Sysco 2010 Annual Report Download

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Behind Every
Sysco Customer...
2010 A N N UAL REPORT

Table of contents

  • Page 1
    Behind Every Sysco Customer... 2010 A N N MA L R EPORT

  • Page 2
    ... Green Executive Vice President, Foodservice Operations "One of the key areas of focus in 2010 was continuing to support our customers. We strive to be a true partner to the foodservice operators that we serve. We help them look for ways to attract more patrons, be more efficient and reduce costs...

  • Page 3
    ... network. Sysco's unmatched supply chain and distribution network enable us to bring a diverse selection of quality products to customers from coast to coast. For San Diego's PETCO Park, our supply chain ensures that thousands of hungry Padres fans can count on enjoying a variety of delicious foods...

  • Page 4
    ... internal operations keep Sysco's costs and energy use down. At our new distribution center in Houston, a mini-load system handles lowvolume products with maximum efficiency. The spacesaving system allows for easy storage and retrieval of product and accurate inventory control. The warehouse...

  • Page 5
    ... and Now Sysco's local and small/mid-sized family farms initiative provides customers with fresh, high-quality, locally produced foods. 40,000 Number of Sysco brand product offerings. 1.2 Billion Number of cases of food and related products Sysco sold in fiscal 2010. ChefEx Sysco's program that...

  • Page 6
    ... at Sysco Houston work hand-inhand with restaurant owners and chefs to provide not just products, but foodservice business expertise on everything from menu planning to our value-added iCare program. And we are continuing to develop more ways to serve our customers. "Ye 4 Sysco Corporation Do...

  • Page 7
    es. " Can you...2010 A nnual Report 5

  • Page 8
    ...the adoption of various accounting standards. Information regarding these changes is available in our Annual Report on Form 10-K for fiscal 2010, which is included in this Annual Report. Sales in billions of dollars Operating Income in billions of dollars Diluted Earnings Per Share in dollars 37...

  • Page 9
    ... has been to market and deliver great products to our customers with exceptional service. In fiscal 2010, remaining focused on that mission allowed us to deliver the most profitable year in our 40-year history as a public company - while operating in a very challenging business environment for...

  • Page 10
    ... our business review process and other services; • continuing to improve operational efficiency and lower our cost structure by further refining our distribution systems to reduce miles driven and energy used; • strengthening our supply chain network by working with our supplier partners in new...

  • Page 11
    ... continues to lead contract sales, SYGMA, distribution services and our specialty companies. We have named three additional individuals to executive management-level positions: Chris Kreidler joined us as chief financial officer with a wealth of experience in food industry finance; Jim Hope, who is...

  • Page 12
    ... broadline operating companies, distribute a wide range of Sysco brand and other food and nonfood products to both independent and chain restaurant customers and other foodservice locations ranging from sports arenas to healthcare and educational facilities. Our local marketing associates work...

  • Page 13
    ...new partnership with EcoLab, provide high-quality cleaning and food safety items. We also partner with a range of service providers who can design and print menus, develop and buy advertising, repair an air conditioner, manage payrolls and even provide insurance and employee benefits. These services...

  • Page 14
    ...roasted New Mexico green chiles for three decades. Eric Ruv ulcaba, quality assurance manager, makes sure fresh chiles meet Sysco's specifications. BEHIND EVERY SYSCO CMSTOMER... Strong supplier relationships benefit our customers Sysco's suppliers are an integral part of our success, and we value...

  • Page 15
    2010 Annual Report 13

  • Page 16
    ... help their businesses succeed by providing the right products and services. In addition, every day we sit down with customers to conduct business reviews that identify areas for reducing costs, increasing sales, retaining employees or attracting new customers. In short, we are more than a supplier...

  • Page 17
    2010 Annual Report 15

  • Page 18
    ... management strategies and policies in order to anticipate industry trends and respond capably to customers' requirements. The Council is composed of eight company presidents, representing some of Sysco's most effective operations, and meets twice yearly. Greg D. Bertrand Vice President, Foodservice...

