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Dr Pepper Snapple Group Reports Third Quarter 2009 Results

PLANO, Texas, Nov. 5 /PRNewswire-FirstCall/ -- Dr Pepper Snapple Group, Inc. (NYSE: DPS) reported third quarter 2009 earnings of $0.59 per share compared to $0.41 per share in the prior year period. Earnings per share were $0.54 compared to $0.45 excluding separation-related costs and restructuring items. Year-to-date the company reported earnings of $1.73 per share compared to $1.21 per share in the prior year period. Year-to-date earnings per share were $1.53 compared to $1.46 excluding distribution agreement changes, separation-related costs, and restructuring items.

For the quarter, reported net sales were down 4%. Net sales increased 2% on a currency neutral basis and excluding the loss of Hansen product distribution. Pricing actions taken earlier in the year combined with 4% sales volume growth were offset by negative mix from higher sales of carbonated soft drink (CSD) concentrate and value juice. Segment operating profit, as adjusted, increased 31% reflecting lower packaging, ingredient and transportation costs, operating efficiencies, and favorable comparisons to discounts and inventory adjustments in the prior year period. Reported income from operations was $272 million compared to $213 million in the prior year period.

DPS President and CEO Larry Young said, "While the economy is showing some signs of recovery, it's still too early to see this translate into higher beverage sales. For the quarter, liquid refreshment beverage trends remained negative. Against this backdrop, we once again demonstrated the power of our portfolio and the flexibility of our routes to market, posting solid top-line and strong bottom-line growth. A year and a half into our life as a public company, we're proud of what we have accomplished so far. Our priorities and strategies remain unchanged and continue to support long-term sustainable growth."

    Earnings per share          Third Quarter           Year-to-Date
     reconciliation             -------------           ------------
                                           Percent                 Percent
                             2009     2008 Change   2009     2008  Change
    ---------------------    ----     ---- ------   ----     ----  ------
    Reported earnings per
     share                  $0.59    $0.41     44   $1.73    $1.21     43

    Items affecting
     comparability
    -  Net gain on
        Hansen termination
        and sale of certain
        distribution rights     -        -          (0.15)       -
    -  Transaction and
        separation costs        -     0.02              -     0.07
    -  Bridge loan
        fees and expenses       -        -              -     0.06
    -  Separation-related
        tax items           (0.05)       -          (0.05)    0.04
    -  Restructuring costs      -     0.03              -     0.07

    EPS excluding certain   -----   -----     ---   -----    -----    ---
     items                  $0.54   $0.45*     20   $1.53    $1.46*     5
    ---------------------   -----   -----     ---   -----    -----    ---

    * Does not sum due to rounding.

Volume (BCS), sales volume, net sales and segment operating profit, as adjusted, in the tables and commentary below exclude the loss of Hansen product distribution and are on a currency neutral basis. For a reconciliation of non-GAAP to GAAP measures see pages A-5 and A-6 accompanying this release.

    Summary of 2009 results       As reported               As adjusted
    (Percent change)              -----------               -----------
                                Third      Year-to-       Third     Year-to-
                               Quarter      Date         Quarter      Date
    ------------               -------      ----         -------      ----
    Volume (BCS)                   3           4             4          4
    ------------                 ---         ---           ---        ---
    Net Sales                     (4)         (4)            2          3
    ---------                    ---         ---           ---        ---
    Segment Operating Profit      21          11            31         22
    -----------------            ---         ---           ---        ---

    BCS - bottler case sales

Volume (BCS)

For the quarter, BCS volume increased 4% with CSDs growing 5% and non-carbonated beverages (NCB) up slightly.

In CSDs, Dr Pepper volume increased 3%. "Core 4" brands - 7UP, Sunkist soda, A&W and Canada Dry - were down 3%. Canada Dry and 7UP grew 4% and 1%, respectively, while A&W was down 1% and Sunkist soda declined double-digits. Crush volume more than doubled, adding 13 million cases, on expanded third-party distribution in the U.S. and the launch of Crush value offerings in Mexico. Fountain foodservice volume increased 2%. Penafiel increased 10% on expanded distribution and a restage of Penafiel flavors.

