PepsiCo, Inc. 1996 Annual Report


PepsiCo, Inc. and Subsidiaries
($ in millions except per share amounts)	December 28, 1996	December 30, 1995	Percent Change

Summary of Operations
Net sales	$ 31,645	30,255	+5
Ongoing ^(a)
Operating profit	$ 3,368	3,507	-4
Net income	$ 1,865	1,990	-6
Per Share	$ 1.17	1.24	-6
Reported ^(b)
Operating profit	$ 2,546	2,987	-15 ^(c)
Net income	$ 1,149	1,606	-28 ^(c)

Per Share	$ 0.72	1.00	-28 ^(c)
Cash Flows
Provided by operating activities	$ 4,194	3,742	+12
Free cash flow ^(d)	$ 1,544	1,095	+41
Share repurchases	$ 1,651	541	+205

(a) Excluded unusual impairment, disposal and other charges of $822 ($716 after-tax or $0.45 per share) in 1996 and $520 ($384 after-tax or $0.24 per share) in 1995 (see Note 3). (b) Included unusual charges in 1996 and 1995 (see (a) above). (c) These comparisons are not meaningful because of the unusual charges in 1996 and 1995 (see (a) above). (d) Defined as net cash provided by operating activities reduced by cash dividends paid and adjusted for the following investing activities : capital spending, refranchising of restaurants, sales of property, plant and equipment and other, net.