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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the 14 weeks ended April 1, 2000
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Transition period from __________________ to _____________________
Commission file number 1-11657
TUPPERWARE CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 36-4062333
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14901 SOUTH ORANGE BLOSSOM TRAIL, ORLANDO, FLORIDA 32837
- -------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (407) 826-5050
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ].
As of May 10, 2000, 57,727,550 shares of the Common Stock, $0.01 par value, of
the Registrant were outstanding.
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TABLE OF CONTENTS
PAGE
NUMBER
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Statements of Income (Unaudited)
for the 14 weeks ended April 1, 2000 and
13 weeks ended March 27, 1999 ............................ 2
Consolidated Balance Sheets (Unaudited) as of
April 1, 2000 and December 25, 1999......................... 3
Consolidated Statements of Cash Flows (Unaudited)
for the 14 weeks ended April 1, 2000 and
13 weeks ended March 27, 1999 .............................. 5
Notes to Consolidated Financial Statements (Unaudited) ....... 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS.............. 9
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ............................... 15
SIGNATURES .............................................................. 16
The financial statements of the Registrant included herein have been prepared,
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission (the Commission). Although certain information normally
included in financial statements prepared in accordance with generally accepted
accounting principles has been condensed or omitted, the Registrant believes
that the disclosures are adequate to make the information presented not
misleading. It is suggested that these consolidated financial statements be read
in conjunction with the financial statements and the notes thereto included in
the Annual Report on Form 10-K of the Registrant for its fiscal year ended
December 25, 1999.
The consolidated financial statements included herein reflect all adjustments,
consisting only of normal recurring items, which, in the opinion of management,
are necessary to present a fair statement of the results for the interim periods
presented.
The results for interim periods are not necessarily indicative of trends or
results to be expected for a full year.
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TUPPERWARE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
14 WEEKS ENDED 13 WEEKS ENDED
APRIL 1, MARCH 27,
2000 1999
-------------- --------------
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Net sales ................................................ $ 268.6 $ 250.9
---------- ----------
Costs and expenses:.......................................
Cost of products sold.................................. 93.8 84.1
Delivery, sales, and
administrative expense................................ 143.5 137.7
Interest expense....................................... 6.0 5.2
Interest income........................................ (0.4) (0.5)
Other expense, net..................................... 0.9 1.1
---------- ----------
Total costs and expenses............................ 243.8 227.6
---------- ----------
Income before income taxes................................ 24.8 23.3
Provision for income taxes................................ 5.6 5.5
---------- ----------
Net income ............................................... $ 19.2 $ 17.8
========== ==========
Net income per common share:
Basic.................................................. $ 0.33 $ 0.31
========== ==========
Diluted................................................ $ 0.33 $ 0.31
========== ==========
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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TUPPERWARE CORPORATION
CONSOLIDATED BALANCE SHEETS
ASSETS
(UNAUDITED)
APRIL 1, DECEMBER 25,
2000 1999
------------ ------------
(IN MILLIONS)
Cash and cash equivalents ................................ $ 28.3 $ 24.4
Accounts receivable ...................................... 120.3 136.9
Less allowances for doubtful accounts ................. (21.0) (22.5)
------------ ----------
99.3 114.4
Inventories .............................................. 140.8 136.7
Deferred income tax benefits ............................. 47.4 48.5
Prepaid expenses and other assets ........................ 40.8 46.5
------------ ----------
Total current assets .................................. 356.6 370.5
------------ ----------
Deferred income tax benefits ............................. 106.4 107.9
Property, plant, and equipment ........................... 946.3 954.1
Less accumulated depreciation ......................... (714.1) (711.2)
------------ ----------
232.2 242.9
Long-term receivables, net of allowances of
$29.7 million at April 1, 2000 and
$28.0 million at December 25, 1999 ..................... 36.8 34.2
Other assets ............................................. 45.3 40.6
------------ ----------
Total assets .......................................... $ 777.3 $ 796.1
============ ==========
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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TUPPERWARE CORPORATION
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
(UNAUDITED)
APRIL 1, DECEMBER 25,
2000 1999
----------- ------------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Accounts payable ............................................... $ 53.9 $ 87.8
Short-term borrowings and current portion of
long-term debt .............................................. 50.3 43.9
Accrued liabilities ............................................ 152.2 177.5
----------- ---------
Total current liabilities ................................... 256.4 309.2
Long-term debt ................................................. 280.3 248.5
