Arab

 Academy  for  Science  &  Technology  &  Maritime  

March  2010  
Transport  -­  Graduate  School  of  Business  
Presented  to:  

                     Dr.  Hatem  Alzuhairy  

   BY:      

1. Amr  El-­Sharkawy    
2. Ahmed  ElFar  
3. Hossam  Saber  
4. Salem  Abdellatif  
5.      Tarek  Fahd  
 

THE  COCA  -­  COLA  COMPANY  

STRATEGIC  MANAGEMENT  CASE  STUDY  
 I -­‐ T A B L E   O F   C O N T E N T S  

S E C T I O N   D E S C R I P T I O N   P A G E  

I-­‐  Table  of  Contents   2  

II-­‐  Introduction     3-­‐4  

1   Strategy  Formulation   5-­‐18  

1.1   **Mission  statement  evaluation  matrix   5-­‐6  

1.2   **CPM,  EFE  &  IFE     7-­‐11  

1.3   Long  term  objectives   12  

1.4   Applying  of  SWOT  matrix  &  IE  matrix   13-­‐14  

1.5   Quantitative  Strategic  Planning  Matrix  (QSPM)   15-­‐18  

2   Strategy  Implementation   19-­‐22  
2.1   Annual  Objectives   19  
2.2   Organizational  structure   20  
2.3   Production  /  Operation   21  
2.4   The  rewards  /  Incentive   21-­‐22  
3   Strategy  Evaluation   23  
3.1   Balanced  Score  Card   23  
4   Conclusion   24  
5   References   25  
6   Appendixes   26-­‐29  
Appendix  A   Financial  Ratios  Analysis    (2009)   26  
Appendix  B   Income  
  Statement  Analysis    (2009)   27  
Appendix  C   Cash  flow  STATEMENT  Analysis    (2009)   28  
Appendix  D    
Financial   Highlights  (2009)   29  
 

**  EXTRA  WORK    
  2  
  

I I -­‐ I N T R O D U C T I O N    
The  Coca  -­  Cola  Company    History    
 
The  prototype  Coca  Cola  recipe  was  
formulated  at  the  Eagle  Drug  and  Chemical  
Company,  a  drugstore  in  Columbus,  
Georgia  by  John  Pemberton,  originally  as  a  
coca  wine  called  Pemberton's  French  Wine  
Cocoa.  He  may  have  been  inspired  by  the  
formidable  success  of  Vin  Mariani,  a  
European  coca  wine.      
In  1886,  when  Atlanta  and  Fulton  County  passed  prohibition  legislation,  Pemberton  
responded  by  developing  Coca  Cola,  essentially  a  non-­‐alcoholic  version  of  French  Wine  
Cola.  The  first  sales  were  at  Jacob's  Pharmacy  in  Atlanta,  Georgia,  on  May  8,  1886.  It  was  
initially  sold  as  a  patent  medicine  for  five  cents  a  glass  at  soda  fountains,  which  were  
popular  in  the  United  States  at  the  time  due  to  the  belief  that  carbonated  water  was  
good  for  the  health  Pemberton  claimed  Coca  Cola  cured  many  diseases,  including  
morphine  addiction,  dyspepsia,  neurasthenia,  headache,  and  impotence.  Pemberton  ran  
the  first  advertisement  for  the  beverage  on  May  29  of  the  same  year  in  the  Atlanta  
Journal.    
By  1888,  three  versions  of  Coca  Cola  —  sold  by  three  separate  businesses  —  were  on  
the  market.  Asa  Griggs  Candler  acquired  a  stake  in  Pemberton's  company  in  1887  and  
incorporated  it  as  the  Coca  Cola  Company  in  1888.The  same  year,  while  suffering  from  
an  ongoing  addiction  to  morphine,  Pemberton  sold  the  rights  a  second  time  to  four  
more  businessmen:  J.C.  Mayfield,  A.O.  Murphey,  C.O.  Mullahy  and  E.H.  Bloodworth.  
Meanwhile,  Pemberton's  alcoholic  son  Charley  Pemberton  began  selling  his  own  
version  of  the  product.  
John  Pemberton  declared  that  the  name  "Coca  Cola  "  belonged  to  Charley,  but  the  other  
two  manufacturers  could  continue  to  use  the  formula.  So,  in  the  summer  of  1888,  
Candler  sold  his  beverage  under  the  names  Yum  Yum  and  Koke.  After  both  failed  to  
catch  on,  Candler  set  out  to  establish  a  legal  claim  to  Coca  Cola  in  late  1888,  in  order  to  
force  his  two  competitors  out  of  the  business.  Candler  purchased  exclusive  rights  to  the  
formula  from  John  Pemberton,  Margaret  Dozier  and  Woolfolk  Walker.  However,  in  
  3  
1914,  Dozier  came  forward  to  claim  her  signature  on  the  bill  of  sale  had  been  forged,  
and  subsequent  analysis  has  indicated  John  Pemberton's  signature  was  most  likely  a  
forgery  as  well.  
 
New  Coke  
On  April  23,  1985,  Coca  Cola,  amid  much  publicity,  attempted  to  change  the  formula  of  
the  drink  with  "New  Coke".    
 
21st  Century  
 Launch  a  Diet  Coke  product  sweetened  with  the  artificial  sweetener  sucralose  
("Splenda"),  the  same  sweetener  currently  used  in  Pepsi  One  
March  21,  2005,  it  announced  another  diet  product,  Coca  Cola  sweetened  partly  with  a  
blend  of  aspartame  and  acesulfame  potassium.  
 In  2007,  Coca  Cola  began  to  sell  a  new  "healthy  soda":  Diet  Coke  with  vitamins  B6,  B12,  
magnesium,  niacin,  and  zinc,  marketed  as  "Diet  Coke  Plus."  

 
 

  4  
 1 -­‐   S T R A T E G Y   F O R M U L A T I O N  

1.1  -­‐  MISSION  STATEMENT  EVALUATION  MATRIX  

COCA-­COLA  MISSION  STATEMENT:  

“Our  Roadmap  starts  with  our  mission,  which  is  enduring”  
It  declares  our  purpose  as  a  company  and  serves  as  the  standard  against  which  we  weigh  
our  actions  and  decisions.    

