Sysco 2008 Annual Report Download

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SYSCO COrpOratiOn
1390 Enclave Parkway
Houston, Texas 77077-2099
281.584.1390
www.sysco.com
SYSCO COrpOratiOn 
Printed on recycled paper

SYSCO COrpOratiOn 
A sound business ◊rategy and ◊rong cu◊omer
r≤ationships s∫idified SYSCO’s posπion as the
mark≥ leader in foodservice di◊ribution wπh
a record-s≥ting year

Table of contents

  • Page 1
    Q nΩhing but QualÏ€y S Y S C O C O r p O r at i O n 2 0 0 8 A n n u A l R e p o R t A sound business â-Šrategy and â-Šrong cuâ-Šomer r≤ationships s∫idified SYSCO's posÏ€ion as the mark≥ leader in foodservice diâ-Šribution wÏ€h a record-s≥ting year

  • Page 2
    ...the level of service we deliver to our customers. Qualπy permeates the way we manage our distribution system and the way we work with our associates. It all adds up to quality performance for our shareholders. SYSCo's vision is to be the global leader of the efficient multi-temperature food product...

  • Page 3
    ... effect of accounting change Diluted earnings per share Dividends declared per share Shareholders' equity per share Capital expenditures Return on average shareholders' equity Diluted average shares outstanding Number of shares repurchased Number of employees Number of shareholders of record...

  • Page 4
    ... goals. SUppLY CHain EFFiCiEnCY Long before the current increase in energy costs, we embarked on a national supply chain initiative to drive inefficiencies out of the system, which extends from our growers and suppliers to more than 400,000 customers served through 180 SYSCO distribution locations...

  • Page 5
    ...our industry and our organization. One of our best sources for innovation, however, remains the more than 8,000 marketing associates who are working with our customers every day. They see new food trends on the front line and share their insights so that we can be ready with the quality products and...

  • Page 6
    ... long-term debt) 30 25 20 15 10 5 0 Q BrOaDLinE SYGMa The largest segment of our business, our 89 Broadline operating companies distribute a full line of food products and a wide variety of non-food products to both independent and chain restaurant customers and other "food-prepared-away-from-home...

  • Page 7
    ... Asian market. Worldwide, SYSCO conducts business in more than 100 countries. Our International Food Group, or IFG, distributes both food and nonfood products to international customers. OUr LOCatiOnS 89 31 â- 18 â- 17 â-† 20 â-² 2 â-² 1 â-² 2 â- â- Broadline Produce Meat Guest Supply SYGMA...

  • Page 8
    ... to succeed in their business. The quality and food safety of fresh produce products start in the field. To maintain food safety, we require suppliers of SYSCO Brand products to undergo an annual third-party Good Agricultural Process audit. In fiscal 2008, we extended this program to encompass all...

  • Page 9
    Under SYSCO's leadership, suppliers such as Randall Borgardt, Vice President of Sales for Borzynski Farms in Wisconsin, employed sustainable agricultural practices on thousands of acres under cultivation in the 2007 crop season. 7 2 0 0 8 A n n uA l R e p o R t

  • Page 10
    ... purchases. This is a benefit to our suppliers, who receive better information for their planning purposes, a savings for us in more accurate inventory levels, and an advantage for our customers, who have access to broader product choices with shorter lead times for maximum freshness. Operational...

  • Page 11
    ... Centers (RDCs) Our first two RDCs are paying off in more efficient inventory management and faster turnaround to our local operating companies Y 9.8 MILLION Delivery miles reduced by our Broadline operating companies in fiscal 2008 through our initiatives X X With one of the largest...

  • Page 12
    ... and health insurance, printing services, even advertising air time. For an independent restaurant like the Flying Star Cafe in Albuquerque, SYSCO in the kitchen means never having to fly solo. iCare Program Employee benefits, accounting software, credit card services and marketing advice are...

  • Page 13
    ... From fresh meat and produce to authentic ethnic ingredients as well as any coffee, soft drink, water, and other non-alcoholic beverages - quality SYSCO products make every restaurant's menu soar. supplies and Equipment Pots and pans, mixers and bowls, stainless food prep items...where...

