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/FIRST AND FINAL ADD -- NY086 -- PFIZER EARNINGS/

 ATTACHMENT 1
 As Reported
 PFIZER INC. AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income
 (Unaudited, millions of dollars except per share data)
 Fourth Quarter Pct. Full Year Pct.
 1992 1991 Growth 1992 1991 Growth
 Net sales $1,947.1 $1,850.2 5 $7,230.2 $6,950.0 4
 Operating costs
 and expenses
 Cost of goods sold 517.2 613.1 (16) 2,024.3 2,200.6 (8)
 Marketing,
 distribution
 and admin.
 expenses 811.7 753.4 8 2,899.3 2,739.1 6
 Research and
 development
 expenses 247.1 222.9 11 863.2 756.8 14
 Divestitures,
 restructuring
 and unusual items
 -- net (15.3) 300.0 N/M (110.5) 300.0 N/M
 Income from
 operations 386.4 (39.2) N/M 1,553.9 953.5 63
 Interest income 47.2 49.7 (5) 184.6 193.8 (5)
 Interest expense (25.3) (36.6) (31) (103.4) (130.1) (21)
 Other income 16.7 22.9 (27) 34.6 46.7 (26)
 Other deductions (44.7) (31.1) 44 (134.9) (120.2) 12
 Non-operating
 income/(deductions)
 -- net (6.1) 4.9 N/M (19.1) (9.8) 95
 Income before
 provision for
 taxes on income,
 minority interest
 and cumulative
 effect of
 accounting changes 380.3 (34.3) N/M 1,534.8 943.7 63
 Provision for taxes
 on income 99.6 (35.9) N/M 438.6 218.4 101
 Minority interests 1.9 0.7 171 2.7 3.2 (16)
 Income before
 cumulative effect
 of accounting
 changes 278.8 0.9 N/M 1,093.5 722.1 51
 Cumulative effect
 of accounting
 changes for:
 Postretirement
 benefits 0.0 0.0 -- (312.6) 0.0 N/M
 Income taxes 0.0 0.0 -- 30.0 0.0 N/M
 Net income 278.8 0.9 N/M 810.9 722.1 12
 Earnings per common share:
 Income before
 cumulative effect
 of accounting
 changes $0.83 $0.00 N/M $3.25 $2.13 53
 Cumulative effect
 of accounting
 changes for:
 Postretirement
 benefits 0.00 0.00 -- (0.93) 0.00 N/M
 Income taxes 0.00 0.00 -- 0.09 0.00 N/M
 Net income 0.83 0.00 N/M $2.41 $2.13 13
 N/M -- Calculations not meaningful
 1. Subsidiaries operating outside the United States generally are included on a fiscal year basis ending November 30.
 2. Fourth quarter and full year 1992 results include the effect of adopting SFAS No. 106, "Employer's Accounting for Postretirement Benefits Other Than Pension" and SFAS No. 109, "Accounting for Income Taxes" as of Jan. 1, 1992. Adoption of these standards required a one- time charge to net income of $312.6 million ($520.5 million pre-tax) for postretirement benefits and a one-time credit of $30.0 million for income taxes which were recorded in the first quarter of 1992 as the cumulative effect of accounting changes. The opening obligation for postretirement benefits was subsequently reduced as a result of divestitures and the resulting curtailment gains of $17.8 million in the fourth quarter and $56.5 million for the full year 1992, which are included in operating income.
 In addition, the postretirement benefit obligation was further reduced as a result of plan modifications adopted in the second quarter of 1992. In accordance with SFAS No. 106, this reduction in the obligation will be amortized into income as a component of the net periodic expense. As a result, the difference between the SFAS No. 106 net periodic expense and the pay-as-you-go amount was not material for 1992.
 3. Operating income for the full year 1992 includes a restructuring credit of $110.5 million relating to the divestiture and restructuring of certain of the company's businesses. This represents a pre-tax gain on the sale of businesses offset by restructuring, consolidation and streamlining of certain businesses for a net pre-tax gain of $54.0 million. In addition there were curtailment gains of $56.5 million associate with postretirement benefits of divested operations.
