CAMDEN, N.J., Feb 13, 2003 (BUSINESS WIRE) — Campbell Soup Company (NYSE:CPB) today reported diluted earnings per share for the second quarter ended January 26, 2003 of $.56 compared to $.49 recorded in the year-ago quarter. Earnings per share in the year-ago quarter were $.53 when adjusted for amortization expense of $.03 per share eliminated under SFAS No. 142, which the company adopted at the start of fiscal 2003, and $.01 per share of costs related to the Australian manufacturing reconfiguration.
For the second quarter, net sales rose 6 percent to $1.9 billion, driven by the following:
For the second quarter of fiscal 2003, U.S. wet soup shipments rose 4 percent. Outside of the U.S., wet soup shipments declined 1 percent, resulting in a 2 percent increase worldwide.
As reported net earnings were $231 million versus $203 million a year earlier. On a comparable basis, earnings for the year-ago quarter were $219 million, after adjusting for amortization of $13 million eliminated under SFAS No. 142, and $3 million for costs related to the Australian reconfiguration.
For the first half of fiscal year 2003, the company reported diluted earnings per share, before the cumulative effect of the accounting change, of $1.03 compared to $.91 recorded in the same period last year. Earnings per share in the year-ago period were $.99 when adjusted for amortization expense of $.06 per share eliminated under SFAS No. 142 and approximately $.02 per share of costs related to the Australian reconfiguration.
Net sales for the first six months increased 2 percent to $3.6 billion compared with the year-ago period, reflecting the following factors:
For the first half, compared with the same period last year, wet soup shipments declined 2 percent in the U.S. and 1 percent in international, resulting in a 2 percent worldwide decline. Net earnings for the first half, before the cumulative effect of the accounting change, were $423 million compared to $374 million in the year-ago period.
Excluding the impact of amortization of $26 million eliminated under SFAS No. 142 and costs of $6 million related to the Australian reconfiguration, net earnings for the first half of last year were $406 million.
Douglas R. Conant, Campbell’s President and Chief Executive Officer, said, “We delivered a solid financial performance this quarter. In U.S. Soup, our quality and packaging improvements, as well as our innovation efforts, are beginning to have a positive impact on our results. During the quarter, we began marketing our improved condensed vegetable soups, and we have experienced significantly improved consumer purchasing trends since this marketing commenced. Our ready-to-serve soups delivered solid growth this quarter, helped by Campbell’s ‘Chunky’ and ‘Select’ soups, as well as Campbell’s ‘Soup at Hand’ sippable soups, which are performing very well in the marketplace. ‘Swanson’ broth continued to show strength over the Thanksgiving and Christmas holidays. However, we know we still have more work to do to improve our overall marketing effectiveness in U.S. Soup.”
Conant added, “We are pleased with the performance of Pepperidge Farm, ‘V8’ vegetable juice, ‘Pace’ Mexican sauces and our Canadian business, as well as other elements of our broader portfolio. We will continue to make the strategic investments necessary to help us realize the potential of our full portfolio of businesses.”
Consistent with earlier guidance, the company continues to expect earnings per share, before the cumulative effect of the accounting change, of approximately $1.47 for fiscal 2003. This compares to $1.28 per share as reported in fiscal 2002, or $1.44 when adjusted for amortization expense of $.13 per share and costs of $.03 per share related to the Australian reconfiguration. For the third quarter of 2003, the company expects earnings per share to be in the range of $.25 to $.27.
A summary of second quarter and first half segment results follows. For comparative purposes, prior year business results have been adjusted to reflect the pro forma impact of amortization eliminated under SFAS No. 142.
North America Soup and Away From Home
Sales of $824 million were up 1 percent in the quarter compared to the year-ago period, reflecting 4 percent growth in U.S. wet soup shipments, offset by increased promotional spending. Operating earnings of $209 million were down 4 percent, reflecting increased promotional spending behind the improved condensed vegetable varieties and “Soup at Hand” sippable soups, as well as increased investments in U.S. Soup product development and shelving initiatives. Further details include the following:
quarter, the company launched consumer marketing in support of
the improved vegetable varieties and the expanded line of Fun
Favorites soups for kids. Since this marketing commenced, both
of these product groups have experienced significant
improvement in consumer purchasing trends.
driven by growth in Campbell’s “Chunky” and “Select,” and the
introduction of “Soup at Hand,” Campbell’s new convenient
sipping soup designed for out-of-home consumption.
growth in consumer purchases over the holiday season and the
later timing of the Thanksgiving holiday.
