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SYSCOSYSCO CORPORATION CORPORATION
Annual Report Annual Report 20072007

Table of contents

  • Page 1
    SYSCO CORPORATION Annual Report 2007

  • Page 2

  • Page 3
    ... Canada, SYSCO® still prides itself on shaping industry standards. Every day we take a fresh look at how to be the best at making the customer's experience better tomorrow than it was today. SYSCO is the global leader in selling, marketing and distributing food products to restaurants, healthcare...

  • Page 4
    ...President and Chief Operating Officer, while Larry Pulliam, as Executive Vice President, Global Sourcing and Supply Chain, has responsibility for sourcing and supply chain. The Sourcing and National Supply Chain initiatives focus on lowering our cost of goods sold by leveraging our purchasing power...

  • Page 5
    ... to the Demand Planning and Replenishment (DPR) system and, through its use, we are seeing improved inventory management at those operating companies and more accurate forecasting of customer product needs. The Business Review process has become ingrained in how we operate our business. It also is...

  • Page 6
    ... the efficient, multi-temperature food product value chain. OUR STRATEGY To provide the lowest total procurement cost for our customers. OUR INITIATIVES Improving how we purchase, receive, warehouse and deliver products; and better understanding our customers' needs to help them increase their pro...

  • Page 7

  • Page 8
    ... a demand-driven sourcing organization to better serve our customers. This will make it easier for both customers and suppliers to interact with SYSCO. Prior to the sourcing initiative, our operating companies could purchase non-SYSCO Brand products from suppliers page 6 ][ SYSCO Corporation

  • Page 9
    ... and reduce costs. Our customers will receive more personalized service and can more accurately plan their own scheduling and staffing to better manage their businesses while reducing the down time related to missed products and late orders. One of these initiatives, XY Routing, is designed to...

  • Page 10

  • Page 11
    Our Supply Chain Initiative includes three segments - a network of redistribution centers (RDCs), a Demand Planning and Replenishment System (DPR), and a Transportation Management System (TMS). In 2005, we launched SYSCO's first RDC in Front Royal, VA to supply products to our broadline operations ...

  • Page 12
    ... AND DISTRIBUTION MORE EFFECTIVELY REDISTRIBUTION CENTER NETWORK SYSCO's National Supply Chain Initiative is improving not only our business but our entire industry. We believe that by investing in our supply chain infrastructure, and broadening demand visibility between customers and suppliers, we...

  • Page 13
    ... planning and ordering functions with the RDC, decreasing product lead times. The DPR system coordinates with the Supply Chain Inventory Management Department at the corporate office to analyze and aggregate forecasts. The DPR system also creates seasonal profiles that identify year-overyear sales...

  • Page 14
    Our $225 billion foodservice distribution market in the U.S. and Canada continues to evolve. More than ever, consumers want new and exotic foods, yet they are concerned about food quality and safety. At the same time, rising fuel prices have impacted restaurateurs and their patrons. We continually ...

  • Page 15

  • Page 16
    ... service as part of our Business Review process for several years. Operating company Business Review teams carve out a block of time, unrelated to a sales call, to review customers' menus and offer ideas and products to help increase their revenues and profits. Our Business Review associates meet...

  • Page 17
    ... and supporting local farmer programs, and the process is ongoing. We invite you to review our complete Corporate Sustainability and Responsibility Report on our website at www.sysco.com. We are always seeking new and improved ways to optimize our strengths and capabilities to achieve operational...

  • Page 18
    ... Assistant Vice President, Investor Relations THAIRE B. BRYANT President, Hallsmith-SYSCO Food Services, LLC (Term Expires 2007) ROBERT E. HOWELL Vice President, Sourcing and Supply Chain JOSEPH A. HAFNER, JR. (62) 1, 5, 6* KENNETH J. CARRIG Executive Vice President and Chief Administrative Of...

