Sysco 2008 Annual Report Download - page 86

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SYSCO
SYSCO
International
Other Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended June 28, 2008
(In thousands)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 37,522,111 $ — $ 37,522,111
Cost of sales . . . . . . . . . . . . . . . . . . . . . — — 30,327,254 — 30,327,254
Gross margin . . . . . . . . . . . . . . . . . . . . . — — 7,194,857 — 7,194,857
Operating expenses . . . . . . . . . . . . . . . . 206,338 142 5,108,428 — 5,314,908
Operating income . . . . . . . . . . . . . . . . . . (206,338) (142) 2,086,429 — 1,879,949
Interest expense (income) . . . . . . . . . . . . 462,554 11,736 (362,749) — 111,541
Other income, net . . . . . . . . . . . . . . . . . . (7,373) — (15,557) — (22,930)
Earnings (losses) before income taxes . . . (661,519) (11,878) 2,464,735 — 1,791,338
Income tax (benefit) provision . . . . . . . . . (253,031) (4,543) 942,761 — 685,187
Equity in earnings of subsidiaries . . . . . . . 1,514,639 33,907 — (1,548,546) —
Net earnings . . . . . . . . . . . . . . . . . . . . . . $ 1,106,151 $ 26,572 $ 1,521,974 $ (1,548,546) $ 1,106,151
SYSCO
SYSCO
International
Other Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended June 30, 2007
(In thousands)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 35,042,075 $ — $ 35,042,075
Cost of sales . . . . . . . . . . . . . . . . . . . . . — — 28,284,603 — 28,284,603
Gross margin . . . . . . . . . . . . . . . . . . . . . — — 6,757,472 — 6,757,472
Operating expenses . . . . . . . . . . . . . . . . 213,915 127 4,834,948 — 5,048,990
Operating income . . . . . . . . . . . . . . . . . . (213,915) (127) 1,922,524 — 1,708,482
Interest expense (income) . . . . . . . . . . . . 410,190 11,813 (317,001) — 105,002
Other income, net . . . . . . . . . . . . . . . . . . (8,984) — (8,751) — (17,735)
Earnings (losses) before income taxes . . . (615,121) (11,940) 2,248,276 — 1,621,215
Income tax (benefit) provision . . . . . . . . . (235,260) (4,567) 859,966 — 620,139
Equity in earnings of subsidiaries . . . . . . . 1,380,937 18,075 — (1,399,012) —
Net earnings . . . . . . . . . . . . . . . . . . . . . . $ 1,001,076 $ 10,702 $ 1,388,310 $ (1,399,012) $ 1,001,076
SYSCO
SYSCO
International
Other Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended July 1, 2006
(In thousands)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 32,628,438 $ — $32,628,438
Cost of sales. . . . . . . . . . . . . . . . . . . . . . . . — — 26,337,107 — 26,337,107
Gross margin . . . . . . . . . . . . . . . . . . . . . . . — — 6,291,331 — 6,291,331
Operating expenses . . . . . . . . . . . . . . . . . . 256,351 130 4,539,820 — 4,796,301
Operating income . . . . . . . . . . . . . . . . . . . . (256,351) (130) 1,751,511 — 1,495,030
Interest expense (income) . . . . . . . . . . . . . . 374,838 11,108 (276,846) — 109,100
Other income, net . . . . . . . . . . . . . . . . . . . . (2,919) — (6,097) — (9,016)
Earnings (losses) before income taxes and
cumulative effect of accounting change . . . (628,270) (11,238) 2,034,454 — 1,394,946
Income tax (benefit) provision . . . . . . . . . . . (181,070) (4,055) 734,031 — 548,906
Equity in earnings of subsidiaries . . . . . . . . . 1,293,240 6,063 — (1,299,303) —
Net earnings before cumulative effect of
accounting change . . . . . . . . . . . . . . . . . . 846,040 (1,120) 1,300,423 (1,299,303) 846,040
Cumulative effect of accounting change . . . . 9,285 — — — 9,285
Net earnings (loss) . . . . . . . . . . . . . . . . . . . $ 855,325 $ (1,120) $ 1,300,423 $ (1,299,303) $ 855,325
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