Kellogg`s Company Essays - American Brands, Breakfast Cereal

Kellogg`s Company Objective: Our goal in composing a financial statement is to construct the most comprehensive, thorough document possible, in order to attract investors and to confirm that we have taken the time to explore as many potential issues for your business as may arise. Summary of findings: Our level of cereal marketing investment early in 1998 was not sufficient in the face of extremely competitive market conditions. This situation hurt our volume performance for much of the year and, combined with other issues in markets around the world, led to a decline in both sales and earnings. Nonetheless, we continue to have the utmost confidence in the future of our grain-based businesses, and we are fully committed to return to both top-line and bottom-line growth. Appendix # 1- Market Research Description of firm and its management: Kellogg's products are manufactured in 20 countries on 6 Continents and distributed in more than 160 countries. Mr. Langbo has been employed by the Kellogg's Company since 1956. He was named President and Chief Operating Officer in 1990 and became Chairman of the Board and Chief Executive Officer in 1992. In June of 1998, Mr. Carlos M. Gutierrez was named President and Chief Operating Officer. The competitive environment: The Company has experienced intense competition for sales of all of its principal products in its major markets, both domestically and internationally. The Company's products compete with advertised and branded products of a similar nature as well as unadvertised and private label products, which are typically distributed at lower prices, and generally with other food products with different characteristics. Principal methods and factors for competition include new product introductions, product quality, composition, and nutritional value, price, advertising and promotion. Economic climate and outlook: Although our 1998 business results were below our performance expectation, it was a year in which we put in place key elements of a stronger foundation for future growth. This included investments in new product development and a complete overhaul of our corporate headquarters and North American organizational structure. Should suitable investment opportunities of working capital needs arise that would require additional financing; management believes that the Company's strong credit rating, balance sheet and earnings history provide a base for obtaining additional financial resources at competitive rates and terms. Based on the expectation of cereal volume growth, and strong results from product innovation and the continued global rollout of convenience foods, management believes the Company is well positioned to deliver sales and earnings growth for the full year of 2000. Litigation: The Company is not a party to any pending legal proceedings, which, if decided adversely, would be material to the Company on a consolidated basis, nor is any of the Company's properties or subsidiaries subject to any such proceedings. Appendix # 2-Financial Forecasts Financial overview: Kellogg Company manufactures and markets ready-to-eat cereal and other grain-based convenience food products, including toaster pastries, frozen waffles, cereal bars, and bagels throughout the world. Principal markets for these products include the United States and Great Britain. Operations are managed via four major geographic areas, North America, Europe, Asia-Pacific and Latin America-which is the basis of the Company's reportable operating segment information. The Company leads the global ready-to-eat cereal category with an estimated 38% annualized share of worldwide volume. Additionally, the Company is the North American market leader in the toaster pastry, cereal/granola bar, frozen waffle and per-packaged bagel categories. During 1998, the Company realized declines in earnings per share both with and without unusual items. The Company experienced significant competitive pressure combined with category softness in its major ready-to-eat cereal markets, to which it responded by accelerating investment in long-term growth strategies, in clouding product development, technology and efficiency initiatives. Short-term liquidity: Net cash provided by operating activities was $719.7 million during 1998, compared to $879.8 million in 1997, with the decrease due principally to lower earnings and unfavorable working capital movements. The ratio of current assets to current liabilities was .9 at December 31, 1998 and 1997. Capital structure and long-term solvency: Long-term debt consists primarily of fixed rate issuances of U.S. and Euro Dollar Notes, including $900 million due in 2001, $500 million due in 2004, and $200 million due in 2005. The amount due in 2001 includes $400 million in Notes, which provide an option to holders to extend the obligation. For an additional four years at a predetermined interest rate of 5.63% plus the Company's then-current credit spread. The increase in operating margin for the quarter primarily reflects manufacturing efficiencies in the U.S. business and reduced overhead spending as a result of streamlining initiatives in North American and corporate operations.

Common Application College Essay Samples

Common Application College Essay SamplesThere are many different types of common application college essay samples, and students should be able to use any of these common application college essay samples to give them a good start in writing their essay. These common application college essay samples are available to the student at no cost.Another application college essay sample is the standard three-paragraph essay. It's common to do three paragraphs for each section of the essay. Students can start out by listing the essay topic on the first paragraph, then move into the main body of the essay, then finally list the essay subject on the last paragraph. By doing this, students will be able to guide themselves more easily through the essay.An even easier application college essay sample is the five-paragraph essay. All that's required of students is to write five separate paragraphs for each chapter of the essay. Each paragraph should include information about the topic statement in a general way.In some cases students may feel a little uncomfortable with writing a four paragraph essay. This is actually perfectly acceptable. They can get even more practice by writing a two-paragraph essay and then switching to the four paragraph essay and reading it again, then back to the two-paragraph essay. As long as the students can clearly see where they went wrong during the article they're reading, it shouldn't be too difficult to make up for the error.Writing a first paragraph is a common application college essay sample, but students will often find it difficult to get started. It's usually best to just write a few sentences that describe what they intend to say in the rest of the essay. The key is to get to the point as quickly as possible. Sometimes this might mean writing the first paragraph in one sitting.Common application college essay sample also involves grammar. Students should make sure they learn the correct grammatical terms such as proper usage, proper i nflection, proper use of quotations, etc. These may seem like small details, but in the essay, mistakes of this type may be felt in a large number of places throughout the paper. Just make sure you can follow the rules of the language and that you put everything into context.What are some other common application college essay samples? There are many that are simply common practice for many students. These include information about personal experiences or goals, information about personal knowledge, and information about the student's interest or experiences in the topic of the essay. You should always make sure that you use your own opinion or experience in a way that will show readers that you know what you're talking about.