  • Page 19

  • Page 20
    ... ratio Working capital Other assets Plant and equipment (net) Total assets Long-term debt Shareholders' equity Other Data Dividends declared Capital expenditures Number of employees Shareholder Data Closing price of common share at year end(1) Price/earnings ratio at year end diluted(1) Market price...

  • Page 21
    ... (162) 13,958,634 495,955 193,422 302,533 - 302,533 39.00% 1-Year Growth Rates 2007 7% 5-Year Compound Growth Rates 2003-2007 8% 10-Year Compound Growth Rates 1998-2007 9% 20-Year Compound Growth Rates 1988-2007 12% 16 8 13 14 18 17 8 8 13 13 15 15 0.88 - 0.88 0.27 3.16 677,949...

  • Page 22

  • Page 23
    ...group of publicly held corporations with food distribution operations similar in some respects to our operations. Performance Food Group is a foodservice distributor and the other members of the peer group are in the business of distributing grocery products to retail supermarkets. We do not use the...

  • Page 24

  • Page 25
    ... File Number 1-6544 Sysco Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 74-1648137 (IRS employer identification number) 1390 Enclave Parkway Houston, Texas (Address of principal executive offices...

  • Page 26
    ... and Qualitative Disclosures about Market Risk _____ Financial Statements and Supplementary Data_____ Changes in and Disagreements with Accountants on Accounting and Financial Disclosure _____ Controls and Procedures _____ Other Information _____ Directors and Executive Officers of the Registrant...

  • Page 27
    ... and chain restaurant customers. SYGMA operating companies distribute a full line of food products and a wide variety of non-food products to chain restaurant customer locations. "Other" financial information is attributable to our other segments, including our specialty produce, custom-cut meat and...

  • Page 28
    ... operating companies also provide ancillary services relating to foodservice distribution, such as providing customers with product usage reports and other data, menu-planning advice, food safety training and assistance in inventory control, as well as access to various third party services designed...

  • Page 29
    ...accounting and finance, cash management, information technology, employee benefits, engineering, risk management and insurance. The corporate office makes available legal, marketing, payroll, human resources, training and development, information technology and tax compliance services. The corporate...

  • Page 30
    ... which will expire during fiscal 2008. We consider our labor relations to be satisfactory. COMPETITION SYSCO's business environment is competitive with numerous companies engaged in foodservice distribution. Our customers may also choose to purchase products directly from retail outlets. While...

  • Page 31
    ...Conditions The foodservice distribution industry is characterized by relatively high inventory turnover with relatively low profit margins. We make a significant portion of our sales at prices that are based on the cost of products we sell plus a percentage markup. As a result, our profit levels may...

  • Page 32
    ... to customers, and customers may turn to other distributors. Taxing Authorities May Successfully Challenge our Baugh Supply Chain Cooperative Structure The National Supply Chain project involved the creation of the BSCC which administers a consolidated product procurement program to develop, obtain...

  • Page 33
    ... SYSCO products, can result in negative publicity about the food service distribution industry and cause our sales to decrease dramatically. Failure to Successfully Renegotiate Union Contracts Could Result in Work Stoppages As of June 30, 2007, approximately 9,000 employees at 54 operating companies...

  • Page 34
    ... and increase profits, as well as our ability to serve customers most effectively, depends on the reliability of our technology network. We use software and other technology systems to load trucks in the most efficient manner to optimize the use of storage space and minimize the time spent at each...

  • Page 35
    ... of June 30, 2007. Number of Facilities Cold Storage (Thousands Cubic Feet) Dry Storage (Thousands Cubic Feet) Segments Served* Location Alabama _____ Alaska _____ Arizona _____ Arkansas _____ California _____ Colorado _____ Connecticut _____ District of Columbia _____ Florida _____ Georgia _____...

  • Page 36
    ...in the aggregate accounted for approximately 3.9% of fiscal 2007 sales) are operating near capacity and we are currently constructing expansions or replacements for these distribution facilities. We are also constructing new distribution facilities in Knoxville, Tennessee and Longview, Texas. We are...

