SYSCO CORPORATION Second Quarter Fiscal Year 2003 Fact Book. Where Sysco Quality Begins
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1 SYSCO CORPORATION Second Quarter 2003 Fact Book Where Sysco Quality Begins
2 Company Description SYSCO has been North America's largest marketer and distributor of foodservice products since The company operates from 146 distribution locations across the United States and Canada including 84 broadline facilities, 17 hotel supply locations, 16 specialty produce facilities, 15 SYGMA distribution centers, 12 custom-cutting meat locations and 2 distributors specializing in the niche Asian foodservice market. SYSCO provides products and services to about 415,000 restaurants, hotels, schools, hospitals, retirement homes and other institutions. Since its initial public offering in 1970, SYSCO s annual sales have grown from approximately $115 million to $24.7 billion in calendar year Taking advantage of the development and use of information systems, innovations in food technology, improved packaging and advanced transportation techniques, SYSCO provides its customers with quality products, delivered on time at reasonable prices. SYSCO s Mission SYSCO s mission is to help our customers succeed. The SYSCO Philosophy The scale and scope of its operations are such that SYSCO can: Provide high levels of customer service; Buy in quantity on favorable terms; Retain professional marketing and merchandising personnel who possess a wide knowledge of the many different supply markets; Accumulate broad experience which enables the company to work with manufacturers, processors and customers to reduce operating costs; Assure quality and consistency of products produced in thousands of locations; Maintain minimum levels of inventory while supporting customers needs; Consolidate expenses for promotions and advertising; Test new merchandising and marketing methods on a pilot basis; Provide sales aids and training tools to enable marketing associates to represent SYSCO s products and services effectively; and therefore, Undergird the success of SYSCO s customers. Meanwhile, the SYSCO corporate structure ensures that the autonomous nature and entrepreneurial spirit and drive is as strong in the parent company as in each of its subsidiary companies. That spirit a combination of personal interest, drive, creativity and determination to benefit customers is the guiding philosophy of the SYSCO Corporation, the key to its past success and its continued growth. For Additional Information Contact: Investor and Media Relations Department SYSCO Corporation 1390 Enclave Parkway Houston, Texas Telephone: (281) Internet: John M. Palizza, Assistant Treasurer (281) Toni R. Spigelmyer, Director, Investor/Media Relations (281)
3 Comparative Results of Operations 13-Week Period Ended December 28, December 29, Percentage (In thousands except for per share data) Change Sales $ 6,348,797 $ 5,590, % Costs and expenses Cost of sales 5,097,716 4,481, % Operating expenses 937, , % Interest expense 17,503 16, % Other, net (2,606) (290) 798.6% Total costs and expenses 6,049,903 5,334, % Earnings before income taxes 298, , % Income taxes 114,327 98, % Net earnings $ 184,567 $ 158, % Basic earnings per share $ 0.28 $ % Diluted earnings per share $ 0.28 $ % Average shares outstanding 652,030, ,959,339 (1.5%) Diluted average shares outstanding 664,083, ,799,409 (1.1%) The comparative segment sales data for the second quarter of fiscal years 2003 and 2002 are summarized below. 13-Week Period Ended December 28, December 29, Percentage (In thousands) Change Sales Broadline $5,227,677 $ 4,575, % SYGMA 710, , % Other 410, , % Intersegment sales (64,868) (45,236) 43.4% Total sales $6,348,797 $ 5,590, % SYSCO CORPORATION 1
4 Second Quarter 2003 Compared to Historical Second Quarter Performance SALES (Billions) Net Earnings* (Millions) Second Quarter 0 Second Quarter * *Before accounting change Quarterly Closing Stock Prices Second Quarter Net Earnings Margin Net Earnings as a Percent of Sales $30 $ % $ $ % $10 $5 $ % Second Quarter SYSCO CORPORATION
