Document 2jrRX4mp196QY3zrd7ZQg3K6r

MOODY'S INDUSTRIAL MANUAL 5599 ^ pices established by the franemsor, and ,,o promote diligently the sale distribution ot the ,-ancr.jea produets. Packaging materials (bottles, frp-u caps cans cartons cases) are ootained from manufacturers approved ' the fiarxsjor and otrer items are purchased in the general market. The are tor an ndefinite term and are suoject to termination upon * to comply with toe provisions of the franciuse agreement. Products are distributed by Pepsi General to retail outlets primarily by w-mM racks -ta operated by Pepsi or sells the vending General machines route -which salesmen. Pepsi dispense 'ts soft General owns, drink products fsetones, oifices schools, stores, gasoline stations and other locations. sb General s business .s seasonal and weather conditions dunng one peak ww months have a significant effect on sales. -Competiuon among sort drinks of all lands, and particularly in the pnna- h| cola dnnk market (approximately 70% of all soft dnaks sold in the Sited States are colas), is intense and focuses on price to retail outlets. spite fluctuations in the pnees of htgn fructose com sweeteners and nab used in sort dnnk packaging, Pepsi General has not experienced julty a obtaining such items. It a the practice of Pepsi General to pro- __ the availability and pnong of its sweetene- requirements through com* fcaeats from suppliers for future delivery at the lower of market or guar* ` ceding pnees. MIDAS Hfidas. provides automotive exhaust systems, suspension systems and t serv'ces througn 2 453 franchised ana company-owned Midas shops in United States Canada, France. Belgium, Austria, Switzerland. Spain, la, Mew Zealand Panama and Mexico Domestic manufacturing produce over 1 6S0 different types of mufflers and 3.150 types o! t and tail pipes to service approximately 2,000 makes and models of lob&ea. ! principal source of Midas' revenue a derived from its network of used and company-owned and operated retail shops. Midas collects an 1 franchise fee and receives yearly royalties based upon the franchisee's i revenues. In addition, Midas generates revenues from the sale of man"`td mufflers and tubing, and from the resale of purchased pans (pnbrakes, shocks and front-end alignment components) to its franemsidis also sells its manufactured exhaust system parts under other cams to automotive parts distributors, jobbers and automobile accesstores and its fabricated tube-bending equipment to jobbers and retail s-Jta paoe raw materials and supplies used in Midas products are purchased many suppliers and die company is not dependent upon any single e for any oi us raw materials or supplies. Bpetioon ui the automotive replacement parts business is intensive at the wholesale and retail levels. Service, convenience, price, and warran ts the primary competitive factors. Midas' warranty of mufflers, brakes "'odes ts particularly important to its marketing program. Competitors automotive service centers of retail chain stores, muffler shops, auto dealers, gasoline stations and independent repair shops. HUSSMANN manufactures, sells, installs and services, both domestically and nationally, capital equipment u> satisfy the selected needs of supermar(Boveaieace and specialty store and commercial refrigeration customers, uns include refrigerated display cases, refrigeration systems, ster ns, evaporators, condensers, customized air conditioning and venu(npupment, energy management devices and custom wood products, oouar amount of firm backlog at December 31 1991 was 5141.2 million. 4139.8 million in 1990 Substantially all such backlog is expected fefiDed within one year _on products are marketed internationally by both company sales and independent distributors. prinapal competitive factors m the sale of Hussmann products are anety. quality ana technology, particularly energy conservation. , materials and supplies used in Hussmann products are pur1 many suppliers and Hussmann is not dependent upon any sin._wiree for any of its raw materials*Or supplies. SEGMENT REPORTING ^ inm?aJly a engaged in three distinct businesses. Pepsi-Cola and 'or dnaks canning and boulingi Midas automotive services, and refrigeration systems and equipment. Selected financial tn/ormated to die business segments is shown below* S^Boas) Muffler Corporation of America (111) LeSilenceux SA. (France) Sooete Service Estudes. Carex F-arce SA. (France) Miaas Mufflers (Vic) Pty Ltd. (Australia) Midas Australia Pty iLd. (Australia) Midas SA. (3elgium) Midas Sdencador, SA. (Spam) Top Escape (Spain) Carex Uitiaatrenter N V (Belgium) Midas International Corporation (Wyo.) Midas Canada Holdings Ltd. (Canada) Midas Canada. Inc (Canada) Midas Realty Corp of Canada. Inc (Canada) -Cola General Bottlers, Inc (Del ) (80%) _ .nadco