• To  refresh  the  world...(1)  and  (3)    

• To  inspire  moments  of  optimism  and  happiness...    
• To  create  value  and  make  a  difference.  (6)  

COMPONENTS   Exist  in  mission  statement  

1. Customers   YES  
2. Products  Services   NO  
3. Markets   YES  
4. Concern  for  Survival,  Growth,  Profitability   NO  
5. Technology   NO  
6. Philosophy   YES  
7. Self-­‐Concept   NO  
8. Concern  for  Public  Image   NO  
9. Concern  for  Employees   NO  

* * PEPSICO  MISSION  STATEMENT:  

“Our  mission  is  to  be  the  world's  (1)  (3)  premier  consumer  products  company  focused  on  
convenient  foods  and  beverages  (2).  We  seek  to  produce  financial  rewards  to  investors  (4)  as  we  
provide  opportunities  for  growth  and  enrichment  to  our  employees  (9),  our  business  partners  and  
the  communities  in  which  we  operate.  And  in  everything  we  do,  we  strive  for  honesty,  fairness  (6)  
and  integrity  (8).”  

COMPONENTS   Exist  in  mission  statement  

1. Customers   YES  
2. Products  Services   YES  
3. Markets   YES  
4. Concern  for  Survival,  Growth,  Profitability   YES  
5. Technology   NO  
6. Philosophy   YES  
7. Self-­‐Concept   NO  
8. Concern  for  Public  Image   YES  
9. Concern  for  Employees   YES  

**  EXTRA  WORK    
  5  
  

* * COCA-­COLA  new  proposed  mission:  

 
At  Coca  Cola  we  believe  our  main  responsibility  is  providing  customers  (1)  with  
refreshing  beverages  including  soft  drinks,  water,  energy  drinks,  juices,  and  tea  (2)  
to  fit  any  occasion  in  their  day-­‐to-­‐day  lives  (6).    Our  signature  product,  Coke  (7),  is  a  
favorite  around  the  world  and  a  wide  variety  of  our  products  are  sold  in  over  200  
nations  (3).    We  use  the  only  the  most  sophisticated  equipment  (4)  to  process  and  
make  our  products  to  ensure  each  glass  of  Coke  product  is  as  good  as  the  last  (5).    
Our  employees  (9)  are  fairly  compensated  and  we  practice  fair  trade  in  all  markets  
we  compete.    We  value  our  responsibility  to  all  communities  we  serve  and  support  
many  educational  and  leadership  programs  (8).  

COMPONENTS   Exist  in  mission  statement  

1. Customers   YES  
2. Products  Services   YES  
3. Markets   YES  
4. Concern  for  Survival,  Growth,  Profitability   YES  
5. Technology   YES  
6. Philosophy   YES  
7. Self-­‐Concept   YES  
8. Concern  for  Public  Image   YES  
9. Concern  for  Employees   YES  
 

   

*  ASSUMPTION      **  EXTRA  WORK    

  6  
 1 . 2 –   C P M ,   E F E   A N D   I F E   M A T R I X E S  

1.2  .1-­‐  **CPM  –  COMPETITIVE  PROFILE  MATRIX  

CPM  Competitive  profile  matrix  is  an  essential  strategic  management  tool  to  compare  the  firm  
with  the  major  players  of  the  industry.  Competitive  profile  matrix  shows  the  clear  picture  to  the  
firm  about  their  strong  points  and  weak  points  relative  to  their  competitors.  

  Coca  Cola     PepsiCo   Cadbury  Schweppes  

Critical  Success   Weighted   Weighted   Weighted  

*Weight   *Rating   *Rating   *Rating  
Factors   Score   Score   Score  

Market  Share   0.15   4                          0.60   3                              0.45   2                                                0.30  

Price   0.10   3                            0.30   3                              0.30   3                                                0.30  

Financial  Position   0.12   3                            0.36   4                              0.48   3                                                0.36  

Product  Quality     0.15   3                            0.45   3                              0.45   3                                                0.45  

Product  Lines     0.15   3                            0.45   4                              0.60   3                                                0.45  

Customer  Loyalty   0.15   4                            0.60   4                              0.60   3                                                0.45  

Marketing   0.07   3                            0.21   3                              0.21   2                                                0.14  

Total   1.00   3.44   3.56   2.78  

*  ASSUMPTION      **  EXTRA  WORK    

  7  
 1.2  .2-­‐  EFE  MATRIXES  

External  Factor  Evaluation  (EFE)  matrix  method  is  a  strategic-­‐management  tool  often  
used  for  assessment  of  an  actual  business  conditions.  It  is  a  good  tool  to  visualize  and  
prioritize  the  opportunities  and  threats  that  a  business  is  facing.  

External  factors  assessed  in  the  EFE  matrix  are  the  ones  that  are  subjected  to  the  will  of  
social,  economic,  political,  legal,  and  other  external  forces.    

*Weight   *Rating   Weighted  

Key  External  Factors  
(../1)   (../4)   Score  

A-­  Opportunities:  

1-­‐  In  2008,  bottled  water  was  the  second  largest  selling  
0.06   4   0.24  
drink  in  the  U.S.  market  

2-­‐  According  to  the  Donkey  Recycling  Institute,  sales  of  

flavored,  noncarbonated  drinks  are  expected  to   0.1   3   0.3  
surpass  soda  sales  by  2010  

3-­‐  Moderate  caffeine  consumption  appeared  beneficial  

0.05   2   0.1  
in  reducing  risk  of  death  

4-­‐  Today's  24/7  life  styles  is  driving  the  sales  of  energy  
drinks,  with  volume  having  increased  by  an   0.1   4   0.4  
impressive  75%  and  value  by  some  71%  since  2000.  

5-­‐  Doing  business  with  poor  people  brings  them  into  

the  marketplace.  
0.1   3   0.3  
“Use  of  Manual  Distribution  Centers”  

6-­‐  In  a  condition  where  market’s  shift  and  customers’  

preferences  becomes  more  unpredictable  and  
0.05   3   0.15  
complex,  adopting  CSR  strategy  could  be  a  powerful  
tool  for  survival.  

*  ASSUMPTION    
  8  
  

*Weight   *Rating   Weighted  

Key  External  Factors  
(../1)   (../4)   Score  

B-­  Threats:  

1-­‐  Bottled  water  processed  with  distillation  or  reverse        

osmosis  lacks  fluoride  ions  which  are  sometimes  
naturally  present  in  ground  water.  The  drinking  of        
distilled  water  may  conceivably  increase  the  risk  of  
tooth  decay  due  to  a  lack  of  this  element.   0.05   2   0.1  

2-­‐  cost  of  energy  is  increasing.   0.05   3   0.15  

3-­‐  Overall  carbonated  drink  sales  have  been  flat  due  to  
links  of  sugar  to  obesity  and  high  fructose  corn   0.07   3   0.21  
syrup  to  heart  disease.  

