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Dr Pepper Snapple Group Reports Third Quarter 2008 Results
Net sales declined 2% reflecting the absence of glaceau; excluding this item, net sales up 5%
By: PR Newswire
Nov. 13, 2008 07:00 AM
Year-to-date, the company earned DPS President and CEO
"In these uncertain times, we remain committed to our long-term goals --
leverage our strong portfolio of flavor brands, strengthen our
route-to-market, rally around our customers and consumers and deliver results
that outperform the industry. We continue to invest with an eye to the future
and our recent organizational changes will ensure that we are better able to
leverage our third-party and company-owned distribution models to drive
process simplification, speed of decision making and total system
profitability."
Summary of 2008 results % Growth vs 2007 % Growth vs 2007
Third Quarter Year to Date
------------- --------------
Volume (BCS) (1) (3)
Net sales ($)
Beverage Concentrates (3) (2)
Finished Goods 4 7
Bottling Group (5) (2)
Mexico and the Caribbean 7 7
--- ---
Net sales as reported (2) 1
Segment Operating Profit (17) (6)
Reported EPS (32) (14)
EPS excluding certain items (29) (3)
BCS - bottler case sales
Earnings per share Third Quarter Year to Date
reconciliation 2008 2007 % 2008 2007 %
------------------- ---------------------
Reported EPS $0.41 $0.61 (32) $1.21 $1.42 (14)
Items affecting
comparability
- Restructuring costs 0.02 0.03 0.07 0.09
- Transaction and
separation costs 0.02 -- 0.07 --
- Bridge loan fees and
expenses -- -- 0.06 --
- Separation related tax
items -- -- 0.04 --
----- ----- ----- ----- ----- -----
EPS excluding certain
items $0.45 $0.63* (29) $1.46* $1.50* (3)
* Does not sum due to rounding
Volume (BCS) Volume declined 1%. Excluding the impact of glaceau, volume grew 1% as carbonated soft drinks (CSDs) increased 0.5% and non-carbonated beverages (NCBs) increased 3%. In CSDs, Dr Pepper volume was up slightly. "Core 4" brands -- 7UP,
Sunkist, A&W and Canada Dry -- increased 1.5% driven primarily by Canada Dry
which was up 8% as Green Tea Ginger Ale continued to gain momentum. 7UP
volume was down 3% but showed improvement in its trend. In In NCBs, Hawaiian Punch volume increased 24% on second half promotional
activities and favorable comparisons to the prior year period. A slowdown in
consumer spending and increased price competition in the tea and enhanced
water categories impacted performance of the company's premium-priced products
with results that were below expectations. Snapple, including antioxidant
waters, declined 7%. Issues with apple and lemon supplies, resulting from
extensive crop damage, limited sales of Mott's sauce and Realemon/Realime. In
In Sales Volume Sales volume declined 1%. Excluding the impact of glaceau, sales volume increased 1% in line with BCS trends. Net sales Net sales declined 2%. Excluding the impact of glaceau, net sales
increased 5% driven by volume growth of 1% and mid single-digit price
increases taken earlier in the year, partially offset by unfavorable
comparisons of fountain/foodservice and other beverage concentrates discounts
which were Across all measured channels, as reported by ACNielsen, the company continues to lead the U.S. CSD category in dollar share growth with its share up 0.3 percentage points year-to-date. Segment operating profit, corporate and other Gross profit decreased 4% reflecting net sales declines and higher commodity costs. Cost of sales (COGS) per case increased 1%. The loss of glaceau product distribution reduced gross profit growth by 3 percentage points and COGS per case growth by 9 percentage points. Segment operating profit declined 17% primarily reflecting unfavorable
comparisons of fountain/foodservice and other beverage concentrates discounts
( Below-the-line, costs were broadly in line with expectations.
Restructuring costs related to previously announced actions were Net interest expense increased The effective tax rate for the quarter was 35.8%, which included
Year-to-date, the company generated 2008 full-year guidance Further reductions in consumer spending given a more challenging macro
economic environment are impacting near- and medium-term forecast visibility.