  • Page 37
    ... market for SYSCO's common stock (SYY) is the New York Stock Exchange. The table below sets forth the high and low sales prices per share for our common stock as reported on the New York Stock Exchange Composite Tape and the cash dividends declared for the periods indicated. Common Stock Prices...

  • Page 38
    ...beginning of fiscal 2006. As a result, the results of operations include incremental share-based compensation cost over what would have been recorded had we continued to account for share-based compensation under APB No. 25, "Accounting for Stock Issued to Employees." page 12 ][ SYSCO Corporation

  • Page 39
    ..., specialty produce companies, custom-cut meat operations, hotel supply operations, SYGMA (our chain restaurant distribution subsidiary) and a company that distributes to internationally located chain restaurants. We estimate that we serve about 15% of an approximately $225 billion annual market...

  • Page 40
    ... to use our strategic business initiatives to help us grow by leveraging our market leadership position to continuously improve how our associates buy, handle and market products for our customers. Our primary focus is on growing and optimizing the core foodservice distribution business in North...

  • Page 41
    ... expressed as a percentage of sales for the periods indicated: 2007 2006 2005 Sales _____ Costs and Expenses Cost of sales _____ Operating expenses _____ Interest expense _____ Other, net _____ Total costs and expenses _____ Earnings before income taxes and cumulative effect of accounting change...

  • Page 42
    ...on customer account penetration through the use of business reviews with customers and the continued investment in increasing the number of customer contact personnel contributed to the sales growth in fiscal 2007 and 2006. The number of customer contact personnel increased 5% during fiscal 2007 and...

  • Page 43
    ... operating company level. Decreases in pension and share-based compensation expenses and higher gains related to the cash surrender value of corporate-owned life insurance policies were largely offset by increased management incentive bonus accruals and investments in strategic business initiatives...

  • Page 44
    ... fiscal 2005 were a result of the level of share repurchases, increased working capital requirements driven primarily by sales growth and continued capital investments in the form of additions to plant and equipment and acquisitions of new businesses. Other, Net Changes between the years result from...

  • Page 45
    ... continued focus on customer account penetration through the use of business reviews with customers, increases in the number of customer contact personnel and efforts of our marketing associates. The decrease of Broadline segment sales as a percentage of total SYSCO sales in fiscal 2007 as compared...

  • Page 46
    ...In addition, SYGMA experienced increased fuel costs, startup costs related to new facilities, costs incurred on information systems projects and increased workers compensation costs. LIQUIDITY AND CAPITAL RESOURCES SYSCO provides marketing and distribution services to foodservice customers primarily...

  • Page 47
    ... respectively. For purposes of calculating this ratio, long-term debt includes both the current maturities and long-term portion. We believe that our cash flows from operations, as well as the availability of additional capital under our existing commercial paper programs, bank lines of credit, debt...

  • Page 48
    ... expansions; the corporate office expansion; the company's National Supply Chain project; and investments in technology. During fiscal 2007, we acquired for cash one broadline foodservice operation. During fiscal 2006, we acquired for cash one broadline foodservice operation, one custom meat-cutting...

  • Page 49
    ... our long-term debt to total capital ratio below a specified level. We were in compliance with all debt covenants as of June 30, 2007. As part of normal business activities, we issue letters of credit through major banking institutions as required by certain vendor and insurance agreements. As...

  • Page 50
    ... Financial Statements in Item 8, we contribute to several multi-employer defined benefit pension plans based on obligations arising under collective bargaining agreements covering union-represented employees. Under current law regarding multi-employer defined benefit plans, a plan's termination...

  • Page 51
    ... disclosure. Our most critical accounting policies and estimates pertain to the allowance for doubtful accounts receivable, self-insurance programs, pension plans, income taxes, vendor consideration, accounting for business combinations and share-based compensation. SYSCO Corporation ][ page 25

  • Page 52
    ...in the actuarial calculations are the discount rate for determining the current value of plan benefits, the assumption for the rate of increase in future compensation levels and the expected rate of return on plan assets. The measurement date for the pension and other postretirement benefit plans is...

