Church & Dwight Reports 2005 Earnings of $1.83 Per Share; Fourth Quarter GAAP Earnings Increased on Strong Sales Growth.PRINCETON Princeton, borough (1990 pop. 12,016) and surrounding township (1990 pop. 13,198), Mercer co., W central N.J.; settled late 1600s, borough inc. 1813, township est. 1838. A leading education center, it is the seat of Princeton Univ. , N.J. -- Church & Dwight Dwight , Timothy 1752-1817. American clergyman, author, and educator who was a leading supporter of Federalism and served as president of Yale University (1795-1817). His grandson Timothy (1828-1916) was also president of Yale (1886-1899). Co., Inc. (NYSE NYSE See: New York Stock Exchange :CHD CHD coronary heart disease. ChD abbr. Latin Chirurgiae Doctor (Doctor of Surgery) CHD, n.pr See disease, coronary heart. CHD canine hip dysplasia. ) today reported net income for the year ended December December: see month. 31, 2005 of $122.9 million or $1.83 per share, an increase of $0.47 per share or 35% over last year's $88.8 million or $1.36 per share. Last year's results included inventory step-up step-up A scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock. and debt refinancing Refinancing An extension and/or increase in amount of existing debt. charges of $0.30 per share related to the acquisition of the 50% interest in Armkel which the Company did not already own prior to May 28, 2004. Excluding these charges, this year's earnings of $1.83 per share would have been $0.17 per share or 10% higher than last year's adjusted $1.66 per share. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. R. Craigie Crai·gie , Sir William Alexander 1876-1957. British lexicographer and philologist who was joint editor of the Oxford English Dictionary (1901-1933). Noun 1. , President and Chief Executive Officer, commented, "We are satisfied with this year's earnings growth which was achieved in a tough cost environment. Although our gross margin declined in 2005 after several years of steady growth, with the aggressive pricing and other actions recently taken, we expect to be able to achieve significant margin improvement in 2006." Fourth quarter net income was $16.2 million or $0.25 per share, an increase of $0.07 per share from last year's net income of $11.9 million or $0.18 per share. As previously announced, this year's fourth quarter results included charges of over $17 million related to the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of a small plant in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activity at
several other locations, and hurricane-related costs, more fully
described below; last year's results included a $14.9 million
charge related to the early redemption of long-term debt Long-Term DebtLoans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Fourth quarter sales increased to $431.3 million, a $26.3 million or 6.5% increase over last year's $405.0 million. Excluding the effect of foreign exchange fluctuations, promotion reserve adjustments, and a minor acquisition, organic sales growth for the quarter was also 6.5%. At the product line level, fourth quarter household products sales increased 7% due to strong growth for liquid laundry Laundry can be:
Before industrialization detergent detergent (dētûr`jənt, dĭ–), substance that aids in the removal of dirt. Detergents act mainly on the oily films that trap dirt particles. and pet products; and personal care sales increased 2% due to higher sales for condoms and diagnostic kits, partially offset by lower sales for toothpaste toothpaste, n See dentifrice. and antiperspirants. Consumer international sales were 9% higher, led by growth in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. . Specialty products sales increased 8% due to growth in animal nutrition and specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. . At the brand level, sales of Arm & Hammer(R) and Xtra(R) liquid laundry detergent, Arm & Hammer Super Scoop(R) cat litter Cat litter (often called kitty litter) is one of any of a number of materials used in litter boxes to absorb moisture from cat feces and urine, which reduces foul odors such as ammonia and renders them more tolerable within the home. , Trojan A program that appears legitimate, but performs some illicit activity when it is run. It may be used to locate password information or make the system more vulnerable to future entry or simply destroy programs or data on the hard disk. (R) condoms and First Response(R) pregnancy kits were all substantially higher than last year. Full year reported sales of $1,736.5 million were 19% above last year's sales of $1,462.1 million which excluded Armkel sales prior to its acquisition in May, 2004. On a comparable basis, including sales for the former Armkel business in the first five months of 2004 as well as the previously noted adjustments, organic sales growth for the year was over 4%. As expected, fourth quarter gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. declined to 32.5% compared to 38.7% in the previous year. As mentioned above, this year's results included manufacturing charges of $11.5 million associated with the plant shutdown in Europe and restructuring activity at several other facilities. In addition, the Company estimates that hurricane