The company currently expects full year 2008 net sales growth of about 1% and
earnings per share of approximately The company continues to expect: restructuring costs of The company is negotiating its settlement with Hansen Natural under the provisions of the distribution agreement. Despite a recent fall in commodity prices, the company still expects 2008
COGS inflation of approximately 6%, as lower commodity costs are being offset
by higher concentrate component and other ingredient costs. Fuel is now
expected to add approximately During the third quarter, the company entered into a series of interest
rate swaps that effectively converted a substantial portion of its floating
rate term loan to fixed rate through The earnings per share guidance assumes a full-year 2008 tax rate of
approximately 39.4%, which reflects improved utilization of foreign and other
tax credits and a favorable impact from territory mix. The tax rate includes
approximately Capital spending is expected to be about 5% of net sales. 2009 items The company expects to provide more details about 2009 on its fourth quarter earnings call. Investors are reminded that 2009 will be the company's first full year as
a stand-alone business. In establishing stand-alone operations, the company
expects to incur approximately The company's agreement with Hansen Natural ended The blended interest rate for the company's debt obligations, including amortization of fees and expenses, is expected to be approximately 6.6%. Capital spending is expected to be about 5% of net sales. The company remains committed to using free cash to pay down its floating rate term loan obligations ahead of schedule. Forward looking statement This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including, in particular,
statements about future events, future financial performance, plans,
strategies, expectations, prospects, competitive environment, regulation, and
cost and availability of raw materials. Forward-looking statements include all
statements that are not historical facts and can be identified by the use of
forward-looking terminology such as the words "may," "will," "expect,"
"anticipate," "believe," "estimate," "plan," "intend" or the negative of these
terms or similar expressions. These forward-looking statements have been based
on our current views with respect to future events and financial performance.
Our actual financial performance could differ materially from those projected
in the forward-looking statements due to the inherent uncertainty of
estimates, forecasts and projections, and our financial performance may be
better or worse than anticipated. Given these uncertainties, you should not
put undue reliance on any forward-looking statements. All of the
forward-looking statements are qualified in their entirety by reference to the
factors discussed under "Risk Factors" in our Quarterly Report on Form 10Q and
"Special Note Regarding Forward-Looking Statements," and elsewhere in our
Registration Statement on Form 10 filed with the Securities and Exchange
Commission ("SEC") on Conference Call At In discussing financial results and guidance, the company may refer to certain non-GAAP measures. Reconciliations of any such non-GAAP measures to the most directly comparable financial measures in accordance with GAAP can be found under "Financial Press Releases" on the company's website at http://www.drpeppersnapple.com in the "Investors" section. Definitions Volume (BCS) or bottler case sales: Sales of finished beverages, in equivalent 288 fluid ounce cases, sold by the company and its bottling partners to retailers and independent distributors. Volume for products sold by the company and its bottling partners is reported on a monthly basis, with the third quarter comprising July, August and September. Sales volume: Sales of concentrate and finished beverages, in equivalent 288 fluid ounce cases, shipped by the company to its bottlers, retailers and independent distributors. Price/mix refers to the combined impact of list price changes, discounts and allowances and the relative mix of the brands, products, packages and channels. Pricing refers to the impact of list price changes. COGS per case: Cost of sales as reported divided by the sales volume in the quarter. About Dr Pepper Snapple Group Dr Pepper Snapple Group, Inc., (NYSE: DPS) is an integrated refreshment
beverage business marketing more than 50 beverage brands to consumers
throughout
DR PEPPER SNAPPLE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September 30, 2008 and 2007
(Unaudited, in millions, except per share data)
For the For the
Three Months Ended Nine Months Ended