4-­‐  Rising  cost  of  raw  material  such  as  corn,  orange…   0.09   3   0.27  

5-­‐Water  scarcity  and  poor  quality  could  negatively  

impact  the  Coca-­‐Cola  system’s  production  costs  and   0.05   3   0.15  
capacity.  

6-­‐  Changes  in  laws  and  regulations  relating  to  

0.05   2   0.1  
beverage  containers  and  packaging  

7-­‐  Unfavorable  economic  and  political  conditions  in  

0.03   2   0.06  
international  markets  

8-­‐  Significant  additional  labeling  or  warning  

0.06   4   0.24  
requirements  

9-­‐  Changes  in  commercial  and  market  practices  within  

0.04   2   0.08  
the  European  Economic  Area  

10-­‐Changes  in  accounting  standards  and  taxation  

0.05   2   0.1  
requirements  

TOTAL   1.00     2.95  

 
*  ASSUMPTION    

  9  
 1.2  .3-­‐  IFE  MATRIXES  

Internal  Factor  Evaluation  (IFE)  matrix  is  a  strategic  management  tool  for  auditing  or  
evaluating  major  strengths  and  weaknesses  in  functional  areas  of  a  business.  IFE  matrix  
also  provides  a  basis  for  identifying  and  evaluating  relationships  among  those  areas.  

*Weight   *Rating   Weighted  

Key  Internal  Factors  
(../1)   (../4)   Score  

A-­  Strengths  

1-­‐  Product  lines  of  400  Brands   0.05   4   0.2  

2-­‐  Strong  Manpower  resources  (71,000)  people   0.05   4   0.2  

3-­‐  7  different  segments  all  over  the  world  (Africa,  

0.1   3   0.3  
Asian,  Europe,  …….  )    

4-­‐  Long  History,  Established  since  1885  (Brand  

0.05   4   0.2  
Name  reputation).  

5-­‐  Africa  Sector  is  very  strong  55,000  out  of  

0.05   2   0.1  
71,000  

6-­‐  Acquiring  different  mineral  water  co.  in  many  

0.05   4   0.2  
places  in  the  world.  

7-­‐  Has  Strong  digital  marketing  platform  located  

0.05   4   0.2  
in  Latin  America    

8-­‐  Industry  leader  in  market  capitalization  with  

0.1   4   0.4  
$112  billion    

9-­‐  Top  seller  in  nonalcoholic  market  beverages  in  

0.05   3   0.15  
Russia    

10-­‐  Has  formed  a  strong  a  partnership  with  

0.1   4   0.4  
McDonalds,  biggest  customer    

11-­‐  Joint  venture  with  Nestle  resulted  in  

0.05   4   0.25  
establishing  beverages  patterns  worldwide  

*  ASSUMPTION    

  10  
  

*Weight   *Rating   Weighted  

Key  Internal  Factors  
(../1)   (../4)   Score  

B-­  Weaknesses  

1-­‐Product  lines  is  limited  to  beverages  only   0.05   1   0.05  

2-­‐  A  failed  $16  billion  acquisition  of  Quaker  Oats   0.1   1   0.10  
hinders  long-­‐term  growth.  
3-­‐  Negative  publicity  in  India  because  of  water  
issues,  has  led  to  poor  brand  image  and  hindered   0.05   2   0.10  
growth  there.  
4-­‐  Marketing  deficiencies  due  to  turnover  in  
leadership  and  a  16  percent  decrease  in   0.05   2   0.10  
advertising  spending.  
 5-­‐  Revenues  for  US  market  segment  <  
0.05   2   0.10  
International  Segment  

6-­‐  Coca  Cola  ’s  inventory  turnover  is  only  5.4  

0.05   2   0.10  
compared  to  Pepsi  Co.’s  8.0.  

TOTAL   1.00     3.05  

 
 
 
 
 
 
 
*  ASSUMPTION    

  11  
 1.3  -­‐  *COCA  COLA  LONG  TERM  OBJECTIVES  

1-­‐ Increase  the  company  revenue  by  50%  in  two  years  (current  revenue  24  bill).  

2-­‐ Increase  the  book  value/share  by  25%  in  three  years  (current  value  $8.52).  

3-­‐ Generate  cash  flow  by  1  bill  in  two  years  (current  value  2,320  bill).      

4-­‐ Increase  the  net  income  by  30%  in  three  years  (current  value  6,824  bill).      

*  ASSUMPTION    
  12  
 1 . 4   -­‐   A P P L Y I N G   O F   S W O T   M A T R I X   &   I E   M A T R I X  

    1.4.1  –  SWOT  MATRIX  

SWOT  Matrix:  A  tool  that  identifies  the  Strengths,  Weaknesses,  Opportunities  and  Threats  
of  an  organization.  Specifically,  SWOT  is  a  basic,  straightforward  model  that  assesses  what  
an  organization  can  and  cannot  do  as  well  as  its  potential  opportunities  and  threats.  The  
method  of  SWOT  analysis  is  to  take  the  information  from  an  environmental  analysis  and  
separate  it  into  internal  (strengths  and  weaknesses)  and  external  issues  (opportunities  and  
threats).  Once  this  is  completed,  SWOT  analysis  determines  what  may  assist  the  firm  in  
accomplishing  its  objectives,  and  what  obstacles  must  be  overcome  or  minimized  to  
achieve  desired  results.    

  Strengths  (S)   Weaknesses  (W)  

Opportunities  (O)   SO  Strategies   WO  Strategies  

1. Launch  new  products  in  the   1. Market  international  

local  markets  such  as  Hellenic   beverages  to  American  
Coca  Cola       consumers    

(S11,  O2).   (W1,  O1,  O4).  

2. Market  new  products  that  is   2. Increase  marketing  

healthier  and  suitable  for  the   efforts  for  bottled  water    
new  generation   (W1,  O1).  
(S8,  O4).    