damage to Gulf Coast supply facilities increased its commodity costs by around $6 million during the quarter. Excluding these items, fourth quarter gross profit margin would have been about 36.6% or 210 basis points below last year, primarily due to higher commodity costs. For the full year, reported gross profit margin was 36.7%, slightly above last year's margin of 36.5% which excluded Armkel for five months. On a combined basis, including the full year benefit of Armkel and other affiliates in both years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company's gross margin would have been 37.6%, a 190 basis point reduction from the previous year. The margin decline reflects substantially higher commodity costs, particularly for oil-based raw and packaging materials used in the household and specialty products businesses, combined with the fourth quarter manufacturing charges described above. These cost increases were partially offset by substantial cost improvements, as well as price increases for about 20% of the Company's U.S. consumer products which were implemented during late 2004 and 2005. Fourth quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $31.9 million was $6.6 million below last year, due to the gross margin reduction described above, partially offset by the higher sales, and lower marketing and selling, general and administrative expenses. For the full year, reported operating profit of $212.8 million was $41.0 million higher than the previous year's $171.8 million, primarily due to the addition of the Armkel business for the entire year. On a combined basis, including the full year benefit of Armkel and other affiliates in both years, operating profit would have been $222.3 million, a $2.7 million or 1.2% increase over last year, as the combination of higher sales and margin improvement programs compensated for higher commodity costs. Below the operating profit line, this year's fourth quarter Other Expense includes a debt refinancing charge of $1.2 million. Last year's results included acquisition-related debt refinancing charges of $14.9 million in the quarter, and $22.9 million for the full year. The fourth quarter tax charge reflected the reversal of prior year tax reserves of $1.4 million in 2005, and $1.6 million in the previous year. The full year tax benefit from reserve adjustments was $7.4 million in 2005, and $4.6 million in 2004. At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , the Company had total outstanding debt of $756 million, and cash of $127 million, for a net debt position of $629 million, an $84 million reduction from last year's net debt of $713 million. During the year, the Company invested about $80 million in acquisitions, and received $15 million in proceeds from the sale of two former manufacturing facilities. Adjusted earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
PRICING AND NEW PRODUCT ACTIVITY As previously announced, the Company has implemented price increases ranging from 4% to over 10% for products representing about 35% of its U.S. consumer products portfolio, effective February February: see month. 1, 2006. The products affected include Arm & Hammer and Xtra liquid laundry detergents, Arm & Hammer Super Scoop cat litter and Arm & Hammer baking soda baking soda: see sodium bicarbonate. . Due to the timing of previously agreed promotional events, the full benefit of the price increase will not be realized until the second quarter. On the new product front, Mr. Craigie commented, "We will continue to drive organic growth in 2006 through the introduction of new and improved products in almost every category. In addition, we are pleased with the broadening of our portfolio through the introduction of the Elexa Elexa is a line of prophylactics and other products designed especially for women's needs. Specifically, the purpose of the brand is to allow women to feel more comfortable purchasing condoms through the product packaging's design style, and by suggesting the placement of Elexa (R) feminine feminine /fem·i·nine/ (fem´i-nin) 1. pertaining to the female sex. 2. having qualities normally asociated with females. sexual health care line and the acquisition of the SpinBrush(R) toothbrush toothbrush, n a handheld device with an arrangement of bristles at one end, and a handle designed to reach effectively all exposed surfaces of the teeth and gingiva. line." In family planning family planning Use of measures designed to regulate the number and spacing of children within a family, largely to curb population growth and ensure each family’s access to limited resources. , the Company will continue to support the new Elexa line, with the goal of convincing women to shop for condoms and related sexual health products in the feminine hygiene Feminine hygiene is a general term used to describe products used by women during menstruation, vaginal discharge, and other bodily functions related to the vulva. Sanitary Towels (also known as maxi-pads or napkins), pantiliners, tampons, and feminine wipes are the major section of the store. There also will be several new additions to the Trojan product line, including a new ultra-thin condom 1. condom - The protective plastic bag that accompanies 3.5-inch microfloppy