  • Page 14
    ... local operating company offices to go through a structured Business Review. The key to the success of this program is listening to the customer. We identify a customer's points of pain and together we find solutions. For an independent restaurateur who may have to be the human resources department...

  • Page 15
    ... increased demand. Overall, tastes are getting more sophisticated, and that gives me more opportunity to try avant-garde menu items. Rising food costs are a challenge, though. " Adam Siegel Executive Chef Bartolotta Restaurant Group Milwaukee "I like that. Do you have any new products...

  • Page 16
    ... resource for local foodservice customers. With 89 Broadline operating companies, SYSCO is able to customize its offerings and services to match local needs. As a front-line worker in SYSCO's newest RDC, Tara is one of the more than 21,000 "industrial athletes" who move products...

  • Page 17
    ... that he and other SYSCO drivers use less fuel to complete their rounds. SYSCO's Business Reviews are an industry-leading practice that builds strong and lasting customer relationships. Stephanie and other Business Review managers in Broadline operating companies across the country are...

  • Page 18
    ... J. DeLaney Executive Vice President and Chief Financial Officer Michael C. Nichols Senior Vice President, General Counsel and Corporate Secretary Ronald W. Boatwright President, Freedman Meat Company (Term Expires 2008) Henry P. Jolly President, SYSCO Food Services of Kansas City (Term Expires 2009...

  • Page 19
    Q Financials 17 S Y S C O C O r p O r at i O n 2 0 0 8 A n n u A l R e p o R t 2 0 0 8 A n n uA l R e p o R t

  • Page 20
    ... Financial Position Current 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...

  • Page 21
    2002 2001 2000 1999 1998 1-Year Growth Rate 2008 5-Year Compound Growth Rates 2004-2008 10-Year Compound Growth Rates 1999-2008 20-Year Compound Growth Rates 1989-2008 $ 23,350,504 18,722,16 3 4,628,341 3,467,379 1,160,962 62,897 (2,805) 1,100,870 421,083 679,787 - $ 21,784,497 17,...

  • Page 22
    THIS PAGE INTENTIONALLY LEFT BLANK S Y S C o C o R p o R At I o n 20

  • Page 23
    ... 1934 Commission File Number 1-6544 Sysco Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 1390 Enclave Parkway Houston, Texas (Address of principal executive offices) 74-1648137 (IRS employer identification...

  • Page 24
    ... Item 10. 11. 12. 13. 14. PART III Directors and Executive Officers of the Registrant ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . Certain Relationships and Related Transactions ...Principal Accountant Fees and Services...

  • Page 25
    ... 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, customcut meat and...

  • Page 26
    ... product quality and timely and accurate service are important factors when a chain restaurant selects a foodservice supplier. One chain restaurant customer (Wendy's International, Inc.) accounted for 5% of our sales for the fiscal year ended June 28, 2008. Although this customer represents...

  • Page 27
    ...on shelf-life, supplier order fulfillment lead times and customer demand. We also make purchases of additional volumes of certain products based on supply or pricing opportunities. We take advantage of suppliers' cash discounts where appropriate and otherwise generally receive payment terms from our...

  • Page 28
    ... for product quality and sanitation including the inspection and labeling of meat and poultry products and the grading and commercial acceptance of produce shipments from our suppliers. We are also subject to the Federal Trade Commission Act, which governs food advertising and the Public Health...

  • Page 29
    ...Fiscal 2009 The foodservice distribution industry is characterized by relatively high inventory turnover with relatively low profit margins and the foodservice industry is sensitive to national and regional economic conditions. Inflation, increases in fuel costs and other general economic conditions...

  • Page 30
    ... 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 28, 2008, approximately 8,700 employees at 54 operating companies...

  • Page 31
    ... on our future costs or on future cash flows from our international operations. Our Preferred Stock Provides Anti-Takeover Benefits that may not be Beneficial to Stockholders Under our Restated Certificate of Incorporation, SYSCO's Board of Directors is authorized to issue up to 1,500,000 shares of...