  • Page 53
    ...We look to actual plan experience in determining the rates of increase in compensation levels. We used a plan specific age-related set of rates for the Retirement Plan, which are equivalent to a single rate of 6.17% as of June 30, 2007 and July 1, 2006. The SERP assumes annual salary increases of 10...

  • Page 54
    ... and the Employees' Stock Purchase Plan using the intrinsic value method of accounting provided under APB Opinion No. 25, "Accounting for Stock Issued to Employees," (APB 25) and related interpretations, as permitted by FASB Statement No. 123, "Accounting for Stock-Based Compensation," (SFAS 123...

  • Page 55
    ...the employee purchase price. The fair value of the stock issued under the Management Incentive Plans is based on the stock price less a 12% discount for post-vesting restrictions. The discount for post-vesting restrictions is estimated based on restricted stock studies and by calculating the cost of...

  • Page 56
    ... statements about SYSCO's ability to increase its market share and sales, long-term debt to capitalization target ratios, anticipated capital expenditures, expected benefits of strategic business initiatives including the timing and expected benefits of the National Supply Chain project and related...

  • Page 57
    ... 30, 2007, commercial paper issuances are reflected as floating rate debt and both the U.S. and Canadian commercial paper issuances outstanding are classified as long-term based on the maturity date of our revolving loan agreement which supports our U.S. and Canadian commercial paper programs and...

  • Page 58
    ... the price we pay for product purchases and we may not be able to pass these costs fully to our customers. Third, increased fuel costs impact the costs we incur to deliver product to our customers. During fiscal 2007, 2006 and 2005, fuel costs represented approximately 0.6%, 0.5% and 0.4% of sales...

  • Page 59
    ...Supplementary Data SYSCO CORPORATION AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Consolidated Financial Statements: Report of Management on Internal Control Over Financial Reporting _____ Report of Independent Registered Public Accounting Firm on Internal Control Over Financial...

  • Page 60
    ... SYSCO's management assessed the effectiveness of SYSCO's internal control over financial reporting as of June 30, 2007. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework. Based...

  • Page 61
    ...and the related consolidated results of operations, shareholders' equity and cash flows for each of the three years in the period ended June 30, 2007 of SYSCO Corporation and our report dated August 27, 2007 expressed an unqualified opinion thereon. Houston, Texas August 27, 2007 SYSCO Corporation...

  • Page 62
    ..., 2007, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 27, 2007 expressed an unqualified opinion thereon. Houston, Texas August 27, 2007 page 36 ][ SYSCO Corporation

  • Page 63
    ... 1, 2006 ASSETS Current assets Cash _____ Accounts and notes receivable, less allowances of $31,841 and $29,100 _____ Inventories _____ Prepaid expenses and other current assets _____ Prepaid income taxes _____ Total current assets _____ Plant and equipment at cost, less depreciation _____ Other...

  • Page 64
    ...2007 July 1, 2006 July 2, 2005 Sales _____ Costs and expenses Cost of sales _____ Operating expenses _____ Interest expense _____ Other, net _____ Total costs and expenses _____ Earnings before income taxes and cumulative effect of accounting change... Statements page 38 ][ SYSCO Corporation

  • Page 65
    ..._____ Change in fair value of interest rate swap _____ Amortization of cash flow hedge _____ Comprehensive income _____ Dividends declared _____ Treasury stock purchases _____ Treasury stock issued for acquisitions _____ Benefits from disqualifying dispositions _____ Share-based compensation expense...

  • Page 66
    ... in other long-term liabilities and prepaid pension cost, net _____ Excess tax benefits from share-based compensation arrangements ____ Net cash provided by operating activities _____ Cash flows from investing activities: Additions to plant and equipment _____ Proceeds from sales of plant and...

  • Page 67
    ... Business and Consolidation Sysco Corporation, (SYSCO or the company), acting through its subsidiaries and divisions, is engaged in the marketing and distribution of a wide range of food and related products primarily to the foodservice or "food-prepared-away-from-home" industry. These services...

