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SYSCO CORPORATION-Form10-K18
Eleven-Year Summary of Operations
and Related Information
(Dollars in thousands except for share
andpershare data)
2012 2011
2010
(53Weeks) 2009 2008 2007
Results of Operations
Sales $ 42,380,939 $ 39,323,489 $ 37,243,495 $ 36,853,330 $ 37,522,111 $ 35,042,075
Cost of sales 34,704,362 31,928,777 30,055,188 29,743,076 30,252,244 28,209,961
Gross profi t 7,676,577 7,394,712 7,188,307 7,110,254 7,269,867 6,832,114
Operating expenses 5,785,945 5,463,210 5,212,439 5,238,043 5,389,918 5,123,632
Operating income 1,890,632 1,931,502 1,975,868 1,872,211 1,879,949 1,708,482
Interest expense 113,396 118,267 125,477 116,322 111,541 105,002
Other expense (income), net (6,766) (14,219) 802 (14,945) (22,930) (17,735)
Earnings before income taxes 1,784,002 1,827,454 1,849,589 1,770,834 1,791,338 1,621,215
Income taxes 662,417 675,424 669,606 714,886 685,187 620,139
Earnings before cumulative effect
ofaccounting change 1,121,585 1,152,030 1,179,983 1,055,948 1,106,151 1,001,076
Cumulative effect ofaccounting change - - - - - -
Net earnings $ 1,121,585 $ 1,152,030 $ 1,179,983 $ 1,055,948 $ 1,106,151 $ 1,001,076
Effective income tax rate 37.13% 36.96% 36.20% 40.37% 38.25% 38.25%
Per Common Share Data
Diluted earnings pershare:
Earnings before accounting change $ 1.90 $ 1.96 $ 1.99 $ 1.77 $ 1.81 $ 1.60
Cumulative effect ofaccounting change - - - - - -
Net earnings 1.90 1.96 1.99 1.77 1.81 1.60
Dividends declared 1.07 1.03 0.99 0.94 0.85 0.74
Shareholders’ equity 8.00 7.95 6.50 5.85 5.68 5.36
Diluted average shares outstanding 588,991,441 588,691,546 593,590,042 596,069,204 610,970,783 626,366,798
Performance Measurements
Pretax return on sales 4.21% 4.65% 4.97% 4.81% 4.77% 4.63%
Return on average shareholders’ equity 24% 28% 31% 31% 33% 31%
Return on invested capital
(equityplustotaldebt) 15% 17% 19% 19% 21% 20%
Financial Position
Current ratio 1.78 1.60 1.69 1.69 1.49 1.37
Working capital $ 2,661,229 $ 2,157,807 $ 2,067,060 $ 2,120,525 $ 1,675,690 $ 1,260,457
Other assets 2,126,414 2,140,284 2,033,620 1,966,740 2,017,470 2,122,152
Plant and equipment (net) 3,883,750 3,512,389 3,203,823 2,979,200 2,889,790 2,721,233
Total assets 12,094,972 11,385,555 10,313,701 10,148,186 10,010,615 9,475,365
Long-term debt 2,763,688 2,279,517 2,472,662 2,467,486 1,975,435 1,758,227
Shareholders’ equity 4,685,040 4,705,242 3,827,526 3,449,702 3,408,986 3,278,400
Other Data
Dividends declared $ 628,024 $ 604,500 $ 585,734 $ 557,487 $ 513,593 $ 456,438
Capital expenditures 784,501 636,442 594,604 464,561 515,963 603,242
Number of employees 47,800 46,000 46,000 47,000 50,000 50,900
Shareholder Data
Closing price of common share at year end $ 29.81 $ 31.39 $ 28.27 $ 22.98 $ 28.22 $ 32.99
Price/earnings ratio atyear end - diluted 16 16 14 13 16 21
Market price per common share-high/low $ 32-25 $ 33-27 $ 32-21 $ 35-19 $ 36-26 $ 37-27
Number of shareholders of record at year end 13,594 14,291 15,158 12,564 13,015 13,557