Threats  (T)   ST  Strategies   WT  Strategies  

1. Acquire  krispy  kreme   1. Acquire  Golden  Enterprises  
doughnuts  Inc  (KKD)  for  the   (GLDC)  to  help  diversify  the  
diversification  of  products  (S6,   product  line    
T3).  
(W1,  T3).  
2. Establish  a  joint  venture  with  
2. Partnership  with  UNDP  in  
other  companies  (i.e.  illy  
“Every  Drop  Matter”  project  
coffee)  for  Ready  To  Drink  
beverages  (RTD)     in  eastern  Europe    

(S8,  T3)   (W3,  T5)  

 

  13  
  

    1.4.2  –  IE  INTERNAL-­‐EXTERNAL  MATRIX    

The  Internal-­External  (IE)  matrix  is  another  strategic  management  tool  used  to  
analyze  working  conditions  and  strategic  position  of  a  business.  The  Internal  External  
Matrix  or  short  IE  matrix  is  based  on  an  analysis  of  internal  and  external  business  factors  
which  are  combined  into  one  suggestive  model.The  IE  matrix  is  a  continuation  of  the  EFE  
matrix  and  IFE  matrix  models.  

         

      The  IFE  Total  Weighted  Score  =  3.05      

      Strong   Average   Weak      

  3.0  to  4.0   2.0  to  2.99   1.0  to  1.99      

The  EFE  Total  Weighted  Score  =  2.95  

High   I   II   III      

3.0  to  3.99            

                                                                 
 
Medium   IV   V   VI      

2.0  to  2.99            

Coca-­Cola    
 
Low   VII   VIII   IX      

1.0  to  1.99                                      

 
 

Coca  Cola  have  Strong  IFE  &  Medium  EFE  (Zone  4)  so  Grow  &  Build  strategies  will  be  used:  

• Integration  (forward):  Use  of  manual  distribution  centers  

• Market  Penetration:  Increase  marketing  budget  (i.e.  create  digital  program  with  
iTunes;  targeting  audiences  under  the  age  of  12  &  main  sponsor  of  world  cup  2010)  
and  more  focus  on  North  US  market  

• Market  Development:  energy  and  healthy  drinks  

• Product  Development:  Food  industry,  Innovation  in  Products  (i.e.  Jianchi  means  
"strong  inner  energy"  in  Chinese.  The  drink,  made  with  fruit  juices  and  plant  
extracts  and  available  in  three  flavors,  is  inspired  by  ancient  Chinese  wisdom  to  
enhance  the  inner  balance.  Jianchi  products  are  now  available  in  more  than  100  
pharmacies  and  herbal  shops  in  Milan.)  

  14  
 1.5  -­‐  QUANTITATIVE  STRATEGIC  PLANNING  MATRIX  (QSPM)  

Quantitative  Strategic  Planning  Matrix  (QSPM)  is  a  high-­‐level  strategic  management  

approach  for  evaluating  possible  strategies.  Quantitative  Strategic  Planning  Matrix  or  a  
QSPM  provides  an  analytical  method  for  comparing  feasible  alternative  actions.    

Acquire  KKD   Produce  new  diet   Increase  

Weighted  Score  
and  GLDC   drinks  that  have   marketing  

(From  EFE)  
Key  External  Factors   healthier  sugar   efforts  for  
 (Diversify  food   substitutes   bottled  water    
  products  lines)  

*AS   TAS   *AS   TAS   *AS   TAS  

Opportunity  

1-­‐  In  2008,  bottled  water  was  the  

second  largest  selling  drink  in  the   0.06   -­‐     -­‐     -­‐    
U.S.  market  

2-­‐  According  to  the  Donkey  

Recycling  Institute,  sales  of  
flavored,  noncarbonated  drinks   0.1   3   0.3   4   0.4   2   0.2  
are  expected  to  surpass  soda  
sales  by  2010  

3-­‐  Moderate  caffeine  consumption  

appeared  beneficial  in  reducing   0.05   3   0.15   4   0.2   2   0.1  
risk  of  death  

4-­‐  Today's  24/7  life  styles  is  driving  

the  sales  of  energy  drinks,  with  
volume  having  increased  by  an   0.1   -­‐     -­‐     -­‐    
impressive  75%  and  value  by  
some  71%  since  2000.  

5-­‐  Doing  business  with  poor  people  

brings  them  into  the  marketplace.   0.1   -­‐     -­‐     -­‐    
“Use  of  Manual  Distribution  Centers”  

6-­‐  In  a  condition  where  market’s  

shift  and  customers’  preferences  
becomes  more  unpredictable  and  
0.05   -­‐     -­‐     -­‐    
complex,  adopting  CSR  strategy  
could  be  a  powerful  tool  for  
survival.  

*  ASSUMPTION        

  15  
 Acquire  KKD   Produce  new  diet   Increase  

Weighted  Score  
and  GLDC   drinks  that  have   marketing  

(From  IFE)  
Key  Internal  Factors   healthier  sugar   efforts  for  
(Diversify  food   substitutes   bottled  water    
  products  lines)  

*AS   TAS   *AS   TAS   *AS   TAS  

Threats  

1-­‐Bottled  water  processed  with  

distillation  or  reverse  osmosis  lacks    
fluoride  ions  which  are  sometimes  
naturally  present  in  ground  water.     2   0.1   3   0.15   4   0.2  
The  drinking  of  distilled  water  may  
conceivably  increase  the  risk  of  tooth   0.05  
decay  due  to  a  lack  of  this  element.  

2-­‐  Cost  of  energy  is  increasing.   0.05   -­‐     -­‐     -­‐    

3-­‐  Overall  carbonated  drink  sales  have  

been  flat  due  to  links  of  sugar  to  
0.07   3   0.21   4   0.28   2   0.14  
obesity  and  high  fructose  corn  syrup  
to  heart  disease.  

4-­‐  Rising  cost  of  raw  material  such  as  

0.09   -­‐     -­‐     -­‐    
corn,  orange…  

5-­‐Water  scarcity  and  poor  quality  could  

negatively  impact  the  Coca-­‐Cola  
0.05   -­‐     -­‐     -­‐    
system’s  production  costs  and  
capacity.  

6-­‐  Changes  in  laws  and  regulations  

relating  to  beverage  containers  and   0.05   -­‐     -­‐     -­‐    
packaging  

7-­‐  Unfavorable  economic  and  political  

0.03   -­‐     -­‐     -­‐    
conditions  in  international  markets  

8-­‐  Significant  additional  labeling  or  

0.06   -­‐     -­‐     -­‐    
warning  requirements  

9-­‐  Changes  in  commercial  and  market  

practices  within  the  European   0.04   -­‐     -­‐     -­‐    
Economic  Area  

10-­‐Changes  in  accounting  standards  

0.05   -­‐     -­‐     -­‐    
and  taxation  requirements  

SUBTOTAL   1.00     0.88     1.15     0.88  

*  ASSUMPTION        

  16  
  

Acquire  KKD   Produce  new  diet   Increase  

and  GLDC   drinks  that  have   marketing  

Weighted  Score  

(From  IFE)  
healthier  sugar   efforts  for  
Key  Internal  Factors   (  diversify  food   substitutes   bottled  water    
products  lines)  
 
 

*AS   TAS   *AS   TAS   *AS   TAS  

Strengths  

1-­‐  Product  lines  of  400  Brands   0.05   2   0.1   4   0.2   3   0.15  

2-­‐  Strong  Manpower  resources  (  

0.05   4   0.2   3   0.15   2   0.1  
71,000)  people  

3-­‐  7  different  segments  all  over  the  

world  (Africa,  Asian,  Europe,   0.1   -­‐     -­‐     -­‐    
…….  )    

4-­‐  Long  History,  Established  since  

0.05   2   0.1   3   0.15   4   0.2  
1885  .  

