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8/2/2019 The Quaker Oats Company and Subsidiaries Consolidated
Statements of Income
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The Quaker Oats Company and Subsidiaries Consolidated Statements
of IncomeDollars in Millions (Except Per Share Data)
Year Ended June 30 1994 1993 1992
Net Sales $5,955.0 $5,730.6 $5,576.4
Cost of goods sold 2,926.2 2,870.0 2,831.1
Gross profit 3,028.8 2,860.6 2,745.3
Selling, general and administrative expenses 2,425.6 2,302.3
2,244.3
Restructuring charges and gains on divestitures -- net 108.6
20.5 (1.0)
Interest expense -- net of $8.9, $10.5 and $9.6
interest income, respectively 89.7 55.1 67.4
Foreign exchange loss -- net 26.2 15.1 13.1
Income Before Income Taxes
and Cumulative Effect of Accounting Changes 378.7 467.6
421.5
Provision for income taxes 147.2 180.8 173.9
Income Before Cumulative Effect of Accounting Changes 231.5
286.8 247.6
Cumulative effect of accounting changes -- net of tax ----
(115.5) ----
Net Income 231.5 171.3 247.6
Preferred dividends -- net of tax 4.0 4.2 4.2
Net Income Available for Common $227.5 $167.1 $243.4
Per Common Share:
Income Before Cumulative Effect of Accounting Changes $3.36
$3.93 $3.25
Cumulative effect of accounting changes ---- (1.59) ----
Net Income $3.36 $2.34 $3.25
Dividends declared $2.12 $1.92 $1.72
Average Number of Common Shares Outstanding
(in thousands) 67,618 71,974 74,881
See accompanying notes to the consolidated financial
statements.
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Statements of Income
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The Quaker Oats Company and Subsidiaries
Consolidated
Balance Sheets
June 30 1994 1993 1992
Assets
Current Assets:
Cash and cash equivalents $140.4 $61.0 $95.2
Trade accounts receivable -- net of allowances 509.4 478.9
575.3
Inventories:
Finished goods 266.5 241.5 302.8
Grains and raw materials 78.8 73.1 93.7
Packaging materials and supplies 40.2 39.4 38.8
Total inventories 385.5 354.0 435.3
Other current assets 218.3 173.7 150.4
Total Current Assets 1,253.6 1,067.6 1,256.2
Other Receivables and Investments 82.1 88.8 83.0
Property, plant and equipment 2,125.9 2,059.2 2,066.1
Less accumulated depreciation 911.7 831.0 792.8
Property - Net 1,214.2 1,228.2 1,273.3
Intangible Assets -- Net of Amortization 493.4 431.3 427.4
Total Assets $3,043.3 $2,815.9 $3,039.9
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Statements of Income
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Dollars in Millions
June 30 1994 1993 1992
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term debt $211.3 $128.0 $61.0
Current portion of long-term debt 45.4 48.9 57.9
Trade accounts payable 406.3 391.6 420.2
Accrued payroll, pension and bonus 158.9 161.3 147.0
Accrued advertising and merchandising 149.6 130.6 120.2
Income taxes payable 40.6 33.7 82.6
Other accrued liabilities 247.0 211.0 198.6
Total Current Liabilities 1,259.1 1,105.1 1,087.5
Long-term Debt 759.5 632.6 688.7
Other Liabilities 481.4 426.2 171.7
Deferred Income Taxes 82.2 89.5 242.0
Preferred Stock, Series B, no par value, authorized
1,750,000 shares; issued 1,282,051 of $5.46
cumulative convertible shares
(liquidating preference of $78 per share) 100.0 100.0 100.0
Deferred Compensation (80.8) (85.9) (90.5)
Treasury Preferred Stock, at cost, 47,817 shares;
34,447 shares; and 21,315 shares, respectively (3.9) (2.7)
(1.6)
Common Shareholders' Equity
Common stock, $5 par value, authorized 200,000,000
shares; issued 83,989,396 shares 420.0 420.0 420.0
Additional paid-in capital ---- ---- 2.9
Reinvested earnings 1,273.6 1,190.1 1,162.3
Cumulative translation adjustment (75.4) (65.4) (24.5)
Deferred compensation (143.5) (154.0) (160.4)
Treasury common stock, at cost, 17,185,100 shares;
14,533,157 shares; and
10,586,091 shares, respectively (1,028.9) (839.6) (558.2)
Total Common Shareholders' Equity 445.8 551.1 842.1
Total Liabilities and Shareholders' Equity $3,043.3 $2,815.9
$3,039.9
