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Selected Financial Data
(in millions except per share amounts, unaudited)
Quarterly |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
||||||||
Net revenue |
||||||||||||
2008 |
$ |
8,333 |
$ |
10,945 |
$ |
11,244 |
$ |
12,729 |
||||
2007 |
$ |
7,350 |
$ |
9,607 |
$ |
10,171 |
$ |
12,346 |
||||
Gross profit |
||||||||||||
2008 |
$ |
4,499 |
$ |
5,867 |
$ |
5,976 |
$ |
6,558 |
||||
2007 |
$ |
4,065 |
$ |
5,265 |
$ |
5,544 |
$ |
6,562 |
||||
Restructuring and impairment charges(a) |
||||||||||||
2008 |
– |
– |
– |
$ |
543 |
|||||||
2007 |
– |
– |
– |
$ |
102 |
|||||||
Tax benefits(b) |
||||||||||||
2007 |
– |
– |
$ |
(115 |
) |
$ |
(14 |
) |
||||
Mark-to-market net impact(c) |
||||||||||||
2008 |
$ |
4 |
$ |
(61 |
) |
$ |
176 |
$ |
227 |
|||
2007 |
$ |
(17 |
) |
$ |
(13 |
) |
$ |
29 |
$ |
(18 |
) |
|
PepsiCo portion of PBG restructuring and impairment charge(d) |
||||||||||||
2008 |
– |
– |
– |
$ |
138 |
|||||||
Net income |
||||||||||||
2008 |
$ |
1,148 |
$ |
1,699 |
$ |
1,576 |
$ |
719 |
||||
2007 |
$ |
1,096 |
$ |
1,557 |
$ |
1,743 |
$ |
1,262 |
||||
Net income per common share – basic |
||||||||||||
2008 |
$ |
0.72 |
$ |
1.07 |
$ |
1.01 |
$ |
0.46 |
||||
2007 |
$ |
0.67 |
$ |
0.96 |
$ |
1.08 |
$ |
0.78 |
||||
Net income per common share – diluted |
||||||||||||
2008 |
$ |
0.70 |
$ |
1.05 |
$ |
0.99 |
$ |
0.46 |
||||
2007 |
$ |
0.65 |
$ |
0.94 |
$ |
1.06 |
$ |
0.77 |
||||
Cash dividends declared per common share |
||||||||||||
2008 |
$ |
0.375 |
$ |
0.425 |
$ |
0.425 |
$ |
0.425 |
||||
2007 |
$ |
0.30 |
$ |
0.375 |
$ |
0.375 |
$ |
0.375 |
||||
2008 stock price per share(e) |
||||||||||||
High |
$ |
79.79 |
$ |
72.35 |
$ |
70.83 |
$ |
75.25 |
||||
Low |
$ |
66.30 |
$ |
64.69 |
$ |
63.28 |
$ |
49.74 |
||||
Close |
$ |
71.19 |
$ |
67.54 |
$ |
68.92 |
$ |
54.56 |
||||
2007 stock price per share(e) |
||||||||||||
High |
$ |
65.54 |
$ |
69.64 |
$ |
70.25 |
$ |
79.00 |
||||
Low |
$ |
61.89 |
$ |
62.57 |
$ |
64.25 |
$ |
68.02 |
||||
Close |
$ |
64.09 |
$ |
66.68 |
$ |
67.98 |
$ |
77.03 |
||||
2008 results reflect our change in reporting calendars of Spain and Portugal.
(a) The restructuring and impairment charge in 2008 was $543 million ($408 million after-tax or $0.25 per share). The restructuring and impairment charge in 2007 was $102 million ($70 million after-tax or $0.04 per share). See Note 3.
(b) The non-cash tax benefits in 2007 of $129 million ($0.08 per share) relate to the favorable resolution of certain foreign tax matters. See Note 5.
(c) In 2008, we recognized $346 million ($223 million after-tax or $0.14 per share) of mark-to-market net losses on commodity hedges in corporate unallocated expenses. In 2007, we recognized $19 million ($12 million after-tax or $0.01 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses.
(d) In 2008, we recognized a non-cash charge of $138 million ($114 million after-tax or $0.07 per share) included in bottling equity income as part of recording our share of PBG’s financial results.