  • Page 32
    ... company are subject to industrial revenue bond financing arrangements totaling $15,473,000 as of June 28, 2008. Such industrial revenue bond financing arrangements mature at various dates through fiscal 2026. We own our approximately 625,000 square foot headquarters office complex in Houston, Texas...

  • Page 33
    ... Holders None. PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Repurchases of Equity Securities The principal 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...

  • Page 34
    ... the beginning of each period measured. Performance Food Group Company ceased to be a public company during May 2008. As a result, we used the closing price of this company's common stock on its last day as a publicly traded company as its June 28, 2008 per share value in the graph below. The graph...

  • Page 35
    Item 6. Selected Financial Data Fiscal Year 2008 2005 2007 2006(1) (In thousands except for share data) 2004 (53 Weeks) Sales ...Earnings before income taxes ...Income taxes ...Earnings before cumulative effect of accounting change ...Cumulative effect of accounting change Net earnings ...Earnings ...

  • Page 36
    ... related products to restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers. Our operations are located throughout the United States and Canada and include broadline companies, specialty produce companies, custom-cut meat operations, hotel supply...

  • Page 37
    ... how we buy, handle and market products for our customers. Our primary focus is on growing and optimizing the core foodservice distribution business in North America, however we will also continue to explore and identify opportunities to grow our global capabilities and stay abreast of international...

  • Page 38
    ... or decrease over the prior year: 2008 2007 Sales ...Cost of sales ...Gross margin ...Operating expenses ...Operating income ...Interest expense ...Other income, net ...Earnings before income taxes and cumulative effect of accounting change ...Income taxes ...Earnings before cumulative effect of...

  • Page 39
    ...of the carrying value of corporate-owned life insurance policies to their cash surrender values and increased provisions related to multi-employer pension plans, partially offset by lower share-based compensation expense and lower company-sponsored pension expenses. In addition, fuel costs increased...

  • Page 40
    ... levels than recent years, resulting in reduced compensation expense being recognized. Secondly, the Management Incentive Plan annual bonus awards have been modified beginning with fiscal 2009, to exclude the previous stock award component. As a result, the share-based compensation expense related...

  • Page 41
    ... Statements and Supplementary Data within Part II Item 8 of this Form 10-K. Intersegment sales generally represent specialty produce and meat company products distributed by the Broadline and SYGMA operating companies. The segment results include certain centrally incurred costs for shared services...

  • Page 42
    ... Purchase Plan and stock grants to non-employee directors; and • Corporate-level depreciation and amortization expense. Broadline Segment Broadline operating companies distribute a full line of food products and a wide variety of non-food products to both traditional and chain restaurant customers...

  • Page 43
    ... operating companies distribute a full line of food products and a wide variety of non-food products to certain chain restaurant customer locations. SYGMA operations have traditionally had lower operating income as a percentage of sales than SYSCO's other segments. This segment of the foodservice...

  • Page 44
    ...debt. Our share repurchase program is used primarily to offset shares issued under various employee benefit and compensation plans, to reduce shares outstanding (which may have the net effect of increasing earnings per share) and to aid in managing the ratio of long-term debt to total capitalization...

  • Page 45
    ...other equipment replacements and expansions; the company's National Supply Chain initiative; and investments in technology. Financing Activities Equity We routinely engage in Board-approved share repurchase programs.The number of shares acquired and their cost during the past three fiscal years were...

  • Page 46
    ... our long-term debt to total capital ratio below a specified level. We were in compliance with all debt covenants as of June 28, 2008. Other 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 47
    ...SERP and other postretirement plans(2) ...Multi-employer pension plans(3) ...Unrecognized tax benefits (including interest)(4) Unrecorded Contractual Obligations: Interest payments related to debt(5) ...Long-term non-capitalized leases ...Purchase obligations(6) ...Total contractual cash obligations...

