Snapple 2011 Annual Report Download - page 46

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26
Volume in Bottler Case Sales
In addition to sales volume, we also measure volume in bottler case sales ("volume (BCS)") as sales of packaged beverages,
in equivalent 288 fluid ounce cases, sold by us and our bottlers to retailers and independent distributors.
Bottler case sales and concentrates and packaged beverage sales volumes are not equal during any given period due to changes
in bottler concentrates inventory levels, which can be affected by seasonality, bottler inventory and manufacturing practices, and
the timing of price increases and new product introductions.
Results of Operations
Executive Summary — 2011 Financial Overview and Recent Developments
• Net sales totaled $5.90 billion for the year ended December 31, 2011, an increase of $267 million, or 5%, from the year
ended December 31, 2010.
• Net income for the year ended December 31, 2011, was $606 million, compared to $528 million for the year ended
December 31, 2010, an increase of $78 million, or 15%.
• Diluted earnings per share was $2.74 for the year ended December 31, 2011 and $2.17 for the year ended December 31,
2010. The diluted earnings per share for the year ended December 31, 2011 increased by 26%.
• During 2011, our Board declared dividends of $1.21 per share on outstanding common stock, as compared to $0.90 per
share on outstanding common stock during 2010.
• During the three and twelve months ended December 31, 2011, respectively, we repurchased 2.6 million and 13.7 million
shares of our common stock valued at approximately $97 million and $522 million.
• In January 2011, we completed the issuance of $500 million aggregate principal amount of 2.90% senior notes due January
15, 2016 (the "2016 Notes").
• On November 15, 2011, we completed the issuance of $500 million aggregate principal amount of senior unsecured notes
consisting of $250 million aggregate principal amount of 2.60% senior notes due January 15, 2019 (the "2019 Notes")
and $250 million aggregate principal amount of 3.20% senior notes due November 15, 2021 (the "2021 Notes"). The net
proceeds from the issuance were used to repay $400 million aggregate principal amount of 1.70% senior notes due
December 21, 2011 (the "2011 Notes") at maturity and for general corporate purposes.
• On November 17, 2011, our Board authorized an additional $1 billion of share repurchases, raising the total aggregate
share repurchase authorization to $3 billion since inception of the share repurchase program.
• On October 10, 2011, we introduced our newest product innovation, Dr Pepper TEN, which uses a unique blend of
sweeteners developed by us to achieve a low-calorie option with the full flavor of regular Dr Pepper.
References in the financial tables to percentage changes that are not meaningful are denoted by "NM."