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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

February 18, 2004

 

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Date of Report (Date of earliest event reported)

 

PepsiCo, Inc.

 

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(Exact name of registrant as specified in its charter)

 

North Carolina

 

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(State or other jurisdiction of incorporation)

 

1-1183		13-1584302
(Commission File Number)		(IRS Employer Identification No.)

 

700 Anderson Hill Road, Purchase, New York 10577

 

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(Address of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (914) 253-2000

 

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Item 12.

Results of Operations and Financial Condition.

 

The information, including the exhibits attached hereto, in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

 

Attached and incorporated herein by reference are the following exhibits:

 

99.1

PepsiCo Posts Quarterly Income Statement Details Reflecting Stock Option Expense.

 

99.2

Financial schedules.

 

2

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 18, 2004				PepsiCo, Inc.
		By:		/S/    THOMAS H. TAMONEY, JR.
				Thomas H. Tamoney, Jr. Vice President, Associate General Counsel and Assistant Secretary

 

3

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INDEX TO EXHIBITS

 

Exhibit Number		Description
99.1		PepsiCo Posts Quarterly Income Statement Details Reflecting Stock Option Expense.
99.2		Financial schedules.

 

4

Exhibit 99.1

 

PepsiCo Posts Quarterly Income Statement Details

Reflecting Stock Option Expense

 

PepsiCo has posted on its website at www.pepsico.com financial information for 2001-2003 reflecting stock option expense by quarter. Information by line of business by quarter is presented for 2002-2003.

 

These details are consistent with the revised fourth quarter earnings release that was issued on February 9, 2004.

 

A copy of this financial information also is being filed with the Securities and Exchange Commission as an attachment to Form 8-K.

Exhibit 99.2

PepsiCo

Unaudited Information

(in millions, except per share amounts)

 

		First Quarter								Index		Second Quarter								Index		Third Quarter								Index		Fourth Quarter								Index		Full Year								Index
		2003				2002						2003				2002						2003				2002						2003				2002						2003				2002
Operating Profit
Frito-Lay North America		$	472			$	442			107		$	530			$	496			107		$	577			$	529			109		$	663			$	614			108		$	2,242			$	2,081			108
PepsiCo Beverages North America			321				301			107			475				427			111			503				445			113			391				312			126			1,690				1,485			114
Quaker Foods North America			118				110			107			94				95			99			106				115			92			152				138			110			470				458			103
PepsiCo International			191				165			116			300				260			115			287				251			114			283				234			121			1,061				910			117
Total Division Operating Profit			1,102				1,018			108			1,399				1,278			109			1,473				1,340			110			1,489				1,298			115			5,463				4,934			111
Divested Businesses			26				—			NM			—				9			NM			—				6			NM			—				8			NM			26				23			NM
Merger-Related Costs			(11	)			(36	)		NM			(11	)			(65	)		NM			(9	)			(33	)		NM			(28	)			(90	)		NM			(59	)			(224	)		NM
Impairment and Restructuring Charges			—				—			NM			—				—			NM			—				—			NM			(147	)			—			NM			(147	)			—			NM
Corporate Unallocated			(91	)			(101	)		91			(97	)			(90	)		106			(100	)			(110	)		90			(214	)			(137	)		157			(502	)			(438	)		115
Total Operating Profit			1,026				881			116			1,291				1,132			114			1,364				1,203			113			1,100				1,079			102			4,781				4,295			111
Bottling Equity Income, net			15				27			56			95				94			102			136				130			104			77				29			NM			323				280			116
Interest Expense, net			(30	)			(19	)		158			(22	)			(38	)		58			(30	)			(36	)		83			(30	)			(49	)		62			(112	)			(142	)		79
Income Before Taxes			1,011				889			114			1,364				1,188			115			1,470				1,297			113			1,147				1,059			108			4,992				4,433			113
Provision for Income Taxes			313				287			109			420				380			111			458				413			111			233				353			66			1,424				1,433			99
Net Income		$	698			$	602			116		$	944			$	808			117		$	1,012			$	884			114		$	914			$	706			129		$	3,568			$	3,000			119
Diluted Earnings Per Common Share		$	0.40			$	0.33			120		$	0.54			$	0.45			122		$	0.58			$	0.50			117		$	0.52			$	0.40			130		$	2.05			$	1.68			122
Average shares outstanding—Diluted			1,730				1,796						1,736				1,808						1,745				1,784						1,743				1,749						1,739				1,782

 

Note: Indices based on unrounded amounts.