  • Page 19
    Financials 2010 Annual Report 17

  • Page 20
    ... and Related Information (Dollars in thousands except for per share data) Results of Operations Sales Cost of sales Gross margins Operating expenses Operating income Interest expense Other income, net Earnings before income taxes Income taxes Earnings before cumulative effect of accounting change...

  • Page 21
    ...2000 5-Year 10-Year 20-Year 1-Year Compound Compound Compound Growth Growth Growth Growth Rate Rates Rates Rates 2010 2006-2010 2001-2010 1991-2010 $ 29,335,403 23,661,514 5,673,889 4,141,230 1,532,659 69,880 (12,365...15,533 $ 30-22 15,510 $ 30-19 15,493 $ 22-13 15,207 2010 Annual Report 19

  • Page 22
    This Page Intentionally Left Blank

  • Page 23
    ... 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 number...

  • Page 24
    ... Data ...Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ...Controls and Procedures ...Other Information ...PART III Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management...

  • Page 25
    .... SYGMA operating companies distribute a full line of food products and a wide variety of nonfood products to chain restaurant customer locations. Our other segments include our specialty produce, custom-cut meat and lodging industry products segments and a company that distributes to international...

  • Page 26
    ... 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 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
    ... of new products or the improvement of existing products. Our sales do not generally fluctuate significantly on a seasonal basis; therefore, the business of the company is not deemed to be seasonal. As of July 3, 2010, we operated 180 distribution facilities throughout the United States, Canada and...

  • Page 29
    ... in us paying higher than market costs for a portion of our diesel fuel. Conditions Beyond our Control can Interrupt our Supplies and Increase our Product Costs We obtain substantially all of our foodservice and related products from third party suppliers. For the most part, we do not have long-term...

  • Page 30
    ... to the use of Sysco products, or public concern regarding the safety of our products, can result in negative publicity about the food service distribution industry and cause our sales and profitability to decrease dramatically. Product Liability Claims Could Materially Impact our Business We, like...

  • Page 31
    ... in corporate-owned life insurance policies in order to fund certain retirement programs which are subject to market risk. The value of our investments in corporate-owned life insurance (COLI) policies is largely based on the values of underlying investments, which include publicly traded securities...

  • Page 32
    ... our Business and Materially Reduce Earnings Our operations rely heavily on our employees, particularly drivers, and any shortage of qualified labor could significantly affect our business. Our recruiting and retention efforts and efforts to increase productivity gains may not be successful and...

  • Page 33
    ... foot headquarters office complex in Houston, Texas. In addition, we own our approximately 661,000 square foot shared services complex in Cypress, Texas, which is expected to become operational in fiscal 2011. We are currently constructing expansions or replacement facilities for our distribution...

  • Page 34
    ... at the company's discretion, subject to market conditions and other factors. On August 27, 2010, the Board of Directors approved a new share repurchase program covering an additional 20,000,000 shares. In July 2004, the Board of Directors authorized us to enter into agreements from time to time to...

  • Page 35
    ... specifically incorporates such information by reference into such filing. The following stock performance graph compares the performance of Sysco's Common Stock to the S&P 500 Index and to the S&P 500 Food/ Staple Retail Index for Sysco's last five fiscal years. The graph assumes that the value...

  • Page 36
    ... of accounting change: Basic earnings per share ...Diluted earnings per share ...Net earnings: Basic earnings per share ...Diluted earnings per share ...Dividends declared per share ...Total assets ...Capital expenditures ...Current maturities of long-term debt ...Long-term debt ...Total long-term...

  • Page 37
    ...are primarily located throughout the United States, Canada and Ireland and include broadline companies, specialty produce companies, custom-cut meat operations, hotel supply operations, SYGMA (our chain restaurant distribution subsidiary) and a company that distributes to international customers. We...

  • Page 38
    ... addition of a shared business service center to centrally manage certain backoffice functions which are currently duplicated at each operating company location. Productivity Gains: We continue to optimize warehouse and delivery activities across the corporation to achieve a more efficient delivery...