diskettes. Rarely, also used of (paper) disk envelopes. Unlike the write protect tab, the condom (when left on) not only impedes the practice of SEX but has also been shown to have a high failure . A major enhancement to the First Response pregnancy kit product line will also be launched in the first half. In oral and skin care, the entire Nair(R) depilatory depilatory (dĭpĭl`ətôr'ē), substance used to remove hair. In preparing hides for tanning, lime is the chief depilatory. product line will be relaunched with a significantly improved product in new packaging. Also in progress is the introduction of an improved version of Arm & Hammer Enamel enamel, a siliceous substance fusible upon metal. It may be so compounded as to be transparent or opaque and with or without color, but it is usually employed to add decorative color. It was used to decorate jewelry in ancient Egypt, Greece, and Rome. Care(TM) toothpaste with Liquid Calcium(R) to strengthen tooth enamel. The Company will also continue to support the "back to blue" line of Arrid Arrid is a type of antiperspirant deodorant manufactured by Church and Dwight External links
In household products, the Company is currently introducing a reformulated and improved version of its Perfume perfume, aroma produced by the essential oils of plants and by synthetic aromatics. The burning of incense that accompanied the religious rites of ancient China, Palestine, and Egypt led gradually to the personal use of perfume. & Dye Free liquid laundry detergent for sensitive skin, building on the reputation of the Arm & Hammer trademark for being strong but gentle. The Company is also expanding distribution of a concentrated version of Arm & Hammer laundry detergent powder previously only available in limited distribution. In addition, new product introductions for the pet and deodorizing categories are planned for the second and third quarters. As previously announced, the Company completed the acquisition of the SpinBrush battery-operated toothbrush business from Procter
OUTLOOK FOR 2006 The Company adopted FAS 123R relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc stock option expense, effective January January: see month. 1, 2006, on a prospective basis without adjusting prior year results. The incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. charge in 2006 is expected to be about $0.08 per share. Looking ahead, Mr. Craigie noted that the Company's objective is to generate average annual earnings per share growth of 10-12% a year on an organic basis. With regard to the current year, he said, "For this year, based on the timing of the price increases and new product marketing initiatives, we do not expect to show any significant earnings growth until the second half of 2006. But we still foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. a strong year overall, and feel comfortable with an earnings per share goal of $1.93 per share, which is equivalent to $2.01 per share before the stock option expense, or 10% above last year." As previously reported, at its January 25 Board meeting, the Company declared a quarterly dividend of 6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The dividend will be payable March 1, 2006 to stockholders of record at the close of business on February 6, 2006. This is the Company's 420th regular quarterly dividend. Church & Dwight will host a conference call to discuss fourth quarter and full year 2005 results on February 7 at 12:30 p.m. (ET). To participate, dial in at 800-435-1261, access code: 90462232. A replay will be available two hours after the call at 888-286-8010, access code: 69620170, as well as on the Company's website. Also, you can participate via webcast by visiting the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company's website at www.churchdwight.com. Church & Dwight Co., Inc. manufactures and markets a wide range of personal care, household and specialty products, under the Arm & Hammer brand name and other well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. trademarks. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating, among others, to short- and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. financial objectives, sales and earnings growth, margin improvement, marketing spending, pricing changes in certain of its products and the timing of benefits from such pricing changes, new product introductions, the effect of the SpinBrush acquisition and the timing of the operational transition to Church & Dwight, earnings per share, and the adoption of certain accounting principles and the anticipated effect of such principles on earnings per share. These statements represent the intentions, plans, expectations and beliefs of Church & Dwight, and are subject to risks, uncertainties and other factors, many of which are outside the Company's control and could cause actual results to differ materially from such forward-looking statements. The uncertainties include assumptions as to market growth and consumer demand (including the effect of political and economic events on consumer demand), raw material and energy prices, the financial condition of major customers, unanticipated delays in the transition of the SpinBrush business, and increased marketing spending. With regard to the new product introductions referred to in this release, there is particular uncertainty relating to trade, competitive and consumer reactions. Other factors, which could materially affect the results, include the outcome of contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. , including litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , pending regulatory proceedings, environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a and the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of assets. For a description of additional cautionary statements, see Church & Dwight's quarterly and annual reports filed with the SEC.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Preliminary)