5-­‐  Africa  Sector  is  very  strong  

0.05   -­‐     -­‐-­‐     -­‐    
55,000  out  of    71,000  

6-­‐  Acquiring  different  mineral  

water  co.  in  many  places  in  the   0.05   3   0.15   3   0.15   4   0.2  
world.  

7-­‐  Has  Strong  digital  marketing  

platform  located  in  Latin   0.05   -­‐     -­‐     -­‐    
America    

8-­‐  Industry  leader  in  market  

0.1   4   0.4   3   0.3   3   0.3  
capitalization  with  $112  billion    

9-­‐  Top  seller  in  nonalcoholic  

0.05   -­‐     -­‐     -­‐    
market  beverages  in  Russia    

10-­‐  Has  formed  a  strong  a  

partnership  with  McDonalds  ,   0.1   -­‐     -­‐     -­‐    
biggest  customer    

11-­‐  Joint  venture  with  Nestle  

resulted  in  establishing   0.05   -­‐     -­‐     -­‐    
beverages  patterns  worldwide  

*  ASSUMPTION        
  17  
  

Acquire  KKD   Produce  new  diet   Increase  

and  GLDC   drinks  that  have   marketing  

Weighted  Score  

(From  IFE)  
healthier  sugar   efforts  for  
Key  Internal  Factors   (  diversify  food   substitutes   bottled  water    
products  lines)  
 
 

*AS   TAS   *AS   TAS   *AS   TAS  

Weaknesses  

1-­‐Product  lines  is  limited  to  

0.05   4   0.2   3   0.15   2   0.1  
beverages  only  

2-­‐  A  failed  $16  billion  

0.1   -­‐     -­‐     -­‐    
acquisition  of  Quaker  Oats  
hinders  long-­‐term  growth.  
3-­‐  Negative  publicity  in  India  
because  of  water  issues,  has  led   0.05   -­‐     -­‐     -­‐    
to  poor  brand  image  and  
hindered  growth  there.  
4-­‐  Marketing  deficiencies  due  
to  turnover  in  leadership  and  a   0.05   -­‐     -­‐     -­‐    
16  percent  decrease  in  
advertising  spending.  
 5-­‐  Revenues  for  US  market  
segment  <  International   0.05   -­‐     -­‐     -­‐    
Segment  

6-­‐  Coca  Cola  ’s  inventory  

turnover  is  only  5.4  compared   0.05   3   0.15   2   0.1   1   0.05  
to  Pepsi  Co.’s  8.0.  

SUBTOTAL   1.00     1.3     1.2     1.1  

SUM  TOTAL  SCORE  

1.00     2.18     2.35     1.98  
STRATEGY  PERIORITY  

 
STRATEGY   R ECOMMENDATIONS   P RIORITY  

1-­‐ Produce  new  diet  drinks  that  have  healthier  sugar  substitutes  which  
matches  with  consumer  trends    
2-­‐ Diversify  to  food  products  lines.  
3-­‐ Increase  marketing  efforts  for  bottled  water    

*  ASSUMPTION        
  18  
 2   -­‐   S T R A T E G Y   I M P L E M E N T A T I O N  

2.1  -­‐  *ANNUAL  OBJECTIVES:  

R  &  D  FUNCTION:  

1. Develop  two  new  products  in  the  food  industry.  

2. Develop  one  new  healthy  beverage  product.  

PRODUCTION  FUNCTION:  

1. Increase  the  inventory  turnover  to  7.    

2. Implement  a  new  quality  control  system  for  food  industry.  
3. Decrease  the  production  unit  case  cost  by  5%.  
4. Implement  new  3  food  production  lines  in  Europe.  
5. Implement  new  3  food  production  lines  in  North  America.  
6. Increase  the  beverage  production  by  5%.  
7. Increase  the  bottled  industry  production  by  10%.      

MARKETING  FUNCTION:  

1. Increase  the  beverage  market  share  by  2%  (from  54  to  56)    
2. Increase  the  sales  volume  by  4%  

FINANCING  FUNCTION:  

1. Reduce  the  company  liabilities  by  5%  annually  

2. Finance  new  6  food  plants.    

HUMAN  RESOURCES  FUNCTION:  

1. Hiring  specialized  staff  for  food  industry  1200  employees.    

2. Develop  employees  by  15days  training.  
3. Decrease  the  employees’  turnover  by  50%.  
 
 
 
 
 
 
 
 
 

*  ASSUMPTION        
  19  
 2.2  -­‐  *ORGANIZATIONAL  STRUCTURE  

To  handle  the  enormous  capacity  of  its  business,  the  Coca  Cola  Company  has  divided  up  
into  six  operating  units  
Therefore,  Coca  Cola  is  predominantly  organized  into  an  international  area  structure  
considered  as  a  global  product  divisional  structure.  

To  meet  and  match  the  organization  structure  with  the  formulated  strategies,  new  food  
industry  director  will  be  added  to  structure  to  manage  the  new  food  sector.  

New  healthy  beverage  will  be  managed  like  the  soft  drinks  beverages.  

 
Chairman
  / CEO

 
EVP EVP EVP President SVP SVP SVP *FOOD
  INDUSTRY
& P BI/SC & CFO & P MKT & COO & GC & HRD & PAD
DIRECTOR
 

  P of P of P of P of P of
Europe
    Eurasia Africa Latin Pacific
  America
 
 

ADVANTAGES  OF  THIS  DIVISIONAL  STRUCTURE:  

 Workflow  per  division  

 Low  level  of  Centralization  
 Flexible  and  innovative  

 Sensitive  to  subtle  differences  across  products,  regions,  and  clients  

 

*  ASSUMPTION        

  20  
     2.3  –PRODUCTION/OPERATIONS    

• Cost  Control,  one  of  the  management  issues  in  operations  is  cost  reduction  or  cost  
optimization.  It  is  clear  in  the  Coca  Cola  income  statements  that  Coca  Cola  practices  
cost  reduction  in  2009  from  11,374,000,000  $  to  11,088,000,000  $  and  the  Revenue  
decreased  from  31,944,000,000  $  to  30,990,000,000  $  so  cost  control  should  be  
done  through  optimize  the  process  of  operation  (Raw  material,  power  consumption,  
fuel  consumption),  cost  of  unit  case  must  be  monitored.  