September 30, September 30,
--------------- ---------------
2008 2007 2008 2007
------- ------ ------ ------
Net sales $1,505 $1,535 $4,369 $4,347
Cost of sales 720 719 2,003 1,984
------- ------ ------ ------
Gross profit 785 816 2,366 2,363
Selling, general and administrative
expenses 542 496 1,586 1,527
Depreciation and amortization 28 21 84 69
Restructuring costs 7 11 31 36
Loss on disposal of property and
intangible assets, net (5) -- (3) --
------- ------ ------ ------
Income from operations 213 288 668 731
Interest expense 59 63 199 195
Interest income (3) (19) (30) (38)
Other (income) expense (7) (3) (8) (2)
------- ------ ------ ------
Income before provision for income
taxes and equity in earnings of
unconsolidated subsidiaries 164 247 507 576
Provision for income taxes 59 93 199 218
------- ------ ------ ------
Income before equity in earnings of
unconsolidated subsidiaries 105 154 308 358
Equity in earnings of unconsolidated
subsidiaries 1 -- 1 1
------- ------ ------ ------
Net income $106 $154 $309 $359
======= ====== ====== ======
Earnings per common share:
Basic $0.41 $0.61 $1.21 $1.42
Diluted $0.41 $0.61 $1.21 $1.42
Weighted average common shares
outstanding:
Basic 254.2 253.7 254.0 253.7
Diluted 254.2 253.7 254.0 253.7
DR PEPPER SNAPPLE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2008 and 2007
(Unaudited, in millions)
For the Nine Months Ended
September 30,
-------------------------
2008 2007
----------- ------------
(As Restated)(1)
Operating activities:
Net income $309 $359
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation expense 102 89
Amortization expense 44 38
Employee stock-based expense, net of tax
benefit 5 10
Deferred income taxes 58 3
Write-off of deferred loan costs 21 --
Other, net 9 8
Changes in assets and liabilities:
Trade and other accounts receivable 3 (47)
Related party receivable 11 (8)
Inventories (6) (41)
Other current assets (32) (1)
Other non-current assets (9) 4
Accounts payable and accrued expenses 30 (48)
Related party payables (70) 350
Income taxes payable 47 9
Other non-current liabilities 1 (19)
------ ------
Net cash provided by operating activities 523 706
Investing activities:
Purchases of property, plant and equipment (203) (123)
Issuances of related party notes receivables (165) (1,829)
Repayment of related party notes receivables 1,540 525
Other, net 3 (23)
------ ------
Net cash provided by (used in) investing
activities 1,175 (1,450)
Financing activities:
Proceeds from issuance of related party
long-term debt 1,615 2,803
Proceeds from senior unsecured credit facility 2,200 --
Proceeds from senior unsecured notes 1,700 --
Proceeds from bridge loan facility 1,700 --
Repayment of related party long-term debt (4,664) (3,232)
Repayment of senior unsecured credit facility (295) --
Repayment of bridge loan facility (1,700) --
Deferred financing charges paid (106) --
Cash Distributions to Cadbury (2,065) (189)
Change in Cadbury's net investment 94 1,356
Other, net (2) 4
------ ------
Net cash (used in) provided by financing
activities (1,523) 742
Cash and cash equivalents - net change from:
Operating, investing and financing activities 175 (2)
Currency translation (3) 1
Cash and cash equivalents at beginning of
period 67 35
------ ------
Cash and cash equivalents at end of period $239 $34
====== ======
Supplemental cash flow disclosures of non-cash
investing and financing activities:
Settlement related to separation from Cadbury 150 --
Purchase accounting adjustment related to
prior year acquisitions 13 --
Transfers of property, plant, and equipment to
Cadbury -- 9
Transfers of operating assets and liabilities
to Cadbury -- 40
Reduction in long-term debt from Cadbury -- 257
Related entities acquisition payments -- 17
Note payable related to acquisition -- 38
Liabilities expected to be reimbursed by
Cadbury -- 12
Reclassifications for tax transactions -- 90
Supplemental cash flow disclosures:
Interest paid $120 $182
Income taxes paid 105 26
(1) Prior to the issuance of the Company's audited combined financial
statements as of the year ended December 31, 2007, the Company
determined that the unaudited condensed combined statements of cash
flows for the nine months ended September 30, 2007, needed to be
restated to eliminate previously reported cash flows of non-cash tax
reclassifications. As a result, net cash provided by operating
activities and net cash used in financing activities decreased by
$51 million in the interim period. The Company's combined financial
statements for the year ended December 31, 2007, issued with the Form
10 (effective April 22, 2008) appropriately reported the non-cash tax
reclassifications.
