Sysco 2011 Annual Report Download - page 96

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Sysco
Sysco
International
Other
Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended July 2, 2011
(In thousands)
Sales .................................... $ — $ — $39,323,489 $ — $ 39,323,489
Cost of sales . . . ........................... — — 32,002,341 — 32,002,341
Gross profit ............................... — — 7,321,148 — 7,321,148
Operating expenses ......................... 313,550 127 5,075,969 — 5,389,646
Operating income (loss) ....................... (313,550) (127) 2,245,179 — 1,931,502
Interest expense (income) ..................... 453,593 10,973 (346,299) — 118,267
Other expense (income), net . . . ................ (5,581) — (8,638) — (14,219)
Earnings (losses) before income taxes ............. (761,562) (11,100) 2,600,116 — 1,827,454
Income tax (benefit) provision . . . ................ (281,472) (4,103) 960,999 — 675,424
Equity in earnings of subsidiaries ................ 1,632,120 60,758 — (1,692,878) —
Net earnings ............................... $ 1,152,030 $ 53,761 $ 1,639,117 $ (1,692,878) $ 1,152,030
Sysco
Sysco
International
Other
Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended July 3, 2010
(53 Weeks)
(In thousands)
Sales .................................... $ — $ — $37,243,495 $ — $ 37,243,495
Cost of sales . . . ........................... — — 30,136,009 — 30,136,009
Gross profit ............................... — — 7,107,486 — 7,107,486
Operating expenses ......................... 272,047 112 4,859,459 — 5,131,618
Operating income (loss) ....................... (272,047) (112) 2,248,027 — 1,975,868
Interest expense (income) ..................... 496,410 10,961 (381,894) — 125,477
Other expense (income), net . . . ................ 5,546 — (4,744) — 802
Earnings (losses) before income taxes ............. (774,003) (11,073) 2,634,665 — 1,849,589
Income tax (benefit) provision . . . ................ (280,212) (4,009) 953,827 — 669,606
Equity in earnings of subsidiaries ................ 1,673,774 38,342 — (1,712,116) —
Net earnings ............................... $ 1,179,983 $ 31,278 $ 1,680,838 $ (1,712,116) $ 1,179,983
Sysco
Sysco
International
Other
Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended June 27, 2009
(In thousands)
Sales .................................... $ — $ — $36,853,330 $ — $ 36,853,330
Cost of sales . . . ........................... — — 29,816,999 — 29,816,999
Gross profit ............................... — — 7,036,331 — 7,036,331
Operating expenses ......................... 218,241 117 4,945,762 — 5,164,120
Operating income (loss) ....................... (218,241) (117) 2,090,569 — 1,872,211
Interest expense (income) ..................... 476,238 11,142 (371,058) — 116,322
Other (income), net .......................... (3,273) — (11,672) — (14,945)
Earnings (losses) before income taxes ............. (691,206) (11,259) 2,473,299 — 1,770,834
Income tax (benefit) provision . . . ................ (279,041) (4,545) 998,472 — 714,886
Equity in earnings of subsidiaries ................ 1,468,113 44,626 — (1,512,739) —
Net earnings ............................... $ 1,055,948 $ 37,912 $ 1,474,827 $ (1,512,739) $ 1,055,948
Sysco
Sysco
International
Other
Non-Guarantor
Subsidiaries
Consolidated
Totals
Condensed Consolidating Cash Flows
Year Ended July 2, 2011
(In thousands)
Net cash provided by (used for):
Operating activities........................................ $ (351,468) $ 54,049 $ 1,388,937 $ 1,091,518
Investing activities ........................................ (203,090) — (476,466) (679,556)
Financing activities ........................................ (555,282) — 177,375 (377,907)
Effect of exchange rate on cash ............................... — — 20,267 20,267
Intercompany activity ...................................... 1,041,830 (54,049) (987,781) —
Net (decrease) increase in cash ............................... (68,010) — 122,332 54,322
Cash at the beginning of the period ............................ 373,523 — 211,920 585,443
Cash at the end of the period ................................ $ 305,513 $ — $ 334,252 $ 639,765
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