• Inventory/Inventory  Control  is  the  main  for  operation  management  concerns,  it  is  
calculated  from  the  balance  sheet  that  the  Coca  Cola  inventory  turnover  ratio  is  4.9  
which  is  less  than  the  industry  average  7.1,  and  so  Coca-­‐Cola  should  develop  and  
revise  the  inventory  control  system  to  reach  the  industry  average.  

• Plant  size,  food  and  snakes  will  be  a  new  industry  for  Coca  Cola,  so  new  production  
lines  in  the  existing  plants  should  be  established  for  food  industry,  capacity  will  be  
based  on  the  marketing  forecast,  so  site  location  analysis  is  very  important.  

• For  food  industry,  Purchase  specialized  equipment  and  add  specialized  people  
(human  resources).  

• For  Food  industry,  apply  the  quality  control  system  to  meet  the  customer  
satisfaction.                

    2.4  -­‐  THE  REWARDS  /  INCENTIVE  SYSTEM    

1-­‐   T HE   A NNUAL   I NCENTIVE   P ROGRAM  

Sales  of  company  products  (volume)  and  economic  profit  (profit).  These  two  
objectives  become  the  target  for  the  division  for  annual  incentive  purposes.  For  corporate  
associates,  the  target  for  incentive  purposes  is  the  objective  for  the  total  company.  

At  the  end  of  the  year,  the  performance  of  each  division  is  assessed  versus  its  
objectives  for  the  year  relative  to  a  funding  matrix.  The  matrix  weights  volume  and  profit  
equally.  If  divisions  meet  their  objectives  exactly,  then  incentives  are  funded  at  100%  of  
target.  If  they  exceed  objectives,  they  are  funded  at  greater  than  100%,  and  if  they  fall  
short,  they  are  funded  at  less  than  100%.  The  targeted  pool  itself  is  simply  the  total  
amount  required  to  award  each  participant  in  the  plan  their  exact  target,  which  is  
expressed  as  a  percent  of  base  salary  (e.g.,  10%,  15%)  based  on  job  grade  level.  

Once  the  pool  for  the  division  is  funded,  then  division  management  decides  how  the  
exact  pool  will  be  distributed.  Each  division  has  the  responsibility  to  set  specific  team  and  
individual  objectives  that  link  into  the  total  division  objectives.  Based  on  individual  and  
team  performance  against  those  objectives,  each  participant  then  receives  a  specific  annual  
incentive  award,  which  falls  within  a  broad  range  from  no  award  to  the  maximum  award.  It  
is  the  responsibility  of  each  division  to  make  sure  that  total  incentive  awards  do  not  exceed  
the  amount  allocated  and  that  the  total  awards  balance  against  the  pool.  

 
  21  
2-­‐   T HE   S TOCK   O PTIONS   P ROGRAM  
The  process  for  stock  option  awards  is  similar  to  that  of  annual  incentives:  Option  
pools  are  funded  based  on  performance  against  unit  case  sales  and  economic  profit  
objectives,  and  individual  option  grants  are  determined  based  on  specific  contribution  to  
those  objectives.  

Stock  option  awards  are  considered  annually  and  fall  within  a  minimum  to  
maximum  of  a  specified  range,  which  varies  by  grade  level  and  is  driven  by  targeted  total  
compensation  levels  versus  the  marketplace.  Division  management  considers  each  eligible  
associate  each  year  for  an  appropriate  grant  and  then  recommends  that  amount  for  
approval  by  the  compensation  committee  of  the  board.  For  both  annual  incentives  and  
stock  options,  awards  for  corporate  associates  come  from  and  must  balance  against  the  
corporate  pool,  which  is  based  on  total  company  performance.  

IMPACT   O F   T HE   P ROGRAMS:  
The  effect  on  the  business  of  the  clear  linkage  of  incentive  and  stock  option  awards  
to  economic  profit  has  been  very  positive.  Some  of  the  benefits  include  the  following:  

1.    More  attention  is  given  in  the  planning  process  to  the  amount  and  cost  of  capital  
required  to  deliver  volume  and  profit  results.  

2.    Managers  and  associates  now  focus  more  daily  attention  than  ever  not  only  on  
generating  volume  and  profit,  but  doing  so  in  a  way  that  covers  capital  costs  and  enhances  
shareowner  value.  

3.    The  communication  efforts  surrounding  the  importance  of  value-­‐based  management  are  
reinforced  financially  twice  a  year  through  incentive  and  stock  option  awards.  

4.    The  economic  profit  levels  of  the  company  and  the  resulting  increase  in  shareowner  
value  continue  to  grow  at  healthy  rates.  Figure  3-­‐1  shows  that  as  economic  profit  grew  an  
average  of  20.2%  per  year  for  10  years  ending  with  1997,  stock  price  grew  an  average  of  
30.2%  per  year  for  the  same  period.  

 
  22  
 3 -­‐   S T R A T E G Y   E V A L U A T I O N  

    3.1  -­‐  BALANCED  SCORECARD    

Balanced  Scorecard  is  a  performance  management  framework  used  by  strategic  decision  
makers  to  make  the  right  decisions  about  their  business.  Balanced  scorecard  not  only  a  set  
of  strategic  goals;  it  is  also  a  method  for  monitoring  progress  toward  organization's  goals.  