DR PEPPER SNAPPLE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2008 and December 31, 2007
(Unaudited, in millions except share and per share data)
September 30, December 31,
2008 2007
------------ -----------
Assets
Current assets:
Cash and cash equivalents $239 $67
Accounts receivable:
Trade (net of allowances of $16 and $20,
respectively) 521 538
Other 68 59
Related party receivable -- 66
Note receivable from related parties -- 1,527
Inventories 330 325
Deferred tax assets 68 81
Prepaid and other current assets 112 76
------ ------
Total current assets 1,338 2,739
Property, plant and equipment, net 945 868
Investments in unconsolidated subsidiaries 13 13
Goodwill 3,170 3,183
Other intangible assets, net 3,595 3,617
Other non-current assets 572 100
Non-current deferred tax assets 189 8
------ ------
Total assets $9,822 $10,528
====== ======
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses $862 $812
Related party payable -- 175
Current portion of senior unsecured debt 35 --
Current portion of long-term debt payable
to related parties -- 126
Income taxes payable 6 22
------ ------
Total current liabilities 903 1,135
Long-term debt payable to third parties 3,587 19
Long-term debt payable to related parties -- 2,893
Deferred tax liabilities 1,276 1,324
Other non-current liabilities 726 136
------ ------
Total liabilities 6,492 5,507
Commitments and contingencies
Stockholders' equity:
Cadbury's net investment -- 5,001
Preferred stock, $.01 par value, 15,000,000
shares authorized, no shares issued -- --
Common stock, $.01 par value, 800,000,000 shares
authorized, 253,685,733 shares issued and
outstanding for 2008 and no shares issued
for 2007 3 --
Additional paid-in capital 3,163 --
Retained earnings 191 --
Accumulated other comprehensive income (27) 20
------ ------
Total equity 3,330 5,021
------ ------
Total liabilities and equity $9,822 $10,528
====== ======
DR PEPPER SNAPPLE GROUP, INC.
OPERATIONS BY OPERATING SEGMENT
For the Three and Nine Months Ended September 30, 2008 and 2007
(Unaudited, in millions)
For the For the
Three Months Ended Nine Months Ended
September 30, September 30,
---------------- ----------------
2008 2007 2008 2007
------- ------ ------ ------
Segment Results - Net Sales
Beverage Concentrates $329 $328 $1,001 $1,004
Finished Goods 428 413 1,254 1,174
Bottling Group 834 870 2,360 2,388
Mexico and the Caribbean 110 107 324 313
Intersegment eliminations and impact
of foreign currency(1) (196) (183) (570) (532)
------- ------ ------ ------
Net sales as reported $1,505 $1,535 $4,369 $4,347
======= ====== ====== ======
(1) Total segment net sales include Beverage Concentrates and Finished
Goods sales to the Bottling Group segment and Bottling Group segment
sales to Beverage Concentrates and Finished Goods. Intersegment
sales are eliminated in the unaudited Consolidated Statement of
Operations.
For the For the
Three Months Ended Nine Months Ended
September 30, September 30,
---------------- ----------------
2008 2007 2008 2007
------- ------ ------ ------
Segment Results - Underlying
Operating Profit, Adjustments and
Interest Expense
Beverage Concentrates UOP $181 $193 $552 $541
Finished Goods UOP (1) 60 56 197 159
Bottling Group UOP(1) (7) 27 (23) 60
Mexico and the Caribbean UOP 27 26 77 75
LIFO inventory adjustment (3) (1) (17) (7)
Intersegment eliminations and impact
of foreign currency (5) 3 (10) (2)
Adjustments(2) (40) (16) (108) (95)
------- ------ ------ ------
Income from operations 213 288 668 731
Interest expense, net (56) (44) (169) (157)
Other expense 7 3 8 2
------- ------ ------ ------
Income before provision for income
taxes and equity in earnings of
unconsolidated subsidiaries as
reported $164 $247 $507 $576
======= ====== ====== ======
(1) Underlying Operating Profit (Loss) ("UOP") for the three and nine
months ended September 30, 2007, for the Bottling Group and Finished
Goods segment has been recast to reallocate $15 million and
$43 million, respectively, of intersegment profit allocations to
conform to the change in 2008 management reporting of segment UOP.