Accrued post-retirement benefit cost ........................... 37.4 37.0
Other liabilities .............................................. 53.7 56.1
Shareholders' equity:
Preferred stock, $0.01 par value, 200,000,000
shares authorized; none issued ............................. -- --
Common stock, $0.01 par value, 600,000,000
shares authorized; 62,367,289 shares issued 0.6 0.6
Paid-in capital ............................................... 20.3 20.3
Subscription receivable ....................................... (7.6) (7.7)
Retained earnings ............................................. 490.5 484.0
Treasury stock, 4,697,855 shares at
April 1, 2000, and 4,701,740 shares
at December 25, 1999, at cost ............................... (140.1) (140.2)
Unearned portion of restricted stock issued
for future service ......................................... (0.5) (0.6)
Accumulated other comprehensive income ........................ (213.7) (211.1)
----------- ---------
Total shareholders' equity .................................. 149.5 145.3
----------- ---------
Total liabilities and shareholders' equity .................. $ 777.3 $ 796.1
=========== =========
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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TUPPERWARE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
14 WEEKS ENDED 13 WEEKS ENDED
APRIL 1, MARCH 27,
2000 1999
-------------- --------------
(IN MILLIONS)
OPERATING ACTIVITIES:
Net income ............................................................... $ 19.2 $ 17.8
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation ....................................................... 15.4 14.7
Loss on sale of assets ............................................. 1.9 0.6
Foreign exchange loss, net ......................................... 0.1 0.1
Changes in assets and liabilities:
Decrease (increase) in accounts receivable ............................ 7.4 (9.8)
Increase in inventories ............................................... (7.6) (7.7)
Decrease in accounts payable and accrued liabilities................... (45.2) (23.3)
(Decrease) increase in income taxes payable ........................... (4.5) 2.1
Increase in net deferred income taxes ................................. (2.9) (4.0)
Other, net ............................................................ 1.0 (0.3)
---------- ----------
Net cash used in operating activities .............................. (15.2) (9.8)
---------- ----------
INVESTING ACTIVITIES:
Capital expenditures .................................................. (8.4) (7.3)
---------- ----------
FINANCING ACTIVITIES:
Dividend payments to shareholders ..................................... (12.7) (12.7)
Net increase in short-term debt ....................................... 40.2 31.7
---------- ----------
Net cash provided by financing activities ........................... 27.5 19.0
---------- ----------
Effect of exchange rate changes on cash and cash
equivalents ............................................................ 0.0 (0.5)
---------- ----------
Net increase in cash and cash equivalents............................ 3.9 1.4
Cash and cash equivalents at beginning of year ........................... 24.4 23.0
---------- ----------
Cash and cash equivalents at end of period ............................... $ 28.3 $ 24.4
========== ==========
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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TUPPERWARE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with the instructions to Form 10-Q and therefore do not include
all footnotes necessary for a fair presentation of financial position, results
of operations, and cash flows in conformity with generally accepted accounting
principles. In the opinion of management, the unaudited consolidated financial
statements include all adjustments, consisting only of normal recurring items,
necessary for a fair presentation of financial position and results of
operations. The results of operations of any interim period are not necessarily
indicative of the results that may be expected for a full fiscal year.
The Company's fiscal year ends on the last Saturday of December. Fiscal 2000
will consist of 53 weeks compared with 52 weeks in 1999. As a result, the first
quarter includes 14 weeks in 2000 compared with 13 weeks in 1999.
NOTE 2: INVENTORIES
Inventories, by component, are summarized as follows (in millions):
APRIL 1, DECEMBER 25,
2000 1999
--------- ------------
Finished goods .................................... $ 45.5 $ 66.0
Work in process ................................... 28.9 27.9
Raw materials and supplies ........................ 66.4 42.8
--------- ---------
Total inventories .............................. $ 140.8 $ 136.7
========= =========
NOTE 3: NET INCOME PER COMMON SHARE
Basic per share information is calculated by dividing net income by the weighted
average number of shares outstanding. Diluted per share information is
calculated by also considering the impact of potential common stock on both net
income and the weighted average number of shares outstanding. The weighted
average number of shares used in the basic earnings per share computations was
57.6 million for the both the 14 weeks ended April 1, 2000, and the 13 weeks
ended March 27, 1999.
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NOTE 3: NET INCOME PER COMMON SHARE (CONTINUED)
The only difference in the computation of basic and diluted earnings per share
is the inclusion of 0.2 million of shares of potential common stock for both
periods presented. Options to purchase 5.7 million and 4.4 million shares of
common stock in the first quarter of 2000 and 1999, respectively, were
outstanding but not included in the computation of diluted earnings per share
because the options' exercise prices were greater than the average market price
of the common shares during the respective period and, therefore, would have
been anti-dilutive if included. The Company's potential common stock consists of
employee and director stock options and restricted stock.
