Transcript Slide 1

Fact Book
May 27, 2009
Safe-Harbor Statement
The company uses caution in considering its current trends and the earnings disclosed
in this Fact Book. The restaurant industry is highly competitive, and trends and
guidance are subject to numerous factors and influences, some of which are discussed
in the cautionary language other than its periodic filings on Forms 10-K, 10-Q, and 8-K
(and any amendments to those forms) filed with the Securities and Exchange
Commission (“SEC).
Except for specific historical information, many of the matters discussed in this
document may express or imply projections of revenues or expenditures, plans and
objectives for future operations, growth or initiatives, expected future economic
performance, or the expected outcome or impact of pending or threatened litigation.
These and similar statements regarding events or results that Cracker Barrel Old
Country Store, Inc.. (the “Company”) expects will or may occur in the future, are
forward-looking statements that involve risks, uncertainties and other factors which
may cause actual results and performance of the Company to differ materially from
those expressed or implied by those statements. All forward-looking information is
provided pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of these risks,
uncertainties and other factors. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as “trends,” “assumptions,”
“target,” “guidance,” “outlook,” “opportunity”, “future,” “plans,” “goals,”
“objectives,” “expectations,” “near-term,” “long-term,” “projection,” “may,” “will,”
“would,” “could,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “potential,”
“regular,” or “continue” (or the negative or other derivatives of each of these terms)
or similar terminology. The Company believes the assumptions underlying these
forward-looking statements are reasonable; however, any of the assumptions could be
inaccurate, and therefore, actual results may differ materially from those projected in
or implied by the forward-looking statements. Factors and risks that may result in
actual results differing from this forward-looking information include, but are not
limited to, those listed in Part I, Item 1A of the 2008 Annual Report on Form 10-K, as
well as other factors including, without limitation, the factors described under “Critical
Accounting Estimates” in that portion of the 2008 Annual Report that is incorporated
by reference into Part II, Item 7 or, from time to time, in the Company’s filings with
the SEC, press releases and other communications.
Readers are cautioned not to place undue reliance on forward-looking statements
made in this document, since the statements speak only as of the document’s
date. The Company has no obligation, and does not intend, to publicly update or
revise any of these forward-looking statements to reflect events or circumstances
occurring after the date of this document or to reflect the occurrence of unanticipated
events. Readers are advised, however, to consult any future public disclosures the
Company may make on subjects related to those discussed in this document.
Financial Data
Financial information and data reported herein may include audited
data or data extracted from audited financial statements, but readers
should not rely on such data as being audited unless so designated.
For audited financial information or more detailed footnote
disclosure, the reader is directed to the Company’s periodic reports,
which can be found at the SEC’s website, sec.gov, or the Company’s
website at crackerbarrel.com.
“Non-GAAP financial measures,” as that term is defined by the SEC in
regulation G, are included in this document. The reconciliations to
GAAP measures are reflected in the Appendix at the end of this
document and are also available on our web site, crackerbarrel.com.
Certain numbers in this supplement are from the Company’s audited
financial statements, but readers should refer only to the audited
financial statements themselves to rely on audited results.
Corporate Profile
Corporate Profile
The principal activity of Cracker Barrel Old Country Store, Inc.
(“Cracker Barrel,” “our,” and “we”) (Nasdaq: CBRL) is to
operate and develop the Cracker Barrel Old Country Store®
restaurant and retail concept. Cracker Barrel operates more
than 580 Cracker Barrel Old Country Store restaurants and gift
shops located in 41 states. The restaurants serve breakfast,
lunch and dinner. The retail area offers a variety of decorative
and functional items specializing in rocking chairs, holiday gifts
and toys, apparel and foods.
The Cracker Barrel Brand
In 1969, Cracker Barrel’s founder, Dan Evins, recognized the
potential to offer interstate highway travelers quality food,
service and value consistently and conveniently by focusing on
a mission of “pleasing people.” The initial success of the
concept drove continued expansion along the interstate system,
and today Cracker Barrel has evolved into an indelible part of
the automotive travel experience. It is now one of the leading
and most highly differentiated restaurant chains in the United
States. Cracker Barrel welcomes 7,350 people each week in
each restaurant, serving meals for three day-parts and offering
breakfast all day through its more than 580 stores. Each
location also has one of our unique retail shops that generated
in fiscal 2008 an average of more than $900,000 in retail sales
on a 52 week basis, or $428 per square foot of retail selling
space, driven primarily by the high level of restaurant guest
traffic.
