WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): January 17, 2003
H. J. HEINZ COMPANY
(Exact name of registrant as specified in its charter)
Pennsylvania 1-3385 25-0542520
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
600 Grant Street, Pittsburgh, 15219
Pennsylvania (Zip Code)
(Address of principal executive offices)
412-456-5700
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
ITEM 9. REGULATION FD DISCLOSURE
Heinz is furnishing the following information because it anticipates
providing to analysts these details as to the impact on Heinz's prior results of
the disposition of certain of its assets and liabilities to Del Monte Foods
Company.
H.J. HEINZ COMPANY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED JULY 31, 2002
(FIRST QUARTER FISCAL YEAR 2003)
<Table>
ADJUSTMENT
FOR THE
HISTORICAL TRANSACTION PRO FORMA
---------- ----------- ---------
(IN THOUSANDS)
Sales.................................................... $2,203,645 $(364,331) $1,839,314
Cost of products sold.................................... 1,416,732 (250,097) 1,166,635
---------- --------- ----------
Gross profit............................................. 786,913 (114,234) 672,679
Selling general and administrative expenses.............. 441,781 (64,999) 376,782
---------- --------- ----------
Operating income......................................... 345,132 (49,235) 295,897
Interest income.......................................... 6,405 (182) 6,223
Interest expense......................................... 69,090 (17,237) 51,853
Other expenses, net...................................... 11,701 1,484 13,185
---------- --------- ----------
Income before income taxes and effect of change in
accounting principle.................................... 270,746 (33,664) 237,082
Provision for income taxes............................... 92,951 (10,241) 82,710
---------- --------- ----------
Income before effect of change in accounting principle... 177,795 (23,423) 154,372
Effect of change in accounting principle................. (77,812) -- (77,812)
---------- --------- ----------
Net income from continuing operations.................... $ 99,983 $ (23,423) $ 76,560
========== ========= ==========
Diluted income before effect of change in
accounting principle from continuing
operations per share.................................... $ 0.50 $ 0.44
========== ==========
Diluted income from continuing operations
per share............................................... $ 0.28 $ 0.22
========== ==========
Average common shares outstanding
- diluted............................................... 353,529 353,529
========== ==========
Basic income before effect of change in
accounting principle from continuing
operations per share................................... $ 0.51 $ 0.44
========== ==========
Basic income from continuing operations
- basic................................................ $ 0.28 $ 0.22
========== ==========
Average common shares outstanding
- basic................................................ 351,026 351,026
========== ==========
</Table>
NOTE: For the three months ended July 31, 2002 there were $18.4 million pretax
($0.03 earnings per share) of special items in the historical results which all
relate to continuing operations. See Heinz's Quarterly report filed on Form
10-Q for the quarter ended July 31, 2002 for further details.
H.J. HEINZ COMPANY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED OCTOBER 30, 2002
(SECOND QUARTER FISCAL YEAR 2003)
<Table>
ADJUSTMENT
FOR THE
HISTORICAL TRANSACTION PRO FORMA
---------- ----------- ---------
(IN THOUSANDS)
Sales.................................................... $2,568,791 $(469,621) $2,099,170
Cost of products sold.................................... 1,664,401 (316,210) 1,348,191
---------- --------- ----------
Gross profit............................................. 904,390 (153,411) 750,979
Selling general and administrative expenses.............. 494,057 (74,102) 419,955
---------- --------- ----------
Operating income......................................... 410,333 (79,309) 331,024
Interest income.......................................... 6,605 (213) 6,392
Interest expense......................................... 71,253 (16,651) 54,602
Other expenses, net...................................... 21,460 337 21,797
---------- --------- ----------
Income before income taxes............................... 324,225 (63,208) 261,017
Provision for income taxes............................... 112,136 (19,656) 92,480
---------- --------- ----------
Net income from continuing operations.................... $ 212,089 $ (43,552) $ 168,537
========== ========= ==========
Diluted income from continuing operations
per share............................................... $ 0.60 $ 0.48
========== ==========
Average common shares outstanding
- diluted............................................... 353,438 353,438
========== ==========
Basic income from continuing operations
- basic................................................ $ 0.60 $ 0.48
========== ==========
Average common shares outstanding
- basic................................................ 351,121 351,121
========== ==========
</Table>
NOTE: For the three months ended October 31, 2002, there were $10.1 million
pretax ($0.02 earnings per share) of special items in the historical results
which all relate to continuing operations. See Heinz's Quarterly report filed
on Form 10-Q for the quarter ended October 31, 2002 for further details.
H.J. HEINZ COMPANY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED AUGUST 1, 2001
(FIRST QUARTER FISCAL YEAR 2002)
ADJUSTMENTS
FOR THE
HISTORICAL TRANSACTION PRO FORMA
-------------- ------------- -------------
(IN THOUSANDS)
Sales $2,077,295 $ (401,754) $1,675,541
Cost of products sold 1,315,016 (272,720) 1,042,296
---------- ---------- ----------
Gross profit 762,279 (129,034) 633,245
Selling general and administrative expenses 378,125 (62,319) 315,806
---------- ---------- ----------
Operating income 384,154 (66,715) 317,439
Interest income 5,358 (181) 5,177
Interest expense 75,547 (15,754) 59,793
Other expenses, net 1,758 906 2,664
---------- ---------- ----------
Income before income taxes 312,207 (52,048) 260,159
Provision for income taxes 111,733 (18,140) 93,593
---------- ---------- ----------
Net income from continuing operations $ 200,474 $ (33,908) $ 166,566
========== ========== ==========
Diluted income from continuing operations
per share $ 0.57 $ 0.47
========== ==========
Average common shares outstanding
- diluted 352,380 352,380
========== ==========
Basic income from continuing operations
- basic $ 0.57 $ 0.48
========== ==========
Average common shares outstanding
- basic 349,202 349,202
========== ==========
NOTE: For the three months ended August 1, 2001 there were $16.2 million pretax
($0.04 earnings per share) of special items in the historical results of which
$7.9 million pretax ($0.02 earnings per share) were related to SKF Foods and
$8.3 million pretax ($0.02 earnings per share) to continuing operations. See
Heinz's Quarterly report filed on Form 10-Q for the quarter ended July 31, 2002
for further details.