For the first half of fiscal 2003, sales of $1.6 billion declined 3 percent and operating earnings of $414 million declined 8 percent compared to the year-ago period.
North America Sauces and Beverages
Sales of $318 million were recorded in the quarter, compared to sales of $319 million recorded in the year-ago quarter. Operating earnings increased 20 percent to $84 million primarily due to lower manufacturing costs and marketing spending compared to the year-ago quarter. Marketing spending was lower primarily due to the comparison with the year-ago quarter when the introductory marketing behind “Prego” Pasta Bakes was initiated. Further details include the following:
Splash.” “V8 Splash” Smoothies were launched in January and
are gaining strong retail acceptance.
driven by new marketing initiatives and product introductions,
including “Pace” Enchilada sauce.
declined. “Prego” sauce shipments were down primarily due to
the tough comparison with the year-ago quarter when
introductory marketing behind “Prego” Pasta Bake sauce drove
growth.
For the first half of fiscal 2003, sales of $625 million declined 1 percent compared to the year-ago period. Operating earnings rose 20 percent to $161 million.
Biscuits and Confectionery
Sales rose 14 percent to $486 million in the quarter. Excluding the impact of currency and the acquisition of Snack Foods Limited, sales grew 4 percent. Operating earnings rose 5 percent to $87 million, excluding the impact of the Australian manufacturing reconfiguration in fiscal 2002. Operating earnings rose 4 percent, excluding the acquisition of Snack Foods Limited and currency.
During the quarter, sales gains were driven by Pepperidge Farm, Godiva Chocolatier, and the impact of the acquisition of Snack Foods Limited. Further details include the following:
sales at Arnotts were unchanged. Arnotts earnings were favorably impacted by an $8 million gain on the sale of the site of the recently closed Burwood facility. This gain was substantially offset by start-up costs at the Huntingwood plant and severance costs related to the integration of Snack Foods Limited.
For the first half of fiscal 2003, sales of $896 million rose 11 percent compared to the year-ago period. Excluding the impact of the acquisition of Snack Foods Limited and currency, sales grew 3 percent. Operating earnings rose 5 percent to $130 million, excluding the impact of the Australian manufacturing reconfiguration. Operating earnings rose 5 percent, excluding the acquisition of Snack Foods Limited and currency.
International Soup and Sauces
International Soup and Sauces sales rose 16 percent to $290 million and operating earnings were $34 million in the quarter, a decline of 3 percent compared to the year-ago period. Excluding the impact of currency and the acquisition of Erin Foods in Ireland, sales were unchanged and operating earnings declined 14 percent, compared to the year-ago quarter. The operating earnings decline was driven by costs related to strategy development, investments in infrastructure and higher promotional spending primarily behind the company’s dry soup business in Europe.
Dry soups continued to deliver a positive performance, helped by new products in Germany and strong sales in Belgium and the Nordic region. These increases were offset by a decline in sales in the U.K. Sales in the Asia Pacific region were unchanged.
For the first half of fiscal 2003, sales were $532 million, an increase of 10 percent compared to the year-ago period. Excluding the impact of currency and the acquisition of Erin Foods, sales declined 1 percent. Operating earnings declined 6 percent to $60 million compared to the year-ago period. Excluding the impact of currency and the acquisition of Erin Foods, operating earnings declined 16 percent.
Conference Call
The company will host a conference call to discuss these results on February 13, 2003 at 11:00 a.m. Eastern Standard Time. U.S. participants may access the call at 1-888-396-9931 and non-U.S. participants at 1-630-395-0077. Participants should call at least five minutes prior to the starting time. The passcode is Campbell Soup and the conference leader is Len Griehs. The call will also be broadcast live over the Internet at https://www.campbellsoup.com and can be accessed by clicking on the Webcast banner. A recording of the call will be available approximately two hours after it is completed through midnight February 17, 2003 at 1-800-884-1530 or 1-402-220-3007.
