Document q3b0rxmyoMyaz66qBVyY8nn5x
1992 VOL. 2 J-Z
COVERING NEW YORK & AMERICAN
STOCK EXCHANGES
MOODY'S
INDUSTRIAL MANUAL
DANNY a. ZOTTOLL JR., Publisher HOWARD G. KIEDAiSCH, Associate Publisher FRANK K PLATaROTE, Director--Production BRIAN T COFFEY, Director--Financial Information Services JOSEPH J. NESTO, Director--Financial Information Services
ROBERT P HANSON, Editor-in-Chief
JOHN J IERACI. Associate Director
Editorial Staff
TONY BURKE MARYROSE CAROSIA ANGELICA K CARROLL JULIE CIQUERA **
PETERJ HEALY CAROL MANGIN THOMAS J. MCDONALD LISANNE PINILLO
Data Compilation Staff
SARONG BINGLEY
JUANITA BOONE KEVENDEWELY BRYAN ENG MERCEDES EUGENE
HECTOR FERNANDEZ MARKGARRAHAN KEYINHECKERT ANDREW KALINSKI FRED LANZA
WILLIAM H ROGERS BERNARDO SCERI. JR MARTIN SCHULMAN EARL STEPHENS CHARLOTVOLNY JOANNE WALLACE THOMAS M. WECERA MARK L. ZWIEBACK
PATRICK LEWIS ERLENE LYNCH PINA RUSSO CORLIA STERLING
Moody's Investors Service
im a company of ilj# The Dim ABradstim Corporation
, sit FOUOWiNO PAGE FOR COMPIXTE LIST Of omcts
Copynght 1992 by
MOODY'S INVESTORS SERVICE, INC New York All rights reserved.
SCF-ABEX-3140
5598
MOODY'S INDUSTRIAL MANUAL
WHITMAN CORPORATION
CAPITAL STRUCTURE
LONG TERM DEBT Issue
(. Lang term debt 2. 4JA% euronotes 1993
CAPITAL STOCK,
luce
1 Common
.
Rating
Bart Par Value
Amount Ouisunckng 3794 992 COO
100 908 000
Shares Outstanding
106 800 000
HISTORY
Incorporated in Delaware Aug 31, 1962, as Illinois Central Industries.
Inc* name changed to IC Industries. Inc. in May, 1975, present name
adopted Dec. J 1988
On June 1 1965 acquired Chandcysson Electric Co* SL Louis, heavy electrical equipment and products.
of
In Apr 1967 ICC authorized acquisition of control of Chicago Sc Illinois
Western ILR by issuance of 40 000 common shares (after split) for all com
mon & p-efenra stock of CfitLW R.R.
On Aug 30. 1968 acquired assets and liabilities of Waukesha Foundry Co .
a manuiacntrer of preosion castings and corrosion resistant pumps.
In Dec 1968 purchased Illinois Center
On Dec 26, 1968 merged Abex Corp by issuance of 2,615.439 shares 33.50
cumulauve convertible second pre:erred, senes 1 at rate of 0.72 snara of SJJO preferred for each share Abex common.
In May 1969 acquired Seay 8c Thomas Inc for 80,250 shares of common
stock. (The name and brokerage and management business were sold m
Apr 1979 and name of residual operations changed to South Properties,
Inc)
On Feb 2 1970 merged Pepsi-Cola General Borden Inc by the issuance
of 762.249 snares of 33.50- cumulative convertible 2nd preferred stock at a
rate of 0 -tO shares of 33JO preferred for each share ot Pepsi-Cola general
common.
On Mar 11 1970 acquired H-F Phflipsbom Co* Chicago mortgage bank
ing and real estate firm for common shares.
In Dec 1970 acquired Perfect Phis Hosiery, Inc. manufacturer and dis
tributor of women's hosiery and related soft goods (liquidated in 1973)
In Aug 1971, acquired Signal-Stat Division of Lehigh Valley Industries
tor 37 200 000.
In Sept. 1971 acquired Dad's Root Beer Co. m exchange for 160 000 com
mon shares. (Sold to The Monarch Co ui Dec 1987)
In Dec 1971 acquired Hunter Moss & Co* Miami, Fla. (merged with Phi-
iipsbom Equities of Florida, in 1974)
On /an. 25. 1972 merged MSdas-Intemationai Corp by the issuance of
1 910,763 shares of Co common stock for each 0 6568 shares of Midas com
mon stock.