  • Page 68
    ... the periodic non-cash changes are recorded in operating expenses in the consolidated results of operations in the period of the change. Certain agreements entered into by the company for the procurement of fuel, electricity and product commodities related to SYSCO's business meet the definition of...

  • Page 69
    ... of the compensation cost recognized for those options (excess tax benefits) are classified as financing cash flows on the consolidated cash flows statements. Acquisitions Acquisitions of businesses are accounted for using the purchase method of accounting and the financial statements include the...

  • Page 70
    ... effect of retroactive application of the change in measurement date on net pension costs for fiscal 2005 was not material. In September 2006, the FASB issued SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No. 87, 88...

  • Page 71
    ... SFAS 159 may have on its consolidated financial statements. 4. PLANT AND EQUIPMENT A summary of plant and equipment, including the related accumulated depreciation, appears below: June 30, 2007 July 1, 2006 Estimated Useful Lives Plant and equipment, at cost: Land _____ $ 239,206,000 Buildings and...

  • Page 72
    ... of fuel, electricity and product commodities related to SYSCO's business. These agreements meet the definition of a derivative. However, the company elected to use the normal purchase and sale exemption available under SFAS 133 (as amended and interpreted). page 46 ][ SYSCO Corporation

  • Page 73
    ... borrowings for working capital of up to $145,000,000. Borrowings outstanding under these lines of credit were $18,900,000 and $29,300,000, as of June 30, 2007 and July 1, 2006, respectively. Commercial Paper SYSCO has a commercial paper program allowing the company to issue short-term unsecured...

  • Page 74
    ..., including provisions to maintain the company's long-term debt to total capital ratio below a specified level. SYSCO was in compliance with all debt covenants as of June 30, 2007. The fair value of SYSCO's total long-term debt is estimated based on the quoted market prices for the same or similar...

  • Page 75
    ... of SYSCO's participation in multi-employer pension plans in Note 16, Commitments and Contingencies. In addition to receiving benefits upon retirement under the company's defined benefit plan, participants in the Management Incentive Plan (see "Management Incentive Compensation" under "Stock Based...

  • Page 76
    ... of fiscal 2006, SYSCO changed the measurement date for pension and other postretirement benefit plans from fiscal year-end to May 31st to allow additional time for management to evaluate and report the actuarial pension measurements in the year-end financial statements and disclosures within the...

  • Page 77
    ...) (2,515,000) 1,074,000 793,000 (8,693,000) - $(8,693,000) In order to meet its obligations under the SERP, SYSCO maintains life insurance policies on the lives of the participants with carrying values of $182,769,000 as of June 30, 2007 and $153,659,000 as of July 1, 2006. These policies are not...

  • Page 78
    ... value of plan assets at end of year _____ - Components of Net Benefit Costs The components of net pension costs for each fiscal year are as follows: $238,599,000 - $8,675,000 - $8,045,000 - Pension Benefits 2007 2006 2005 Service cost _____ Interest cost _____ Expected return on plan assets...

  • Page 79
    ... increase in the discount rate to 6.73% for fiscal 2007, which is based on the measurement date of May 31st, from 5.60% in fiscal 2006, together with the normal growth of the plan, the impact of losses from prior periods and the amount and timing of contributions, net pension costs decreased $56,001...

  • Page 80
    ...the Retirement Plan and Other Postretirement Plans is 6.78%. The discount rate to be used for the calculation of fiscal 2008 net benefit costs for the SERP is 6.64%. As noted above, the fiscal 2008 discount rates are based on a measurement date of June 30, 2007. The expected long-term rate of return...

  • Page 81
    ...000 in fiscal 2007, 2006 and 2005, respectively. In May 1986, the Board of Directors adopted a Warrant Dividend Plan designed to protect against those unsolicited attempts to acquire control of SYSCO that the Board believes are not in the best interests of the shareholders. This plan was amended and...