In NCBs, Hawaiian Punch volume increased 3%, lapping strong double-digit growth in the prior year. Pressure on the company's premium products continued. Snapple declined 6%, but improved sequentially for the second straight quarter.

By geography, U.S. and Canada volume increased 4%, and in Mexico and the Caribbean, volume increased 9%.

Across all measured channels, as reported by The Nielsen Company, the company grew U.S. CSD dollar share 1.1 percentage points and flavored CSD dollar share by 1.6 percentage points year-to-date.

Sales volume

For the quarter, sales volume increased 3%. Sales volume, as adjusted, increased 4% and was in-line with BCS volume. Year-to-date adjusted sales volume and BCS volume increased 4% each.

    2009 Segment results                   As reported
    (Percent Change)                       -----------
                               Third Quarter                 Year-to-Date
                               -------------                 ------------
                      Sales         Net                Sales       Net
                      Volume       Sales      SOP      Volume     Sales   SOP
    --------          ------       -----      ---      ------     -----   ---
    Beverage
     Concentrates        7           13        25         6          9     15
    -------------      ---          ---       ---       ---        ---    ---
    Packaged
     Beverages          (3)          (6)       28         0         (5)    19
    ----------         ---          ---       ---       ---         --     --
    Latin America
     Beverages           9          (15)      (33)        3        (20)   (47)
    -------------      ---          ---       ---       ---        ---    ---
    Total                3           (4)       21         3         (4)    11
    -----              ---          ---       ---       ---        ---    ---

    2009 Segment results                    As adjusted
    (Percent Change)                        -----------
                               Third Quarter              Year-to-Date
                               -------------              ------------
                         Sales        Net              Sales    Net
                         Volume      Sales   SOP      Volume   Sales   SOP
    --------             ------      -----   ---      ------   -----   ---
    Beverage
     Concentrates           7         14      25         6        9     17
    -------------         ---        ---     ---       ---      ---    ---
    Packaged
     Beverages             (1)        (1)     42         2        1     34
    ----------            ---        ---     ---       ---      ---    ---
    Latin America
     Beverages              9          9       0         3        3    (20)
    -------------         ---        ---     ---       ---      ---    ---
    Total                   4          2      31         4        3     22
    -----                 ---        ---     ---       ---      ---    ---

    SOP - Segment Operating Profit

Beverage Concentrates

Net sales for the quarter increased 14% reflecting sales volume growth led by expanded Crush distribution and favorable comparisons to certain discounts in the prior year period. Mid-single-digit price increases taken at the beginning of the year were partially offset by higher coupon spending and increased fountain foodservice contractual discounts. Segment operating profit increased 25% reflecting net sales growth and favorable comparisons to inventory adjustments in the prior year period, partially offset by increased marketplace investments and higher compensation-related costs.

Packaged Beverages

Net sales for the quarter decreased 1% reflecting a 1% decline in sales volume. Mid-single-digit declines in premium-priced beverages and double-digit declines in Sunkist soda were partially offset by a low single-digit increase in Hawaiian Punch. Price increases in CSDs and Snapple, taken earlier in the year, were offset by the impact of negative mix. Segment operating profit increased 42% due to lower packaging, ingredient and transportation costs and continued operating efficiencies, partially offset by higher marketing, SAP upgrade and handheld roll-out expenses.

Latin America Beverages

Net sales for the quarter increased 9% reflecting sales volume growth driven by route expansion, the new Crush value offerings and the restage of Penafiel flavors. Segment operating profit was flat as net sales growth was offset by higher selling and distribution costs related to new routes and the negative impact of channel mix.

Corporate and other items

For the quarter, corporate costs totaled $65 million including $3 million of unrealized commodity-related mark-to-market gains as well as continued productivity office investments. Corporate costs in 2008 were $69 million, including $9 million related to one-time transaction and separation-related costs.

Net interest expense decreased $6 million principally reflecting a lower debt balance.

The effective tax rate was 38%. This included a tax expense of $3 million related to certain tax items indemnified by Cadbury. During the quarter, we also recorded one-time, separation-related benefits of $13 million, net of taxes, driven by indemnified audit settlements and foreign tax items.

Cash flow

Year-to-date, the company generated $701 million of cash from operating activities, including a $42 million contribution to its pension and post-retirement benefit plans. Year-to-date net capital spending totaled $218 million. The company made optional principal repayments of $200 million of its floating rate term loan in the quarter. Year-to-date, the company repaid $480 million covering all of its debt obligations through the first half of 2011.