Forward-Looking Statements
This release contains “forward-looking statements” which reflect the company’s current expectations about its future plans and performance, including statements concerning the impact of marketing investments and strategies, new product introductions, and quality improvements on sales and earnings. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the company. Please refer to the company’s most recent Form 10-K and subsequent filings for a further discussion of these risks and uncertainties. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high quality soup, sauces, beverage, biscuits, confectionery and prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include “Campbell’s” soups worldwide, “Erasco” soups in Germany and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers, “V8” vegetable juices, “V8 Splash” juice beverages, “Pace” Mexican sauces, “Prego” pasta sauces, “Franco-American” canned pastas and gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom, “Arnott’s” biscuits in Australia and “Godiva” chocolates around the world. The company also owns dry soup and sauce businesses in Europe under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse Tasse,” “Bla Band” and “McDonnells” brands. The company is ably supported by approximately 25,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.
CONTACT: Michelle M. Davidson (Media) (856) 968-4390 Leonard F. Griehs (Analysts) (856) 342-6428
CAMPBELL SOUP COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) (millions, except per share amounts) THREE MONTHS ENDED —————— January January 26, 2003 27, 2002 ————– ————– Net sales $ 1,918 $ 1,810 ————– ————– Costs and expenses Cost of products sold 1,056 1,004 Selling, general and administrative expenses 477 453 Restructuring charge – 1 ————– ————– Total costs and expenses 1,533 1,458 ————– ————– Earnings before interest and taxes 385 352 Interest, net 46 45 ————– ————– Earnings before taxes 339 307 Taxes on earnings 108 104 ————– ————– Net earnings $ 231 $ 203 ============== ============== Per share – basic Net earnings $ .56 $ .49 ============== ============== Dividends $ .1575 $ .1575 ============== ============== Weighted average shares outstanding – basic 411 410 ============== ============== Per share – assuming dilution Net earnings $ .56 $ .49 ============== ============== Weighted average shares outstanding – assuming dilution 411 411 ============== ============== In the first quarter of fiscal 2003, the company adopted Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets.” In accordance with the standard, the company discontinued the amortization of goodwill and indefinite-lived intangible assets. Net earnings for the quarter ended January 27, 2002 would have been $216 or $.53 per diluted share had the provisions of the standard been adopted at the beginning of the prior year. CAMPBELL SOUP COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) (millions, except per share amounts) SIX MONTHS ENDED ————————– January January 26, 2003 27, 2002 ———— ———— Net sales $ 3,623 $ 3,539 ———— ———— Costs and expenses Cost of products sold 2,027 1,975 Selling, general and administrative expenses 881 897 Restructuring charge – 1 ———— ———— Total costs and expenses 2,908 2,873 ———— ———— Earnings before interest and taxes 715 666 Interest, net 91 98 ———— ———— Earnings before taxes 624 568 Taxes on earnings 201 194 ———— ———— Earnings before cumulative effect of accounting change 423 374 Cumulative effect of accounting change (31) – ———— ———— Net earnings $ 392 $ 374 ============ ============ Per share – basic Earnings before cumulative effect of accounting change $ 1.03 $ .91 Cumulative effect of accounting change (.08) – ———— ———— Net earnings $ .95 $ .91 ============ ============ Dividends $ .315 $ .315 ============ ============ Weighted average shares outstanding – basic 411 410 ============ ============ Per share – assuming dilution Earnings before cumulative effect of accounting change $ 1.03 $ .91 Cumulative effect of accounting change (.08) – ———— ———— Net earnings $ .95 $ .91 ============ ============ Weighted average shares outstanding – assuming dilution 411 411 ============ ============ In the first quarter of fiscal 2003, the company adopted Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets.” In accordance with the standard, the company discontinued the amortization of goodwill and indefinite-lived intangible assets. Net earnings for the six months ended January 27, 2002 would have been $400 or $.97 per diluted share had the provisions of the standard been adopted