  • Page 82
    ...) for stock issuances pursuant to the Management Incentive Plan and stock grants to non-employee directors. Share-based compensation was a pro forma disclosure in the financial statement footnotes and continues to be provided for periods prior to fiscal 2006. page 56 ][ SYSCO Corporation

  • Page 83
    ...an operating cash inflow if the company had not adopted SFAS 123(R). SYSCO provides compensation benefits to employees and non-employee directors under several share-based payment arrangements including various employee stock option plans, the Employees' Stock Purchase Plan, the Management Incentive...

  • Page 84
    ... compensation cost for fiscal 2005, as the company was accounting for stock compensation under APB 25, under which no compensation expense was recognized for stock option grants. The fair value of each option award is estimated as of the date of grant using a Black-Scholes option pricing model...

  • Page 85
    ... the stock purchase rights was calculated as the difference between the stock price at date of issuance and the employee purchase price. Management Incentive Compensation SYSCO's Management Incentive Plan compensates key management personnel for specific performance achievements. The bonuses earned...

  • Page 86
    ... SYSCO applied the fair value method of SFAS 123 for fiscal 2005: 2005 Net earnings: Reported net earnings _____ $961,457,000 Add: Stock-based employee compensation expense included in reported earnings, net of related tax 11,152,000 effects (1) _____ Deduct: Total stock-based employee compensation...

  • Page 87
    ... decreased as compared to fiscal 2006 primarily due to lower share-based compensation expense in fiscal 2007 and increased gains recorded related to the cash surrender value of corporateowned life insurance policies. SYSCO recorded a tax benefit of $21,549,000 or 22.0% of the $97,985,000 in share...

  • Page 88
    ... 2005, SYSCO acquired for cash one broadline foodservice operation, four custom meat-cutting operations, and two specialty produce distributors. During fiscal 2007, in the aggregate, the company paid cash of $59,322,000 for acquisitions during fiscal 2007 and for contingent consideration related to...

  • Page 89
    ... more of these sources. Multi-Employer Pension Plans SYSCO contributes to several multi-employer defined benefit pension plans based on obligations arising under collective bargaining agreements covering union-represented employees. Approximately 11% of SYSCO's current employees are participants in...

  • Page 90
    .... SYGMA operating companies distribute a full line of food products and a wide variety of non-food products to certain chain restaurant customer locations. "Other" financial information is attributable to the company's other segments, including the company's specialty produce, custom-cut meat and...

  • Page 91
    ... Purchase Plan and stock grants to non-employee directors. The decrease in unallocated corporate expenses in fiscal 2007 over fiscal 2006 is primarily attributable to reduced share-based compensation expense and increased gains recorded related to the cash surrender value of corporate-owned life...

  • Page 92
    ... sales from external customers from businesses operating in these countries. Long-lived assets represents net property, plant and equipment reported in the country in which they are held. 18. SUPPLEMENTAL GUARANTOR INFORMATION SYSCO International, Co. is an unlimited liability company organized...

  • Page 93
    ... results of operations and cash flows of the parent guarantor (SYSCO), the subsidiary issuer (SYSCO International) and all other non-guarantor subsidiaries of SYSCO (Other Non-Guarantor Subsidiaries) on a combined basis and eliminating entries. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2007 (In...

  • Page 94
    ...30, 2007 (In thousands) SYSCO SYSCO International Other Non-Guarantor Subsidiaries Eliminations Consolidated Totals Sales _____ $ - Cost of sales _____ - Operating expenses _____ 213,915 Interest expense (income) _____ 410,190 Other, net _____ (8,984) Total costs and expenses _____ Earnings (losses...

  • Page 95
    ... (1,222,830) $(1,222,830) Net earnings (loss) _____ $ 961,457 CONDENSED CONSOLIDATING CASH FLOWS Year Ended June 30, 2007 (In thousands) SYSCO SYSCO International Other Non-Guarantor Subsidiaries Consolidated Totals Net cash provided by (used for): Operating activities _____ $ (238,228) Investing...

