Church & Dwight Reports Second Quarter Results; Announces New Long-Term Financial Objectives.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 quarter ended July July: see month. 1, 2005 of $34.4 million or $0.51 per share, an increase of $0.21 per share over last year's net income of $19.6 million or $0.30 per share. Last year's results included pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charges of $12.1 million or $0.11 per share, consisting of an inventory charge of $4.1 million and an $8.0 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of deferred financing costs related to the acquisition on May 28, 2004 of the 50% interest in the former Armkel LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control business which the Company did not already own. Excluding these charges, this year's earnings of $0.51 per share would have been $0.10 or 24% above last year's adjusted $0.41 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 pleased with the second quarter results, which reflect continued organic growth and an improved operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , as well as the full benefit of the Armkel acquisition. With a strong first half as the base, we plan to invest behind new product and operational initiatives in the second half to continue building the business." Second quarter sales increased to $441.8 million, compared to $340.8 million in the same period a year ago. This advance is primarily due to the acquisition of Armkel, which recorded sales of $79.0 million in the two-month period through May 28 last year that were not included in our consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: results. 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 $59.8 million for the quarter was $18.4 million higher than the previous year's $41.4 million. Last year's results included the acquisition-related inventory charge of $4.1 million, and did not reflect Armkel's pre-acquisition operating profit of $9.2 million. For the first six months, net income was $72.1 million or $1.07 per share, an increase of $0.31 per share over last year's net income of $49.5 million or $0.76 per share. Excluding last year's acquisition-related charges of $0.11 per share, this year's earnings of $1.07 per share would have been $0.20 per share or 23% higher than last year's adjusted $0.87 per share. First half sales increased $225.7 million to $862.5 million, primarily due to the acquisition of Armkel which recorded sales of $192.7 million for the five months through May 28 last year that were not included in our consolidated results. Operating profit increased $47.1 million to $127.0 million. Last year's results included the previously-mentioned inventory charge, and did not reflect Armkel's pre-acquisition operating profit of $39.2 million. At quarter-end, the Company had total outstanding debt of $771 million, and cash of $109 million, for a net debt position of $662 million. This is a $151 million reduction from the net debt position of $813 million at the comparable quarter-end last year. 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.
CHURCH & DWIGHT AND AFFILIATES (Non-GAAP MEASURES) Management uses the combined results of Church & Dwight and its unconsolidated affiliates, including Armkel prior to its acquisition in May 2004, in evaluating the financial performance of the business. Second quarter combined sales of $456.2 million were $24.4 million or 5.7% above last year. Excluding foreign exchange gains of 1%, second quarter sales growth was approximately 4.7%. At the product line level, household products sales were 6% higher due to strong growth for laundry Laundry can be:
Before industrialization detergents and pet care products; personal care gained over 2% based on continued growth of condoms and diagnostic kits, with flat deodorants and slightly lower toothpaste toothpaste, n See dentifrice. sales; international sales increased 7% primarily due to foreign exchange gains; and specialty products increased 8% due to continued growth of animal nutrition nutrition, study of the materials that nourish an organism and of the manner in which the separate components are used for maintenance, repair, growth, and reproduction. Nutrition is achieved in various ways by different forms of life. 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 hammer Tool for pounding or delivering repeated blows. Hand hammers have a handle and striking head. Surfaces of hammerheads vary in size, angle of orientation to the handle (parallel or inclined), and type of face (flat or convex). (R) and Xtra(R) liquid laundry detergents, 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 higher than last year, while sales of laundry detergent detergent (dētûr`jənt, dĭ–), substance that aids in the removal of dirt. Detergents act mainly on the oily films that trap dirt particles. powder were lower. As expected, combined second 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. for Church & Dwight and its unconsolidated affiliates declined to 39.0%, compared to the previous year's 39.6%. Adjusting for last year's second quarter inventory charge, this year's gross margin is approximately 150 basis