Cracker Barrel is a recognized guest favorite, having been
named “Best in Family Dining” by Restaurants and Institutions
magazine’s “Choice in Chains” consumer survey for the 18th
consecutive year. The Good Sam Club named Cracker Barrel
“the Most RV Friendly Sit-Down Restaurant in America” for the
8th year in a row.
Awards & Accolades
Best Family Dining
Restaurant – 18 yrs
- Restaurants and Institutions
“Choice in Chains”
One of Two Casual Dining Chains
that had scores above 30 for
favorable perceptions of value
among consumers compared with
average of 10.8 for 29 other casual
dining chains
-October 2008 Study by YougovPolimetrix’s
BrandIndex
Most RV Friendly Sit Down
Restaurant in America – 8
yrs
- The Good Sam Club
Fun Facts
1.
2.
3.
4.
How many CDs have Cracker Barrel Old
Country Store® retail shops sold?
What is the best selling retail product?
How many miles of thin stick candy do
we sell every year?
How many did we serve last year-approximately?
Bacon?
• 72 million slices
• 102 million slices
• 122 million slices
Eggs?
• 111 million
• 151 million
• 181 million
Chicken ‘N” Dumplins?
5.
6.
7.
• 6 million
• 11 million
• 17 million
Where did Moon Pies originate?
How much pancake mix did we sell?
What percentage of our locations are
on the interstate?
Answers
1.
2.
3.
4.
5.
6.
7.
Over 3 million CDs sold
Rockers— 170,000 in fiscal 2008
If laid end-to-end, the thin sticks
would stretch 940 miles.
122 million slices of bacon; 151
million eggs, and 11 million orders of
Chicken N’ Dumplins
Moon Pies were first made to fill
miners’ lunch pails in 1917. They are
made by the Chattanooga Bakery in
Chattanooga, TN.
We sold enough pancake mix to
make 8.7 million pancakes—a stack
34 miles high.
85 percent of our locations are on
the interstate
Our Vision
To be the best
restaurant company
in America
Our Mission
Pleasing People
Our Familiar Brand
Crosses the Nation with
588 Restaurants in 41 States
2
1
1
4
1
1
5
1
8
1
16
4
13
4
21
3
2
22 27 31
4
17
7
4
11
29
6
29
34
50
22
11 28
40
10
42
9
59
As of May 27, 2009
2
= areas under development
1
5
We serve multi-generation
families--Travelers and
neighbors alike™
65+
32%
18-34
11%
35-49
24%
Our mix of age groups
50-64
33%
Our mix of travelers and neighbors
Local
60%
Travelers
40%
Source: 2008 Full Service Restaurant National Awareness & Usage Survey conducted by
Marketing Workshop and 2008 Guest Loyalty Program conducted by Service
Management Group
Opportunities in all
3 day-parts
Breakfast
Lunch
23%
37%
40%
$8.59
$8.84
3.4%
3.1%
$8.31
1.4%
Dinner
FY 07
FY 08
3QFY09
Avg. check increase
Deep Industry Experience
Name
Position
Years at
Cracker
Barrel
Years in
Industry
Mike Woodhouse
Chairman, President & CEO
13
24 +
151
Doug Barber
EVP, Chief Operating Officer
5
29
Sandy Cochran
EVP, Chief Financial Officer
0
171
Doug Couvillion
SVP, Finance
7
15
Kathy Dilley
VP, Retail Operations
17
27
Bob Doyle
VP, Product Development
4
26
Deb Evans
VP, General Merchandise
Manager/Product Development
2
261
Brian Eytchison
VP, Financial Planning & Analysis
8
17
Nick Flanagan
VP, Restaurant Operations
4
19
Ed Greene
SVP, Strategic Initiatives
3
30
Rob Harig
SVP, Human Resources
8
31
Terry Maxwell
SVP, Retail
28
28
Forrest Shoaf
SVP, Chief Legal Officer
3
13
Diana Wynne
SVP, Corporate Affairs
3
29
1)
Retail
Historical Perspective:
Retail Sales
24%
6%
23.6%
23%
2%
22.6%
0%
22%
21.6%
-2%
21.5%
-4%
21.2%
21%
-6%
-8%
20%
-10%
2004
2005
Retail % To Total
2006
2007
Fiscal Year
2008
Comp Store Retail Sales Changes
Retail SSS Change
Retail % to Total
4%
Cracker Barrel Old Country
Store® Restaurant Comparable
Stores Sales Growth
FY 06
FY 07
FY 08
FY 09
2.0%
0.0%
-2.0%
-4.0%
Q106
Q306
Q107
Q307
Q108
Q308
Q109
Q309
Consolidated Financial HighlightsContinuing Operations
Net Sales
$2,500
$2,060
$ in millions
$2,000
$2,191
$2,219
$2,385
$507
$512
$1,748
$1,845
$1,872
FY06
FY07
FY08
$494
$471
$1,574
$1,697
FY04
FY05
$486
$2,352*
$1,500
$1,000
$500
$0
Restaurant
Retail
* Includes $46 million sales from 53rd week
EPS from Continuing Operations
$3.00
$2.79
$2.52*
$2.50
$2.00
$2.04
$2.07
FY05
FY06
$1.78
$1.50
$1.00
$0.50
$0.00
FY04
FY07
FY08
•Includes $0.14 per share from 53rd week
All Numbers exclude Logan’s Roadhouse, Inc.