In Apr. 1972, merged Lincoln Financial Inc. by the issuance of 777 769
shares of Co. common stock for each 0-35 shares of Lincoln common stock.
(Sold in 1979)
On Aug 10, 1972, Illinois Central R.R* a Co. subsidiary and Gulf Mobile
Sc Ohio R.R. Co formally merged to form a new line, Illinois Central Gulf
R.R. Co* which is now a subsidiary
Under merger terms. Co. issued 585 657 shares of 36.00 first preferred
stock and 367 677 shares of us common stock to effect the merger and also
purchase minority interest in three small Mississippi railroads.
In May 1973 acquired Bubble Up Corp for 33,600000. (Sold to The Mon
arch Co in Dec. 1987)
In June 1973 acquired Midwest Life Insurance Co, Lincoln, Neb. for 315 200 000 (sold in 1979).
On Feb 26, 1974 acquired Consolidated Acceptance Corp, Minneapolis,
Minn, (sold in 1976)
x
In May 1974 acquired A.L. Hansen Manufacturing Co
Chande;
"
--
lfg.C____________________ __________
la Apr 1977 acquired Stanray Corp. The purchase cost of 3J8 271 000,
including expenses, consisted of cash payments of 36.363 000 and the asu-
ance of 765.804 shs. of Industries 33JO Second Preferred Stock.
In Feb 1978, Co issued 987 305 shs. of com. stk. for all outstg shs. of
Security Investment Co* which owns Pepsi-Cola Bottling Co. ol Cincinnati.
Ohio
.
In Aug. 1978 acquired voting common stock not previously owned of Pet
Inc. for 3406 000 000
'
In Jan. 1979 sold Lincoln Liberty Life Insurance Co. and Midwest Hold
ing Corp to USLIFE Corp
In Mar 1979 acquired Pepsi-Cola Bottling Co of Kenosha & Racing. Inc.
and Pepsi-Cola Kantor Bottling. Inc.
In Apr 1979 sold Benjamin Franklin Savings Association of Houston. Lin
coln Liberty Investment Corp and IC Financial Development Corp to Mis-
diet Corp. for 316.400,000 cash.
In May 1979 reached definitive agreement to acquire Alton Manufacturing
Co through Hussraaa Group of Pet Inc.
In July 1979 Midas International Corp merged wholly-owned European
retail outlets with those of TI Silencers, Ltd. to operate retail outlets to be
known as Midas Silencer Centres.
In Dec. 1979, acquired Applied Air Systems through Hussman Group of
Pet Inc.
In Apr 1980, acquired BLanchard-Ness for 71375 common shares.
In Aug. 1981 Co sold the Mussdxnsa Fruit Products division of its Pet
Inc* unit to MFP Enterprises Inc. The transaction was valued at
332 000,000 including 328,000000 m cash.
la June 1982 acquired Woi Underwood Co.
Also m May, 1982 Union Pacific Corp sold to Company 2 149.319 shs. of
Co. com. stk. owned by Union Paofic Corp The purchase pnee of
372 000 000 a equivalent to approximately 333 50 per sh.
In Aug 1982. sold to Coachmen Industries. Inc. the remaining assets of
the Vehicle Group of Midas International, a subsidiary Details were not
disclosed.
In Apr 1983, acquired 5 1% of Trane Co Details were not disclosed.
In July 1983 acquired additional Trane Co. stock, bringing total holdings
to 2434% (sold to Jan. 1934)
In Sept. 1983 acquired Havana Pepsi-Cola Bottling Co* Havana. HL
In June 1984 through a subsidiary acquired Turner Refrigeration.Ltd.
and Refrigerator Contracts Ltd. from Turner & Co* Ltd* Glasgow, Scot
land.
In Oct. 1984, through subsidiaries acquired Pepsi-Cola Bottling Co of
Springfield. Mo, and Pepsi-Cola Bottling Company of Flat River Mo* a
100% interest in a Mexican joint venture Infnsa, a 100% interest in a Ger
man joint venture, 1,2*3 AutoService: and Riordan Holdings Ltd* United
Kingdom.
In Nov 1984 through subsidiary, acquired 100% interest in United King
dom joint venture Midas L K. Ltd
On July l 1985 sold P&C Foods 42-store Carls Drug Cham to Revco D.S.
