McDonald's Reports Supplementary 2002 Financial Data and January 2003 Sales
PRNewswire-FirstCall
OAK BROOK, Ill.
Feb 12, 2003
McDonald's Corporation today announced 2002 financial information which supplements the operating results released on January 23, 2003, and announced January 2003 Systemwide sales.(1)
-- Cash generated from operations totaled $2.9 billion in 2002,
exceeding capital expenditures of $2.0 billion. The Company's
substantial cash flow from operations was used to build and reinvest
in restaurants, pay dividends and repurchase shares. The Company
purchased $687 million of McDonald's stock in 2002 and paid dividends
of $297 million.
-- At December 31, 2002, total assets were $24.0 billion, total
shareholders' equity was $10.3 billion and total debt was
$10.0 billion.
-- Depreciation and amortization totaled $1.1 billion in 2002.
-- At December 31, 2002, there were 1.268 billion common shares
outstanding.
Jim Cantalupo, Chairman and Chief Executive Officer, said, "Consistent with our objective of providing investors timely information on McDonald's operating performance, beginning today, we will release total and comparable sales on a monthly basis. We will continue to discuss the factors behind these trends quarterly in conjunction with the release of our earnings."
McDonald's total Systemwide sales in January 2003 were $3.3 billion, a 5% increase over January 2002. Brand McDonald's comparable sales for the month declined 2.4%
Comparable
Sales**
Systemwide Sales Percent
Percent Increase/
Increase/(Decrease) (Decrease)
Month ended January 31 As Constant Constant
Dollars in millions 2003 2002 Reported Currency* Currency*
U.S. $1,557.2 $1,521.7 2 n/a (0.5)
Europe 889.8 757.9 17 -- (3.8)
APMEA*** 580.5 550.8 5 (3) (7.2)
Latin America 102.8 139.9 (27) (5) 5.1
Canada 108.8 102.5 6 2 (2.7)
Brand McDonald's $3,239.1 $3,072.8 5 -- (2.4)
Partner Brands 80.0 76.1 5 5 n/m
Total Systemwide
sales $3,319.1 $3,148.9 5 -- n/m
* Information in constant currencies excludes the effect of
foreign currency translation on reported results, except for
hyperinflationary economies, whose functional currency is the
U.S. Dollar. Constant currency results are calculated by translating
the current year results at prior year monthly average exchange
rates.
** Comparable sales represent the change in sales from the same period
in the prior year for restaurants in operation at least thirteen
months.
*** Asia/Pacific/Middle East/Africa
n/a Not applicable
n/m Not meaningful
McDonald's is the world's favorite place to eat, with more than 30,000 restaurants serving 46 million customers each day in more than 100 countries, generating more than $40 billion in annual Systemwide sales. Additional information about McDonald's is available at www.mcdonalds.com.
(1) Systemwide sales include sales by all restaurants, whether operated
by the Company, by franchisees or by affiliates operating under joint
venture agreements. Management believes that Systemwide sales
information is useful in analyzing the Company's revenues because
franchisees and affiliates pay rent, service fees and/or royalties
that generally are based on a percent of sales with specified minimum
payments, along with initial fees.
Photo: http://www.newscom.com/cgi-bin/prnh/19990916/MCDLOGOAP Archive: http://photoarchive.ap.org/
PRN Photo Desk, 888-776-6555 or +1-212-782-2840
SOURCE: McDonald's Corporation
CONTACT: Investors, Mary Healy, +1-630-623-6429, or Media, Walt Riker,
+1-630-623-7318, both of McDonald's Corporation
Web site: http://www.mcdonalds.com/