Sysco 2008 Annual Report Download - page 20
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2008 2007 2006 2005 2004 2003
Results of Operations
Sales $ 37,522,111 $ 35,042,075 $ 32,628,438 $ 30,281,914 $ 29,335,403 $ 26,140,337
Cost of sales 3 0, 3 2 7, 25 4 28,284,603 26,337,107 24,498,200 23,661,514 20,979,556
Gross margins 7,194,857 6,757,472 6,291,331 5,783,714 5,673,889 5,160,781
Operating expenses 5,314,908 5,048,990 4,796,301 4,194,184 4,141,230 3,836,507
Operating income 1,879,949 1,708,482 1,495,030 1,589,530 1,532,659 1,324,274
Interest expense 111,541 105,002 109,100 75,000 69,880 72,234
Other income, net (22,930) (17,735) (9,016) (10,906) (12,365) (8,347)
Earnings before income taxes 1,791,338 1,621,215 1,394,946 1,525,436 1,475,144 1,260,387
Income taxes 6 85,1 8 7 620,139 548,906 563,979 567,930 482,099
Earnings before cumulative
effect of accounting change 1,1 0 6 ,1 51 1,001,076 846,040 961,457 907,214 778,288
Cumulative effect of
accounting change – – 9,285 – – –
Net earnings $ 1,106,151 $ 1,001,076 $ 855,325 $ 961,457 $ 907,214 $ 778,288
Effective income tax rate 38.25% 38.25% 39.35% 36.97% 38.50% 38.25%
Per Common Share Data(1)
Diluted earnings per share:
Earnings before
accounting change $ 1.81 $ 1.60 $ 1.35 $ 1.47 $ 1.37 $ 1.18
Cumulative effect of
accounting change – – 0.01 – – –
Net earnings 1.81 1.60 1.36 1.47 1.37 1.18
Dividends declared 0.85 0.74 0.66 0.58 0.50 0.42
Shareholders’ equity 5.68 5.36 4.93 4.39 4.03 3.41
Diluted average shares outstanding 610,970,783 626,366,798 628,800,647 653,157,117 661,919,234 661,535,382
Performance Measurements
Pretax return on sales 4.77% 4.63% 4.28% 5.04% 5.03% 4.82%
Return on average
shareholders’ equity 33% 31% 30% 35% 39% 36%
Return on average total capital
(equity plus long-term debt) 21% 20% 19% 23% 25% 23%
Financial Position
Current ratio 1.48 1.37 1.36 1.16 1.23 1.34
Working capital $ 1,675,690 $ 1,260,457 $ 1,173,291 $ 544,216 $ 724,777 $ 928,405
Other assets 2,017,470 2,122,152 2,127,431 1,997,815 1,829,412 1,384,327
Plant and equipment (net) 2,889,790 2,721,233 2,464,900 2,268,301 2,166,809 1,922,660
Total assets 10,082,293 9,518,931 8,992,025 8,267,902 7,847,632 6,936,521
Long-term debt 1,975,435 1,758,227 1,627,127 956,177 1,231,493 1,249,467
Shareholders’ equity 3,408,986 3,278,400 3,052,284 2,758,839 2,564,506 2,197,531
Other Data
Dividends declared $ 513,593 $ 456,438 $ 408,264 $ 368,792 $ 321,353 $ 273,852
Capital expenditures 515,963 603,242 513,934 390,026 530,086 435,637
Number of employees 50,000 50,900 49,600 47,500 47,800 47,400
Shareholder Data
Closing price of common share
at year end(1) $ 28.22 $ 32.99 $ 30.56 $ 36.25 $ 34.80 $ 29.55
Price/earnings ratio at
year end – diluted(1) 16 21 23 25 25 25
Market price per common share –
high/low
(1) $ 36–26 $ 37–27 $ 37–29 $ 38–29 $ 41–29 $ 33–21
Number of shareholders of record
at year end 13,015 13,557 14,282 15,083 15,337 15,533
Our financial results are impacted by accounting changes and the adoption of various accounting standards. Information regarding these changes is available
in our Annual Reports on Form 10-K for fiscal 2008 and previous years.
(1)The data presented reflects the 2-for-1 stock split on December 15, 2000 and March 20, 1998.
(Dollars in thousands
except for per share data)