The allocations for the full year 2007 totaled $54 million.
(2) Adjustments consist of the following:
For the For the
Three Months Ended Nine Months Ended
September 30, September 30,
---------------- ----------------
2008 2007 2008 2007
------- ------ ------ ------
Restructuring costs $(7) $(11) $(31) $(36)
Transaction costs and other one time
separation costs (9) -- (29) --
Unallocated general and
administrative expenses (14) (13) (24) (30)
Stock-based compensation expense (3) 8 (7) (14)
Amortization expense related to
intangible assets (7) (7) (21) (20)
Incremental pension costs (1) 1 (4) (1)
Gain on disposal of property and
intangible assets, net 5 -- 3 --
Other (4) 6 5 6
------- ------ ------ ------
Total $(40) $(16) $(108) $(95)
======= ====== ====== ======
DR PEPPER SNAPPLE GROUP, INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
For the Three and Nine Months Ended September 30, 2008 and 2007
(Unaudited, dollars in millions)
The financial measures listed below are not measures defined by U.S. GAAP. However, we believe investors should consider these measures as we believe they are indicative of our ongoing performance and how management evaluates our operational results and trends. Specifically, investors should consider the following with respect to our quarterly and year to date results:
-- Segment net results after adjustments
-- Our segment operating profit
-- Our effective tax rate without the impact of separation related and
indemnified items
-- Our 2008 EPS without the impact of restructuring costs, transaction
costs and other one time separation related costs, bridge loan fees and
expenses and incremental tax related to the separation; our 2007 EPS
without the impact of restructuring costs; and our 2008 EPS growth
without the impact of the aforementioned items.
Net sales after adjustments for the Beverage Concentrates, Finished Goods and Bottling group segments is defined as net sales after intersegment eliminations and the impact of foreign currency. Segment operating profit is defined as income from operations before unallocated general and administrative expenses and other costs, restructuring costs, stock based- compensation expense, amortization expense related to intangible assets and other adjustments. We believe that segment operating profit and net sales after adjustments may be useful for investors in assessing our segment results. Segment operating profit and net sales after adjustments are not recognized measurements under U.S. GAAP. When evaluating our segment results, investors should not consider segment operating profit and net sales after adjustments in isolation of, or as a substitute for, measures of net income as determined in accordance with U.S. GAAP, such as net income or net cash provided by operating activities. Other companies may calculate segment operating profit and net sales after adjustments differently, and therefore our segment operating profit and net sales after adjustments may not be comparable to similarly titled measures reported by other companies. A reconciliation of segment operating profit to income before operations is provided below.