NOTE 4: OTHER COMPREHENSIVE INCOME
In addition to net income, comprehensive income includes certain amounts
recorded directly in equity. The components of comprehensive income, net of
related income tax effects, for the 14 weeks ended April 1, 2000, and 13 weeks
ended March 27, 1999, were as follows (in millions):
14 WEEKS ENDED 13 WEEKS ENDED
APRIL 1, 2000 MARCH 27, 1999
-------------- --------------
Net income $ 19.2 $ 17.8
Foreign Currency translation adjustments
net of tax of $1.7 million for the first quarter 2000,
and $3.3 million in the first quarter 1999 (2.6) (17.6)
--------- ---------
Comprehensive income $ 16.6 $ 0.2
========= =========
Accumulated other comprehensive income is comprised solely of foreign currency
translation adjustments.
NOTE 5: RE-ENGINEERING PROGRAM
In 1999, the Company announced a re-engineering program designed to improve
operating profit return on sales over three years through improved
organizational alignment, a higher gross margin percentage, and reduced
operating expenses.
The liability balance as of April 1, 2000, was as follows (in millions):
Balance at December 25, 1999 $ 0.9
Provision --
Cash expenditures (0.7)
------
Balance at April 1, 2000 $ 0.2
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NOTE 6: SEGMENT INFORMATION
The Company operates worldwide predominantly in one line of business: the
manufacture and distribution, primarily through independent direct sales forces,
of plastic food storage and serving containers, microwave cookware, oven
cookware and educational toys. Its operations are organized into the four
geographic segments included in the following table (in millions):
14 WEEKS ENDED 13 WEEKS ENDED
APRIL 1, MARCH 27,
2000 1999
-------------- --------------
Net sales:
Europe $ 132.5 $ 143.1
Asia Pacific 56.2 44.5
Latin America 44.1 31.6
United States 35.8 31.7
-------- ---------
Total net sales $ 268.6 $ 250.9
======== =========
Operating profit (loss):
Europe $ 34.8 $ 38.5
Asia Pacific 4.3 0.1
Latin America 2.4 0.7
United States (3.2) (4.2)
-------- ---------
Total operating profit 38.3 35.1
Unallocated expenses (7.9) (7.1)
Interest expense, net (5.6) (4.7)
-------- ---------
Income before income taxes $ 24.8 $ 23.3
======== =========
NOTE 7: ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
In 1999, the Financial Accounting Standards Board (FASB) amended the effective
date for Statement of Financial Accounting Standards (SFAS) 133, "Accounting for
Derivative Instruments and Hedging Activities" to fiscal years beginning after
June 30, 2000. This Statement establishes accounting and reporting standards for
derivative instruments, including certain derivative instruments embedded in
other contracts, and for hedging activities. It requires that an entity
recognize all derivatives as either assets or liabilities in the statement of
financial position and measure those instruments at fair value. If certain
conditions are met, a derivative may be specifically designated as a hedge. The
accounting for changes in the fair value of a derivative depends on the intended
use of the derivative and the resulting designation of the hedge exposure.
Depending on how the hedge is used and the designation, the gain or loss due to
changes in the fair value is reported either in earnings or in other
comprehensive income. Adoption of the statement, which is required for the
Company's year 2001 financial statements, will have no impact on the accounting
treatment related to the hedging programs the Company has undertaken.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following is a discussion of the results of operations for the 14 weeks
ended April 1, 2000, compared with the 13 weeks ended March 27, 1999, and
changes in financial condition during the 14 weeks ended April 1, 2000. The
current year's quarter includes 14 weeks because the Company's fiscal year ends
on the last Saturday of each calendar year and will include 53 weeks in 2000.
NET SALES AND NET INCOME
Net sales for the first quarter ended April 1, 2000, were $268.6 million, an
increase of $17.7 million, or 7.0 percent, from $250.9 million in 1999.
Excluding the $13.2 million negative impact of foreign exchange, net sales
increased 12.9 percent over 1999. All areas contributed to the increase, with
Asia Pacific, Latin America and the United States reporting double-digit growth,
in part due to the extra week. Also impacting sales is the modification in the
distribution model for three countries in Latin America (see Regional Results -
Latin America).
Net income for the quarter increased 7.9 percent to $19.2 million, or $0.33 per
share, as compared with $17.8 million, or $0.31 per share, in 1999. Included in
the first quarter 2000 results are costs of $2.5 million ($1.9 million after
tax), or $0.04 per share, associated with the Company's three-year
re-engineering program announced in 1999. These costs are recorded in Delivery,
sales, and administrative expense, and represent internal and external
consulting costs to design and execute the re-engineering actions. Foreign
exchange had a $3.4 million negative impact on the results. Excluding the
re-engineering costs and the impact of foreign exchange, net income increased
46.5 percent to $21.1 million, or $0.37 per share, driven by improvements in all
of the areas.