Consolidated Financial Highlights-Continuing Operations
Income From Continuing Operations
* Includes $4 million from 53rd week
$120
$ in millions
$100
$105
$93
$95
$76*
$80
$59
$60
$40
$65
$57
$22
$20
$8
$9
FY04
FY05
$0
FY06
FY07
FY08
Income from continuing ops.
Pretax Interest Expense
Average Shares Outstanding
Million shares
60
55.0
53.4
48.0
50
40
48.9
47.8
42.9
31.8
30
23.4
27.6
20
22.8
10
0
FY04
FY05
FY06
Basic
Diluted
FY07
FY08
All Numbers exclude Logan’s Roadhouse, Inc.
Return to Shareholders
$3,000
$40
$35
$2,500
$30
$ in millions
$25
$1,500
$20
$15
$1,000
$10
$500
$5
$0
$0
FY99
FY00
FY01
Market capitalization
FY02
FY03
FY04
FY05
Cumulative share repurchase
FY06
FY07
FY08
Cumulative Dividends
3Q09
Share price
Year-end share price
$2,000
Free Cash Flow*
Net cash provided by operating activities
$250
$230
Cash used to purchase
property and equipment
$200
$ in Millions
$175
Includes $94 million
of cash used on Logan’s
disposition & taxes/expenses
for LYONs redemption
$162
$ 15 0
$125
Cash used
for dividends
$125
$108
$97
$ 10 0
$97
$90
$88
$50
$23
$24
$16
$16
$16
$0
F Y0 4
F Y0 5
F Y0 6
F Y0 7
F Y0 8
•Free Cash Flow is a non-GAAP financial measure derived from indicated GAAP components found on
Statement of Cash Flow
Operating Metrics
Operating Margin
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Return on Invested Capital*
14%
7.5% 7.7% 7.3% 7.2%
6.3%
12.2%
12%
10%
9.7%
10.3%
9.6%
10.6%
8%
6%
4%
2%
0%
FY04 FY05 FY06 FY07 FY08
FY04 FY05 FY06 FY07 FY08
$0.80
Dividends Paid/Share $0.70
$0.68
$600
$400
$200
$185 $212
$750
$ in millions
$ in millions
$0.55
$0.60
$0.51
$0.47
$0.50
$0.40 $0.33
$0.30
$0.20
$0.10
Total Long-Term Debt
$0.00
$1,000
$911
FY04 FY05 FY06 FY07 FY08
$756 $779
Debt Maturity Schedule
$800
$9
$9
$12
$9
$0
FY04 FY05 FY06 FY07 FY08
FY09 FY10 FY11 FY12 FY13
*See Reconciliation Table on Last Page
$ in millions
Quarterly Results—
FY2009
Q1
Q2
Q3
Restaurant
$456.0
$468.9 $466.6
Retail
Total revenue
117.0
$573.9
161.3
101.0
$630.2 $567.6
Cost of goods sold
Labor & other related expenses
Other store operating expenses
Impairment & store closing costs
Store operating income
181.4
222.4
106.0
-$64.2
222.5
234.1
105.7
-$67.8
176.3
230.0
104.2
-$57.0
31.6
General & administrative expense
Operating income
$32.6
Net Interest expense
14.0
Pretax income
$18.5
5.7
Provision for income taxes
Income from continuing
$12.8
operations
Diluted EPS from continuing
$0.57
operations
28.5
$39.3
13.3
28.0
$29.0
12.7
$26.0
7.6
$16.3
4.3
$18.4
$11.9
$0.81
$0.52
Weighted average shares
22.67
22.60
22.83
Restaurant, % of total
79.4%
74.4%
82.2%
Retail % of total sales
Total revenue
Cost of goods sold
20.6
25.6
17.8
100.0% 100.0% 100.0%
31.1
31.6
35.3
Ratios
Gross margin
Labor & other related expenses
Other store operating expenses
Impairment & store closing costs
Store operating income
General & administrative expense
Operating margin