  • Page 96
    ... Ended July 2, 2005 (In thousands) SYSCO SYSCO International Other Non-Guarantor Subsidiaries Consolidated Totals Net cash provided by (used for): Operating activities _____ $(222,380) Investing activities _____ Financing activities _____ Exchange rate on cash _____ Intercompany activity _____ Net...

  • Page 97
    ... change _____ Net earnings _____ Per share: Basic earnings before accounting change ___ Diluted earnings before accounting change __ Basic net earnings _____ Diluted net earnings _____ Dividends declared _____ Market price - high/low _____ Percentage increases - 2007 vs. 2006: Sales _____ Earnings...

  • Page 98
    ... procedures as of June 30, 2007, our chief executive officer and chief financial officer concluded that, as of such date, SYSCO's disclosure controls and procedures were effective at the reasonable assurance level. No change in our internal control over financial reporting (as defined in Rules 13a...

  • Page 99
    ... Officers," "Section 16(a) Beneficial Ownership Reporting Compliance," "Report of the Audit Committee" and "Corporate Governance and Board of Directors Matters." ITEM 11. Executive Compensation The information required by this item will be included in our proxy statement for the 2007 Annual Meeting...

  • Page 100
    ... Restated Bylaws of Sysco Corporation dated May 11, 2007, incorporated by reference to Exhibit 3.5 to Form 8-K filed on May 15, 2007 (File No. 1-6544). - Senior Debt Indenture, dated as of June 15, 1995, between Sysco Corporation and First Union National Bank of North Carolina, Trustee, incorporated...

  • Page 101
    ...). - Commercial Paper Dealer Agreement, dated as of April 13, 2006, between Sysco Corporation and Goldman, Sachs & Co., incorporated by reference to Exhibit 10.3 to Form 8-K filed on April 19, 2006 (File No. 1-6544). - Third Amended and Restated Sysco Corporation Executive Deferred Compensation Plan...

  • Page 102
    ... the 2004 Long-Term Cash Incentive Plan dated May 11, 2007 changing the name to the 2004 Mid-Term Incentive Plan. 10.32†- 2005 Management Incentive Plan, incorporated by reference to Annex B to the Sysco Corporation Proxy Statement for the November 11, 2005 Annual Meeting of Stockholders (File No...

  • Page 103
    ... expenses. 10.48†# - Description of Compensation Arrangements with Named Executive Officers. 10.49†- Sysco Corporation Amended and Restated Non-Employee Directors Stock Option Plan, incorporated by reference to Exhibit 10(g) to Form 10-K for the year ended June 28, 1997 (File No. 1-6544). 10.50...

  • Page 104
    ... Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. - CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Executive Compensation Arrangement pursuant to 601(b)(10)(iii)(A) of Regulation S-K Filed Herewith page 78 ][ SYSCO Corporation

  • Page 105
    ... Jackie M. Ward Chairman of the Board and Chief Executive Officer (principal executive officer) Executive Vice President and Chief Financial Officer (principal financial officer) Vice President, Controller and Chief Accounting Officer (principal accounting officer) SYSCO Corporation ][ page 79

  • Page 106
    ...841,000 $125,844,000 $ 595,000 $ - (1) (2) Allowance for doubtful accounts: allowance accounts resulting from acquisitions and other adjustments. Allowance for doubtful accounts: customer accounts written off, net of recoveries. Self-insured liabilities: payments. SYSCO Corporation ][ page S-1

  • Page 107
    ... OFFICES SYSCO Corporation 1390 Enclave Parkway Houston, Texas 77077-2099 281.584.1390 Internet: http://www.sysco.com COMMON STOCK AND DIVIDEND INFORMATION SYSCO's common stock is traded on the New York Stock Exchange under the symbol "SYY." The company has consistently paid quarterly cash...

  • Page 108
    SYSCO CORPORATION 1390 ENCLAVE PARKWAY HOUSTON, TEXAS 77077-2099 PHONE 281.584.1390 WWW.SYSCO.COM SYSCO-AR-07