2009 full-year guidance

The company now expects full year net sales to be down 3% to 4%. Excluding the loss of Hansen product distribution and on a currency neutral basis, the company expects net sales to grow approximately 2%.

2009 reported earnings per share are expected to be in the $2.12 to $2.16 range. This reflects:

  • Lower packaging and ingredient costs, now expected to reduce COGS by less than 4%;
  • Continued strong marketplace and productivity office investments; and
  • A full-year tax rate of approximately 38%, including approximately $12 million of items indemnified by Cadbury and $3 million of other separation-related tax items.

Excluding net gains related to distribution agreement changes and separation-related tax items, the company expects 2009 earnings per share to be in the $1.92 to $1.96 range.

Consistent with its previous guidance, the company expects to make cash contributions totaling $43 million to its pension and post-retirement benefit plans in 2009 and expects net capital spending to be approximately 5% of net sales.

The company remains committed to using its free cash flow to pay down debt and now expects to reduce its debt obligations by $550 million in 2009. This reflects an increase of $150 million from its beginning of the year guidance.

Forward-looking statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation, and cost and availability of raw materials. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "may," "will," "expect," "anticipate," "believe," "estimate," "plan," "intend" or the negative of these terms or similar expressions. These forward-looking statements have been based on our current views with respect to future events and financial performance. Our actual financial performance could differ materially from those projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and our financial performance may be better or worse than anticipated. Given these uncertainties, you should not put undue reliance on any forward-looking statements. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008, and our other filings with the Securities and Exchange Commission. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We do not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, after the date of this release, except to the extent required by applicable securities laws.

Conference Call

At 10 a.m. (CST) today, the company will host a conference call with investors to discuss third quarter 2009 results and the outlook for 2009. The conference call and slide presentation will be accessible live through DPS' website at http://www.drpeppersnapple.com and will be archived for replay for a period of 14 days.

In discussing financial results and guidance, the company may refer to certain non-GAAP measures. Reconciliations of any such non-GAAP measures to the most directly comparable financial measures in accordance with GAAP can be found on pages A-5 and A-6 accompanying this release and under "Financial Press Releases" on the company's website at http://www.drpeppersnapple.com in the "Investors" section.

Definitions

Volume (BCS) or bottler case sales: Sales of finished beverages, in equivalent 288 fluid ounce cases, sold by the company and its bottling partners to retailers and independent distributors. Volume for products sold by the company and its bottling partners is reported on a monthly basis, with the third quarter comprising July, August and September.

Sales volume: Sales of concentrates and finished beverages, in equivalent 288 fluid ounce cases, shipped by the company to its bottlers, retailers and independent distributors.

Pricing refers to the impact of list price changes.

About Dr Pepper Snapple

Dr Pepper Snapple Group, Inc. (NYSE: DPS) is the leading producer of flavored beverages in North America and the Caribbean. Our success is fueled by more than 50 brands that are synonymous with refreshment, fun and flavor. We have 6 of the top 10 non-cola soft drinks, and 9 of our 12 "power brands" are No. 1 in their flavor categories. In addition to our flagship Dr Pepper and Snapple brands, our portfolio includes Sunkist soda, 7UP, A&W, Canada Dry, Crush, Mott's, Squirt, Hawaiian Punch, Penafiel, Clamato, Schweppes, Venom Energy, Rose's and Mr & Mrs T mixers. To learn more about our iconic brands and Plano, Texas-based company, please visit www.drpeppersnapple.com.