Advertising Agency, Inc (111.) (80%) Kolmar Products Corporauon (Wis.) (80%) Pepsi-Cola General 3ottler of South Bend. Inc (Ind.) (80%) Pepsi-Cola General Bottlers of BrookviUe* Inc (Ind.) (80%) Pepsi-Coia General Bottlers of Virginia. Inc (Va_) (80%) Pepsi-Cola General Botden of Pnnceton. Inc (\W ) (80%) Pepsi-Cola General Bottlers of Toledo Inc (Oh.) (80%) Pepsi-Cola General 3ottiers of Bryan. Inc (DeL) (80%) Pepsi-Cola General Borders of Dover. Inc. (Oh.) (89%) Pepsi-Cola General Bottlers of Munae, Inc (Del) (80%) Pepsi-Cola General Bottlers of Ft Wayne. Inc (DeL) (80%) Pepsi-Cola General Bottlers of Lima, Lie (DeL) (80%) Pepsi-Cola General Botden of Memphis, Inc. (Tenn.) (80%) Pepsi-Cola Bottling Co of Bloomington, Inc (DeL) (80%) Pepsi-Cola Bottling Co of Oshkosn. Inc (WL) (80%) Marquette Bolting Works (Midi.) (80%) Northern Michigan Vending, Inc (Mich.) (80%) Beverage Bottlers. Inc (Wise) (80%) Four Star Leasing, Inc (Wise) (80%) Lou Gen Ltd. (Iowa) (80%) Hussmann Corporauon (Mo.) Krack Corporation (HL) ____ Hussmann Tempcooi Holdings PTE Limned (Singapore) (50%) Design & Build Construction, Inc (Cal.) Hussmann Australia Pty Ltd. (Australia) Whitman InteraaconaL SA. (Switzerland) Whitman Insuance Co. Ltd. (Bermuda) Whitman Bahamas. Ltd. (Bahama Islands) Hussmann Canada Holdings, Ltd. (Canada) Hussmann Canada. Inc Hussmann Holdings, Ltd. (Great Bntiaa) Hussman (Europe) Ltd. (Great Bntun) Hussmann Refrigeration Ltd. (Great Bnuan) Craig Nicol Ltd. (Scotland) Hussmann Mexico SA. de GV (Mexico) Amencan Refrigeration Prod. SA. (Mexico) Industries Fngonfleas SA. de GV (Mexico) . The names of certain subsidiaries are omitted because such subsidiaries, considered m the aggregate as a single subsidiary, would not constitute a significant subsidiary MANAGEMENT Officers BE. Cheibenr, Qimn. & CE.0 LP Fagan, Exec V.P --Finance TX. Bindley, Exec Vice-Pres. BE. Chelberg Exec Vice-Pres. FT Westover, Sr V.P Sc Contr RA Wngm. Sr VJ* -- Human Resources St Administration L.W Baker, VJ> 8c Tress. GH. Connolly, V.P --Corp Affairs 8e Investor Relations L.I. Coma, VJ -- Taxes w B Moore, V.P., Sec 8c General Counsel R.B. Wemtz, VJ* -- Benefits 8c Compensation K.K. Gannon, Assl Treas. G K. Marquart. Asst. V^ -- Risk Management MJ) Nebon. Asst. VP -- Acctg. G C Plebanski, Assl VJ*. -- Taxes B General S^Xotal 4) 1219 476.0 795 4 124934 41 04J4 476.4 787 4 *2405.0 4961 433 42,184 RTiES ..,woie-r-a--i-'jt--f-a--a--h--ti-e- mdude seven bottling plants, three combination 5*1TM* plants and three canning plants. In addition, Pepsi General ,jrtzu>uuon warehouses and three storage warehouses. Approxi- I14 of Pepsi General's production is from leased facilities. fvntyo*e.c,ve `ur manutactunng plants in the UE Of the plants, three Ooe t* leased. In addition. Midas maintains 11 warehouses in w*rehouses m Canada, of which two are owned and 14 axe e.,--*6, 31. 1991. Midas onperated 117 MMiiddais Muffler Shopos* in the 5 Midas Muffler Shops m Canada and 135 Midas Muffler other foreign countries. Hussmana operates 10 owned and II m the United States, Canada. Mexico, Austra- * jT w Kingdom. There aft five owned and SO leased branch miwh. k States, Canada. Mexico, Australia and the United l BdriiHiyT^Try 1* and maintain Hussmann products. Whitman engages in a variety of industrial, commeroal and real estate development acuvines in the United States. SP&Jies ''tadnausd!^2 "^e ^^owias subsidiaries are wholly owned. unl^ e&J^CDeL) ^HopmentCorp (Da) inCorporation H.V (Netherland Antilles) jglSFU g5^*ImprovementCorporation (HL) Inc. (Ill ) Inc (FI) fctSSSf'PPklnc- (Mm) Sic EnfS2n" Comomuon (Del ) 2!gfe Si.D<L, " Properties (Da> Bruce S. Chelberg Richard G. Gme James W Cozad Pierre S- Du Ponte IV Archie R. Dykes Helen Galland G Jackson Grayson Jr Walter H. Heknertch, IH Donald P Jacobs Harold R. Logan Harry A. Meno Charlfees S. Locke Auditors: KPMG Pest Marwick. investor Relations: Suite 4403, 200 Park Ave* NY. NY 10166 (212)97255J0. Annual Meating: In May. No. of Employes*: Dec. 31 1991 14.703 No. of Stockholdars: Dec 31 1991 25.089 Address: 3501 Algonquin Road. Rolling Meadows. 1L 60008. TaL: (708)818-5000. Tstss 206437. INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEG 31 (m thousands of dollars) From continuing operations: Sales and revenues Cost of goods sold .................. Gross profit . .................. Selling, general 8c admin, expenses Amortization expense . . Romictunng charge -. .. Operating income .... Interest expense........................ Interest income . ... 1991 2J93J00 1455 400 837 900 548 400 17.700 271400 (128400) 14,400 1990 2405,000 1413 700 791400 541 700 17400 170400 61 600 (158,700) 62400 QD1989 2.184.000 1450,100 733,900 507400 16400 210.400 (156400) 71400 (X&9S8 2423.000 1427400 695.400 453 700 13,700 241 700 (137 600) 30,100