Three Months Ended Twelve Months Ended
---------------------- -------------------------
(In thousands, except Dec. 31, Dec. 31, Dec. 31, Dec. 31,
per share data) 2005 2004 2005 2004
----------- ---------- ------------ ------------
Net Sales $ 431,274 $ 404,976 $ 1,736,506 $ 1,462,062
Cost of sales 290,942 248,415 1,099,506 928,674
--------------------- ----------- ---------- ------------ ------------
Gross profit 140,332 156,561 637,000 533,388
Marketing expenses 42,723 49,858 183,422 161,183
Selling, general and
administrative
expenses 65,704 68,239 240,802 200,452
--------------------- ----------- ---------- ------------ ------------
Income from Operations 31,905 38,464 212,776 171,753
Equity in earnings of
affiliates 911 1,356 4,790 15,115
Other income
(expense), net (11,984 ) (24,653 ) (42,683 ) (59,425 )
--------------------- ----------- ---------- ------------ ------------
Income before minority
interest and taxes 20,832 15,167 174,883 127,443
Income taxes 4,671 3,252 52,068 38,631
Minority Interest (66 ) (13 ) (91 ) 4
--------------------- ----------- ---------- ------------ ------------
Net Income $ 16,227 $ 11,928 $ 122,906 $ 88,808
--------------------- ----------- ---------- ------------ ------------
Net Income per share -
Basic $ 0.25 $ 0.19 $ 1.92 $ 1.44
Net Income per share -
Diluted $ 0.25 $ 0.18 $ 1.83 $ 1.36
--------------------- ----------- ---------- ------------ ------------
Dividend per share $ 0.06 $ 0.06 $ 0.24 $ 0.23
Weighted average shares
outstanding - Basic 64,333 62,546 63,857 61,868
Weighted average shares
outstanding - Diluted 66,185 65,074 69,289 68,066
--------------------- ----------- ---------- ------------ ------------
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Preliminary)
(Dollars in thousands) Dec. 31, Dec. 31,
2005 2004
---------------------------------------------- ------------ ----------
Assets
---------------------------------------------- ------------ ----------
Current Assets
Cash, equivalents and securities $ 127,107 $ 145,540
Accounts receivable 187,863 166,203
Inventories 156,224 148,898
Other current assets 24,165 33,155
---------------------------------------------- ------------ ----------
Total Current Assets 495,359 493,796
---------------------------------------------- ------------ ----------
Property, Plant and Equipment (Net) 326,903 332,204
Equity Investment in Affiliates 10,855 13,255
Intangibles and other assets 1,124,577 1,038,743
---------------------------------------------- ------------ ----------
Total Assets $1,957,694 $1,877,998
---------------------------------------------- ------------ ----------
Liabilities and Stockholders' Equity
---------------------------------------------- ------------ ----------
Short-Term Debt $ 121,282 $ 104,036
Other Current Liabilities 288,763 253,503
---------------------------------------------- ------------ ----------
Total Current Liabilities 410,045 357,539
---------------------------------------------- ------------ ----------
Long-Term Debt 635,261 754,706
Other Long-Term Liabilities 220,760 205,723
Stockholders' Equity 691,628 560,030
---------------------------------------------- ------------ ----------
Total Liabilities and Stockholders'
Equity $1,957,694 $1,877,998
---------------------------------------------- -----------------------
SUPPLEMENTARY INFORMATION The following discussion addresses the reconciliations below and in this press release that reconcile non-GAAP and other measures used in this press release to the most directly comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measures: Reported and Combined Adjusted Organic Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight The press release provides information regarding reported and combined organic sales adjusted to exclude the effect of foreign exchange adjustments, the impact of changes in estimates of promotion reserves, and a minor acquisition. Management believes that the presentation of adjusted reported and combined organic net sales is useful to investors because it enables them to assess, on a consistent basis, sales of Church & Dwight and unconsolidated equity investees products that were marketed by Church & Dwight or its unconsolidated equity investees during the entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. of relevant periods. In addition, the exclusion of the above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. items is useful to investors since they are not necessarily reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. operations within a discrete period.