                          DR PEPPER SNAPPLE GROUP, INC.
                  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
         For the Three and Nine Months Ended September 30, 2009 and 2008
                 (Unaudited, in millions, except per share data)

                                                For the Three   For the Nine
                                                Months Ended    Months Ended
                                                September 30,   September 30,
                                                -------------   -------------
                                                2009    2008    2009    2008
                                                ----    ----    ----    ----

    Net sales                                 $1,434  $1,494  $4,175  $4,334
    Cost of sales                                579     709   1,706   1,968
                                                 ---     ---   -----   -----
      Gross profit                               855     785   2,469   2,366

    Selling, general and administrative
     expenses                                    547     542   1,596   1,586
    Depreciation and amortization                 29      28      84      84
    Restructuring costs                            -       7       -      31
    Other operating expense (income), net          7      (5)    (45)     (3)
                                                 ---     ---     ---     ---
      Income from operations                     272     213     834     668

    Interest expense                              51      59     158     199
    Interest income                               (1)     (3)     (3)    (30)
    Other income                                 (20)     (7)    (25)     (8)
                                                 ---     ---     ---     ---
      Income before provision for income taxes
       and equity in earnings of unconsolidated
       subsidiaries                              242     164     704     507
    Provision for income taxes                    92      59     265     199
                                                 ---     ---     ---     ---
      Income before equity in earnings of
        unconsolidated subsidiaries              150     105     439     308
    Equity in earnings of unconsolidated
     subsidiaries, net of tax                      1       1       2       1
                                                 ---     ---     ---     ---
    Net income                                  $151    $106    $441    $309
                                                ====    ====    ====    ====

    Earnings per common share:
      Basic                                    $0.59   $0.41   $1.73   $1.21
      Diluted                                  $0.59   $0.41   $1.73   $1.21

    Weighted average common shares outstanding:
      Basic                                    254.2   254.2   254.2   254.0
      Diluted                                  255.4   254.2   255.0   254.0

                                         A-1



                         DR PEPPER SNAPPLE GROUP, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                As of September 30, 2009 and December 31, 2008
           (Unaudited, in millions except share and per share data)


                                                  September 30,  December 31,
                                                       2009          2008
                                                       ----          ----
                              Assets
    Current assets:
    Cash and cash equivalents                          $282          $214
    Accounts receivable:
      Trade (net of allowances of $7 and $13,
       respectively)                                    532           532
      Other                                              45            51
    Inventories                                         275           263
    Deferred tax assets                                  78            93
    Prepaid expenses and other current assets            71            84
                                                        ---           ---
      Total current assets                            1,283         1,237
    Property, plant and equipment, net                1,041           990
    Investments in unconsolidated
     subsidiaries                                        14            12
    Goodwill                                          2,982         2,983
    Other intangible assets, net                      2,704         2,712
    Other non-current assets                            566           564
    Non-current deferred tax assets                     150           140
                                                        ---           ---
      Total assets                                   $8,740        $8,638
                                                     ======        ======

                Liabilities and Stockholders' Equity
    Current liabilities:
    Accounts payable and accrued expenses              $851          $796
    Income taxes payable                                 21             5
                                                         --             -
      Total current liabilities                         872           801
    Long-term debt                                    3,039         3,522
    Deferred tax liabilities                          1,004           981
    Other non-current liabilities                       747           727
                                                        ---           ---
      Total liabilities                               5,662         6,031

    Commitments and contingencies

    Stockholders' equity:
    Preferred stock, $.01 par value,
     15,000,000 shares authorized, no
     shares issued                                        -             -
    Common stock, $.01 par value, 800,000,000 shares
     authorized, 254,051,752 and 253,685,733 shares
     issued and outstanding for 2009 and 2008,
     respectively                                         3             3
    Additional paid-in capital                        3,147         3,140
    Retained earnings (deficit)                          11          (430)
    Accumulated other comprehensive loss                (83)         (106)
                                                        ---          ----
      Total stockholders' equity                      3,078         2,607
                                                      -----         -----
        Total liabilities and stockholders'
         equity                                      $8,740        $8,638
                                                     ======        ======

                                       A-2



                           DR PEPPER SNAPPLE GROUP, INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
               For the Nine Months Ended September 30, 2009 and 2008
                             (Unaudited, in millions)