Net Interest expense
Pretax income
Tax rate=provision for
income tax/pretax income
Income from continuing operations
68.4%
64.7%
37.1
68.9%
40.5
16.8
--
18.4
--
10.8%
10.0%
5.5
4.6
4.9
5.7%
6.2%
2.5
2.1
2.2
3.2%
4.1%
2.9%
30.7%
29.4%
26.6%
2.2%
2.9%
2.1%
38.7
18.5
--
11.2%
5.1%
Q4
FY2009
$ in millions
Quarterly Results—
FY2008
Q1
Q2
Q3
FY2008
Restaurant
$462.8
$465.1
$483.4
$1,872.1
Retail
Total revenue
118.4
$581.2
169.3
106.7
117.9
$634.4 $567.1 $601.8
180.6
189.2
223.7
229.1
226.9
227.9
106.5
103.2
107.4
0.1
-$75.0
$56.5
$77.2
35.6
29.6
28.8
$45.4
$27.7
$41.6
14.3
14.2
13.9
$31.1
$13.5
$27.7
10.9
3.0
7.1
$20.2
$10.5
$20.6
512.4
$2,384.5
773.8
909.5
422.3
0.9
$278.0
127.3
$150.8
Cost of goods sold
Labor & other related expenses
Other store operating expenses
Impairment & store closing costs
Store operating income
180.2
225.7
105.2
0.8
$69.2
General & administrative expense
33.2
Operating income
$36.0
Net Interest expense
14.9
Pretax income
$21.2
Provision for income taxes
7.2
Income from continuing
$14.0
operations
Diluted EPS from continuing
$0.57
operations
Weighted average shares
24.44
$460.4
Q4
57.3
$93.5
28.2
$65.3
$0.85
$0.46
$0.91
$2.79
23.76
22.81
22.61
23.41
80.4%
19.6
78.5%
21.5
100.0% 100.0% 100.0%
35.3
31.8
31.4
100.0%
32.4
Ratios
Restaurant, % of total
Retail % of total sales
Total revenue
Cost of goods sold
Gross margin
Labor & other related expenses
Other store operating expenses
Impairment & store closing costs
79.6%
20.4
100.0%
31.0
69.0%
64.7%
68.2%
38.8
18.1
0.2
36.1
16.8
---
40.0
18.2
---
Store operating income
11.9%
5.7
General & administrative expense
Operating margin
73.3% 81.2%
26.7
18.8
11.8%
4.6
68.6%
37.9
17.9
67.6%
38.2
17.7
---
---
10.0%
5.1
12.8%
5.9
11.7%
5.4
6.2%
7.2%
4.9%
6.9%
6.3%
Net Interest expense
2.6
2.3
2.5
2.3
2.4
Pretax income
Tax rate=provision for
income tax/pretax income
3.6%
4.9%
2.4%
3.9%
33.9%
34.9%
22.5%
4.6%
25.7%
30.2%
Income from continuing operations
2.4%
3.2%
1.8%
3.4%
2.7%
Retail
Quarterly Results—
FY2007
Q2
Q3
Q4*
FY2007*
$442.3
115.9
$558.3
172.9
$447.8
164.4
$612.1
210.4
$444.9
104.1
$549.1
167.9
$509.8
122.4
$632.1
193.1
$1,844.8
506.8
$2,351.6
744.3
212.2
219.6
219.0
242.1
97.7
-
105.9
-
100.5
-
106.0
-
892.8
410.1
General & administrative expense
$75.5
37.3
$76.3
34.0
$61.6
31.5
$91.0
33.4
$304.3
136.2
Operating income
$38.3
$42.2
$30.1
$57.6
$168.1
14.6
10.8
11.6
14.7
51.7
Pretax income
Provision for income taxes
$23.7
8.5
$31.5
11.0
$18.5
6.4
$42.9
14.7
$116.5
40.5
Income from continuing operations
Diluted EPS from continuing
operations
$15.2
$20.5
$12.1
$28.2
$76.0
$ in millions
Restaurant
Retail
Total revenue
Cost of goods sold
Labor & other related expenses
Other store operating expenses
Impairment & store closing costs
Store operating income
Net Interest expense
Weighted average shares
Q1
$0.45
$0.60
36.01
36.02
$0.44
30.18
-
$1.15
$2.52
25.06
31.76