at the beginning of the prior year. In connection with the adoption of this new standard, the company also recognized a non-cash charge of $31 (net of a $17 tax benefit) as a cumulative effect of accounting change for the write-down of goodwill of one business unit in the first quarter of fiscal 2003. CAMPBELL SOUP COMPANY CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited) (millions, except per share amounts) THREE MONTHS ENDED —————— January January Percent Sales 26, 2003 27, 2002 Change —– ——– ——– ——- Contributions: North America Soup and Away From Home $ 824 $ 812 1% North America Sauces and Beverages 318 319 0% Biscuits and Confectionery 486 428 14% International Soup and Sauces 290 251 16% ——— ——— Total sales $1,918 $1,810 6% ========= ========= Percent Change Excluding Restructuring Related Earnings Costs(1) ——– ————- Contributions: North America Soup and Away From Home $ 209 $ 218 -4% -4% North America Sauces and Beverages 84 70 20% 20% Biscuits and Confectionery 87 79 10% 5% International Soup and Sauces 34 35 -3% -3% ——— ——— Total operating earnings 414 402 3% 2% Unallocated corporate expenses (29) (33) ——— ——— Earnings before interest and taxes 385 369 4% 3% Interest, net (46) (45) Taxes on earnings (108) (108) ——— ——— Net earnings $ 231 $ 216 7% 5% ========= ========= Net earnings – assuming dilution $ .56 $ .53 6% 6% ========= ========= Results for the period ended January 27, 2002 have been restated to reflect the pro forma impact of SFAS No. 142. Amortization expense of $17 ($13 after tax or $.03 per share) has been eliminated from the prior period results. Earnings contributions from Biscuits and Confectionery include the effect of costs associated with the Australian manufacturing reconfiguration plan. In the second quarter of fiscal 2002, costs were $4 pre-tax ($3 after tax). (1) Percent change is calculated excluding the effects of the Australian manufacturing reconfiguration plan. CAMPBELL SOUP COMPANY CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited) (millions, except per share amounts) SIX MONTHS ENDED —————— January January Percent Sales 26, 2003 27, 2002 Change —– ——– ——– ——- Contributions: North America Soup and Away From Home $1,570 $1,618 -3% North America Sauces and Beverages 625 632 -1% Biscuits and Confectionery 896 807 11% International Soup and Sauces 532 482 10% ——— ——— Total sales $3,623 $3,539 2% ========= ========= Percent Change Excluding Restructuring Related Earnings Costs(1) ——– ————- Contributions: North America Soup and Away From Home $ 414 $ 450 -8% -8% North America Sauces and Beverages 161 134 20% 20% Biscuits and Confectionery 129 116 11% 5% International Soup and Sauces 60 64 -6% -6% ——— ——— Total operating earnings 764 764 0% -1% Unallocated corporate expenses (49) (64) ——— ——— Earnings before interest and taxes 715 700 2% 1% Interest, net (91) (98) Taxes on earnings (201) (202) ——— ——— Earnings before cumulative effect of accounting change 423 400 6% 4% Cumulative effect of accounting change (31) – ——— ——— Net earnings $ 392 $ 400 -2% -3% ========= ========= Net earnings per share before cumulative effect of accounting change – assuming dilution $ 1.03 $ 0.97 6% 4% ========= ========= Results for the period ended January 27, 2002 have been restated to reflect the pro forma impact of SFAS No. 142. Amortization expense of $34 ($26 after tax or $.06 per share) has been eliminated from the prior period results. Earnings contributions from Biscuits and Confectionery include the effect of costs associated with the Australian manufacturing reconfiguration plan. In the six month period ended January 26, 2003, costs were both $1 pre- and after tax. In the six month period ended January 27, 2002, costs were $8 pre-tax ($6 after tax). (1) Percent change is calculated excluding the effects of the Australian manufacturing reconfiguration plan. CAMPBELL SOUP COMPANY CONSOLIDATED BALANCE SHEETS (unaudited) (millions) January January 26, 2003 27, 2002 ———- ———- Current assets $ 1,484 $ 1,420 Plant assets, net 1,757 1,586 Intangible assets, net 2,748 2,408 Other assets 298 635 ———- ———- Total assets $ 6,287 $ 6,049 ========== ========== Current liabilities $ 3,034 $ 2,888 Long-term debt 2,270 2,354 Nonpension postretirement benefits 314 330 Other liabilities 430 481 Shareowners’ equity (deficit) 239 (4) ———- ———- Total liabilities and shareowners’ equity (deficit) $ 6,287 $ 6,049 ========== ========== Total debt $ 3,627 $ 3,810 ========== ========== Net debt $ 3,590 $ 3,778 ========== ========== Certain reclassifications were made to prior year financial statements.
