increase their revenues. Pepsi joined forces with Frito-Lays, who are currently one of the leading manufacturers and distributors of snacks in North America. It sells in 39 international markets. The Frito-Lays and H.W. Lays Company merged into one in 1961, under the Pepsi umbrella. Presently, Lays offers 150 different kinds of snack foods worldwide.
             Using a three-year chart that includes the bull market and bear market, PepsiCo (PEP) stock had a total return of 35%. This outperformed the Dow Jones Industrial, NASDAQ and the S&P 500 returns of negative 20%, 60% and 35%, respectively. The company¡s main rival stock, the Coca-Cola Company, also returned a negative 20%.
             Earnings for the past three years have steadily increased with the stock performance. From a low EPS of $1.30 to a high EPS of $1.60, PepsiCo earnings have grown 23% overall. In comparison with stock appreciation, EPS has lagged behind the stock performance.
             2002 Third Quarter Financial Results
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