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Campbell Reports First-Quarter Results

In fiscal 2013, the company recorded pre-tax restructuring charges of $22 and restructuring-related costs of $21 in Unallocated corporate expenses (aggregate impact of $27 after tax or $.09 per share) associated with the initiatives announced in September 2012 to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network.

 
CAMPBELL SOUP COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(millions)
   
October 28, 2012 October 30, 2011
Current assets $ 2,401 $ 2,123
Plant assets, net 2,409 2,057
Intangible assets, net 3,802 2,619
Other assets 135   149
Total assets $ 8,747   $ 6,948
Current liabilities $ 3,092 $ 2,033
Long-term debt 2,940 2,422
Other liabilities 1,618 1,326
Total equity 1,097   1,167
Total liabilities and equity $ 8,747   $ 6,948
Total debt $ 4,447   $ 2,989
Cash and cash equivalents $ 361   $ 285
 

Reconciliation of GAAP to Non-GAAP Financial Measures

First Quarter Ended October 28, 2012

Campbell Soup Company uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures.

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