CAMPBELL SOUP COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) (millions, except per share amounts)
THREE MONTHS ENDED —————— January January 26, 2003 27, 2002 ————– ————– Net sales $ 1,918 $ 1,810 ————– ————–
Costs and expenses Cost of products sold 1,056 1,004 Selling, general and administrative expenses 477 453 Restructuring charge – 1 ————– ————– Total costs and expenses 1,533 1,458 ————– ————–
Earnings before interest and taxes 385 352 Interest, net 46 45 ————– ————– Earnings before taxes 339 307
Taxes on earnings 108 104 ————– ————–
Net earnings $ 231 $ 203 ============== ==============
Per share – basic Net earnings $ .56 $ .49 ============== ==============
Dividends $ .1575 $ .1575 ============== ==============
Weighted average shares outstanding – basic 411 410 ============== ==============
Per share – assuming dilution Net earnings $ .56 $ .49 ============== ==============
Weighted average shares outstanding – assuming dilution 411 411 ============== ==============
In the first quarter of fiscal 2003, the company adopted Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets.” In accordance with the standard, the company discontinued the amortization of goodwill and indefinite-lived intangible assets. Net earnings for the quarter ended January 27, 2002 would have been $216 or $.53 per diluted share had the provisions of the standard been adopted at the beginning of the prior year.
SIX MONTHS ENDED ————————– January January 26, 2003 27, 2002 ———— ————
Net sales $ 3,623 $ 3,539 ———— ————
Costs and expenses Cost of products sold 2,027 1,975 Selling, general and administrative expenses 881 897 Restructuring charge – 1 ———— ———— Total costs and expenses 2,908 2,873 ———— ————
Earnings before interest and taxes 715 666 Interest, net 91 98 ———— ———— Earnings before taxes 624 568
Taxes on earnings 201 194 ———— ———— Earnings before cumulative effect of accounting change 423 374 Cumulative effect of accounting change (31) – ———— ———— Net earnings $ 392 $ 374 ============ ============
Per share – basic Earnings before cumulative effect of accounting change $ 1.03 $ .91 Cumulative effect of accounting change (.08) – ———— ———— Net earnings $ .95 $ .91 ============ ============
Dividends $ .315 $ .315 ============ ============
Weighted average shares outstanding – basic 411 410 ============ ============
Per share – assuming dilution Earnings before cumulative effect of accounting change $ 1.03 $ .91 Cumulative effect of accounting change (.08) – ———— ———— Net earnings $ .95 $ .91 ============ ============
Weighted average shares outstanding – assuming dilution 411 411 ============ ============
In the first quarter of fiscal 2003, the company adopted Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets.” In accordance with the standard, the company discontinued the amortization of goodwill and indefinite-lived intangible assets. Net earnings for the six months ended January 27, 2002 would have been $400 or $.97 per diluted share had the provisions of the standard been adopted at the beginning of the prior year.
In connection with the adoption of this new standard, the company also recognized a non-cash charge of $31 (net of a $17 tax benefit) as a cumulative effect of accounting change for the write-down of goodwill of one business unit in the first quarter of fiscal 2003.