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PepsiCo

Unaudited Information

(in millions, except per share amounts)

 

		Full Year												Index
		2003				2002				2001				03 vs 02		02 vs 01
Net Revenue		$	26,971			$	25,112			$	23,512			107		107
Cost of Sales			12,379				11,497				10,750			108		107
Selling, general and administrative expenses			9,460				8,958				8,574			106		104
Amortization of intangibles			145				138				165			105		84
Merger-related costs			59				224				356			NM		NM
Other impairment and restructuring charges			147				—				31			NM		NM
Total costs and expenses			22,190				20,817				19,876			107		105
Total Operating Profit			4,781				4,295				3,636			111		118
Bottling Equity Income, net			323				280				160			116		175
Interest Expense, net			(112	)			(142	)			(152	)		79		94
Income Before Taxes			4,992				4,433				3,644			113		122
Provision for Income Taxes			1,424				1,433				1,244			99		115
Net Income		$	3,568			$	3,000			$	2,400			119		125
Diluted Earnings Per Common Share		$	2.05			$	1.68			$	1.33			122		127
Average shares outstanding—Diluted			1,739				1,782				1,804

 

Note: Indices based on unrounded amounts.

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PepsiCo

Unaudited Information

(in millions, except per share amounts)

 

		First Quarter												Index				Second Quarter												Index				Third Quarter												Index				Fourth Quarter												Index
		2003				2002				2001				03 vs 02		02 vs 01		2003				2002				2001				03 vs 02		02 vs 01		2003				2002				2001				03 vs 02		02 vs 01		2003				2002				2001				03 vs 02		02 vs 01
Net Revenue		$	5,530			$	5,311			$	4,912			104		108		$	6,538			$	6,119			$	5,807			107		105		$	6,830			$	6,300			$	5,901			108		107		$	8,073			$	7,382			$	6,892			109		107
Cost of Sales			2,534				2,430				2,252			104		108			2,992				2,776				2,638			108		105			3,116				2,873				2,683			108		107			3,737				3,418				3,177			109		108
Selling, general and administrative expenses			1,929				1,936				1,836			100		105			2,209				2,112				2,061			105		102			2,307				2,156				2,061			107		105			3,015				2,754				2,616			109		105
Amortization of intangibles			30				28				36			108		77			35				34				39			102		89			34				35				38			99		89			46				41				52			111		80
Merger-related costs			11				36				—			NM		NM			11				65				—			NM		NM			9				33				235			NM		NM			28				90				121			NM		NM
Other impairment and restructuring charges			—				—				4			—		NM			—				—				4			—		NM			—				—				13			—		NM			147				—				10			NM		NM
Total costs and expenses			4,504				4,430				4,128			102		107			5,247				4,987				4,742			105		105			5,466				5,097				5,030			107		101			6,973				6,303				5,976			111		105
Total Operating Profit			1,026				881				784			116		112			1,291				1,132				1,065			114		106			1,364				1,203				871			113		138			1,100				1,079				916			102		118
Bottling Equity Income, net			15				27				5			56		NM			95				94				63			102		149			136				130				85			104		152			77				29				7			NM		NM
Interest Expense, net			(30	)			(19	)			(32	)		158		59			(22	)			(38	)			(41	)		58		93			(30	)			(36	)			(35	)		83		102			(30	)			(49	)			(44	)		62		114
Income Before Taxes			1,011				889				757			114		117			1,364				1,188				1,087			115		109			1,470				1,297				921			113		141			1,147				1,059				879			108		120
Provision for Income Taxes			313				287				242			109		119			420				380				347			111		109			458				413				365			111		113			233				353				290			66		122
Net Income		$	698			$	602			$	515			116		117		$	944			$	808			$	740			117		109		$	1,012			$	884			$	556			114		159		$	914			$	706			$	589			129		120
Diluted Earnings Per Common Share		$	0.40			$	0.33			$	0.29			120		117		$	0.54			$	0.45			$	0.41			122		109		$	0.58			$	0.50			$	0.31			117		162		$	0.52			$	0.40			$	0.33			130		123
Average shares outstanding—Diluted			1,730				1,796				1,795								1,736				1,808				1,805								1,745				1,784				1,816								1,743				1,749				1,802

 

Note: Indices based on unrounded amounts.