  • Page 48
    ... the Board of Directors the development and selection of the critical accounting policies and estimates and this related disclosure. Our most critical accounting policies and estimates pertain to the allowance for doubtful accounts receivable, self-insurance programs, company-sponsored pension plans...

  • Page 49
    .... In addition, in nine of the last 15 years, the actual return on plan assets has exceeded 10.0%. The rate of return assumption is reviewed annually and revised as deemed appropriate. The expected return on plan assets impacts the recorded amount of net pension costs. The expected long-term rate of...

  • Page 50
    ... (specialty produce, custom-cut meat, lodging industry products and international distribution operations) operating segments have a greater proportion of goodwill recorded to estimated fair value as compared to the Broadline or SYGMA reporting units. This is primarily due to these businesses having...

  • Page 51
    ... time of grant. The fair value of the stock issued under the Employee Stock Purchase Plan is calculated as the difference between the stock price and 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...

  • Page 52
    ...including fuel costs. The ability to meet long-term debt to capitalization ratios also may be affected by cash flow including amounts spent on share repurchases and acquisitions and internal growth. Company-sponsored pension plan liabilities are impacted by a number of factors including the discount...

  • Page 53
    ... 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 our intent to continue to refinance this facility on a long-term basis. The following table presents our interest rate position as of June...

  • Page 54
    ...as compared to the first 26 weeks of fiscal 2008. Our estimate is based upon the prevailing market prices for diesel mid-August 2008, the cost committed to in our forward fuel purchase agreements currently in place and estimates of fuel consumption. Actual fuel costs could vary from our estimates if...

  • Page 55
    ... Public Accounting Firm on Internal Control Over Financial Reporting Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements ...Consolidated Balance Sheets ...Consolidated Results of Operations ...Consolidated Shareholders' Equity ...Consolidated Cash Flows...

  • Page 56
    ... those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. SYSCO's management assessed the effectiveness of SYSCO's internal control over financial reporting as of June 28, 2008. In making this assessment, it used...

  • Page 57
    ... Public Company Accounting Oversight Board (United States), the consolidated balance sheets as of June 28, 2008 and June 30, 2007 and the related consolidated results of operations, shareholders' equity and cash flows for each of the three years in the period ended June 28, 2008 of SYSCO Corporation...

  • Page 58
    ...of SYSCO Corporation (a Delaware Corporation) and subsidiaries (the "Company") as of June 28, 2008 and June 30, 2007, and the related consolidated results of operations, shareholders' equity, and cash flows for each of the three years in the period ended June 28, 2008. These financial statements are...

  • Page 59
    ...Deferred taxes ...Other long-term liabilities ...Total other liabilities ...Commitments and contingencies Shareholders' equity Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none ...Common stock, par value $1 per share Authorized 2,000,000,000 shares; issued 765,174,900...

  • Page 60
    ...OF OPERATIONS Year Ended June 28, 2008 June 30, 2007 July 1, 2006 (In thousands except for share data) Sales ...Cost of sales ...Gross margin ...Operating expenses ...Operating income ...Interest expense ...Other income, net ...Earnings before income taxes and cumulative effect of accounting change...

  • Page 61
    ... ...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 ...Share-based compensation awards ...Balance as of July 1, 2006 ...Net earnings ...Minimum pension...

  • Page 62
    ...Increase (decrease) 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 63
    ... ACCOUNTING POLICIES 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...

  • Page 64
    ... are aggregated into six reporting units. The evaluation of fair value requires the use of projections, estimates and assumptions as to the future performance of the operations in performing a discounted cash flow analysis, as well as assumptions regarding sales and earnings multiples that would be...

  • Page 65
    ... net earnings and earnings per share adjusted for the effect of retroactive application of the change in measurement date on net company-sponsored pension costs for fiscal 2005 was not material. In September 2006, the FASB issued SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and...

  • Page 66
    ... is a revision of SFAS No. 123, "Accounting for Stock-Based Compensation" (SFAS 123). SFAS 123(R) supersedes APB Opinion No. 25, "Accounting for Stock Issued to Employees" (APB Opinion 25), and amends SFAS No. 95, "Statement of Cash Flows." In fiscal 2006, SYSCO adopted the provisions of SFAS 123...