  • Page 39
    ... 2010. Product cost deflation and the resulting decrease in selling prices had a significant impact on sales levels in fiscal 2010. Estimated changes in product costs, an internal measure of deflation or inflation, were estimated as deflation of 1.5% during fiscal 2010. A change in customer sales...

  • Page 40
    ...the carrying value of corporate-owned life insurance policies to their cash surrender values and an increase in the provision for losses on receivables. In addition, our fuel costs increased during fiscal 2009 compared to fiscal 2008. Sysco's fuel costs decreased by $71.8 million in fiscal 2010 over...

  • Page 41
    ...was due primarily to lower returns on assets of Sysco's company-sponsored qualified pension plan (Retirement Plan) during fiscal 2009, partially offset by an increase in the discount rates used to calculate our projected benefit obligation and related pension expense for fiscal 2010. The increase in...

  • Page 42
    ... provisions related to multi-employer pension plans of $2.9 million in fiscal 2010, $9.6 million in fiscal 2009 and $22.3 million in fiscal 2008. See additional discussion of multi-employer pension plans at "Liquidity and Capital Resources, Other Considerations, Multi-Employer Pension Plans." Share...

  • Page 43
    ... 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 44
    ... distribute a full line of food products and a wide variety of non-food products to customers. Broadline operations have significantly higher operating margins than the rest of Sysco's operations. In fiscal 2010, the Broadline operating results represented approximately 80% of Sysco's overall sales...

  • Page 45
    ... 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 industry has generally...

  • Page 46
    ..., short-term instruments or applied toward the cost of the share repurchase program. As a part of our on-going strategic analysis, we regularly evaluate business opportunities, including potential acquisitions and sales of assets and businesses, and our overall capital structure. These transactions...

  • Page 47
    ... in Vancouver, British Columbia, Canada; Winnipeg, Manitoba, Canada; Billings, Montana; Plainfield, New Jersey; Philadelphia, Pennsylvania and Houston, Texas; and the purchase of a facility for our future shared services operations in connection with our Business Transformation Project. Fiscal...

  • Page 48
    ... for cash produce distributors in Jacksonville, Florida, and Miami, Florida, a specialty meat company in Vancouver, British Columbia, Canada and a lodging industry supply company in Hong Kong. Financing Activities Equity We traditionally have engaged in Board-approved share repurchase programs. The...

  • Page 49
    ...related to our share of the minimum funding requirements and related excise tax for these periods. During the first quarter of fiscal 2009, we effectively withdrew from this multi-employer pension plan in an effort to secure benefits for our employees that were participants in the plan and to manage...

  • Page 50
    ... plans(2) ...Unrecognized tax benefits and interest(3) ...IRS deferred tax settlement(3) ...Unrecorded Contractual Obligations: Interest payments related to commercial paper and debt(4) . Retirement plan(5) ...Long-term non-capitalized leases ...Purchase obligations(6) ...Total contractual cash...

  • Page 51
    ... for which the timing and amount of cash outflows approximates the estimated payouts of the pension plan. The discount rate assumption is reviewed annually and revised as deemed appropriate. The discount rate for determining fiscal 2010 net pension costs for the Retirement Plan, which was determined...

  • Page 52
    ... rate of return for fiscal 2011 would decrease (increase) Sysco's net company-sponsored pension costs for fiscal 2011 by approximately $16.5 million. Pension accounting standards require the recognition of the funded status of our defined benefit plans in the statement of financial position, with...

  • Page 53
    ..."Other" in the financial statement disclosures (specialty produce, custom-cut meat, lodging industry products and international distribution operations) have a greater proportion of goodwill recorded to estimated fair value as compared to the Broadline or SYGMA reporting units. This is primarily due...

  • Page 54
    ... shares repurchased in a given period is subject to a number of factors, including available cash and our general working capital needs at the time. Our plans with respect to growth in international markets and complimentary lines of business are subject to the company's other strategic initiatives...