(Dollars in Millions)
Three Months Ended Percent
12/31/2005 12/31/2004 Change
----------- ---------- -------
Net Sales As Reported $ 431.3 $ 405.0 6.5%
Adjustments:
Foreign Exchange 0.5 -
Acquisition (3.0) -
Reversal of Promotion
Reserves (3.7) (5.9)
----------- ---------- -------
Adjusted Net Sales $ 425.1 $ 399.1 6.5%
=========== ========== =======
Twelve Months Ended Percent
12/31/2005 12/31/2004 Change
----------- ---------- -------
Net Sales As Reported $ 1,736.5 $ 1,462.1 19%
Plus: Armkel - 192.7
Other Equity
Investees 60.6 55.8
Less: Inter Company
Eliminations (9.8) (8.5)
----------- ---------- -------
Combined Net Sales Including
Investees 1,787.3 1,702.1 5%
Adjustments:
Foreign Exchange (9.8) -
Acquisition (4.0) -
Reversal of Promotion
Reserves (8.6) (10.8)
----------- ---------- -------
Adjusted Net Sales $ 1,764.9 $ 1,691.3 4.4%
=========== ========== =======
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become Management believes that Adjusted EBITDA is an important measure to investors because it indicates the Company's ability to generate liquidity in a fashion that will enable it to satisfy an important financial covenant in the Company's principal credit agreement. Set forth below is a reconciliation of the Company's Adjusted EBITDA to net cash flow provided by operating activities, the most directly comparable GAAP measure.
Adjusted EBITDA
Reconciliation of Net Cash Provided By
Operating Activities to Adjusted EBITDA
(Dollars in Millions)
Net Cash Provided by Operating Activities $ 191.3
Interest Expense 45.3
Current Income Tax Provision 50.7
Change in Working Capital & Other Liabilities 2.4
Investment Income (4.0 )
Other 3.0
-------------
Church & Dwight Adjusted EBITDA $ 288.7
=============
Combined Product Line Information The following tables reconcile the Company's reported product line net sales, gross profit, marketing expenses, SG&A expenses and operating profit to the combined amounts for the Company and its unconsolidated equity investees for the quarters and year ended December 31, 2005, and December 31, 2004. The reconciliation reflects the elimination of intercompany sales and the reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of the administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of production planning Production planning The function of a manufacturing enterprise responsible for the efficient planning, scheduling, and coordination of all production activities. and logistics functions. Management believes this information is useful to investors because the businesses of the Company and its unconsolidated equity investees are managed on a combined basis, and management uses combined performance measures to analyze performance and develop financial objectives. Moreover, since the results of operations of the former Armkel business have been included in Church & Dwight's consolidated statements of income beginning on May 29, 2004, the information enhances comparability over the relevant periods.
Church & Dwight Co., Inc
Product Line Net Sales, Gross Profit and Operating Profit
Including Unconsolidated Affiliates
4th Quarter and Twelve Months 2005 vs. 2004
Dollars in Millions
Three Months Ended December 31, 2005
----------------------------------------------
CHD Other CHD &
As Equity
Reported Armkel Affiliates Adj's** Affiliates
--------- ------ ---------- ------- ----------
Household Products $ 183.5 $ - $ - $ - $ 183.5
Personal Care Products $ 115.0 $ - $ - $ - $ 115.0
-------- ----- --------- ------ ---------
Consumer Domestic $ 298.5 $ - $ - $ - $ 298.5
Consumer International $ 75.4 $ - $ - $ - $ 75.5
-------- ----- --------- ------ ---------
Total Consumer Net Sales$ 373.9 $ - $ - $ - $ 373.9
Specialty Products
Division $ 57.4 $ - $ 14.6 $ (2.6) $ 69.4