  • Page 67
    ... capital leases, for the past three years was $352,569,000 in 2008, $341,714,000 in 2007 and $320,669,000 in 2006. 6. GOODWILL AND OTHER INTANGIBLES The changes in the carrying amount of goodwill and the amount allocated by reportable segment for the years presented are as follows: Broadline SYGMA...

  • Page 68
    ...' compensation, general and vehicle liability costs. The amounts in excess of the self-insured levels are fully insured by third party insurers. The company also maintains a fully self-insured group medical program. A summary of the activity in self-insured liabilities appears below: 2008 2007...

  • Page 69
    ... borrowings for working capital of up to $145,000,000. Borrowings outstanding under these lines of credit were zero and $18,900,000, as of June 28, 2008 and June 30, 2007, respectively. Commercial Paper SYSCO has a commercial paper program allowing the company to issue short-term unsecured notes...

  • Page 70
    ... SYSCO's participation in multi-employer pension plans in Note 18, 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" in Note 15, Share-Based...

  • Page 71
    ...fiscal 2006, SYSCO changed the measurement date for company-sponsored 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...

  • Page 72
    ...590,000) $ In order to meet a portion of its obligations under the SERP, SYSCO maintains life insurance policies on the lives of the participants with carrying values of $129,480,000 as of June 28, 2008 and $131,011,000 as of June 30, 2007.These policies are not included as plan assets or in the...

  • Page 73
    ...000 - Components of Net Benefit Costs The components of net company-sponsored pension costs for each fiscal year are as follows: 2008 Pension Benefits 2007 2006 Service cost ...Interest cost ...Expected return on plan assets . . Amortization of prior service cost Amortization of net actuarial loss...

  • Page 74
    ... net company-sponsored pension costs and other postretirement benefit costs for each fiscal year were: 2008 2007 2006 Discount rate - Retirement Plan and Other Postretirement Plans Discount rate - SERP ...Expected rate of return - Retirement Plan ...Rate of compensation increase - Retirement Plan...

  • Page 75
    ... 28, 2008 June 30, 2007 Equity securities ...Debt securities ...Total ... 68.8% 31.2 100.0% 72.0% 28.0 100.0% 13. SHAREHOLDERS' EQUITY Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding for each respective year...

  • Page 76
    ... 15. SHARE-BASED COMPENSATION Prior to July 3, 2005, SYSCO accounted for its stock option plans and its 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...

  • Page 77
    ... Employees' Stock Purchase Plan, the Management Incentive Plan and various nonemployee director plans. Stock Incentive Plans SYSCO's 2007 Stock Incentive Plan was adopted in fiscal 2008 and provides for the issuance of up to 30,000,000 shares of SYSCO common stock for share-based awards to officers...

  • Page 78
    ...88 per share during fiscal 2008, 2007 and 2006, respectively. The fair value of 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...

  • Page 79
    ...related to the one-time retainer awards and other restricted stock awards as of June 28, 2008 was not significant. Non-employee directors may also elect to receive up to 50% of their annual directors' fees in SYSCO common stock. SYSCO provides a matching grant of 50% of the number of shares received...

  • Page 80
    ... impacted by the recording of tax and interest related to uncertain tax positions, share-based compensation expense and the recognition of losses to adjust the carrying value of corporate-owned life insurance policies to their cash surrender values. The effective tax rate for fiscal 2007 decreased...

  • Page 81
    .... At this time, an estimate of the range of the reasonably possible change cannot be made. SYSCO is currently in the appeals process as it relates to certain adjustments from the Internal Revenue Service (IRS) in relation to its audit of the company's 2003 and 2004 federal income tax returns. See...

  • Page 82
    ...multi-employer defined benefit plans. BSCC Cooperative Structure SYSCO's affiliate, Baugh Supply Chain Cooperative (BSCC), is a cooperative taxed under subchapter T of the United States Internal Revenue Code. SYSCO believes that the deferred tax liabilities resulting from the business operations and...