Ratios
Restaurant, % of total sales
Retail % of total sales
Total revenue
Cost of goods sold
Gross margin
Labor & other related expenses
Other store operating expenses
Impairment & store closing costs
Store operating income
General & administrative expense
73.2%
81.0%
19.0
26.8
100.0% 100.0% 100.0%
31.0
34.4
30.6
79.2%
20.8
69.0%
38.0
17.5
0.0
13.5%
65.6%
35.8
17.3
0.0
12.5%
69.4%
39.9
18.3
0.0
11.2%
6.6
5.6
5.7
Operating Margin
6.9%
6.9%
5.5%
Net Interest expense
Pretax income
Tax rate=provision for income
tax/pretax income
2.7
4.2%
1.8
5.1%
2.1
3.4%
35.9%
34.9%
34.4%
Income from continuing operations
2.7%
3.3%
2.2%
80.6%
19.4
100.0%
30.6
69.4%
38.3
16.7
0.0
14.4%
5.3
78.4%
21.6
100.0%
31.7
68.3%
38.0
17.4
0.0
12.9%
5.7
9.1%
7.2%
2.3
6.8%
2.2
5.0%
34.2%
4.4%
*Includes 53rd week which increased Total revenues by $46.3 million,
Operating Income by $7.8 million, and Income from continuing operations by $4.4 million.
34.8%
3.2%
Quarterly Results—
FY2006
$ in millions
Restaurant
Retail
Q1
Q2
Q3
Q4
FY2006
$426.6
108.8
$434.4
152.3
$432.1
101.9
$455.1
108.2
$1,748.2
471.3
Total revenue
$535.5
Cost of goods sold
166.6
Labor & other related expenses 204.4
Other store operating expenses
95.2
Impairment & store closing costs
-
$586.7
$534.0
$563.3
200.2
208.2
165.8
209.4
173.5
210.9
$2,219.5
706.1
832.9
99.9
3.7
94.3
3.2
Store operating income
$69.3
General & administrative expense 33.1
$74.6
31.9
$61.4
31.1
$85.3
32.8
$290.6
128.8
Operating income
Net Interest expense
$36.2
2.5
$42.7
2.2
$30.3
2.7
$52.6
14.1
$161.8
21.4
Pretax income
Provision for income taxes
Income from continuing
operations
$33.7
11.7
$40.5
13.8
$27.6
9.3
$38.5
10.1
$140.4
44.9
$22.1
$26.7
$18.3
$28.4
$95.5
95.0
(1.5)
384.4
5.4
Diluted EPS
$0.44
$0.53
$0.37
$0.82
$2.07
Weighted average shares
51.84
51.84
52.52
35.97
48.04
Ratios
Restaurant, % of total
Retail % of total sales
79.7%
20.3
74.0%
26.0
80.9%
19.1
80.8%
19.2
78.8%
21.2
100.0%
31.1
100.0%
34.1
100.0%
31.0
100.0%
30.8
100.0%
31.8
68.9%
65.9%
69.0%
69.2%
68.2%
35.5
17.1
0.6
39.2
17.7
0.6
37.4
16.9
0.3
37.5
17.3
11.5%
5.8
15.2%
5.9
13.1%
5.8
5.7%
9.3%
7.3%
0.5
5.2%
2.5
6.8%
1.0
6.3%
26.3%
32.0%
Total revenue
Cost of goods sold
Gross margin
Labor & other related expenses
38.2
17.8
Other store operating expenses
0.0
Impairment & store closing costs
Store operating income
12.9%
General & administrative expense 6.1
12.7%
5.4
Operating Margin
6.8%
7.3%
Net Interest expense
Pretax income
Tax rate=provision for
income tax/pretax income
0.5
6.3%
0.4
6.9%
34.6%
34.1%
33.6%
Income from continuing operations 4.1%
4.6%
3.4%
5.0%
0.3
4.3%
Strategic Initiatives
• Fiscal 2006:
– Established $1.25 billion credit facility
– Acquired 16.75 million shares in Dutch
Auction Tender Offer ($42.00 per share)
• Fiscal 2007:
– Divested Logan’s Roadhouse ($485 million
–
–
–
–
total consideration)
Reduced debt by $75 million
