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SYSCO CORPORATION-Form10-K6
Eleven-Year Summary of Operations
and Related Information
(Dollars in thousands except for share
andpershare data)
2014 2013 2012 2011
2010
(53 Weeks) 2009
Results of Operations
Sales $ 46,516,712 $ 44,411,233 $ 42,380,939 $ 39,323,489 $ 37,243,495 $ 36,853,330
Cost of sales 38,335,677 36,414,626 34,601,665 31,831,054 29,960,639 29,659,809
Gross pro t 8,181,035 7,996,607 7,779,274 7,492,435 7,282,856 7,193,521
Operating expenses 6,593,913 6,338,129 5,888,642 5,560,933 5,306,988 5,321,310
Operating income 1,587,122 1,658,478 1,890,632 1,931,502 1,975,868 1,872,211
Interest expense 123,741 128,495 113,396 118,267 125,477 116,322
Other expense (income), net (12,243) (17,472) (6,766) (14,219) 802 (14,945)
Earnings before income taxes 1,475,624 1,547,455 1,784,002 1,827,454 1,849,589 1,770,834
Income taxes 544,091 555,028 662,417 675,424 669,606 714,886
Earnings before cumulative effect of accounting
change 931,533 992,427 1,121,585 1,152,030 1,179,983 1,055,948
Cumulative effect of accounting change - - - - - -
Net earnings $ 931,533 $ 992,427 $ 1,121,585 $ 1,152,030 $ 1,179,983 $ 1,055,948
Effective income tax rate 36.87% 35.87 % 37.13 % 36.96 % 36.20 % 40.37 %
Per Common Share Data
Diluted earnings per share:
Earnings before accounting change $ 1.58 $ 1.67 $ 1.90 $ 1.96 $ 1.99 $ 1.77
Cumulative effect of accounting change - - - - - -
Net earnings 1.58 1.67 1.90 1.96 1.99 1.77
Dividends declared 1.15 1.11 1.07 1.03 0.99 0.94
Shareholders’ equity 8.99 8.86 8.00 7.95 6.50 5.85
Diluted average shares outstanding 590,216,220 592,675,110 588,991,441 588,691,546 593,590,042 596,069,204
Performance Measurements
Pretax return on sales 3.17 % 3.48 % 4.21 % 4.65 % 4.97 % 4.81 %
Return on average shareholders’ equity 18 % 20 % 24 % 28 % 31 % 31 %
Return on invested capital (equity plus total debt) 11 % 13 % 15 % 17 % 19 % 19 %
Financial Position
Current ratio 1.53 1.70 1.82 1.64 1.73 1.73
Working capital $ 2,314,342 $ 2,559,064 $ 2,736,023 $ 2,231,551 $ 2,141,113 $ 2,195,104
Other assets 2,500,360 2,478,449 2,168,649 2,181,919 2,056,355 1,978,875
Plant and equipment (net) 3,985,618 3,978,071 3,883,750 3,512,389 3,203,823 2,979,200
Total assets 13,167,950 12,678,208 12,137,207 11,427,190 10,336,436 10,160,321
Long-term debt 2,384,167 2,639,986 2,763,688 2,279,517 2,472,662 2,467,486
Shareholders’ equity 5,266,695 5,191,810 4,685,040 4,705,242 3,827,526 3,449,702
Other Data
Dividends declared $ 673,568 $ 654,871 $ 628,024 $ 604,500 $ 585,734 $ 557,487
Capital expenditures 523,206 511,862 784,501 636,442 594,604 464,561
Number of employees 50,300 48,100 47,800 46,000 46,000 47,000
Shareholder Data
Closing price of common share at year end $ 37.85 $ 34.16 $ 29.81 $ 31.39 $ 28.27 $ 22.98
Price/earnings ratio at year end - diluted 24 20 16 16 14 13
Market price per common share - high/low $ 43-31 $ 36-28 $ 32-25 $ 33-27 $ 32-21 $ 35-19
Number of shareholders of record at year end 11,651 12,604 13,594 14,291 15,158 12,564