FINANCIAL ANALYSIS

Financial Analysis of Sysco Corporation

Financial Analysis of Sysco Corporation

Introduction

The present assessment assesses the economic position of Sysco Corporation. Ratio analysis was conducted on the financial statements for the years 1999-QTR 4. This investigation was assessed on a tendency cornerstone and compared to some key present commerce indicators. Likewise, other non-financial concerns, the annual report's note to shareholders and the company's future viewpoint are assessed.

SECTION A: COMPUTATIONS

Sysco Corp. Consolidated Results of Operations (1999-QTR 4)

Consolidated Results of Operations

(In thousands except for share data)

 

 

 

 

 

 

QTR 4

QTR 3

QTR 2

QTR 1

Sales

 $     26,140,337

 $     23,350,504

 $     21,784,497

 $     19,303,268 Cost and expenses

 

 

 

 

    Cost of sales

 $     20,979,556

 $     18,772,163

 $     17,513,138

 $     15,649,551 Operating expenses

 $       3,836,507

 $       3,467,379

 $       3,232,827

 $       2,843,755 Interest expense

 $            72,234

 $            62,897

 $            71,776

 $            70,832 Other, net

 $             (8,347)

 $             (2,805)

 $                 101

 $              1,522

 Total cost and expenses

 $     24,879,950

 $     22,299,634

 $     20,817,842

 $     18,565,660

Earnings before income taxes

 $       1,260,387

 $       1,100,870

 $          966,655

 $          737,608

Income taxes

 $          482,099

 $          421,083

 $          369,746

 $          283,979

Earnings before cumulative

 effect of accounting change

                         $          778,288

 $          679,787

 $          596,909

 $          453,629

Cumulative effect of

accounting change

 

 

 $            (8,401)

 Net earnings

$          778,288

 $          679,787

 $          596,909

 $          445,228 Basic earnings per share

 $                1.20

 $                1.03

 $                0.90

 $                0.68 Diluted earnings per share

 $                1.18

 $                1.01

 $                0.88

 $                0.67

 

Sysco Corp. Consolidated Balance Sheets

Consolidated Balance Sheets

(In thousands except for share data)

 

 

 

 

QTR 4

QTR 3

QTR 2

QTR 1

Current assets

 

 

 

 

    Cash

 $          337,447

 $          198,439

 $          135,743

 $          159,128 Receivables

          2,009,627 1,760,827 1,650,130 1,519,038 Inventories

          1,230,080 1,117,869 1,042,277 937,899 Deferred taxes

                       -              34,188 7,128 72,041 Prepaid expenses

               52,380 41,966 40,456 45,109 Total current assets

          3,629,534 3,153,289 2,875,734 2,733,215

Plant and gear at cost, less depreciation

 

          1,697,782 1,516,778 1,344,693

Other assets

 

 

 

 

    Goodwill and intangibles,

less amorization

 

             922,222 768,837 543,655 Restricted cash

               83,807 32,000 Other

             186,560 184,460 191,638 192,392 Total other assets

          1,384,327 1,138,682 960,475 736,047

Total assets

 $       6,936,521

 $       5,989,753 5,352,987 4,813,955

Current liabilities

 

 

 

 

      Notes payable

             101,822 66,360 30,640 31,109 Accounts payable

          1,637,505 1,349,330 1,271,817 1,186,721 Acrrued expenses

             624,451 599,324 653,908 527,233 Income taxes

                 9,193 41,596 123,332 17,914 Deferred taxes

             307,211 -   Current maturities of lon-term debt

               20,947 13,754 23,267 19,958 Total current liabilities

          2,701,129 2,070,364 2,102,964 1,782,935

Other liabilities

 

 

 

 

    Long-term debt

          1,249,467 1,176,307 961,421 1,023,642 Deferred taxes

             498,396 441,570 188,067 245,810 Other long-term liabilities

             289,998 168,993 Total other liabilities

          2,037,861 1,786,870 1,269,452

Total liabilities

          4,738,990 3,857,234 3,252,452 3,052,387

Contingencies

 

 

 

 

Shareholders' equity

 

 

 

 

    Pmentioned supply, par worth $1 per share

 

 

 

 

          Authorized 1,500,000 portions, handed out none

 

 

 

 

    Common supply, par value $1 per share

 

 

 

 

          Authorized 1,000,000,000 portions, handed out 765,174,900 shares

 

             765,175 765,175 382,587 Paid-in capital

             249,235 217,891 186,818 76,967 Retained earnings

          3,373,853 2,869,417 2,415,160 2,332,238 Other comprehensive loss

            (152,381)

              (65,435)

               (5,624)

 

 

          4,235,882 3,787,048 3,361,529 2,791,792

Less cost of treasury supply, 121,517,325 and 111,634,603 shares

 

          1,654,529 1,260,994 1,030,224 Total shareholders' equity

          2,197,531 2,132,519 2,100,535 1,761,568

Total liabilities and shareholders' equity

$       6,936,521

 $       5,989,753

 $       5,352,987 4,813,955

 

SECTION B: FINANCIAL TREND COMPARISON

Sysco Corp.'s (known as SYY in the NY stock market) centre business is to market and circulate nourishment and related products to the food-service ...