5 Quarterly Income Statement Ratios Key Operating Ratios (% to sales) Year-over-Year Change in Ratios (basis points) Year-over- Gross Expense Interest Earnings Earnings Year Profit to Operating and bf Income Gross Expense Interest Before Sales % Margin Sales Income Other Taxes Profit to Operating and Income Period (in $000s) Change % % % % % Margin Sales Income Other Taxes FY Q1 3,828, (0.34) Q2 3,786, (0.38) Q3 3,711, (0.41) (10) 98-Q4 4,001, (0.40) (4) FY weeks 99-Q1 4,192, (0.41) (5) 99-Q2 4,246, (0.44) 3.34 (27) (5) (22) 6 (28) 99-Q3 4,164, (0.44) Q4-14 weeks 4,818, (0.41) (1) 1 (2) FY Q1 4,657, (0.38) (2) 28 (3) Q2 4,651, (0.40) (4) Q3 4,722, (0.39) (5) Q4 5,271, (0.34) (7) 46 FY Q1 5,360, (0.31) (7) Q2 5,290, (0.34) (6) Q3 5,344, (0.03) (36) Q4 5,789, (0.34) FY Q1 5,828, (0.26) (5) Q2 5,590, (0.29) (8) 27 (5) Q3 5,620, (0.24) Q4 6,310, (0.24) (17) 32 (10) 41 FY Q1 6,424, (0.21) (5) 4 03-Q2 6,348, (0.23) 4.71 (13) (20) 6 (5) 12 Note - Operating income is calculated by adding interest expense and subtracting other income or adding other expenses to earnings before income taxes. SYSCO CORPORATION 3
6 Consolidated Balance Sheets (unaudited) December 28, December 29, (In thousands except for share data) Current assets Cash $ 128,574 $ 115,843 Receivables 1,878,315 1,612,464 Inventories 1,270,604 1,076,884 Deferred taxes 95,654 Prepaid expenses 63,286 54,650 Total current assets 3,340,779 2,955,495 Plant and equipment at cost, less depreciation 1,804,691 1,620,462 Other assets Goodwill and intangibles 1,055, ,971 Restricted cash 84,056 Other 199, ,951 Total other assets 1,338, ,922 Total assets $ 6,483,987 $ 5,542,879 Current liabilities Notes payable $ 64,612 $ 27,653 Accounts payable 1,408,475 1,237,374 Accrued expenses 747, ,474 Accrued income taxes 25,462 94,199 Deferred taxes 158,719 Current maturities of long-term debt 22,341 12,564 Total current liabilities 2,426,912 1,943,264 Other liabilities Long-term debt 1,394,647 1,078,573 Deferred taxes 461, ,867 Total other liabilities 1,855,959 1,414,440 Shareholders equity Common stock, par $l per share 765, ,175 Paid-in capital 240, ,202 Retained earnings 3,105,487 2,644,005 Other comprehensive loss (65,435) (5,624) Treasury stock (1,844,281) (1,432,583) Total shareholders' equity 2,201,116 2,185,175 Total liabilities and shareholders equity $ 6,483,987 $ 5,542,879 4 SYSCO CORPORATION
7 Consolidated Cash Flows 26-Week Period Ended December 28, December 29, (In thousands except for share data) Cash flows from operating activities: Net earnings $367,141 $322,485 Add non-cash items: Depreciation and amortization 133, ,239 Deferred tax provision (benefit) 213,488 59,274 Provision for bad debts 15,908 16,717 Additional investment in certain assets and liabilities, net of effect of businesses acquired: (Increase) decrease in receivables (98,222) 25,031 (Increase) in inventories (130,767) (31,241) (Increase) decrease in prepaid expenses (21,251) (14,163) Increase (decrease) in accounts payable 38,411 (36,188) (Decrease) in accrued expenses (42,346) (83,462) (Decrease) in accrued income taxes (12,091) (29,133) (Increase) in other assets (7,171) (2,956) Net cash provided by operating activities 456, ,603 Cash flows from investing activities: Additions to plant and equipment (217,799) (215,181) Proceeds from sales of plant and equipment 7,976 4,246 Acquisition of businesses, net of cash acquired (168,244) (12,197) Increase in restricted cash (52,056) Net cash used for investing activities (430,123) (223,132) Cash flows from financing activities: Bank and commercial paper borrowings 208, ,264 Other debt repayments (5,255) (13,802) Common stock reissued from treasury 62,650 50,463 Treasury stock purchases (243,381) (218,656) Dividends paid (118,395) (93,640) Net cash used for financing activities (96,279) (158,371) Net decrease in cash (69,865) (19,900) Cash at beginning of period 198, ,743 Cash at end of period $128,574 $115,843 Cash paid during the period for: Interest $ 34,492 $ 32,621 Income taxes 29, ,504 SYSCO CORPORATION 5
8 Return on Average Equity* Return on Invested Capital* 35% 30% 25% 20% % 25.0% % 10% 5% 20.0% % % *Before accounting change *Before accounting change Working Capital to Sales Long-Term Debt to Total Capitalization (in millions) Long-Term Debt Shareholders Equity 6.00% 5.00% 4.00% 3.00% 2.00% $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 2, ,394 2,745 1,024 1,721 3,309 3,062 1, ,101 2,133 3,596 1,395 2, % $500 0% $ Ratio 2nd Qtr FY 41.7% 37.3% 31.4% 35.6% 38.8% Note - Return on invested capital is calculated by dividing net earnings by invested capital at the applicable period end. Invested capital is comprised of shareholders equity plus total debt less goodwill. 6 SYSCO CORPORATION