  • Page 55
    ... beyond the control of Sysco. The need for additional borrowing or other capital is impacted by factors that include capital expenditures or acquisitions in excess of those currently anticipated, stock repurchases at historical levels, or other unexpected cash requirements. Predictions regarding...

  • Page 56
    ... 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 2010, 2009 and 2008, fuel costs related to outbound deliveries represented approximately...

  • Page 57
    ... prices from the market price used in our estimates above would change the range of potential increase to $25 million to $35 million. Investment Risk Sysco invests in corporate-owned life insurance policies in order to fund certain retirement programs which are subject to market risk. The value...

  • Page 58
    ... Statements and 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...

  • Page 59
    REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING The management of Sysco Corporation ("Sysco") is responsible for establishing and maintaining adequate internal control over financial reporting for the company. Sysco's internal control system is designed to provide reasonable ...

  • Page 60
    ... REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL CONTROL OVER FINANCIAL REPORTING The Board of Directors and Shareholders Sysco Corporation We have audited Sysco Corporation (a Delaware Corporation) and its subsidiaries' (the "Company") internal control over financial reporting as of July 3, 2010...

  • Page 61
    ... with the standards of the Public Company Accounting Oversight Board (United States), Sysco Corporation and its subsidiaries' internal control over financial reporting as of July 3, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring...

  • Page 62
    SYSCO CONSOLIDATED BALANCE SHEETS July 3, 2010 June 27, 2009 (In thousands except for share data) ASSETS Current assets Cash and cash equivalents...Short-term investments...Accounts and notes receivable, less allowances of $36,573 and $36,078 Inventories ...Prepaid expenses and other current assets...

  • Page 63
    SYSCO CONSOLIDATED RESULTS OF OPERATIONS Year Ended July 3, 2010 (53 Weeks) June 27, 2009 June 28, 2008 (In thousands except for share and per share data) Sales ...Cost of sales...Gross margin ...Operating expenses ...Operating income ...Interest expense ...Other expense (income), net. . Earnings ...

  • Page 64
    ......Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax ...Pension funded status adjustment, net of tax ...Comprehensive income ...Dividends declared ...Treasury stock purchases...Share-based compensation awards ...Balance as of July 3, 2010 ...1,055...

  • Page 65
    ...Decrease) increase 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 66
    ... OF ACCOUNTING POLICIES Business and Consolidation Sysco Corporation, acting through its subsidiaries and divisions, (Sysco or the company), is engaged in the marketing and distribution of a wide range of food and related products primarily to the foodservice or food-away-from-home industry. These...

  • Page 67
    ... under derivatives accounting literature; therefore, these agreements are not recorded at fair value. Investments in Corporate-Owned Life Insurance Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of each balance sheet date. Changes in the...

  • Page 68
    ... assumptions. Share-Based Compensation Sysco recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model. Option pricing methods require the...

  • Page 69
    ...Retirement Benefits". This standard requires additional disclosures about assets held in an employer's defined benefit pension or other postretirement plan and became effective for Sysco in fiscal 2010. Sysco has provided the required disclosures for this standard in Note 12, "Employee Benefit Plans...

  • Page 70
    ...about the assumptions market participants would use in pricing the asset or liability, including assumptions about risk. • Sysco's policy is to invest in only high-quality investments. Cash equivalents primarily include time deposits, certificates of deposit, commercial paper, high-quality money...

  • Page 71
    ...details of the company's amortized intangible assets: July 3, 2010 Gross Carrying Accumulated Amount Amortization June 27, 2009 Gross Carrying Accumulated Net Amount Amortization (In thousands) Net Amortized intangible assets: Customer relationships ...Non-compete agreements ...Trademarks ...Total...

  • Page 72
    ... or by issuing letters of credit. All amounts in restricted cash at July 3, 2010 and June 27, 2009 represented funds deposited in insurance trusts. 8. DERIVATIVE FINANCIAL INSTRUMENTS Sysco manages its debt portfolio to achieve an overall desired position of fixed and floating rates and may employ...