-------- ----- --------- ------ ---------
Total Net Sales $ 431.3 $ - $ 14.6 $ (2.6) $ 443.3
Gross Profit $ 140.3 $ - $ 3.2 $ 7.4 $ 150.9
% of Net Sales 32.5% 21.9% 34.0%
Marketing $ 42.7 $ - $ 0.1 $ 42.8
% of Net Sales 9.9% 0.7% 9.6%
SG&A $ 65.7 $ - $ 1.4 $ 7.4 $ 74.5
% of Net Sales 15.2% 9.3% 16.8%
Operating Profit $ 31.9 $ - $ 1.7 $ - $ 33.6
% of Net Sales 7.4% 11.9% 7.6%
Three Months Ended December 31, 2004
----------------------------------------------
CHD Other CHD &
As Equity
Reported Armkel Affiliates Adj's** Affiliates
--------- ------ ---------- ------- ----------
Household Products $ 170.7 $ - $ - $ - $ 170.7
Personal Care Products $ 112.2 $ - $ - $ - $ 112.2
-------- ----- --------- ------ ---------
Consumer Domestic $ 282.9 $ - $ - $ - $ 282.9
Consumer International $ 69.0 $ - $ - $ - $ 69.0
-------- ----- --------- ------ ---------
Total Consumer Net Sales$ 351.9 $ - $ - $ - $ 351.9
Specialty Products
Division $ 53.1 $ 14.4 $ (1.9) $ 65.6
-------- ------ --------- ------ ---------
Total Net Sales $ 405.0 $ - $ 14.4 $ (1.9) $ 417.5
Gross Profit $ 156.6 $ - $ 4.0 $ 3.6 $ 164.2
% of Net Sales 38.7% 27.8% 39.3%
Marketing $ 49.9 $ - $ - $ 49.9
% of Net Sales 12.3% 0.0% 12.0%
SG&A $ 68.2 $ - $ 1.2 $ 3.6 $ 73.0
% of Net Sales 16.8% 8.3% 17.5%
Operating Profit $ 38.5 $ - $ 2.8 $ 41.3
% of Net Sales 9.5% 19.4% 9.9%
Twelve Months Ended December 31, 2005
-----------------------------------------------
CHD Other CHD &
As Equity
Reported Armkel Affiliates Adj's** Affiliates
--------- ------- ---------- ------- ----------
Household Products $ 713.5 $ - $ - $ - $ 713.5
Personal Care Products $ 504.7 $ - $ - $ - $ 504.7
-------- ------ --------- ------ ---------
Consumer Domestic $1,218.2 $ - $ - $ - $ 1,218.2
Consumer International $ 297.3 $ - $ - $ - $ 297.3
-------- ------ --------- ------ ---------
Total Consumer Net
Sales $1,515.5 $ - $ - $ - $ 1,515.5
Specialty Products
Division $ 221.0 $ - $ 60.6 $ (9.8) $ 271.8
-------- ------ --------- ------ ---------
Total Net Sales $1,736.5 $ - $ 60.6 $ (9.8) $ 1,787.3
Gross Profit $ 637.0 $ - $ 14.8 $ 20.7 $ 672.5
% of Net Sales 36.7% 24.4% 37.6%
Marketing $ 183.4 $ - $ 0.4 $ 183.8
% of Net Sales 10.5% 0.7% 10.3%
SG&A $ 240.8 $ - $ 4.9 $ 20.7 $ 266.4
% of Net Sales 13.9% 8.1% 14.9%
Operating Profit $ 212.8 $ - $ 9.5 $ - $ 222.3
% of Net Sales 12.3% 15.6% 12.4%
Twelve Months Ended December 31, 2004
-----------------------------------------------
CHD Other CHD &
As Equity
Reported Armkel Affiliates Adj's** Affiliates
--------- ------- ---------- ------- ----------
Household Products $ 680.3 $ - $ - $ - $ 680.3
Personal Care Products $ 396.8 $ 92.1 $ - $ - $ 488.9
-------- ------ --------- ------ ---------
Consumer Domestic $1,077.1 $ 92.1 $ - $ - $ 1,169.2
Consumer International $ 176.7 $100.6 $ - $ (0.7) $ 276.6
-------- ------ --------- ------ ---------
Total Consumer Net
Sales $1,253.8 $192.7 $ - $ (0.7) $ 1,445.8
Specialty Products
Division $ 208.3 $ - $ 55.8 $ (7.8) $ 256.3
-------- ------ --------- ------ ---------
Total Net Sales $1,462.1 $192.7 $ 55.8 $ (8.5) $ 1,702.1
Gross Profit $ 533.4 $109.9 $ 13.7 $ 15.4 $ 672.4
% of Net Sales 36.5% 57.0% 24.6% 39.5%
Marketing $ 161.2 $ 25.7 $ 0.4 $ - $ 187.3
% of Net Sales 11.0% 13.3% 0.7% 11.0%
SG&A $ 200.4 $ 45.0 $ 4.7 $ 15.4 $ 265.5
% of Net Sales 13.8% 23.4% 8.4% 15.6%
Operating Profit $ 171.8 $ 39.2 $ 8.6 $ - $ 219.6
% of Net Sales 11.8% 20.3% 15.4% 12.9%
** Adjustments include: elimination of intercompany sales with
unconsolidated affiliates, reclassification of the administrative
costs of production planning and logistics functions that are not
directly attributable to the manufacturing process, from cost of sales
to SG&A.
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