 4. Fourth quarter and full year 1991 earnings were reduced by a charge of $300.0 million ($195.0 million after applicable tax benefits) for potential future Shiley Convexo/Concave heart valve fracture claims. This decreased earnings per common share for both the fourth quarter and the full year by $0.58.
 ATTACHMENT 2
 ONGOING
 PFIZER INC. AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income
 (Unaudited, millions of dollars except per share data)
 Fourth Quarter Pct. Full Year Pct.
 1992 1991 Growth 1992 1991 Growth
 Net sales $1,940.8 $1,569.7 24 $6,875.9 $5,933.2 16
 Operating costs
 and expenses:
 Cost of goods sold 510.8 458.3 11 1,775.5 1,644.3 8
 Marketing, distri-
 bution and admin.
 expenses 812.8 649.1 25 2,834.9 2,383.4 19
 Research and
 development exps. 247.2 213.9 16 850.8 718.0 18
 Divestitures, re-
 structuring and
 unusual items-net 0.0 0.9 N/M 0.0 0.0 N/M
 Income from opers. 370.0 248.4 49 1,414.7 1,187.5 19
 Interest income 47.1 49.7 (5) 183.5 193.5 (5)
 Interest expense (25.2) (36.5) (31) (102.9) (129.4) (20)
 Other income 14.4 20.5 (30) 31.4 41.4 (24)
 Other deductions (44.5) (24.8) 79 (132.0) (101.5) 30
 Non-operating inc.
 (deductions)-net (8.2) 8.9 N/M (20.0) 4.0 N/M
 Inc. bef. prov. for
 taxes on inc., minority
 ints. & cum. effect of
 accounting changes 361.8 257.3 41 1,394.7 1,191.5 17
 Prov. for taxes on inc. 95.1 66.5 43 363.6 307.8 18
 Minority interests 1.9 0.8 137 2.7 3.2 (16)
 Inc. bef. cum. effect
 of accntng. chngs. $ 264.8 $ 190.0 39 $1,028.4 $ 880.5 17
 Earns. per com. shr.:
 Inc. bef. cum. effect
 of accounting chng. $0.80 $0.56 43 $3.06 $2.60 18
 N/M -- Calculation not meaningful.
 1. Subsidiaries operating outside of the United States generally are included on a fiscal year basis ending Nov. 30.
 2. The above statements of ongoing operations exclude a) the effect of divested businesses in both years, b) the effects of the one-time adjustments for the adoption of SFAS No. 106 and SFAS No. 109 in 1992 and c) the special Shiley Heart Valve provision of $300.0 million ($195.0 million after tax) recorded in 1991.