  • Page 73
    ... for working capital, which had an expiration date of March 31, 2010. There were no borrowings outstanding under this facility as of June 27, 2009. Commercial Paper and Revolving Credit Facility Sysco has a Board-approved commercial paper program allowing the company to issue short-term unsecured...

  • Page 74
    ...the company contributes to various multi-employer plans under collective bargaining agreements and provides certain health care benefits to eligible retirees and their dependents. Sysco maintains a qualified pension plan (Retirement Plan) that pays benefits to employees at retirement, using formulas...

  • Page 75
    ...-funded multi-employer pension plan into its Retirement Plan and assumed $26.7 million of liabilities as part of its withdrawal agreement from this plan. These liabilities are due to the assumption of prior service costs related to the participants and their accrued benefits which were previously...

  • Page 76
    ... in fiscal 2010 due primarily to lower returns on assets of the Retirement Plan during fiscal 2009, partially offset by an increase in the discount rates used to calculate our projected benefit obligation and related pension expense for fiscal 2010. Net company-sponsored pension costs in fiscal...

  • Page 77
    ... net company-sponsored pension costs and other postretirement benefit costs for each fiscal year were: 2010 2009 2008 Discount rate - Retirement Plan ...Discount rate - SERP ...Discount rate - Other Postretirement Plans ...Expected rate of return - Retirement Plan ...Rate of compensation increase...

  • Page 78
    ...for the Retirement Plan are to preserve capital for future benefit payments and to balance risk and return. In order to accomplish these objectives, the company oversees the Retirement Plan's investment objectives and policy design, decides proper plan asset class strategies and structures, monitors...

  • Page 79
    ... of observable market information. Inputs used include yields, the underlying security "best price", adjustments for corporate actions and exchange prices of underlying and common stock of the same issuer. Equity securities valued at the closing price reported on the exchange market are classified...

  • Page 80
    ...the fair value of the Retirement Plan's Level 3 assets for the fiscal year ended July 3, 2010: Real Estate Fund (In thousands) Balance, June 27, 2009 ...Actual return on plan assets: Relating to assets still held at the reporting date Relating to assets sold during the period ...Purchases and sales...

  • Page 81
    ... 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 Plan and various non-employee director plans. Stock Incentive Plans...

  • Page 82
    ...employee retires. Due to the adoption of the fair value recognition provisions of the stock compensation accounting guidance, for awards granted subsequent to July 2, 2005, Sysco will recognize compensation cost for such awards over the period from the grant date to the date the employee or director...

  • Page 83
    ... to the terms of the agreement. The remaining shares have vested or will vest according to the terms of the agreement as amended in connection with the executive officer's retirement. Non-Employee Director Stock Grants The 2009 Non-Employee Directors Stock Plan, as well as previous plans, provides...

  • Page 84
    ...fiscal 2010, 2009 and 2008, 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 management personnel...

  • Page 85
    ... impacted by the reclassification of deferred supply chain distributions from current deferred tax liabilities to accrued income taxes based on the timing of when payments related to these items became payable. Internal Revenue Service Settlement Sysco's affiliate BSCC, is a cooperative taxed under...

  • Page 86
    ...2010 2009 2008 United States statutory federal income tax rate ...State and local income taxes, net of any applicable federal income tax benefit ...Foreign income taxes ...Impact of uncertain tax benefits ...Impact of adjusting carrying value of corporate-owned life insurance policies to their cash...

  • Page 87
    ...Sysco acquired for cash a broadline foodservice operation in Syracuse, New York, a produce distributor in Atlanta, Georgia and a seafood distributor in Edmonton, Alberta, Canada. The fiscal 2010 acquisitions were immaterial, individually and in the aggregate, to the consolidated financial statements...

  • Page 88
    ...Sysco has committed to product purchases for resale in order to leverage the company's purchasing power. A majority of these agreements expire within one year; however, certain agreements have terms through fiscal 2013. These agreements commit the company to a minimum volume at various pricing terms...

