UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended August 24, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number 1-7275 |
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CONAGRA FOODS, INC. |
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(Exact name of registrant, as specified in charter) |
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Delaware |
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47-0248710 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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One ConAgra Drive, Omaha, Nebraska |
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68102-5001 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(402) 595-4000 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report.) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
Number of shares outstanding of issuer’s common stock, as of September 21, 2003, was 536,926,113.
Part
I – Financial Information
Item 1. Condensed Consolidated Financial Statements
ConAgra Foods, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions except per share amounts)
(unaudited)
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Thirteen weeks ended |
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August 24, |
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August 25, |
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Net sales |
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$ |
4,393.7 |
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$ |
6,553.8 |
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Costs and expenses: |
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Cost of goods sold |
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3,543.1 |
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5,575.2 |
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Selling, general and administrative expenses |
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569.8 |
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569.3 |
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Interest expense, net |
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65.7 |
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83.5 |
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4,178.6 |
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6,228.0 |
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Equity method investment earnings |
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9.5 |
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7.8 |
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Income from continuing operations before income taxes and cumulative effect of changes in accounting |
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224.6 |
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333.6 |
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Income tax expense |
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20.9 |
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123.0 |
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Income from continuing operations before cumulative effect of changes in accounting |
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203.7 |
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210.6 |
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Income from discontinued operations, net of tax |
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2.9 |
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13.1 |
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Cumulative effect of changes in accounting |
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(11.7 |
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3.9 |
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Net income |
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$ |
194.9 |
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$ |
227.6 |
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Earnings per share—basic |
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Income from continuing operations before cumulative effect of changes in accounting |
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$ |
.38 |
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$ |
.40 |
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Income from discontinued operations |
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.01 |
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.02 |
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Cumulative effect of changes in accounting |
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(.02 |
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.01 |
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Net income |
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$ |
.37 |
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$ |
.43 |
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Earnings per share—diluted |
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Income from continuing operations before cumulative effect of changes in accounting |
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$ |
.38 |
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$ |
.40 |
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Income from discontinued operations |
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.01 |
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.02 |
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Cumulative effect of changes in accounting |
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(.02 |
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.01 |
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Net income |
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$ |
.37 |
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$ |
.43 |
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See notes to the condensed consolidated financial statements.
2
ConAgra Foods, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(in millions)
(unaudited)
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Thirteen weeks ended |
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August 24, |
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August 25, |
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Net income |
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$ |
194.9 |
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$ |
227.6 |
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Other comprehensive income, net of tax: |
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Derivative adjustment |
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16.5 |
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20.0 |
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Currency translation adjustment |
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18.5 |
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9.3 |
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Comprehensive income |
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$ |
229.9 |
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$ |
256.9 |
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See notes to the condensed consolidated financial statements.
3
ConAgra
Foods, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(dollars in millions)
(unaudited)
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August 24, |
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May 25, |
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August 25, |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
680.7 |
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$ |
628.6 |
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$ |
17.4 |
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Receivables, less allowance for doubtful accounts of $89.4, $84.9 and $111.0 |
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1,571.3 |
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976.0 |
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1,910.6 |
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Inventories |
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3,443.1 |
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3,274.8 |
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4,472.8 |
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Prepaid expenses and other current assets |
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562.5 |
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863.1 |
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666.6 |
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Current assets of discontinued operations |
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316.1 |
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317.1 |
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372.0 |
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Total current assets |
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6,573.7 |
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6,059.6 |
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7,439.4 |
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Property, plant and equipment |
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5,462.2 |
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5,452.5 |
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6,440.5 |
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Less accumulated depreciation |
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(2,667.7 |
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(2,632.7 |
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(3,025.0 |
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Property, plant and equipment, net |
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2,794.5 |
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2,819.8 |
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3,415.5 |
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Goodwill |
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3,830.5 |
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3,834.9 |
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3,906.8 |
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Brands, trademarks and other intangibles, net |
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833.5 |
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835.0 |
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878.9 |
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Other assets |
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1,149.7 |
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1,154.3 |
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431.4 |
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Noncurrent assets of discontinued operations |
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