  • Page 83
    ... customers. The accounting policies for the segments are the same as those disclosed by SYSCO. Intersegment sales represent specialty produce and meat company products distributed by the Broadline and SYGMA operating companies. The segment results include certain centrally incurred costs for shared...

  • Page 84
    ...: 2008 2007 (In thousands) 2006 Canned and dry products ...Fresh and frozen meats ...Frozen fruits, vegetables, bakery and other Dairy products...Poultry ...Fresh produce ...Paper and disposables ...Seafood ...Beverage products ...Janitorial products ...Equipment and smallwares ...Medical supplies...

  • Page 85
    ... 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. 20. SUPPLEMENTAL GUARANTOR INFORMATION SYSCO International, Co. is an unlimited liability company organized...

  • Page 86
    ... 2008 SYSCO Other Non-Guarantor International Subsidiaries Eliminations (In thousands) Consolidated Totals Sales ...Cost of sales ...Gross margin ...Operating expenses ...Operating income ...Interest expense (income) ...Other income, net ...Earnings (losses) before income taxes Income tax (benefit...

  • Page 87
    ...Cash Flows Year Ended June 28, 2008 SYSCO Other Non-Guarantor Consolidated International Subsidiaries Totals (In thousands) Net cash provided by (used for): Operating activities ...Investing activities ...Financing activities ...Exchange rate on cash ...Intercompany activity ...Net increase in cash...

  • Page 88
    ... net earnings ...Diluted net earnings ...Dividends declared ...Market price - high/low ...Percentage increases- 2008 vs. 2007: Sales ...Operating income...Net earnings ...Basic net earnings per share ...Diluted net earnings per share... Financial results are impacted by accounting changes and the...

  • Page 89
    ... and Management and Related Stockholder Matters The information required by this item will be included in our proxy statement for the 2008 Annual Meeting of Stockholders under the following captions, and is incorporated herein by reference thereto: "Stock Ownership" and "Equity Compensation Plan...

  • Page 90
    ... 6, 2008 (File No. 333-149086). Indenture dated May 23, 2002 between Sysco International, Co., Sysco Corporation and Wachovia Bank, National Association, incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-4 filed August 21, 2002 (File No. 333-98489). Credit Agreement dated...

  • Page 91
    ... B to the Sysco Corporation Proxy Statement for the November 11, 2005 Annual Meeting of Stockholders (File No. 1-6544). First Amendment to 2005 Management Incentive Plan dated July 13, 2007, incorporated by reference to Exhibit 10.33 to Form 10-K for the year ended June 30, 2007 filed on August 28...

  • Page 92
    ....58†- 10.59†# - Form of Fiscal Year 2008 Bonus Award for the Chief Executive Officer, President, Chief Financial Officer, Executive Vice Presidents and Senior Vice Presidents (excluding Senior Vice Presidents of Operations) under the 2005 Management Incentive Plan, incorporated by reference...

  • Page 93
    ... 32.1# 32.2# Description of Compensation Arrangements with Non-Employee Directors. Form of Indemnification Agreement with Non-Employee Directors. Code of Business Conduct and Ethics, incorporated by reference to Exhibit 14.1 to Form 8-K filed on July 19, 2007 (File No. 1-6544). Subsidiaries of...

  • Page 94
    ...of 1934, Sysco Corporation has duly caused this Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on this 26th day of August, 2008. SYSCO CORPORATION By /s/ RICHARD J. SCHNIEDERS Richard J. Schnieders Chairman of the Board and Chief Executive Officer Pursuant to...

  • Page 95
    ...profitable, our ability to forecast and manage inventory levels, expected benefits of the National Supply Chain initiative and related redistribution centers, timing and expected benefits of the roll-out of our centralized purchasing program, the effects of rising fuel costs, the success of our cost...

  • Page 96
    S Y S C O C O r p O r at i O n 1390 Enclave Parkway Houston, Texas 77077-2099 281.584.1390 www.sysco.com Printed on recycled paper