Snapple 2013 Annual Report Download - page 36

Download and view the complete annual report

Please find page 36 of the 2013 Snapple annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 133

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133

26
RESULTS OF OPERATIONS
Executive Summary - 2013 Financial Overview and Recent Developments
• Net sales totaled $5,997 million for the year ended December 31, 2013, an increase of $2 million from the year ended
December 31, 2012.
• Net income for the year ended December 31, 2013 was $624 million, compared to $629 million for the year ended
December 31, 2012, a decrease of $5 million, or approximately 1%.
• Diluted earnings per share was $3.05 for the year ended December 31, 2013 and $2.96 for the year ago period, an increase
of $0.09, or approximately 3%.
• Earnings for the year ended December 31, 2013 included a $33 million non-cash increase in net income associated with
the conclusion of an Internal Revenue Service ("IRS") audit and a $12 million non-cash reduction in net income associated
with a change in Canadian tax law. These two items increased diluted earnings per share by $0.10 during the year ended
December 31, 2013.
• Earnings for the year ended December 31, 2013 also included a $56 million non-cash charge related to our intention to
withdraw from the Soft Drink Industry Local Union 710 Pension Fund ("Local 710"), which decreased diluted earnings
per share by $0.17 during the year ended December 31, 2013.
• During 2013, our Board of Directors (our "Board") declared aggregate dividends of $1.52 per share on outstanding
common stock, as compared to $1.36 per share on outstanding common stock during 2012. Dividends declared per share
for the year ended December 31, 2013 increased approximately 12%.
• On November 13, 2013, Standard & Poor's ("S&P") raised our rating from BBB with a positive outlook to BBB+ with
a stable outlook.
• During the years ended December 31, 2013 and 2012, we repurchased 8.7 million and 9.5 million shares of our common
stock, respectively, valued at approximately $400 million each year.
• During the first quarter of 2014, our Board declared a dividend of $0.41 per share, which will be paid on April 4, 2014,
to shareholders of record as of March 17, 2014. The dividend declared during the first quarter of 2014 increased
approximately 8% compared to the dividend declared in the previous quarter.
References in the financial tables to percentage changes that are not meaningful are denoted by "NM."