On July 31 1985 sold Pneurao s ?8tC Food Markets suosidiaiy Syracus^
N \ to an investment g; roup headed by senior management ot P&/" ---*
investor group organized by Riordan -reeman Spoglt Los Angeles.
fn Aug. 1985 Pet Inc* subsidiary acquired E.B Evans Co Philadelphia.* f-S
On Nov 18 1985 sold Claud S. Gordon Co* Richmond. Ill* to Watloo^l
Electric Manufacturing Co
_ i\*3l
On Jan. !. 1986 Pneumo Corporation and Abex Corporation mergedtoj
form Pneumo Abex Corporation.
*
Also m 1985 acquired BIH Foodservice lac. and Basuar-Blessing Food-a
service Equipment Co* Inc. and their subsidiaries for approx. 377.3 rziUkaT
in cash.
- ra
In April 1986 acquired Le Silanoaux the mtdas joint venture a France. ",
In Apr 1986 Pneumo Abex Corp* subsidiary acquired Jeasea-EaBy]
Machine Products, Industry, CaL
--
In May 1936, Hussmann Corp* subsidiary acquired Hams BrotbegY
Industries.
t. r"
In Aug 1986 Pepsi-Cola General Bottlers, subsidiary acquired Pepsi4!
Bottling Co of Scdalia. and Pepsi-Cola 3ottIing Co- of Columbia. MO 'T
In September 1986, Pet Lnc* subsidiary, acquired Pnrao Foods Canada .x**--
In Nov 1986 Hussmann Corp. subsidiary, acquired Coldstream Products]
of Canada and Fleming Pedlar Ltd.
taC-
In Nov 1986. acquired Ogden Food Products Corp for 3320 000.000. \L3
In May 1987 Pet Inc* subsidiary, acquired Facchin Foods Co Ltd. *-
In June 1987, Pneumo Abex Corp* a subsidiary formed the Abex Dweael
Systems division.
'T^sT*-
In July 1987. sold its Abex railroad products group to A3C Rail Corp.'*
In July 1987, Pet Inc* a subsidiary, acquired Country Queen Few J'
ducuon facility
-
In Sept. 1987, Pet Inc* a subsidiary acquired Oronoque, Inc. ..
Jn Nov. 1987 Co. acquired RKO Bottlers Inc. Irani GenCorp Inc
Is Dec 1987 Pneumo Abex Corp* a subsidiary acquired Eqtu Tech
In Dec 1987 Pet Inc* a subsidiary acquired MUoru Foods, Ltd. " _
In 1987 Pet Inc* a subsidiary, sold Us Southland Canning operations. 1
In 1987 Hussmann Corp* a suosidiary^ acquired CBM Kaltest
Re.cherstorien an affiliated company CBM Contracting Co and Souti
Escan Corp
-
In 1987, Pneumo Abex, a subsidiary, acquired Canparts Automotive I
national. Ltd.
T
In Jan. 1988 Pneumo Abex Corp* a subsidiary sold us Waukesha i
Division to AMCA International Corp* a subsidiary of AMCA Intt
Ltd.
--
In May 1988, Hussmann Corp* a subsidiary, acquired Gallagher Co./
Louis
-
In Aug 1988, Co sold its Pneumo Abex subsidiaries for 31.2 '
cash plus other considerations.
--
On Dec 30, 1988. Co. spun-off its subsidiary Central Gulf i.
thru distribution to Co. stockholders of one snare Illinois Central Tri
ration Co for each 5 Co. com. shs. held.
~
In 1988, Co acquired Oval Kent. Shoreman Food Technologies/
Pty Ltd. and Gallagner Co In fiscal 1989 Co. acquired sue companies, exfdudng Midas snpps<
total cost of 3213 700 000. including the purchase of Van de Kamps
Seasfoods.
-'
In 1989 Co acquired Pepsi-Cola franchise in Oshkosh and
Rapid. Wisconsin as well as several small Dr Pepper franchise in J
Virginia and West Virginia.
In 1989, Co. sold Kussmann's Food Service Group for $62,500 000. _
In fiscal 1990. Co acquired 39 Carer muffler shops, a European* service chain and three Pepsi-Cola franchises at a total cost of 337,4000*
Spin-Off- Stockholders of record March 28, 1991 received one common stock of Pet Inc. 'or each share of common stock of Co hdd.^
JOINT VENTURE
_
In Nov 1987, Co, and PepsiCo. Inc. formed a joint venture to
Pepsi-Cola products m key markets throughout the Midwest The J0t7
lure consist of the following operations Pepsi-Cola General Bottlers.
subsidiary of Co* RKO Bottling Inc* purchased by Co from GenCoip*|
Pepsi-Cola Bottling Co of Bloomington Illinois and Milwaukee. v
The joint venture, which represents a total investment 31*300 000 000, is owned 80% by Co. and 20% by PepsiCo There is
uonate sharing of profits and proportionate representation on the J
directors of Pepsi-Cola General Bottlers PepsiCo s investment in `
venture will come through the acquisition o! newly issued com.
