"Consolidated net income consequently declined, notwithstanding an improvement in equity income from affiliated companies," it said.

Several divisions finished the quarter with greater-than-expected profit, and Pepsi collected $30 million in equity income from the Pepsi Bottling Group, which it spun off in late March.

He estimated that Coke added a cent a share in equity income from gains on sales of assets by its Coca-Cola Enterprises bottling affiliate, of which it owns 49 percent.

He said the former - whether corporate bond funds, gilt funds or other fixed interest - offered a stable and higher income stream than equity income.

For as long as inflation is still a problem, equity income also provides one of the few ways of generating a real return in excess of the cost of living.

Monsanto said that second-quarter results also benefited from an increase in other income, which included a gain from the sale of pharmaceutical assets and increased equity income.

And how did "growth and income" differ from "equity income"?

Fortunately, the funds are grouped into broad categories - equity income, growth income, capital appreciation.

This included equity income of $5.3 million from the Belmont Springs Water Company, which Coke sold last year.

That pace is ahead of last year's, when equity income decreased 79 percent, a reflection of the sales slowdowns that bottlers are encountering.