9 Key Ratios s WEEKS Returns* Return on average equity Return on invested capital Return on average assets Working capital efficiency** Working capital $ 825,727 $ 948,252 $ 840,608 $ 772,770 $ 945,932 Working capital to sales Inventory days outstanding Accounts receivable days outstanding Capitalization Long-term debt $ 867,017 $ 997,717 $ 1,023,642 $ 961,421 $ 1,176,307 Shareholders equity 1,326,639 1,394,221 1,721,584 2,100,535 2,132,519 Total Capitalization 2,193,656 2,391,938 2,745,226 3,061,956 3,308,826 Ratio of long-term debt to capitalization Common stock data*** Market price High $ $ $ $ $ Low $ 8.55 $ 9.97 $ $ $ Close $ $ $ $ $ Yearly stock price return 37.8% 20.6% 36.9% 28.9% 0.3% Dividends paid $ $ 0.19 $ 0.22 $ 0.26 $ 0.32 Total return 39.6% 22.1% 38.4% 30.2% 1.4% P/E ratio (trailing 12 months earnings per share) * Before accounting change. ** Calculated using average sales and inventories. *** Adjusted for 2-for-1 stock splits of March 20, 1998 and December 15, Recent Acquisitions Date Company (Location) Description 1/6/97 Alaska Fish and Farm, Inc. (Anchorage, AK) Broadline Distributor 5/27/98 Foodservice Distribution Division of Jordan s Meats, Inc. (Portland, ME) Broadline Distributor 6/1/98 Foodservice Distribution Business of Beaver Street Fisheries, Inc. (Jacksonville, FL) Broadline Distributor 7/30/99 Newport Meat Company (Irvine CA) Custom-Cut Meat Distributor 8/20/99 Buckhead Beef Company (Atlanta, GA) Custom-Cut Meat Distributor 8/27/99 Doughtie s Foods (Hampton Roads, VA) Broadline Distributor 11/19/99 Malcolm Meats (Toledo, OH) Custom-Cut Meat Distributor 1/26/00 Watson Foodservice (Lubbock, TX) Broadline Distributor 3/17/00 FreshPoint Holdings (Dallas, TX) Specialty Produce Distributor 12/7/00 North Douglas Distributors (Vancouver Island, B.C., Canada) Broadline Distributor 12/13/00 Albert M. Briggs (Washington, D.C.) Custom-Cut Meat Distributor 1/16/01 Freedman Companies (Houston, TX) Custom-Cut Meat Distributor 1/22/01 Guest Supply (Monmouth Junction, NJ) Hotel Operating Supplies Distributor 2/16/01 HRI Supply (Kelowna, B.C., Canada) Broadline Distributor 7/2/01 Fulton Provision Co. (Portland, OR) Custom-Cut Meat Distributor 9/28/01 Franklin Supply Co. (Louisburg, NC) Hotel Operating Supplies Distributor 4/1/02 SERCA Foodservice (Toronto, Ontario, Canada) Broadline Distributor 9/27/02 Abbott Foods, Inc. (Columbus, OH) Broadline Distributor 9/30/02 Pronamics, Inc. (Mississauga, Ontario, Canada) Chain Restaurant Distributor 11/22/02 Asian Foods, Inc. (St. Paul, MN) Specialty Asian Foodservice Distributor 12/27/02 Denver Assets of Marriott Distribution Services, Inc. Chain Restaurant Distributor SYSCO CORPORATION 7
10 Sales by Major Product Category Canned and dry products 19% 19% 21% Fresh and frozen meats Frozen fruits, vegetables, bakery and other Poultry Dairy products Fresh produce Paper and disposables Seafoods Beverage products Equipment and smallwares Janitorial and chemical products Medical supplies 1% 1% 1% Total 100% 100% 100% Sales by Customer Type Restaurants 63% 64% 65% Hospitals and nursing homes Schools and colleges Hotels and motels All other Total 100% 100% 100% Ratio of Employees per Million $ of Sales * Warehouse Delivery Selling General and administrative Total *Adjusted for SYSCO s internal inflation index. Sales of SYSCO Brand Products Second Quarter As a percentage of Marketing Associate-Served sales 54.7% 53.7% 55.9% 56.1% As a percentage of Traditional Broadline sales 48.7% 48.1% 48.3% 46.2% As a percentage of Traditional Broadline and SYGMA sales 42.6% 42.1% 42.3% 41.1% Marketing Associate-Served Sales Second Quarter As a percentage of Broadline sales 54.7% 54.1% 56.3% 54.5% 8 SYSCO CORPORATION
11 Real Sales Growth (1) Reported Food Cost Inflation Real Sales Growth Acquisitions (Deflation) (2) Sales Growth Fiscal % 6.3% 1.1% 10.3% Fiscal Fiscal Fiscal (2.2) 16.9 Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal (1.7) 9.6 Fiscal Fiscal Fiscal Fiscal Fiscal 1997 (3) Fiscal Fiscal 1999 (53 weeks) Fiscal 2000 (4) Fiscal Fiscal Fiscal 2003 First Quarter (2.2) 7.0 Second Quarter (3) (0.9) 7.6 (1) Results from 1983 through 1993 are calculated on traditional foodservice only. (2) Based on internal tests. (3) Numbers do not add due to rounding. (4) On a 52-week vs. 52-week comparison, real sales growth was 9.2%. Real Sales Growth - SYSCO versus Foodservice Industry Calendar Foodservice SYSCO Ahead Year Industry* SYSCO of Industry % 11.4% 8.9% (0.2) *Source: Technomic, Inc. SYSCO CORPORATION 9
12 SYSCO Corporation 1390 Enclave Parkway Houston, Texas (281)
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