SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 2006
WALGREEN CO.
(Exact name of registrant as specified in its charter)
Illinois 1-604 36-1924025
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
200 Wilmot Road, Deerfield, Illinois 60015
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (847) 940-2500
EXPLANATORY NOTE
This Amendment No. 1 amends the Current Report on Form 8-K of Walgreen Co. (the "Company") furnished to the Securities and Exchange Commission on September 26, 2006, in order to update the Company's Consolidated Condensed Statements of Cash Flows, as previously disclosed in Exhibit 99.1 to that Current Report on Form 8-K.
Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On September 25, 2006, Walgreen Co. issued a press release announcing financial results for the quarter and fiscal year ended August 31, 2006. A copy of this press release was attached hereto as Exhibit 99.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 26, 2006. The Company is providing the following revised Consolidated Condensed Statements of Cash Flows reflecting immaterial modifications in the classification of certain amounts subsequent to September 25, 2006.
WALGREEN CO. AND SUBSIDIARIES |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
(Dollars in Millions) |
| | |
| | Twelve Months Ended |
| | | | | August 31, | | August 31, |
| | | | | 2006 | | 2005 |
| | | | | | | |
| Cash flows from operating activities: | | | |
| | Net earnings | $ 1,750.6 | | $ 1,559.5 |
| | Adjustments to reconcile net earnings to net cash provided by operating activities - | | | |
| | | Depreciation and amortization | 572.2 | | 482.1 |
| | | Deferred income taxes | (104.0) | | (70.8) |
| | | Stock compensation expense | 102.5 | | - |
| | | Income tax savings from employee stock plans | 8.1 | | 33.9 |
| | | Other | 67.3 | | 74.5 |
| | | Changes in operating assets and liabilities | | | |
| | | | Inventories | (375.7) | | (854.0) |
| | | | Trade accounts payable | 875.6 | | 276.7 |
| | | | Accounts receivable, net | (618.5) | | (224.9) |
| | | | Accrued expenses and other liabilities | 197.2 | | 97.8 |
| | | | Income taxes | (68.4) | | 5.0 |
| | | | Other | 32.7 | | (8.6) |
| Net cash provided by operating activities | 2,439.6 | | 1,371.2 |
| | | | |
| Cash flows from investing activities: | | | |
| | Purchases of short term investments-available for sale | (12,282.4) | | (10,742.0) |
| | Proceeds from sale of short term investments-available for sale | 12,388.4 | | 11,519.9 |
| | Additions to property and equipment | (1,337.8) | | (1,237.5) |
| | Disposition of property and equipment | 23.0 | | 15.5 |
| | Net proceeds from corporate-owned life insurance policies | 10.7 | | 10.1 |
| | Business acquisitions, net of cash received | (485.4) | | - |
| Net cash used for investing activities | (1,683.5) | | (434.0) |
| | | | | | |
| Cash flows from financing activities: | | | |
| | Stock purchases | (668.8) | | (781.8) |
| | Proceeds related to employee stock plans | 319.1 | | 177.5 |
| | Cash dividends paid | (262.9) | | (214.5) |
| | Bank overdrafts | 213.9 | | - |
| | Other | (14.3) | | 14.4 |
| Net cash used for financing activities | (413.0) | | (804.4) |
| | | | | | |
| Changes in cash and cash equivalents: | | | |
| | Net increase in cash and cash equivalents | 343.1 | | 132.8 |
| | Cash and cash equivalents at beginning of year | 576.8 | | 444.0 |
| Cash and cash equivalents at end of year | $ 919.9 | | $ 576.8 |
In addition to the issuance of a press release, Walgreen Co. also conducted a webcast regarding results for the quarter and fiscal year ended August 31, 2006. A transcript of this webcast was attached hereto as Exhibit 99.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 26, 2006.
This information, including exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to this Form 8-K in such a filing.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) The following exhibits were furnished as part of the Form 8-K filed with the Securities and Exchange Commission on September 26, 2006:
Exhibit
Number Description
Exhibit 99.1 Press Release issued by Walgreen Co., dated September 25, 2006, announcing results for the quarter and fiscal year
ended August 31, 2006 (previously filed).
Exhibit 99.2 Transcript of Walgreen Co.'s September 25, 2006 Webcast regarding results for the quarter and fiscal year ended
August 31, 2006 (previously filed).
SIGNATURE
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.
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| | WALGREEN CO. |
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| Date: October 18, 2006 | By: | /s/ William M. Rudolphsen |
| |
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
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