Snapple 2011 Annual Report Download - page 47

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27
Year Ended December 31, 2011 Compared to Year Ended December 31, 2010
Consolidated Operations
The following table sets forth our consolidated results of operation for the years ended December 31, 2011 and 2010 (dollars
in millions, except per share data).
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Depreciation and amortization
Other operating expense (income), net
Income from operations
Interest expense
Interest income
Loss on early extinguishment of debt
Other income, net
Income before provision for income taxes and equity in
earnings of unconsolidated subsidiaries
Provision for income taxes
Income before equity in earnings of unconsolidated
subsidiaries
Equity in earnings of unconsolidated subsidiaries, net of tax
Net income
Earnings per common share:
Basic
Diluted
For the Year Ended December 31,
2011
Dollars
$ 5,903
2,485
3,418
2,257
126
11
1,024
114
(3)
—
(12)
925
320
605
1
$ 606
$ 2.77
2.74
Percent
100.0%
42.1
57.9
38.3
2.1
0.2
17.3
1.9
(0.1)
—
(0.2)
15.7
5.5
10.2
—
10.3%
NM
NM
2010
Dollars
$ 5,636
2,243
3,393
2,233
127
8
1,025
128
(3)
100
(21)
821
294
527
1
$ 528
$ 2.19
2.17
Percent
100.0%
39.8
60.2
39.6
2.3
0.1
18.2
2.3
(0.1)
1.8
(0.4)
14.6
5.3
9.4
—
9.4%
NM
NM
Percentage
Change
5%
1
—
13
15%
26%
26%
Volume (BCS)
Volume (BCS) decreased 1% for the year ended December 31, 2011, compared with the year ended December 31, 2010. In
the U.S. and Canada, volume decreased 1% and in Mexico and the Caribbean, volume increased 4% compared with the year ago
period. CSD volume remained flat, while NCB volume decreased 2%. In CSDs, Sun Drop increased 9 million cases compared
with the year ago period due to the national launch of the brand. As a result of growth in our Latin America Beverages segment,
Peñafiel and Squirt increased 4% and 3%, respectively. Dr Pepper volume was flat as sales volume in the prior year was driven
by higher volumes a year ago caused by low holiday and summer pricing by a national account that did not recur in 2011 and
higher retail pricing in the second half of 2011, which was offset in part by the impact of additional fountain availability and the
launch of Dr Pepper TEN in the fourth quarter of 2011. Crush declined 9% compared with the year ago period due to decreased
promotional activity. Canada Dry, 7UP, A&W and Sunkist soda (our "Core 4 brands") were down 2% compared to the year ago
period as a double-digit decline in Sunkist soda, mid single-digit decline in 7UP and low single-digit decline in A&W were partially
offset by a double-digit increase in Canada Dry due to targeted marketing programs. Decreases in NCBs were driven by a 9%
decrease in Mott's due to larger-than-normal price increases as a result of the significant increase in the cost of apple juice
concentrate, promotional activities that did not recur in 2011 and a 5% decrease for Hawaiian Punch as a result of the impact from
higher pricing that was partially offset by increased sales volume from package innovation. These decreases were partially offset
by a 7% increase for Snapple as a result of distribution gains and package innovation and an 11% increase for Clamato driven
primarily by growth in our Latin America Beverages segment.