points lower than the margin for the same period last year, about 40 basis points of which is due to changes in sales mix sales mix See product mix. , and the remainder reflects the sharp price increases for oil-based raw and packaging materials and certain commodity chemicals in the second half of 2004. As previously reported, the Company has taken price increases for about 20% of its domestic U.S. product lines, including cat litter, condoms, soap pads Noun 1. soap pad - a cleaning pad containing soap cleaning pad - a pad used as a cleaning implement and certain specialty chemicals. The Company has also implemented pricing and size changes for about 20% of its laundry products, and expects to announce similar actions for many of its remaining laundry products during the second half. In addition, the Company is evaluating several operational improvement programs for possible implementation in late 2005. Second quarter marketing spending increased to $51.2 million, 4% above last year. Selling, general and administrative expenses declined to $63.2 million, 8% below last year. This year's results included $3.8 million in tradename impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges, compared to $6.1 million for tradename and other impairment charges in the same period last year. Second quarter combined operating profit increased to $63.6 million, a $10.8 million or 20% increase over last year's combined $52.8 million, and a $6.7 million or 12% increase over last year's operating profit adjusted for the acquisition-related inventory charge. Six months combined sales were $889.8 million, which is $37.4 million or 4.4% above last year. Excluding foreign exchange gains of approximately 1.0%, and taking account of the first quarter calendar which was two days shorter than last year's, organic sales growth for the period is also estimated at 4.4%. First half combined operating profit increased to $133.3 million, a $10.5 million or 8.6% gain over last year's $122.8 million, and a $6.4 million or 5% gain over last year's combined operating profit adjusted for the acquisition-related inventory charge. During the quarter, the Company expanded distribution of several products introduced over the last several months. On the household products side of the business, these included Arm & Hammer Multi-Cat cat litter, Arm & Hammer Detergent Plus a Touch of Softener, and Arm & Hammer Carpet and Room Allergen allergen /al·ler·gen/ (al´er-jen) an antigenic substance capable of producing immediate hypersensitivity (allergy).allergen´ic pollen allergen Reducer; in personal care, the new products included 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 with Breath Defense(TM) toothpaste and Mentadent Mentadent is a brand name for a line of dental products manufactured by Unilever everywhere but United States and Canada, where it was acquired by the Church & Dwight Company in 2003. Replenishing White(TM) toothpaste, both of which use the Company's Liquid Calcium calcium (kăl`sēəm) [Lat.,=lime], metallic chemical element; symbol Ca; at. no. 20; at. wt. 40.08; m.p. about 839°C;; b.p. 1,484°C;; sp. gr. 1.55 at 20°C;; valence +2. (R) technology to restore enamel luster; and Trojan Mint Tingle(TM) condoms. MAJOR TROJAN NEWS Late in the second quarter, the Company launched a new advertising campaign for Trojan condoms. The campaign, called "Make a Difference," promotes the use of condoms among sexually active men and women via an increased emphasis on the health risks of unprotected sex Unprotected sex refers to any act of sexual intercourse in which the participants use no form of barrier contraception. Sexually transmitted infections Specifically, unprotected sex . This is the first 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 advertising campaign since 1991 to be shown on national television starting after 10 p.m. In a major new product initiative, the Company will shortly introduce a premium line of unique sexual health products for women. The new line, called 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 (TM) by Trojan, will be located in the feminine feminine /fem·i·nine/ (fem´i-nin) 1. pertaining to the female sex. 2. having qualities normally asociated with females. care aisle of the store, and includes condoms and other products that are designed to provide women with the freedom to pursue a healthy and fulfilling sex life. The launch will receive significant advertising, display and other marketing support in the third and fourth quarters. The Company expects shipments to begin in late August. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. REAFFIRMED: NEW FINANCIAL GOALS Mr. Craigie added, "Even though we will pursue an ambitious level of new product and marketing activity in the second half, and despite potential one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs associated with margin improvement programs, we reaffirm re·af·firm tr.v. re·af·firmed, re·af·firm·ing, re·af·firms To affirm or assert again. re that the Company's earnings objective for the year continues to be at least $1.75 per share." During the second quarter, the Company reviewed its major strategic initiatives as the basis for setting future priorities. A major outcome of this review is an increased focus on the development and marketing of products designed for healthier living, such as the recent condom, oral care and allergen reducer initiatives. As part of this review, the Company also established financial objectives for the three-year period 2006-2008. Key objectives include average annual organic EPS growth of 10-12% a year, excluding acquisitions; average annual organic sales growth of 3-4% a year; gross margin improvement of 100 basis points a year; and significant debt reduction. As previously reported, at its August 3 Board meeting, the Company declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly dividend of $0.06 per share. The dividend is payable September September: see month. 1, 2005 to stockholders of record at the close of business on August 15, 2005. This is the Company's 418th regular quarterly dividend. Church & Dwight will host a conference call to discuss second quarter 2005 results today at 10:00 a.m. (ET). To participate, dial in at 866-831-6162, access code: 87796368. A replay will be available two hours after the call at 888-286-8010, access code 83060880, 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, gross margin, marketing and product development spending, pricing and sizing changes in certain of its products, possible operational improvement initiatives, expanded distribution of products and 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, and increased marketing spending. With regard to the new product introductions referred to in this release, there is particular uncertainty relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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 and Armkel's quarterly and annual reports filed with the SEC.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended Six Months Ended
----------------------------- ------------------ --------------------
(In thousands, except per July 1, July 2, July 1, July 2,
share data) 2005 2004 2005 2004
----------------------------- -------- -------- -------- ----------
Net Sales $441,815 $340,785 $862,489 $636,776
Cost of sales 272,914 221,109 533,351 420,538
----------------------------- -------- -------- -------- --------
Gross profit 168,901 119,676 329,138 216,238
Marketing expenses 51,063 36,118 88,710 60,306
Selling, general and
administrative expenses 58,008 42,130 113,446 76,044
----------------------------- -------- -------- -------- --------
Income from Operations 59,830 41,428 126,982 79,888
Equity in earnings of
affiliates 1,900 2,792 3,170 12,616
Other income (expense), net (9,638) (14,755) (20,205) (18,397)
----------------------------- -------- -------- -------- --------
Income before minority
interest and taxes 52,092 29,465 109,947 74,107
Income taxes 17,720 9,885 37,883 24,615
Minority Interest (8) 7 (17) 13
----------------------------- -------- -------- -------- --------
Net Income $ 34,380 $ 19,573 $ 72,081 $ 49,479
----------------------------- -------- -------- -------- --------
Net Income per share - Basic $0.54 $0.32 $1.14 $0.81
Net Income per share - Diluted $0.51 $0.30 $1.07 $0.76
----------------------------- -------- -------- -------- --------
Dividend per share $0.06 $0.05 $0.12 $0.11
Weighted average shares
outstanding - Basic 63,671 61,596 63,496 61,460
Weighted average shares
outstanding - Diluted 69,222 68,074 69,112 67,899
----------------------------- -------- -------- -------- --------
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) July 1, 2005 July 2, 2004
------------------------------------------ ------------ --------------
Assets
------------------------------------------ ------------ --------------
Current Assets
Cash, equivalents and securities $ 109,463 $ 119,561
Accounts receivable 205,000 206,093
Inventories 158,320 157,981
Other current assets 28,360 34,879
------------------------------------------ ------------ --------------
Total Current Assets 501,143 518,514
------------------------------------------ ------------ --------------
Property, Plant and Equipment (Net) 333,612 327,293
Equity Investment in Affiliates 12,850 13,663
Intangibles and other assets 1,044,940 995,307
------------------------------------------ ------------ --------------
Total Assets $ 1,892,545 $ 1,854,777
------------------------------------------ ------------ --------------
Liabilities and Stockholders' Equity
------------------------------------------ ------------ --------------
Short-Term Debt $ 117,293 $ 74,613
Other Current Liabilities 256,803 260,567
------------------------------------------ ------------ --------------
Total Current Liabilities 374,096 335,180
------------------------------------------ ------------ --------------
Long-Term Debt 653,619 858,234
Other Long-Term Liabilities 220,991 166,181
Stockholders' Equity 643,839 495,182
------------------------------------------ ------------ --------------
Total Liabilities and Stockholders' Equity $ 1,892,545 $ 1,854,777
------------------------------------------ ------------ --------------