*Time  
Area  of  Objectives   *Measure  or  Target   *Responsibility  
Expectations  

1-­‐ Cost  reduction   Unit  Case  Cost  5  %   Mid  of  2011   Operation  Director  

2-­‐ Inventory  Control  System   Turnover  ratio  is  7   End  of  2009.   Operation  Director  
Operations/Process  

3-­‐ Quality  Control   Start  System  for  food  industry   End  of  2008.   Operation  Director  

4-­‐ Food  Industry   New  6  plants.   End  of  2010   CEO  &  Operation  

5-­‐ Beverage  production   Increase  by  5%.   End  of  2008   CEO  &  Operation  

6-­‐ Bottles  industry   CEO  &  marketing  

Increase  by  10%   End  of  2011  
production   director  

CEO  &  marketing  

Marketing  

1-­‐ Market  share.   Increase  2  %  to  be  56  %   End  of  2011  
director  

2-­‐ Sales  Volume   CEO  &  Marketing  

Increase  by  4%   End  of  2011  
director  

1-­‐ Liabilities   Reduce  by  6%   End  of  2011   CEO  &  CFO  
Financial  

2-­‐ Financing   6  food  plants   End  of  2009   CEO  &  CFO  

3-­‐ Liquidity   Increase  cash  flow  by  10%   End  of  2008   CEO  &  CFO  

1-­‐ Employees  Turn  Over   Decrease  by  50%   End  of  2008   CEO  &  HR  Director  
Resources  
Human  

2-­‐ Hiring  Employees   1200  employees   End  of  2009   HR  director  

3-­‐ Human  Development   15days  training/Y   End  of  2008   HR  Director  

1. Food  Industry   Two  new  product   End  of  2008   R  &  D  

R  &  D  

2. Beverage  Industry   One  new  healthy  beverage   End  of  2008   R  &  D  

*  ASSUMPTION        

  23  
 4   -­‐   C O N C L U S I O N    

 To  survive  in  the  market  you  have  to  compete,  to  compete  in  the  market  you  have  to  

grow.  

 Coca  Cola  always  competes  with  Pepsi,  so  Coca  Cola  should  look  for  its  competitive  

advantages  to  be  market  leader.  

 Coca  Cola  should  integrate  its  business  in  the  healthy  and  energy  beverages  to  

compete  with  the  competitors.  

 Coca  Cola  should  diversify  its  business  by  food  industry  to  increase  the  beverages  

market  share  and  reduce  the  risk  probabilities.  

 Coca  Cola  should  avid  to  be  the  follower  in  the  market  to  discover  its  competitive  

advantages.  

 Coca  Cola  leads  the  digital  marketing  philosophy  in  the  beverage  industry.  

 Coca  Cola  and  Apple  alliance  support  Coca-­‐cola  in  the  competition  as  a  new  

innovated  marketing  idea.  

 Coca  Cola  must  on  the  road  by  sustainable  industrial  development  over  the  long  

term.  

   

  24  
 5   -­‐   R E F E R E N C E S    
 

1-­‐  http://www.marketresearchworld.net  

2-­‐  http://www.thecoca-­‐colacompany.com  

3-­‐  http://en.wikipedia.org  

4-­‐  http://www.maxi-­‐pedia.com  

5-­‐  www.wilsongroup.com  

6-­‐  http://moneycentral.msn.com/investor/invsub/results  

7-­‐  http://www.pepsico.com/index.html#/flash/investormeeting_banner.swf  

8-­‐  Strategic  Management  concepts  and  cases  by  Fred  David  12  edition  

  25  
 6 -­‐   A P P E N D I X E S  

APPENDIX  A-­‐  FINANCIAL  RATIOS  ANALYSIS    (2009)  

Growth  Rates  %   Coca  Cola   Industry  

Sales  (Qtr  vs  year  ago  qtr)   5.40   5.10  
Net  Income  (YTD  vs  YTD)   17.50   29.40  
Net  Income  (Qtr  vs  year  ago  qtr)   55.10   72.70  
Sales  (5-­‐Year  Annual  Avg.)   7.35     8.59  
Net  Income  (5-­‐Year  Annual  Avg.)   7.08     8.69  
Dividends  (5-­‐Year  Annual  Avg.)   10.40   10.15  
Price  Ratios   Coca  Cola   Industry  
Current  P/E  Ratio   18.7   18.4  
P/E  Ratio  5-­‐Year  High   NA   2.8  
P/E  Ratio  5-­‐Year  Low   NA   0.9  
Price/Sales  Ratio   4.07   3.13  
Price/Book  Value   5.08   5.27  
Price/Cash  Flow  Ratio   15.50   13.70  
Profit  Margins  %   Coca  Cola   Industry  
Gross  Margin   64.2   57.7  
Pre-­‐Tax  Margin   28.9   22.0  
Net  Profit  Margin   22.3   17.0  
5Yr  Gross  Margin  (5-­‐Year  Avg.)   64.6   58.0  
5Yr  Pre  Tax  Margin  (5-­‐Year  Avg.)   27.1   20.3  
5Yr  Net  Profit  Margin  (5-­‐Year  Avg.)   20.7   15.3  
Financial  Condition   Coca  Cola   Industry  
Debt/Equity  Ratio   0.48   1.29  
Current  Ratio   1.3   1.4  
Quick  Ratio   1.1   1.2  
Interest  Coverage   NA   2.5  
Leverage  Ratio   2.0   3.4  
Book  Value/Share   10.77   11.06  
Investment  Returns  %   Coca  Cola   Industry  
Return  On  Equity   30.2   37.6  
Return  On  Assets   15.5   12.3  
Return  On  Capital   22.4   17.5  
Return  On  Equity  (5-­‐Year  Avg.)   29.8   22.4  
Return  On  Assets  (5-­‐Year  Avg.)   15.7   11.9  
Return  On  Capital  (5-­‐Year  Avg.)   23.0   17.2  
Management  Efficiency   Coca  Cola   Industry  
Income/Employee   74,418   59,283  
Revenue/Employee   333,944   321,203  
Receivable  Turnover   9.1     10.2  
Inventory  Turnover   4.9   7.1  
Asset  Turnover   0.7   0.8  
  26  
       APPENDIX  B-­‐  INCOME  STATEMENT  ANALYSIS    (2009)  

  2009   2008   2007   2006   2005  

Period  End  Date   12/31/2009   12/31/2008   12/31/2007   12/31/2006   12/31/2005  

Period  Length   12  Months   12  Months   12  Months   12  Months   12  Months  
Stmt  Source   10-­‐K   10-­‐K   10-­‐K   10-­‐K   10-­‐K  
Stmt  Source  Date   02/26/2010   02/26/2010   02/26/2010   02/21/2007   02/28/2006  
Stmt  Update  Type   Updated   Reclassified   Reclassified   Updated   Updated  
           
Revenue   30,990.0   31,944.0   28,857.0   24,088.0   23,104.0  
Total  Revenue   30,990.0   31,944.0   28,857.0   24,088.0   23,104.0  
           
Cost  of  Revenue,  Total   11,088.0   11,374.0   10,406.0   8,164.0   8,195.0  
Gross  Profit   19,902.0   20,570.0   18,451.0   15,924.0   14,909.0  
           
