Sysco 2007 Annual Report Download - page 38

On June 11, 2007, we entered into a stock purchase plan with Wachovia Securities to purchase up to 4,150,000 shares of
SYSCO common stock as authorized under the November 2005 repurchase program pursuant to Rules 10b5-1 and 10b-18
under the Exchange Act. A total of 4,150,000 shares were purchased between June 11, 2007 and August 14, 2007, including
during company “blackout periods.” By its terms, the agreement terminated on August 14, 2007.
As noted in the table above, there were 3,107,700 shares remaining available for repurchase as of June 30, 2007.
On July 18, 2007, we announced that the Board of Directors approved the repurchase of an additional 20,000,000 shares.
From July 1, 2007 through August 15, 2007, an additional 3,157,700 shares were purchased. As of August 15, 2007,
there were 19,950,000 shares remaining available for repurchase under the July 2007 repurchase programs.
ITEM 6. Selected Financial Data
(In thousands except for share data) 2007 2006
(1)
2005
2004
(53 Weeks) 2003
Fiscal Year
Sales ______________________________________ $35,042,075 $32,628,438 $30,281,914 $29,335,403 $26,140,337
Earnings before income taxes _________________ 1,621,215 1,394,946 1,525,436 1,475,144 1,260,387
Income taxes _______________________________ 620,139 548,906 563,979 567,930 482,099
Earnings before cumulative effect of accounting
change _________________________________ 1,001,076 846,040 961,457 907,214 778,288
Cumulative effect of accounting change_________ —9,285 — — —
Net earnings ________________________________ $ 1,001,076 $ 855,325 $ 961,457 $ 907,214 $ 778,288
Earnings before cumulative effect of accounting
change:
Basic earnings per share _________________ $ 1.62 $ 1.36 $ 1.51 $ 1.41 $ 1.20
Diluted earnings per share________________ 1.60 1.35 1.47 1.37 1.18
Net earnings:
Basic earnings per share _________________ $ 1.62 $ 1.38 $ 1.51 $ 1.41 $ 1.20
Diluted earnings per share________________ 1.60 1.36 1.47 1.37 1.18
Dividends declared per share _________________ 0.74 0.66 0.58 0.50 0.42
Total assets ________________________________ $ 9,518,931 $ 8,992,025 $ 8,267,902 $ 7,847,632 $ 6,936,521
Capital expenditures _________________________ 603,242 513,934 390,026 530,086 435,637
Current maturities of long-term debt___________ $ 3,568 $ 106,265 $ 410,933 $ 162,833 $ 20,947
Long-term debt _____________________________ 1,758,227 1,627,127 956,177 1,231,493 1,249,467
Total long-term debt _________________________ 1,761,795 1,733,392 1,367,110 1,394,326 1,270,414
Shareholders’ equity _________________________ 3,278,400 3,052,284 2,758,839 2,564,506 2,197,531
Total capitalization___________________________ $ 5,040,195 $ 4,785,676 $ 4,125,949 $ 3,958,832 $ 3,467,945
Ratio of long-term debt to capitalization ________ 35.0% 36.2% 33.1% 35.2% 36.6%
Our financial results are impacted by accounting changes and the adoption of various accounting standards.
See “Accounting Changes” in Item 7 for further discussion.
(1)
We adopted the provisions of SFAS 123(R), “Share-Based Payment” effective at the 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.”
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