ 467 $ 335 $ 294 $ 291 $ 276 $ 230 $ 239 $ 205 $ 188 $ 177 $ 149
Balance Sheet Data
Capital expenditures $ 433 $ 261 $ 196 $ 363 $ 310 $ 291 $ 214 $ 347 $ 232 $ 225 $ 108
Total assets 10,372 10,632 4,841 5,083 5,242 4,411 4,544 4,444 3,668 3,254 2,618
Net property, plant and
equipment 4,038 4,085 2,141 2,185 2,257 1,925 1,869 2,014 1,610 1,435 1,142
Total debt 3,987 4,776 1,542 1,804 2,129 1,690 1,975 1,985 1,455 1,024 826
Shareholders’ equity $ 3,662 $ 3,354 $2,175 $2,128 $1,970 $1,621 $1,542 $1,468 $1,289 $1,361 $ 980
Other Key Financial
Measures
Return on sales 1.6% 0.8% 2.0% 3.0% 0.3% 2.9% 1.4% 4.0% 0.0% 3.8% 3.9%
Annual sales growth (decline) 121.2% 45.3% (4.6)% 2.8% 16.7% (1.5)% 17.1% 7.9% 8.6% 12.9% 6.3%
Gross margin 7.8% 8.5% 11.2% 15.1% 15.6% 16.3% 14.7% 19.7% 18.8% 19.4% 18.7%
Return on beginning
shareholders’ equity 11.4% 4.0% 7.1% 11.7% 1.5% 12.1% 5.9% 17.0% (0.2)% 18.4% 19.5%
Effective tax rate 35.5% 35.4% 35.6% 34.9% 64.7% 43.6% 37.0% 38.1% 101.8% 41.8% 38.5%
Total debt to capitalization 52.1% 58.7% 41.5% 45.9% 51.9% 51.0% 56.2% 57.5% 53.0% 42.9% 45.7%
Book value per share $ 10.37 $ 9.61 $ 9.67 $ 9.31 $ 8.53 $ 7.60 $ 7.09 $ 6.76 $ 5.92 $ 6.16 $ 4.75
Closing stock price high 15.56 14.19 18.00 25.38 24.44 23.63 18.58 18.17 16.67 18.08 15.08
Closing stock price low $ 8.75 $ 8.35 $ 8.56 $15.00 $16.50 $17.75 $13.83 $13.83 $12.50 $12.83 $10.17
1. The results for 2002 include a $27 million pretax charge related to the identifiable intangible asset write-down of the Thomas E. Wilson brand, $26 million pretax charge for
live swine restructuring charge, $22 million pretax gain related to the sale of Specialty Brands and $30 million pretax gain related to a vitamin antitrust litigation partial settlement.
2. Certain costs for 2001 and 2000 have been reclassified as the result of the application of EITF 00-14 and EITF 00-25. See Note 1 to the Consolidated Financial Statements.
3. The results for 2001 include $26 million in pretax charges for expenses related to the IBP acquisition, loss on sale of swine assets and product recall losses.
4. The results for 2000 include a $24 million pretax charge for bad debt writeoff related to the January 2000 bankruptcy filing of AmeriServe Food Distribution, Inc. and a
$9 million pretax charge related to Tyson de Mexico losses.
5. The results for 1999 include a $77 million pretax charge for loss on sale of assets and impairment write-downs.
6. Significant business combinations accounted for as purchases: IBP, inc., Hudson Foods, Inc. and Arctic Alaska Fisheries Corporation in August 2001 and September 2001,
January 1998 and October 1992, respectively. See Note 2 to the Consolidated Financial Statements for acquisitions during the three-year period ended September 28, 2002.
7. The results for 1998 include a $215 million pretax charge for asset impairment and other charges.
8. The results for 1997 include a $41 million pretax gain ($4 million after tax) from the sale of the beef division assets.
9. The results for 1994 include a $214 million pretax charge ($205 million after tax) due to the write-down of certain long-lived assets of Arctic Alaska Fisheries Corporation.
Tyson Foods, Inc. 2002 annual report