                                                                    For the
                                                                  Nine Months
                                                                     Ended
                                                                 September 30,
                                                                 -------------
                                                                 2009    2008
                                                                 ----    ----
    Operating activities:
    Net income                                                   $441    $309
    Adjustments to reconcile net income to net cash provided
     by operations:
      Depreciation expense                                        121     102
      Amortization expense                                         30      36
      Amortization of deferred financing costs                     14       8
      Gain on disposal of intangible assets and property          (63)     (1)
      Employee stock-based compensation expense                    13       5
      Deferred income taxes                                        48      58
      Write-off of deferred loan costs                              -      21
      Other, net                                                    4      10
      Changes in assets and liabilities:
        Trade and other accounts receivable                         -       3
        Related party receivable                                    -      11
        Inventories                                               (11)     (6)
        Other current assets                                       19     (32)
        Other non-current assets                                  (27)     (9)
        Accounts payable and accrued expenses                     127      30
        Related party payable                                       -     (70)
        Income taxes payable                                       11      47
        Other non-current liabilities                             (26)      1
                                                                  ---     ---
          Net cash provided by operating activities               701     523
    Investing activities:
    Purchases of property, plant and equipment                   (223)   (203)
    Purchases of intangible assets                                 (7)      -
    Proceeds from disposals of property, plant and equipment        5       3
    Proceeds from disposals of investments and other assets        68       -
    Issuances of related party notes receivables                    -    (165)
    Proceeds from repayment of related party notes receivables      -   1,540
                                                                  ---   -----
          Net cash (used in) provided by investing activities    (157)  1,175
    Financing activities:
    Proceeds from issuance of related party long-term debt          -   1,615
    Proceeds from senior unsecured credit facility                  -   2,200
    Proceeds from senior unsecured notes                            -   1,700
    Proceeds from bridge loan facility                              -   1,700
    Repayment of related party long-term debt                       -  (4,664)
    Repayment of senior unsecured credit facility                (480)   (295)
    Repayment of bridge loan facility                               -  (1,700)
    Deferred financing charges paid                                 -    (106)
    Cash distribution to Cadbury                                    -  (2,065)
    Change in Cadbury's net investment                              -      94
    Other, net                                                     (3)     (2)
                                                                  ---     ---
          Net cash used in financing activities                  (483) (1,523)
    Cash and cash equivalents - net  change from:
    Operating, investing and financing activities                  61     175
    Currency translation                                            7      (3)
    Cash and cash equivalents at beginning of period              214      67
                                                                  ---     ---
    Cash and cash equivalents at end of period                   $282    $239
                                                                 ====    ====

                                       A-3



                          DR PEPPER SNAPPLE GROUP, INC.
                         OPERATIONS BY OPERATING SEGMENT
         For the Three and Nine Months Ended September 30, 2009 and 2008
                             (Unaudited, in millions)

                                        For the Three   For the Nine
                                        Months Ended    Months Ended
                                        September 30,   September 30,
                                        -------------   -------------
                                        2009    2008    2009    2008
                                        ----    ----    ----    ----
    Segment Results - Net Sales
      Beverage Concentrates             $260    $231    $784    $722
      Packaged Beverages               1,077   1,149   3,126   3,279
      Latin America Beverages             97     114     265     333
                                         ---     ---     ---     ---
    Net sales                         $1,434  $1,494  $4,175  $4,334
                                      ======  ======  ======  ======


    Segment Results - SOP
      Beverage Concentrates             $158    $126    $492    $426
      Packaged Beverages                 168     131     445     375
      Latin America Beverages             18      27      41      78
                                         ---     ---     ---     ---
    Total segment operating profit       344     284     978     879
      Unallocated corporate costs         65      69     189     183
      Restructuring costs                  -       7       -      31
      Other operating expense (income)     7      (5)    (45)     (3)
                                         ---     ---     ---     ---
    Income from operations               272     213     834     668
      Interest expense, net               50      56     155     169
      Other income                       (20)     (7)    (25)     (8)
    Income before provision for income
     taxes and equity in earnings of    ----    ----    ----    ----
     unconsolidated subsidiaries        $242    $164    $704    $507
                                        ====    ====    ====    ====

                                        A-4



                           DR PEPPER SNAPPLE GROUP, INC.
                   RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
          For the Three and Nine Months Ended September 30, 2009 and 2008
                                    (Unaudited)

    The company reports its financial results in accordance with U.S. GAAP.
    However, management believes that certain non-GAAP measures that reflect
    the way management evaluates the business may provide investors with
    additional information regarding the company's results, trends and
    ongoing performance on a comparable basis.  Specifically, investors
    should consider the following with respect to our quarterly and year-end
    results:

    Net sales and Segment Operating Profit, as adjusted:  Net sales and
    Segment Operating Profit exclude the loss of Hansen product distribution
    and are on a currency neutral basis.