In both the first quarter of 2000 and 1999, international operations generated
87 percent of sales and all operating profit.
COSTS AND EXPENSES
The cost of products sold as a percentage of sales was 34.9 percent and 33.5
percent for the first quarter of 2000 and 1999, respectively. The increase was
due to a higher level of promotional activity in Europe, Latin America and the
United States and sale of lower margin products, partially offset by price
increases in Asia Pacific in line with inflation and improvements related to the
re-engineering actions taken.
Delivery, sales, and administrative expenses decreased as a percentage of sales
to 53.4 percent for the first quarter of 2000 as compared to 54.9 percent in
1999. Included in the expenses for 2000 was $2.5 million, or 0.9 percentage
points, for internal and external consulting costs to design and execute the
re-engineering actions. Contributing to the decrease was lower promotion and
operating expenses as a percent of sales, partially offset by higher
distribution expenses.
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NET INTEREST EXPENSE
For the first quarter of 2000, net interest expense increased $0.9 million over
1999 due to a higher level of commercial paper outstanding, coupled with higher
interest rates in the United States.
TAX RATE
The effective tax rate for the first quarter of 2000 was 22.5 percent compared
with 23.5 percent in 1999. The effective tax rates are below the U.S. statutory
rate, reflecting the availability of excess foreign tax credits along with low
foreign effective tax rates.
REGIONAL RESULTS (DOLLARS IN MILLIONS)
EUROPE
Negative
foreign Percent
Decrease Restated exchange of total
2000 1999 Dollar Percent increase impact 2000 1999
------- ------- -------- ------- -------- -------- ---- ----
Net sales $ 132.5 $ 143.1 $ (10.6) (7)% 4% $ (16.2) 49% 57%
Operating
profit 34.8 38.5 (3.7) (10) 4 (4.9) 91 +
+ More than 100 percent.
The sales increase in Europe, excluding the impact of a weaker euro, was
primarily driven by Germany, with increases also in Scandinavia, South Africa,
and Austria, partially offset by a decline in France due to extreme weather in
the early part of the quarter and a less productive sales force.
In 1999, Germany, the region's largest market, experienced a decline in sales
due to the impact of legislation which imposes a tax on certain part-time
workers. The Company held meetings in 1999 with the German sales force to
explain the impact of the new legislation, as well as to offer financial
assistance in addressing this issue to members of the sales force who remain
with the Company for a specified period. Sales and profits were up in this
market in the first quarter, and the expectation is that the impact of the new
legislation will have been mitigated by the end of the first half of 2000.
Excluding the negative impact of foreign exchange, the operating profit
improvement was attributed primarily to the increase in sales volume and
promotion expense cost reductions in Germany.
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REGIONAL RESULTS (DOLLARS IN MILLIONS) (CONTINUED)
ASIA PACIFIC
Positive
foreign Percent
Increase Restated exchange of total
2000 1999 Dollar Percent increase impact 2000 1999
----- ----- ------ ------- -------- -------- ---- ----
Net sales $56.2 $44.5 $11.7 26% 22% $1.8 21% 18%
Operating
profit 4.3 0.1 4.2 + + -- 11 --
+ Increase of more than 100 percent.
The area's increase in first quarter net sales was primarily driven by Japan,
Korea and Australia, partially offset by a decline in the Philippines. Japan's
programs to improve the activity of its sales force were successful, and the new
products were well received. In Korea, sales in advance of a price increase in
line with inflation, in addition to a more productive sales force led to the
increase in sales. The impact of foreign exchange on the comparison reflected
the strengthening of the Japanese yen.
The significant improvement in operating profit for the quarter was driven by
cost reductions and sales volumes in Japan, as well as operating profit
increases in Korea as a result of decreased expenses and higher gross profits
from sales volume and a higher gross margin percentage.
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REGIONAL RESULTS (DOLLARS IN MILLIONS) (CONTINUED)
LATIN AMERICA
Positive
foreign Percent
Increase Restated exchange of total
2000 1999 Dollar Percent increase impact 2000 1999
------ ------ ------ ------- -------- -------- ---- ----
Net sales $ 44.1 $ 31.6 $ 12.5 39% 34% $ 1.2 17% 12%
Operating
profit 2.4 0.7 1.7 + + 0.4 6 2
+ Increase of more than 100 percent.