H.J. HEINZ COMPANY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED OCTOBER 31, 2001
(SECOND QUARTER FISCAL YEAR 2002)
ADJUSTMENTS
FOR THE
HISTORICAL TRANSACTION PRO FORMA
-------------- ------------- ------------
(IN THOUSANDS)
Sales $2,414,219 $ (474,637) $1,939,582
Cost of products sold 1,551,603 (324,830) 1,226,773
---------- ---------- ----------
Gross profit 862,616 (149,807) 712,809
Selling, general, and administrative expenses 461,447 (75,047) 386,400
---------- ---------- ----------
Operating income 401,169 (74,760) 326,409
Interest income 4,269 (733) 3,536
Interest expense 75,083 (15,084) 59,999
Other expenses, net 9,985 (422) 9,563
---------- ---------- ----------
Income before income taxes 320,370 (59,987) 260,383
Provision for income taxes 112,129 (19,255) 92,874
---------- ---------- ----------
Net income from continuing operations $ 208,241 $ (40,732) $ 167,509
========== ========== ==========
Diluted income from continuing operations
per share $ 0.59 $ 0.47
========== ==========
Average common shares outstanding
- diluted 352,652 352,652
========== ==========
Basic income from continuing operations
- basic $ 0.60 $ 0.48
========== ==========
Average common shares outstanding
- basic 349,516 349,516
========== ==========
NOTE: For the three months ended October 31, 2001, there were no special items
in the historical results. See Heinz's Quarterly report filed on Form
10-Q for the quarter ended October 30, 2002 for further details.
H.J. HEINZ COMPANY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED JANUARY 30, 2002
(THIRD QUARTER FISCAL YEAR 2002)
ADJUSTMENTS
FOR THE
HISTORICAL TRANSACTION PRO FORMA
--------------- ------------- -------------
(IN THOUSANDS)
Sales $2,365,106 $ (436,360) $1,928,746
Cost of products sold 1,550,254 (290,773) 1,259,481
---------- ---------- ----------
Gross profit 814,852 (145,587) 669,265
Selling, general, and administrative expenses 419,436 (68,801) 350,635
---------- ---------- ----------
Operating income 395,416 (76,786) 318,630
Interest income 4,752 (132) 4,620
Interest expense 70,194 (15,726) 54,468
Other expenses, net 19,697 (1,653) 18,044
---------- ---------- ----------
Income before income taxes 310,277 (59,539) 250,738
Provision for income taxes 108,617 (19,114) 89,503
---------- ---------- ----------
Net income from continuing operations $ 201,660 $ (40,425) $ 161,235
========== ========== ==========
Diluted income from continuing operations
per share $ 0.57 $ 0.46
========== ==========
Average common shares outstanding
- diluted 352,745 352,745
========== ==========
Basic income from continuing operations
- basic $ 0.58 $ 0.46
========== ==========
Average common shares outstanding
- basic 349,704 349,704
========== ==========
NOTE: For the three months ended January 30, 2002 there were no special items in
the historical results. See Heinz's Quarterly report filed on Form 10-Q
for the quarter ended January 30, 2002 for further details.
H.J. HEINZ COMPANY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED MAY 1, 2002
(FOURTH QUARTER FISCAL YEAR 2002)
ADJUSTMENTS
FOR THE
HISTORICAL TRANSACTION PRO FORMA
-------------- ------------- ------------
(IN THOUSANDS)
Sales $2,574,381 $ (504,214) $2,070,167
Cost of products sold 1,676,954 (347,414) 1,329,540
---------- ---------- ----------
Gross profit 897,427 (156,800) 740,627
Selling, general, and administrative expenses 487,695 (84,462) 403,233
---------- ---------- ----------
Operating income 409,732 (72,338) 337,394
Interest income 13,066 (202) 12,864
Interest expense 73,445 (17,094) 56,351
Other expenses, net 13,617 1,050 14,667
---------- ---------- ----------
Income before income taxes 335,736 (56,496) 279,240
Provision for income taxes 112,222 (12,853) 99,369
---------- ---------- ----------
Net income from continuing operations $ 223,514 $ (43,643) $ 179,871
========== ========== ==========
Diluted income from continuing operations
per share $ 0.63 $ 0.51
========== ==========
Average common shares outstanding
- diluted 352,872 352,872
========== ==========
Basic income from continuing operations
- basic $ 0.64 $ 0.51
========== ==========
Average common shares outstanding
- basic 349,921 349,921
========== ==========
NOTE: For the three months ended May 1, 2002 there was a $1.7 million pretax
charge, however a ($0.01) earnings per share benefit for special items in
the historical results. A benefit of ($2.4) million pretax (($0.02)
earnings per share) was related to SKF Foods and a charge of $4.0 million
pretax ($0.01 earnings per share) related to continuing operations. See
Heinz's Annual report filed on Form 10-K for the year ended May 1, 2002
for further details.
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.
H. J. HEINZ COMPANY
Date: January 17, 2003 By /s/ Arthur Winkleblack
--------------------------
Arthur Winkleblack
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
Date: January 17, 2003 By /s/ Edward McMenamin
--------------------------
Vice President-Finance
(Principal Accounting Officer)