                             For the Three Months Ended September 30, 2009
                             ---------------------------------------------
                                                            Latin
                             Beverage      Packaged        America
    Percent change         Concentrates    Beverages      Beverages     Total
                          -------------   ----------     ----------     -----
    Net sales, as reported      13%           (6)%          (15)%        (4)%
      Impact of loss of
       Hansen product
       distribution              -             5%             5%          4%
      Impact of foreign
       currency                  1%            -             19%          2%
                               ---           ---            ---         ---
    Net sales, as adjusted      14%           (1)%            9%          2%
                               ===           ===            ===         ===


                             For the Three Months Ended September 30, 2009
                             ---------------------------------------------
                                                            Latin
                             Beverage      Packaged        America
    Percent change         Concentrates    Beverages      Beverages     Total
                          -------------   ----------     ----------     -----
    Segment Operating
     Profit, as reported        25%           28%           (33)%        21%
      Impact of loss of
       Hansen product
       distribution              -            12%             7%          6%
      Impact of foreign
       currency                  -             2%            26%          4%
                               ---           ---            ---         ---
    Segment Operating
     Profit, as adjusted        25%           42%             -%         31%
                               ===           ===            ===         ===


                              For the Nine Months Ended September 30, 2009
                              --------------------------------------------
                                                            Latin
                             Beverage      Packaged        America
    Percent change         Concentrates    Beverages      Beverages     Total
                          -------------   ----------     ----------     -----
    Net sales, as
     reported                    9%           (5)%          (20)%        (4)%
      Impact of loss of
       Hansen product
       distribution              -             5%             4%          5%
      Impact of foreign
       currency                  -             1%            19%          2%
                               ---           ---            ---         ---
    Net sales, as
     adjusted                    9%            1%             3%          3%
                               ===           ===            ===         ===


                              For the Nine Months Ended September 30, 2009
                              --------------------------------------------
                                                            Latin
                             Beverage      Packaged        America
    Percent change         Concentrates    Beverages      Beverages     Total
                          -------------   ----------     ----------     -----
    Segment Operating
     Profit, as reported        15%           19%           (47)%        11%
      Impact of loss of
       Hansen product
       distribution              -            12%             4%          6%
      Impact of foreign
       currency                  2%            3%            23%          5%
                               ---           ---            ---         ---
    Segment Operating
     Profit, as adjusted        17%           34%           (20)%        22%
                               ===           ===            ===         ===

                                             A-5

                           DR PEPPER SNAPPLE GROUP, INC.
             RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (Continued)
           For the Three and Nine Months Ended September 30, 2009 and 2008
                                   (Unaudited)

    2009 Effective tax rate excluding certain items: 1) the net gain related
    to the Hansen contract termination payment as well as the sale of certain
    distribution rights in 2009 and 2) certain separation-related tax items in
    2009.
                                           For the Three Months Ended
                                               September 30, 2009
                                               ------------------
                                                 Separation-
                                        As       Related Tax
                                      Reported      Items      As Adjusted
                                     ---------      -----      -----------

    Income before provision for income
      taxes and equity in earnings of
      unconsolidated
      subsidiaries                      $242          $(16)         $226
    Provision for income
     taxes                                92            (3)           89
    Income before equity
     in earnings of unconsolidated      ----          ----          ----
     subsidiaries                       $150          $(13)         $137
                                        ====          ====          ====



                                       For the Nine Months Ended
                                          September 30, 2009
                                          ------------------
                                       Net Gain on
                                         Hansen
                                       Termination
                                       and Sale of
                                         Certain      Separation-
                              As      Distribution    Related Tax      As
                            Reported     Rights         Items       Adjusted
                           ---------     ------         -----       --------

    Income before provision
     for income taxes and
     equity in earnings of
     unconsolidated
      subsidiaries            $704          $(62)         $(16)       $626
    Provision for income
     taxes                     265           (23)           (3)        239
    Income before equity
     in earnings of
     unconsolidated           ----          ----          ----        ----
     subsidiaries             $439          $(39)         $(13)       $387
                              ====          ====          ====        ====



    EPS excluding certain items: R

SOURCE Dr Pepper Snapple Group, Inc.

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