  • Page 89
    ... operating segments, including the company's specialty produce, custom-cut meat and lodging industry segments and a company that distributes to international customers. The accounting policies for the segments are the same as those disclosed by Sysco. Intersegment sales represent specialty produce...

  • Page 90
    ... ...Canada ...Other ...Total ...(1) (2) $ Represents sales to 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...

  • Page 91
    ...statements present separately the financial position, results of operations and cash flows of the parent guarantor (Sysco), the subsidiary issuer (Sysco International) and all other non-guarantor subsidiaries of Sysco... liabilities ...Intercompany payables (receivables)...Long-term debt ...Other ...

  • Page 92
    ...Ended July 3, 2010 (53 Weeks) Other Sysco Non-Guarantor International Subsidiaries Eliminations (In thousands) Consolidated Totals Sales ...Cost of sales ...Gross margin ...Operating expenses ...Operating income (loss) ...Interest expense (income) ...Other expense (income), net ...Earnings (losses...

  • Page 93
    ... Flows Year Ended July 3, 2010 (53 Weeks) Other Sysco Non-Guarantor Consolidated International Subsidiaries Totals (In thousands) Net cash provided by (used for): Operating activities ...Investing activities ...Financing activities ...Effect of exchange rate on cash ...Intercompany activity ...Net...

  • Page 94
    ... Weeks) Sales ...Cost of sales ...Gross margin ...Operating expenses ...Operating income ...Interest expense ...Other expense (income), net . . Earnings before income taxes . Income taxes ...Net earnings ...Per share: Basic net earnings ...Diluted net earnings ...Dividends declared ...Market price...

  • Page 95
    ... affect, our internal control over financial reporting. Item 9B. Other Information None. PART III Item 10. Directors, Executive Officers and Corporate Governance The information required by this item will be included in our proxy statement for the 2010 Annual Meeting of Stockholders under...

  • Page 96
    ... and Restated Issuing and Paying Agency Agreement, dated as of April 13, 2006, between Sysco Corporation and JPMorgan Chase Bank, National Association, incorporated by reference to Exhibit 10.1 to Form 8-K filed on April 19, 2006 (File No. 1-6544). Commercial Paper Dealer Agreement, dated as of...

  • Page 97
    ... 99.1 to Form 8-K filed on September 14, 2005 (File No. 1-6544). 2007 Stock Incentive Plan, as amended, incorporated by reference to Annex B to the Sysco Corporation Proxy Statement filed October 8, 2009 (File No. 1-6544). Form of Stock Option Grant Agreement issued to executive officers under the...

  • Page 98
    ...Annex C to the Sysco Corporation Proxy Statement filed on October 8, 2009 (File No. 1-6544). Form of Fiscal Year 2011 Bonus Award for the Chief Executive Officer and Executive Vice Presidents (including the Chief Financial Officer) under the 2009 Management Incentive Plan. First Amended and Restated...

  • Page 99
    ... following financial information from Sysco Corporation's Annual Report on Form 10-K for the year ended July 3, 2010 filed with the SEC on August 31, 2010, formatted in XBRL includes:(i) Consolidated Balance Sheets as of July 3, 2010 and June 27, 2009, (ii) Consolidated Results of Operations for the...

  • Page 100
    ... undersigned, thereunto duly authorized, on this 31st day of August, 2010. SYSCO CORPORATION By /s/ WILLIAM J. DELANEY William J. DeLaney President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following...

  • Page 101
    ...) www.amstock.com Investor Contact Mr. Neil A. Russell II Vice President, Investor Relations 281.584.1308 COMMON STOCK AND DIVIDEND INFORMATION Sysco's common stock is traded on the New York Stock Exchange under the symbol "SY Y" . The company has consistently paid quarterly cash dividends on its...

  • Page 102
    1390 Encla ve Parkway Houston, Texas 77077-2099 281.584.1390 www.sysco.com P rinted on FSC-certified, 100% post-consumer recycled paper, and paper made from environmentally responsible Eucalyptus pulp. The use of 100% post-consumer recycled fiber in the printing of this report saved: • 54,925 lbs...