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
------------------------- -------------------------
Percentage Percentage
2008 2007 Change 2008 2007 Change
------- ------ ------- ------ ------ -------
Segment Results -
Net Sales
Beverage
Concentrates $329 $328 $1,001 $1,004
Intersegment
eliminations and
impact of foreign
currency (102) (93) (291) (280)
------- ------ ------ ------
Beverage Concentrates
after adjustments 227 235 (3)% 710 724 (2)%
Finished Goods 428 413 1,254 1,174
Intersegment
eliminations and
impact of foreign
currency (76) (74) (230) (214)
------- ------ ------ ------
Finished Goods after
adjustments 352 339 4% 1,024 960 7%
Bottling Group 834 870 2,360 2,388
Intersegment
eliminations and
impact of foreign
currency (22) (15) (58) (37)
------- ------ ------ ------
Bottling Group after
adjustments 812 855 (5)% 2,302 2,351 (2)%
Mexico & Caribbean 110 107 324 313
Intersegment
eliminations and
impact of foreign
currency 4 (1) 9 (1)
------- ------ ------ ------
Mexico & Caribbean
after adjustments 114 106 7% 333 312 7%
------- ------ ------ ------
Net sales as
reported $1,505 $1,535 (2)% $4,369 $4,347 1%
======= ====== ====== ======
DR PEPPER SNAPPLE GROUP, INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
For the Three and Nine Months Ended September 30, 2008 and 2007
(Unaudited, dollars in millions)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
-------------------------- ------------------------
Percentage Percentage
2008 2007 Change 2008 2007 Change
------- ------ ------- ------ ------ -------
Segment Results -
Underlying Operating
Profit and Adjustments
Segment underlying
operating
profit(1) $261 $302 $803 $835
LIFO inventory
adjustment (3) (1) (17) (7)
Intersegment
eliminations and
impact of foreign
currency (5) 3 (10) (2)
------- ------ ------ ------
Segment operating
profit 253 304 (17)% 776 826 (6)%
Restructuring
costs (7) (11) (31) (36)
Transaction costs
and other one
time separation
costs (9) -- (29) --
Unallocated general
and administrative
expenses (14) (13) (24) (30)
Stock-based
compensation expense (3) 8 (7) (14)
Amortization expense
related to intangible
assets (7) (7) (21) (20)
Incremental pension
costs (1) 1 (4) (1)
Gain on disposal of
property and
intangible assets,
net 5 -- 3 --
Other (4) 6 5 6
------- ------ ------ ------
Income from operations
as reported $213 $288 (26)% $668 $731 (9)%
======= ====== ====== ======
(1) Amount represents the total of the underlying operating profit for
the four operating segments.
Due to the loss of the distribution agreement for glaceau products in
2007, adjusted net sales excluding net sales related to glaceau for the three
months ended
For the Three Months Ended
September 30,
-----------------------------------
Amount Percentage
2008 2007 Change Change
------- ------ ------- -------
Net sales as reported $1,505 $1,535 $(30) (2)%
Less sales made under the
distribution agreement for glaceau
products -- 94
------- -------
Adjusted net sales, excluding
glaceau $1,505 $1,441 $64 5%
======= =======
Adjusted net cash provided by operating activities is defined as reported
net cash provided by operating activities less the effects of related party
balances. We believe that cash provided by operating activities excluding
related party transactions may be useful for investors in assessing our
ongoing performance. The following table reconciles net cash provided by
operating activities as reported to adjust net cash provided by operating
activities:
For the Nine Months Ended
September 30,
------------------------------
Amount
2008 2007 Change
--------- -------- -------
Net cash provided by operating activities
as reported $523 $706 $(183)
Less:
Related party receivable 11 (8)
Related party payable (70) 350
--------- --------
Net cash provided by operating activities
adjusted for the effects in related party
balances $582 $364 $218
========= ========
DR PEPPER SNAPPLE GROUP, INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
For the Three and Nine Months Ended September 30, 2008 and 2007 and 2008
Full-Year Guidance
(Unaudited)
EPS excluding certain items for the three and nine months ended
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
Percentage Percentage
2008 2007 Change 2008 2007 Change
------ ------ -------- ------ ------ --------
Reported EPS $0.41 $0.61 (32)% $1.21 $1.42 (14)%
Items affecting
comparability:
Restructuring costs 0.02 0.03 0.07 0.09
Transaction and
separation costs 0.02 -- 0.07 --
Bridge loan fees and
expenses -- -- 0.06 --
Separation related
tax items -- -- 0.04 --
------ ------ ------ ------
EPS excluding certain
items $0.45 $0.63* (29)% $1.46* $1.50* (3)%
====== ====== ====== ======
Full Year 2008 Guidance 2008
--------------
2008 full-year guidance EPS $1.54 to $1.57
Items affecting comparability:
Restructuring costs 0.10
Transaction and separation costs 0.08
Bridge loan fees and expenses 0.06
Separation related tax items 0.04
------
2008 full-year guidance EPS
excluding certain items $1.83 to $1.86*
===============
* Does not sum due to rounding.
SOURCE Dr Pepper Snapple Group, Inc.
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