(e) Represents the composite high and low sales price and quarterly closing prices for one share of PepsiCo common stock. |
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Five-Year Summary |
2008 |
2007 |
2006 |
||||||
Net revenue |
$ |
43,251 |
$ |
39,474 |
$ |
35,137 |
|||
Net income |
$ |
5,142 |
$ |
5,658 |
$ |
5,642 |
|||
Income per common share – basic |
$ |
3.26 |
$ |
3.48 |
$ |
3.42 |
|||
Income per common share – diluted |
$ |
3.21 |
$ |
3.41 |
$ |
3.34 |
|||
Cash dividends declared per common share |
$ |
1.65 |
$ |
1.425 |
$ |
1.16 |
|||
Total assets |
$ |
35,994 |
$ |
34,628 |
$ |
29,930 |
|||
Long-term debt |
$ |
7,858 |
$ |
4,203 |
$ |
2,550 |
|||
Return on invested capital(a) |
25.5 |
% |
28.9 |
% |
30.4 |
% |
Five-Year Summary (continued) |
2005 |
2004 |
||||
Net revenue |
$ |
32,562 |
$ |
29,261 |
||
Income from continuing operations |
$ |
4,078 |
$ |
4,174 |
||
Net income |
$ |
4,078 |
$ |
4,212 |
||
Income per common share – basic, continuing operations |
$ |
2.43 |
$ |
2.45 |
||
Income per common share – diluted, continuing operations |
$ |
2.39 |
$ |
2.41 |
||
Cash dividends declared per common share |
$ |
1.01 |
$ |
0.85 |
||
Total assets |
$ |
31,727 |
$ |
27,987 |
||
Long-term debt |
$ |
2,313 |
$ |
2,397 |
||
Return on invested capital(a) |
22.7 |
% |
27.4 |
% |
||
(a) Return on invested capital is defined as adjusted net income divided by the sum of average shareholders equity and average total debt. Adjusted net income is defined as net income plus net interest expense after-tax. Net interest expense after-tax was $184 million in 2008, $63 million in 2007, $72 million in 2006, $62 million in 2005 and $60 million in 2004. |
||||||
- Includes restructuring and impairment charges of:
2008 |
2007 |
2006 |
2005 |
2004 |
|||||||||||
Pre-tax |
$ |
543 |
$ |
102 |
$ |
67 |
$ |
83 |
$ |
150 |
|||||
After-tax |
$ |
408 |
$ |
70 |
$ |
43 |
$ |
55 |
$ |
96 |
|||||
Per share |
$ |
0.25 |
$ |
0.04 |
$ |
0.03 |
$ |
0.03 |
$ |
0.06 |
|||||
- Includes mark-to-market net expense (income) of:
2008 |
2007 |
2006 |
|||||||
Pre-tax |
$ |
346 |
$ |
(19 |
) |
$ |
18 |
||
After-tax |
$ |
223 |
$ |
(12 |
) |
$ |
12 |
||
Per share |
$ |
0.14 |
$ |
(0.01 |
) |
$ |
0.01 |
||
- In 2008, we recognized $138 million ($114 million after-tax or $0.07 per share) of our share of PBG’s restructuring and impairment charges.
- In 2007, we recognized $129 million ($0.08 per share) of non-cash tax benefits related to the favorable resolution of certain foreign tax matters. In 2006, we recognized non-cash tax benefits of $602 million ($0.36 per share) primarily in connection with the IRS’s examination of our consolidated income tax returns for the years 1998 through 2002. In 2005, we recorded income tax expense of $460 million ($0.27 per share) related to our repatriation of earnings in connection with the American Job Creation Act of 2004. In 2004, we reached agreement with the IRS for an open issue related to our discontinued restaurant operations which resulted in a tax benefit of $38 million ($0.02 per share).
- On December 30, 2006, we adopted SFAS 158 which reduced total assets by $2,016 million, total common shareholders’ equity by $1,643 million and total liabilities by $373 million.
- The 2005 fiscal year consisted of 53 weeks compared to 52 weeks in our normal fiscal year. The 53rd week increased 2005 net revenue by an estimated $418 million and net income by an estimated $57 million ($0.03 per share).