Selling/General/Administrative  
11,358.0   11,774.0   10,945.0   9,431.0   8,739.0  
Expenses,  Total  
Research  &  Development   0.0   0.0   0.0   0.0   0.0  
Depreciation/Amortization   0.0   0.0   0.0   0.0   0.0  
Interest  Expense  (Income),  Net  Operating   0.0   0.0   0.0   0.0   0.0  
Unusual  Expense  (Income)   313.0   350.0   0.0   185.0   85.0  
Other  Operating  Expenses,  Total   0.0   0.0   254.0   0.0   0.0  
Operating  Income   8,231.0   8,446.0   7,252.0   6,308.0   6,085.0  
           
Interest  Income  (Expense),  Net  Non-­‐
0.0   0.0   0.0   0.0   0.0  
Operating  
Gain  (Loss)  on  Sale  of  Assets   0.0   0.0   0.0   0.0   0.0  
Other,  Net   40.0   39.0   219.0   195.0   -­‐93.0  
Income  Before  Tax   8,946.0   7,506.0   7,919.0   6,578.0   6,690.0  
           
Income  Tax  -­‐  Total   2,040.0   1,632.0   1,892.0   1,498.0   1,818.0  
Income  After  Tax   6,906.0   5,874.0   6,027.0   5,080.0   4,872.0  
           
Minority  Interest   -­‐82.0   -­‐67.0   -­‐46.0   0.0   0.0  
Equity  In  Affiliates   0.0   0.0   0.0   0.0   0.0  
U.S.  GAAP  Adjustment   0.0   0.0   0.0   0.0   0.0  
Net  Income  Before  Extra.  Items   6,824.0   5,807.0   5,981.0   5,080.0   4,872.0  
           
Total  Extraordinary  Items   0.0   0.0   0.0   0.0   0.0  
Net  Income   6,824.0   5,807.0   5,981.0   5,080.0   4,872.0  

  27  
 APPENDIX  C-­‐  CASH  FLOW  STATEMENT  ANALYSIS    (2009)  

  2009   2008   2007   2006   2005  

Period  End  Date   12/31/2009   12/31/2008   12/31/2007   12/31/2006   12/31/2005  
Period  Length   12  Months   12  Months   12  Months   12  Months   12  Months  
Stmt  Source   10-­‐K   10-­‐K   10-­‐K   10-­‐K   10-­‐K  
Stmt  Source  Date   02/26/2010   02/26/2010   02/26/2010   02/21/2007   02/28/2006  
Stmt  Update  Type   Updated   Reclassified   Reclassified   Updated   Updated  
           
Net  Income/Starting  Line   6,906.0   5,874.0   6,027.0   5,080.0   4,872.0  
Depreciation/Depletion   1,236.0   1,228.0   1,163.0   938.0   932.0  
Amortization   0.0   0.0   0.0   0.0   0.0  
Deferred  Taxes   353.0   -­‐360.0   109.0   -­‐35.0   -­‐88.0  
 
255.0   1,584.0   -­‐109.0   589.0   277.0  
Non-­‐Cash  Items  
Changes  in  Working  
-­‐564.0   -­‐755.0   -­‐40.0   -­‐615.0   430.0  
Capital  
Cash  from  Operating  
8,186.0   7,571.0   7,150.0   5,957.0   6,423.0  
Activities  
           
 
-­‐1,993.0   -­‐1,968.0   -­‐1,648.0   -­‐1,407.0   -­‐899.0  
Capital  Expenditures  
Other  Investing  Cash  
-­‐2,156.0   -­‐395.0   -­‐5,071.0   -­‐293.0   -­‐597.0  
Flow  Items,  Total  
Cash  from  Investing  
-­4,149.0   -­2,363.0   -­6,719.0   -­1,700.0   -­1,496.0  
Activities  
           
Financing  Cash  Flow  
0.0   0.0   0.0   0.0   0.0  
Items  
Total  Cash  Dividends  
-­‐3,800.0   -­‐3,521.0   -­‐3,149.0   -­‐2,911.0   -­‐2,678.0  
Paid  
Issuance  (Retirement)  of  
-­‐856.0   -­‐493.0   -­‐219.0   -­‐2,268.0   -­‐1,825.0  
Stock,  Net  
Issuance  (Retirement)  of  
2,363.0   29.0   4,341.0   -­‐1,404.0   -­‐2,282.0  
Debt,  Net  
Cash  from  Financing  
-­2,293.0   -­3,985.0   973.0   -­6,583.0   -­6,785.0  
Activities  
           
Foreign  Exchange  Effects   576.0   -­‐615.0   249.0   65.0   -­‐148.0  

Net  Change  in  Cash   2,320.0   608.0   1,653.0   -­2,261.0   -­2,006.0  

  28  
       APPENDIX  D-­‐  FINANCIAL  HIGHLIGHTS  (2009)  

Financial Highlights
Sales 30.99 Bil
Income 6.82 Bil
Net Profit Margin 22.28%
Return on Equity 30.15%
Debt/Equity Ratio 0.48
Revenue/Share 13.31
Earnings/Share 2.93
Book Value/Share 10.77
Dividend Rate 1.76
Payout Ratio 56.00%
Revenue - Quarterly Results (in Millions)
FY (12/09) FY (12/08) FY (12/07)
1st Qtr 7,169.0 7,379.0 6,103.0
2nd Qtr 8,267.0 9,046.0 7,733.0
3rd Qtr 8,044.0 8,393.0 7,690.0
4th Qtr 7,510.0 7,126.0 7,331.0
Total 30,990.0 31,944.0 28,857.0
Earnings Per Share - Quarterly Results
FY (12/09) FY (12/08) FY (12/07)
1st Qtr $0.58 $0.65 $0.55
2nd Qtr $0.88 $0.61 $0.80
3rd Qtr $0.82 $0.82 $0.72
4th Qtr $0.67 $0.43 $0.52
Total $2.95 $2.51 $2.59
Qtr. over Qtr. EPS Growth Rate
FY (12/09) FY (12/08) FY (12/07)
1st Qtr 35% 25% ---
2nd Qtr 52% -6% 45%
3rd Qtr -7% 34% -10%
4th Qtr -18% -48% -28%
Yr. over Yr. EPS Growth Rate
FY (12/09) FY (12/08)
1st Qtr -11% 18%
2nd Qtr 44% -24%
3rd Qtr 0% 14%
4th Qtr 56% -17%
 
 

  29