 3. On an ongoing basis, sales gains were as follows:
 Fourth Quarter Full Year
 Health Care 28 pct 19 pct
 Pharmaceuticals 32 pct 21 pct
 Hospital Products 13 pct 10 pct
 Consumer Products 1 pct 1 pct
 Animal Health 11 pct 7 pct
 Specialty Chemicals 6 pct 5 pct
 4. Businesses divested or closed since 1988 are as follows:
 Date Sold/Closed Approx. Last Full-Year Sales
 (millions of dollars)
 1/88 Metals business $ 40
 6/88 Canadian Crop Protection 55
 12/88 United Medical 15
 4/89 Valleylab Infusion 15
 1/90 Pigments 115
 1/90 DeKalb Pfizer Genetics (equity investment)
 12/90 Citric Acid business 180
 6/91 Penicillin business 25
 8/91 Pfizer Laser Systems 3
 10/91 Deknatel 85
 12/91 Oral Care International 70
 2/92 Shiley assets 185
 6/92 Coty 280
 10/92 Minerals business (60 percent) 359
 Total $1,427
 ATTACHMENT 3
 RESTATED 1992 QUARTERS
 PFIZER INC. AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income
 (Unaudited, in millions of dollars except per share data)
 First Second Third Fourth Full
 Quarter Quarter Quarter Quarter Quarter
 Net sales $1,761.3 $1,694.2 $1,827.6 $1,947.1 $7,230.2
 Operating costs
 and expenses:
 Cost of goods
 sold 491.2 494.4 521.5 517.2 2,024.3
 Marketing, distribution
 and administrative
 expenses 685.9 711.4 690.3 811.7 2,899.3
 Research and development
 expenses 189.3 214.0 212.8 247.1 863.2
 Divestitures, restructuring
 and unusual
 items-net (17.0) (78.2) 0.0 (15.3) (110.5)
 Income from
 operations 411.9 352.6 403.0 386.4 1,553.9
 Interest income 45.3 46.1 46.0 47.2 184.6
 Interest expense (29.3) (25.5) (23.3) (25.3) (103.4)
 Other income 6.0 9.2 2.7 16.7 34.6
 Other deductions (31.7) (32.5) (26.0) (44.7) (134.9)
 Non-operating
 income(deductions)
 - net (9.7) (2.7) (0.6) (6.1) (19.1)
 Income before provision
 for taxes on income, minority
 interests and cumulative
 effect of accounting
 changes 402.2 349.9 402.4 380.3 1,534.8
 Provision for taxes
 on income 104.6 129.8 104.6 99.6 438.6
 Minority interests 0.2 0.3 0.3 1.9 2.7
 Income before cumulative
 effect of
 accting changes 297.4 219.8 297.5 278.8 1,093.5
 Cumulative effect of
 accting. changes
 for:
 Postretirement
 benefits (312.6) 0.0 0.0 0.0 (312.6)
 Income taxes 30.0 0.0 0.0 0.0 30.0
 Net income $14.8 $219.8 $297.5 $278.8 $810.9
 Earnings per common share:
 Income before cum effect
 of acctg chngs $0.88 $0.66 $0.88 $0.83 $3.25
 Cumulative effect of accounting changes for:
 Postretirement
 benefits (0.93) 0.00 0.00 0.00 (0.93)
 Income taxes 0.09 0.00 0.00 0.00 0.09
 Net income $0.04 $0.66 $0.88 $0.83 $2.41
 1) The above statements reflect the restatement of the company's quarterly results due to the adoption of SFAS No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" and SFAS No. 109, "Accounting for Income Taxes" as of Jan. 1, 1992. Adoption of these standards required a one-time charge to net income of $312.6 million ($520.5 million pre-tax) for postretirement benefits and a one- time credit of $30.0 million for income taxes in the first quarter of 1992 as the cumulative effect of accounting changes.
 The opening obligation for postretirement benefits was subsequently reduced as a result of divestitures and the resulting curtailment gains which are included in divestitures, restructuring and unusual items. These gains amounted to $17.0 million for Shiley in the first quarter, $21.7 million for Coty in the second quarter and $17.8 million for Specialty Minerals in the fourth quarter of 1992 for a total of $56.5 million.
 In addition, the postretirement benefit obligation was further reduced as a result of plan modifications adopted in the second quarter of 1992. In accordance with SFAS No. 106, this reduction in the obligation will be amortized into income as a component of the net periodic expense. As a result, the difference between the SFAS No. 106 not periodic expense and the pay-as-you-go amount was not material for 1992.
 The curtailment gains of $56.5 million plus a net credit of $54.0 million, representing gains on sales of businesses less restructuring, consolidation and streamlining of certain businesses, account for the $110.5 million shown for the full year 1992.
 -0- 1/21/93 AA NY086
 /END FIRST AND FINAL ADD/
 /PRNewswire -- Jan. 21/
 (PFE)


CO: Pfizer Inc ST: New York IN: MTC SU: ERN

TM-TB -- NY086A -- 7685 01/21/93 18:13 EST
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Date:Jan 21, 1993
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