Pepsi-Cola General Bottlers, Inc. In addition to transfemng tne
operations in Bloomington and Milwaukee to the joint venture.
wifi invest cash in the business. The joint venture agreement is sggj
routine review by governmental agencies. The agreement also r**'1
legal dispute between Co. and PepsiCo arising from the proposed t
bottling franchises currently held by RKO Bottlers.
;
BUSINESS AND PRODUCTS
_3
Co. is engaged in three distinct businesses. Pepsi-Cola and c
drinks. Midas automotive services, and Hussmann refrigeration sy*'
equipment.
..
Prior to 1968. Whitman's only substantial business was the Eh*"*
Railroad. Between 1968 and 1986 Whitman effected a senes of
aimed at diversifying beyond the railroad business. In 1978, Pet
rated, together with its subsidiary Hussmann. was acquired usW
diversification program. In 198/. Whitman began a program ox
restructuring designed to transform itself into an enterprise more n
consumer goods and services. In 1938 Whitman sold its Pneumo
porauon aerospace and defense subsidiary, and in January 1989 s
railroad operations to its shareholders. Since 1987 Whitman
effected a number of acquisitions directed toward its strategic rtpo*
On Apnl l. 1991, Whitman spun off its Pet subsidiary (excluding j
mann subsidiary) to its shareholders. As an independent Pub"SL
company Pet can concentrate its efforts and resources on its
nesses, tree from the demands of the remaining Whitman group-.
Pet spin-off the principal operating companies of Whitman aflT.
General Bottlers. Inc. ("Pepsi General*) Midas International
( 'Midas") and Hussmann Corporation ("Hussmann")
PEPSI GENERAL
Pepsi General packages and dismoutes under exclusive franc
Cola products - -J - 1
J-----------*--*--- ' J-- rs- 1
7-Lp Dr P sells Pepsi'_____________________________ __
________
total population ot over 25 million people, and sells its other
products in certain of these areas.
__.
Pepsi General > rtancbises grant it the exclusive right to Prod^
the products and use the related trade names and tradem**^ franchised temtones. The franchises require Pepsi General.
things, to purchase its concentrate requirements solely from tb
MOODY'S INDUSTRIAL MANUAL
5399
pices established by the 'raneusor, and .0 promote diligently the sale
y distribution or the .iDcnjea produets. Packaging materials (bottles,
u caps cans cartons cases) are ootained from manufacturers approved
Iw the fiarx&sor and otrer items are purchased in the general market. The
are tor an ndefinite term and are suoject to termination upon
Stuetocomply with cae provisions of thefrancmse agreement.
^Products are distributed by Pepsi General to retail outlets primarily by
' operated by Pepsi General route salesmen. Pepsi General owns,
or sells the vending machines -which dispense *ts soft dnnk products
factories, oifices schools, stores, gasoline stations and other locations.
General s business .s seasonal and weather conditions dunng one peak
__ aer months have a significant effect on sales.
.
'C0DP^HM'>" .mnnir tm? flnnirt n( all IrmHe
ask____________
_ ...
pite Ouctuaaons in the pnces of htgn fructose com sweeteners and uds used in sort dnnk packaging, Pepsi General has not experienced llty in obtaining such items. It ts the practice of Pepsi General to pro1 the availability and pnong of its sweetene- requirements through com* Resents from suppliers for future delivery at the lower of market or guar*
ceiling pnces.