CAMPBELL SOUP COMPANY CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited) (millions, except per share amounts)
THREE MONTHS ENDED —————— January January Percent Sales 26, 2003 27, 2002 Change —– ——– ——– ——- Contributions: North America Soup and Away From Home $ 824 $ 812 1% North America Sauces and Beverages 318 319 0% Biscuits and Confectionery 486 428 14% International Soup and Sauces 290 251 16% ——— ——— Total sales $1,918 $1,810 6% ========= =========
Percent Change Excluding Restructuring Related Earnings Costs(1) ——– ————- Contributions: North America Soup and Away From Home $ 209 $ 218 -4% -4% North America Sauces and Beverages 84 70 20% 20% Biscuits and Confectionery 87 79 10% 5% International Soup and Sauces 34 35 -3% -3% ——— ——— Total operating earnings 414 402 3% 2% Unallocated corporate expenses (29) (33) ——— ———
Earnings before interest and taxes 385 369 4% 3% Interest, net (46) (45) Taxes on earnings (108) (108) ——— ———
Net earnings $ 231 $ 216 7% 5% ========= =========
Net earnings – assuming dilution $ .56 $ .53 6% 6% ========= =========
Results for the period ended January 27, 2002 have been restated to reflect the pro forma impact of SFAS No. 142. Amortization expense of $17 ($13 after tax or $.03 per share) has been eliminated from the prior period results.
Earnings contributions from Biscuits and Confectionery include the effect of costs associated with the Australian manufacturing reconfiguration plan. In the second quarter of fiscal 2002, costs were $4 pre-tax ($3 after tax).
(1) Percent change is calculated excluding the effects of the Australian manufacturing reconfiguration plan.
SIX MONTHS ENDED —————— January January Percent Sales 26, 2003 27, 2002 Change —– ——– ——– ——- Contributions: North America Soup and Away From Home $1,570 $1,618 -3% North America Sauces and Beverages 625 632 -1% Biscuits and Confectionery 896 807 11% International Soup and Sauces 532 482 10% ——— ——— Total sales $3,623 $3,539 2% ========= =========
Percent Change Excluding Restructuring Related Earnings Costs(1) ——– ————- Contributions: North America Soup and Away From Home $ 414 $ 450 -8% -8% North America Sauces and Beverages 161 134 20% 20% Biscuits and Confectionery 129 116 11% 5% International Soup and Sauces 60 64 -6% -6% ——— ——— Total operating earnings 764 764 0% -1% Unallocated corporate expenses (49) (64) ——— ———
Earnings before interest and taxes 715 700 2% 1% Interest, net (91) (98) Taxes on earnings (201) (202) ——— ——— Earnings before cumulative effect of accounting change 423 400 6% 4% Cumulative effect of accounting change (31) – ——— ——— Net earnings $ 392 $ 400 -2% -3% ========= =========
Net earnings per share before cumulative effect of accounting change – assuming dilution $ 1.03 $ 0.97 6% 4% ========= =========
Results for the period ended January 27, 2002 have been restated to reflect the pro forma impact of SFAS No. 142. Amortization expense of $34 ($26 after tax or $.06 per share) has been eliminated from the prior period results.
Earnings contributions from Biscuits and Confectionery include the effect of costs associated with the Australian manufacturing reconfiguration plan. In the six month period ended January 26, 2003, costs were both $1 pre- and after tax. In the six month period ended January 27, 2002, costs were $8 pre-tax ($6 after tax).
CAMPBELL SOUP COMPANY CONSOLIDATED BALANCE SHEETS (unaudited) (millions)
January January 26, 2003 27, 2002 ———- ———-
Current assets $ 1,484 $ 1,420
Plant assets, net 1,757 1,586
Intangible assets, net 2,748 2,408
Other assets 298 635
———- ———- Total assets $ 6,287 $ 6,049 ========== ==========
Current liabilities $ 3,034 $ 2,888
Long-term debt 2,270 2,354
Nonpension postretirement benefits 314 330
Other liabilities 430 481
Shareowners’ equity (deficit) 239 (4) ———- ———-
Total liabilities and shareowners’ equity (deficit) $ 6,287 $ 6,049 ========== ==========
Total debt $ 3,627 $ 3,810 ========== ==========
Net debt $ 3,590 $ 3,778 ========== ==========
Certain reclassifications were made to prior year financial statements.
CONTACT: Campbell Soup Company, Camden Michelle M. Davidson (Media) (856) 968-4390 or Leonard F. Griehs (Analysts) (856) 342-6428