Completed 2nd Dutch Auction Tender Offer
acquiring 5.43 million shares ($46.00 per
share)
Redeemed Senior Convertible Notes ($405
million principal amount at maturity)
Purchased 3.33 million shares for $155.4
million
• Fiscal 2008:
– Purchased 1.6 million shares for $52 million
Restaurant Data
FY2008
• Store size: 10,000 sq. ft on approximately 2.5
acres of land
• Seats per restaurant: 200
• Average number of employees per store: 104
• Average unit volume: $3.28 million
• Average weekly traffic: 7,350
• Meal mix
– Breakfast—23%
– Lunch--37%
– Dinner—40%
• Commodity breakdown in FY08
– Dairy (including eggs)
15%
– Beef
12
– Poultry
11
– Pork
10
– >90% of purchases contracted for remainder of
fiscal year as of 5/1/2009
3Q09
• Average check per guest: $8.93
• Leased vs owned: 413 locations owned, 70.2%
• % on-interstate vs off: 15.2% off-interstate
– 50% off-interstate locations planned in FY10
• Hourly turnover: <80%
Retail Data—
Fiscal 2008
• Size of retail
– 21.5% of sales
– 22% of square feet
• 3,200 SKUs
• $428/sq. ft.
• Average unit volume: $.90 million
• Sales categories
– Apparel: 20%
– Seasonal: 16%
– Food: 16%
– Home: 15%
– Toys: 13%
• 32% of customers purchase retail
• Second quarter highest retail sales
due to Christmas holiday shopping
Unit Growth
Units
650
600
550
529
543
FY05
FY06
562
577
588
595
FY08
FY09
FY10
Planned
504
500
450
400
350
300
FY04
FY07
Fiscal 2009 Outlook
(As of May 27, 2009 Press Release)
•
Comparable store restaurant sales growth:
(1.5-2)%
•
Comparable store retail sales growth: (6-7)%
•
11 new stores opened in FY09;
FY10: 7 new stores
•
Revenue growth: flat to (0.5)%
•
Q4 commodity cost inflation: flat to 0.5%
– >90% of products contracted through remainder of
FY09
•
Depreciation: $60 million
•
Operating margin: 5.8% to 6.1% compared
with 6.3% in FY08
•
Net interest expense: $52 to $52.5 million
•
Annual effective tax rate: 26% to 27%
•
Diluted EPS: $2.70 to $2.90
•
Diluted shares: 22.5-23 million
•
Capital expenditures: $65 million
Reconciliation Table
Continuing operations
FY04
FY05
FY06
FY07
FY08
$ in millions
Total sales
$2,060.5
$2,190.9
$ 154.0
$ 168.8
Operating Income
Net Interest
Income before income
taxes
8.4
$ 145.6
52.3
Provision for income taxes
Net Income
$
Operating margin =
operating
income/total sales
Tax Rate
Net Operating Profit After
Tax
$
93.3
8.6
$ 160.2
$ 2,219.5
$ 161.8
21.5
$ 140.3
$2,3
51.6
$ 168.1
51.7
$ 116.5
$ 2,384.5
$ 150.8
57.3
$ 93.5
55.4
44.9
40.5
28.2
$ 104.8
$ 95.5
$ 76.0
$ 65.3
7.5%
7.7%
7.3%
35.9%
34.6%
32.0%
$ 110.1
7.2%
34.8%
30.2%
98.7
$ 110.4
Total shareholders' equity
873
870
302
104
93
Long-term debt
Invested capital = equity +
debt
185
212
912
756
779
1,058
1,082
1,214
860
872
Average invested capital
1,020
1,071
1,152
1,045
866
Return on invested capital=
net operating income after tax
/average invested capital 9.7%
10.3%
9.6%
$ 109.7
6.3%
10.6%
$ 105.3
12.2%