MIDAS lGdts provides automotive exhaust systems, suspension systems and
serv'ces thxougn 2 453 'raschised ana company-owned Mlaas shops in United States Canada. France. Belgium, Austria, Switzerland. Spain. * Jia, New Zealand Panama and Mexico Domestic manufacturing 1 produce over 1 6S0 different types of mufflers and 3.150 types 0?
and tail pipes to service approximately 2,000 makes and models of -bQes. principal source of Midas' revenue a derived from, its network of '*ed and company-owned and operated retail shops. Midas collects an franchise fee and receives yearly royalties based upon the franchisee's revenues. In addition. Midas generates revenues from the sale of man.red mufflers and tubing, and from the resale of purchased parts (pnbrakes, shocks and front-end alignment components) to its franenis-
Ju also sells its manufactured exhaust system parts under other names to automotive parts distributors, jobbers and automobile accesttores and its fabricated tube-bending equipment to jobbers and retail __ . The raw materials and supplies used in Midas products are purchased ". many suppliers and -he company is not dependent upon any single for any 01 us raw materials or supplies, uxapetmon ui the automotive replacement parts business is intensive at the wholesale and retail levels. Service, convenience, price, and warranare the primary competitive factors. Midas' warranty of mufflers, brakes rocks is particularly important to its marketing program. Competitors - automotive service centers of retail chain stores, muffler shops, auto 's dealers, gasoline stations and independent repair shops.
HUSSMANN -i manufactures, sells, installs and services, both domestically and tonally, capital equipment to satisfy the selected needs of superstaroavemence and specialty store and commercial refrigeration customers. -"Ena include refrigerated display cases, refrigeration systems, storroiers, evaporators, condensers, customized air conditioning and vetxueqiupment, energy management devices and custom wood products, douar amount of firm backlog at December 31 1991 was 3141.2 million. , *139-8 million in 1990 Substantially all such backlog is expected -tailed within one year .-^n products are marketed internationally by both company sales si and independent distributors. pnnopal competitive factors in the sale of Htissmann products are vsnety. quality ana technology, particularly energy conservation.
materials and supplies used in Hussmann products are purmany suppliers and Hussmann ts not dependent upon any sm_wree for any of its raw materialst>r supplies.
SEGMENT REPORTING
^
u engaged in three distinct businesses. Pepsi-Cola and ott drinks canning and boulingi Midas automotive services, and . refrigeration systems and equipment. Selected financial tn/orreiated to the business segments is shown below*
*u)
1991 1990 1989
General ^Tetal
31 1219 476.0 795 4
12^93J
31 041.2 476.4 787 4
32J05J)
396) 4 433 7 788.9 32,1843)
TIES
General's fatalities indude seven bottling plants, three combination
41 dffl!Llag ptrot* and three canning plants. In addition, Pepsi General
* is &u,ullon warehouses and three storage warehouses. Approxi-
S- of Pepsi General's production is from leased faoliues.
own!)**? four manuiactunng plants in the U.S Of the plants, three
n 3e is leased. In addition, Midas maintains 11 warehouses in d. -- wttth. ousts in Cannd`a. oti. 1wmh* nicw`h tvwmo ace ouwnunceud.a*.unu.d .14 auxce
` sg5c\jii 1991. Midas operated 117 Midas Muffler Shops in the
35 Midas Muffler Shops in Canada and 135 Midas Muffler
other foreign countries. Hussmann operates 10 owned and 11
in the United States. Canada. Mexico, Austra-
, to
K(WinVgUdUomiU.. T1hBeCSreC y^6e fMivVeB oUwWnUeCdU aUnHdI 5w0 liecauseeod borraannccah
ui.. l United States, Canada. Memo, Australia and the United
add,J/yh aell, install and maintain Hussmann products.
Whitman engages in a variety of industrial, commeroal and
=-ri reai mute development activities in the United States.
o,D1ES
The foliowins suMiriianfi tie wholly owned, tin!..,
nS (DeL) Corp (Dd.)
. r ance Corporation N.V (Netherlend Antilles) lot (DeL)
'
gSJ-^lmprovement Corporation (111-) Inc. (Ill )
lat^T^PPLlncIn.c(M(FmL>) pacEnt2?n" Corporation (Del )
S^^on(DeL) rroperues (Dei.)
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 LxL (Australia)
Midas SA. (Belgium)
Midas Siiencador. SA. (Spain) Top Escape (Spain)
Carex Ultiaatrenter N V (Belgium)
Midas International Corporation (Wyo.)