Beginning in the first quarter of 2000, the distribution model for Brazil,
Argentina and Venezuela has been modified. In these markets, the sales are now
made directly to the sales force with distributors compensated through
commission payments. This model results in sales being recorded at an amount
that includes the margin that previously went to distributors, although there is
no impact to the operating profit. This change enables distributors to focus
less on administrative tasks and more on recruiting, training and motivating
their sales forces.
Excluding the impact of the distribution center model, first quarter 2000 net
sales increased 18.3 percent in comparison with 1999. The area also reported a
significant improvement in operating profit. Mexico accounted for most of the
sales increase due to higher sales force productivity; however, because of a
decline in gross margin percentage due to its sales mix, operating profit did
not rise as significantly. In comparison with 1999, Brazil increased the number
of distributors in 2000, and reported a sales increase due to an increase in
sales force productivity. Venezuela contributed to the profit improvement due to
its lower cost structure.
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REGIONAL RESULTS (DOLLARS IN MILLIONS) (CONTINUED)
UNITED STATES
Percent
Increase of total
2000 1999 Dollar Percent 2000 1999
------ ------ ------ ------- ---- ----
Net sales $ 35.8 $ 31.7 $ 4.1 13% 13% 13%
Operating
loss (3.2) (4.2) 1.0 24 nm nm
nm - Not meaningful
For the first quarter of 2000, sales increased 13 percent, and the area reported
a lower operating loss in comparison with 1999. The area is still experiencing
difficulty in recruiting and motivating consultants in a full employment
environment; however, the area is achieving higher-quality recruits through
training and retention programs. The sales increase was driven primarily by the
significant sales force productivity combined with promotional activity. The
area continues its integrated direct access initiatives, which is a convergence
of the core party plan business with kiosks, the Internet, and television sales.
These initiatives had only a slight impact on the first quarter sales comparison
as Internet sales were modest and because only a small number of kiosks were
open in January and February.
The area had a lower operating loss in 2000 in comparison with 1999 which was
attributed to higher sales volume and a higher gross margin percentage,
partially offset by higher operating expenses.
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FINANCIAL CONDITION
Liquidity and Capital Resources. Working capital increased to $100.2 million as
of April 1, 2000, compared with $61.3 million as of the end of 1999. This
increase was primarily driven by lower accounts payable and accrued liabilities
partially offset by lower accounts receivable. The lower accounts payable and
accrued liabilities balances reflect a seasonal reduction and timing of
payments. The lower net receivables balance was the result of collections
against the high late fourth quarter 1999 sales in Asia Pacific and Europe. With
regard to the level of short-term borrowings, the Company classifies a portion
of its outstanding borrowings that are due within one year by their terms as
non-current due to its ability and intent that they be outstanding throughout
the succeeding twelve months. Based on the timing of the Company's cash inflows
during the year, as well as the overall level of short-term borrowings at the
end of each period, a lower amount was classified as current at the end of 1999
than at the end of the first quarter of 2000.
As of April 1, 2000, the Company had $300 million available under its unsecured
multicurrency credit facility, which matures in 2002. The multicurrency credit
facility along with $241 million of other foreign uncommitted lines of credit,
and cash generated by operating activities, are expected to be adequate to
finance any additional working capital needs and capital expenditures.
Operating Activities. Net cash used in operating activities for the first
quarter of 2000 was $15.2 million, compared with $9.8 million in the 1999
period. The difference between the periods was primarily due to a higher
decrease in accounts payable and accrued liabilities, partially offset by an
decrease in accounts receivable in 2000 compared with an increase in 1999.
Investing Activities. The $8.4 million of cash used in investing activities was
for capital expenditures, primarily for new molds.
FORWARD-LOOKING STATEMENTS
Statements contained in this report that are not based on historical facts are
forward-looking statements involving risks and uncertainties, including sales
force recruiting and activity levels, success of new products and promotional
programs, economic and market conditions generally and foreign exchange risk in
particular, and other risks detailed in the Company's report on Form 8-K dated
February 28, 1997, as filed with the Securities and Exchange Commission. These
risks and uncertainties may cause actual results to differ materially from those
projected in forward-looking statements.
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PART II
OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K
During the quarter, the Registrant did not file any current
reports on Form 8-K.
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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 thereunto duly authorized.
TUPPERWARE CORPORATION
By: /s/ Paul B. Van Sickle
-----------------------------
Executive Vice President,
and Chief Financial Officer
By: /s/ Michael S. Poteshman
-----------------------------
Vice President and Controller
Orlando, Florida
May 12, 2000
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