Midas Canada Holdings Ltd. (Canada)
Midas Canada, Inc (Canada)
Midas Realty Corp of Canada, Inc (Canada)
Pepsi-Cola General Bottlers. Inc (Del ) (80%)
Geaadco Advertising Agency, Inc (I1L) (80%)
Kolmar Products Corporation (Wls.) (80%)
Pepsi-Cola General 3otriers of South Bend. Inc (Ind.) (80%)
Pepsi-Cola General Bottlers of BrookviUe. Inc (Ind.) (80%)
Pepsi-Cola General Bottlers of Virginia. Inc (Va_) (80%)
Pepsi-Cola General Bottlers of Pnnceton. Inc (\W ) (80%)
Pepsi-Cola General Bottlers of Toledo Inc (Oh.) (80%)
Pepsi-Cola General Bottlers of Bryan. Inc (DeL) (80%)
Pepsi-Cola General Bottlers of Dover, Inc (Oh.) (80%)
Pepsi-Cola General Bottlers of Munae, Inc (DeL) (8C%)
Pepsi-Cola General Bottlers of Ft Wayne, Inc (DeL) (80%)
Pepsi-Cola General Bottlers of Lima, Lie (DeL) (80%)
Pepsi-Cola General Bottlers of Memphis. Lie (Tenn.) (80%)
Pepsi-Cola Bottling Co of Bloomington, Inc (DeL) (80%)
Pepsi-Cola Bottling Co of Oshkosn. Inc (WL) (80%)
Marquette BottLng Works (Mich.) (80%)
Northern Michigan Vending, Inc (Mich,) (80%)
Beverage Bottlers. Inc (Wise) (80%)
Four Star
Inc (Wise) (80%)
Lou Gen Ltd. (Iowa) (80%)
Hussmann Corporation (Mo.)
Krack Corporattan (HL)
____
Hussmann Tempcooi Holdings PTE Limited (Singapore) (50%)
Design & Build Construction, Inc (CaL)
Hussmann Australia Pty Ltd. (Australia)
Whitman International, SA. (Switzerland)
Whitman Insuancc Co. Ltd. (Bermuda)
Whitman Bahamas, Ltd. (Bahama Islands)
Hussmann Canada Holdings, Ltd. (Canada)
Hussmann Canada. Inc Hussmann Holdings. Ltd. (Great Bnoaa)
Hussman (Europe) Ltd. (Great Bntiaa)
Hussmann Refrigeration Ltd. (Great Bntian)
Craig Nicol Ltd. (Scotland)
Hussmann Mexico SA. de GV (Mexico)
Amencan Refrigeration Prod. SA. (Mexico)
Industnas Fngonflcsa 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. Chelbenr, Chmn. & CE.0 LP Fagan, Exec VS --Finance TX. Bindley, Exec Vice-Pres. 35. Chdberg Exec Vice-Pres. FT Westover, Sr V.P 4t Contr RA Wngnt. Sr VS -- Human Resources & Administration L.W Baker. VS U Treas. GH. Connolly, VJ* -- Corp Affairs & Investor Relations L.L Coma, Vj> -- Taxes w B Moore, V.P., Sec 8c General Counsel R.B. Wemtz, VJ* -- Benefits 2c Compensation KJL Gannon, Asst. Treas. G K. Marquart. Asst. V^ -- Risk Management MJ) Nehon. Asst. V ? --Accrg.
G C Plebanul, Asst. VS. -- Taxes
Bruce S. Cbelberg Richard G. Qiac James W Cozsd Pierre S. Du Ponte IV Archie R. Dykes Helen Galland G Jackson Grayson Jr Walter H. Helmertch. Ill Donald P Jacobs Harold R. Logan Harry A. Meno Charles S. Locke
Directors
Auditors: KPMG Peat Marwick. Investor Reistksns: Suite 4403, 200 Park Ave^ NY. NY 10166 (212)97255J0. Annual Mssting: In May. No. of Employes*: Dec 31 1991 14,703 No. of Stoefcholdera: Dec 31 1991 25.089 Address: 3501 Algonquin Road. Roiling Meadows. 1L 60008. TeU (708)818-5000. Teles 206337.
INCOME ACCOUNTS
COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEG 31
(m thousands of dollars)
From contmuing operations:
Sales and revenues
..
.
Cost of goods sold
..................
Gross profit ........................... Selling, general & admin, expenses Amordzanoo expense . . . Restructuring charge .. ..
1991
2J93J00 1,555 400
837 900 548 400
17.700
1990
2J05.000 UU700
791400 541 7M
I7JOO 170^00
QD1989
2.184.000 1450,100
733,900 507400
16400
Q&9S8
2423.000 1427,600
695.400 453 700
13,700
Operating income .... Interest expense........................ Interest income . ...
271,800 61 600 210.400 241 700 (128.600) (158.700) (156400) (137 600)
14.400 62400 71400 30,100