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: Adjusted 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 combined sales adjusted to exclude the effect of foreign exchange adjustments and the impact of the Company's fiscal calendar. Management believes that the presentation of adjusted combined 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 effect of foreign exchange adjustments and the effect of the Company's fiscal calendar is useful to investors because currency fluctuations and the fiscal calendar difference are out of the control of, and do not reflect the performance of management. Combined Gross Profit Margin and Combined Operating Profit The press release also provides information regarding combined gross profit margin and combined operating profit. Management believes the presentation of combined gross margin and combined operating profit 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 an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. 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. Adjusted EBITDA 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 covenant (kŭv`ənənt), agreement entered into voluntarily by two or more parties to do or refrain from doing certain acts. In the Bible and in theology the covenant is the agreement or engagement of God with man as revealed in the 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 $ 64.0
Interest Expense 21.4
Current Income Tax Provision 31.8
Change in Working Capital &
Other Liabilities 40.3
Investment Income (1.7)
Other 0.3
-----------
Church & Dwight Adjusted EBITDA $ 156.1
===========
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 six months ended July 1, 2005, and July 2, 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 logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. 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
2nd Quarter and Six Months 2005 vs. 2004
Dollars in Millions
Three Months Ended July 1, 2005
-----------------------------------------------
Other
CHD Equity CHD &
As Reported Armkel Affiliates Adj's** Affiliates
----------- ------ ---------- ------- ----------
Household Products $ 179.3 $ - $ - $ - $ 179.3
Personal Care Products $ 127.7 $ - $ - $ - $ 127.7
--------- ------ ---------- ------- ----------
Consumer Domestic $ 307.0 $ - $ - $ - $ 307.0
Consumer International $ 78.1 $ - $ - $ - $ 78.1
--------- ------ ---------- ------- ----------
Total Consumer Net
Sales $ 385.1 $ - $ - $ - $ 385.1
Specialty Products
Division $ 56.6 $ - $ 17.5 $ (3.1) $ 71.0
--------- ------ ---------- ------- ----------
Total Net Sales $ 441.7 $ - $ 17.5 $ (3.1) $ 456.1
Gross Profit $ 168.8 $ - $ 5.2 $ 4.0 $ 178.0
% of Net Sales 38.2% 29.8% 39.0%
Marketing $ 51.1 $ - $ 0.1 $ - $ 51.2
% of Net Sales 11.6% 0.7% 11.2%
SG&A $ 57.9 $ - $ 1.3 $ 4.0 $ 63.2
% of Net Sales 13.1% 7.4% 13.9%
Operating Profit $ 59.8 $ - $ 3.8 $ - $ 63.6
% of Net Sales 13.5% 21.6% 13.9%
Three Months Ended July 2, 2004
------------------------------------------------
Other
CHD Equity CHD &
As Reported Armkel Affiliates Adj's** Affiliates
----------- ------ ---------- ------- ----------
Household Products $ 168.4 $ - $ - $ - $ 168.4
Personal Care Products $ 90.5 $ 34.3 $ - $ - $ 124.8
--------- ------ ---------- ------- ----------
Consumer Domestic $ 258.9 $ 34.3 $ - $ - $ 293.2
Consumer International $ 28.8 $ 44.6 $ - $ (0.3) $ 73.1
--------- ------ ---------- ------- ----------
Total Consumer Net
Sales $ 287.7 $ 78.9 $ - $ (0.3) $ 366.3
Specialty Products
Division $ 53.1 $ - $ 14.2 $ (1.8) $ 65.5
--------- ------ ---------- ------- ----------
Total Net Sales $ 340.8 $ 78.9 $ 14.2 $ (2.1) $ 431.8
Gross Profit $ 119.6 $ 44.2 $ 3.4 $ 3.7 $ 170.9
% of Net Sales 35.1% 56.0% 23.9% 39.6%
Marketing $ 36.1 $ 12.8 $ 0.2 $ - $ 49.1
% of Net Sales 10.6% 16.2% 1.4% 11.4%
SG&A $ 42.1 $ 22.2 $ 1.0 $ 3.7 $ 69.0
% of Net Sales 12.4% 28.1% 7.0% 16.0%
Operating Profit $ 41.4 $ 9.2 $ 2.2 $ - $ 52.8
% of Net Sales 12.1% 11.7% 15.5% 12.2%
Six Months Ended July 1, 2005
-----------------------------------------------
Other
CHD Equity CHD &
As Reported Armkel Affiliates Adj's** Affiliates
----------- ------ ---------- ------- ----------
Household Products $ 346.6 $ - $ - $ - $ 346.6
Personal Care Products $ 258.2 $ - $ - $ - $ 258.2
--------- ------ ---------- ------- ----------
Consumer Domestic $ 604.8 $ - $ - $ - $ 604.8
Consumer International $ 147.5 $ - $ - $ - $ 147.5
--------- ------ ---------- ------- ----------
Total Consumer Net
Sales $ 752.3 $ - $ - $ - $ 752.3
Specialty Products
Division $ 110.2 $ - $ 32.4 $ (5.1) $ 137.5
--------- ------ ---------- ------- ----------
Total Net Sales $ 862.5 $ - $ 32.4 $ (5.1) $ 889.8
Gross Profit $ 329.1 $ - $ 8.9 $ 8.8 $ 346.8
% of Net Sales 38.2% 27.5% 39.0%
Marketing $ 88.7 $ - $ 0.2 $ - $ 88.9
% of Net Sales 10.3% 0.6% 10.0%
SG&A $ 113.4 $ - $ 2.4 $ 8.8 $ 124.6
% of Net Sales 13.2% 7.4% 14.0%
Operating Profit $ 127.0 $ - $ 6.3 $ - $ 133.3
% of Net Sales 14.7% 19.5% 15.0%
Six Months Ended July 2, 2004
-----------------------------------------------
Other
CHD Equity CHD &
As Reported Armkel Affiliates Adj's** Affiliates
----------- ------ ---------- ------- ----------
Household Products $ 335.0 $ - $ - $ - $ 335.0
Personal Care Products $ 160.0 $ 92.1 $ - $ - $ 252.1
--------- ------ ---------- ------- ----------
Consumer Domestic $ 495.0 $ 92.1 $ - $ - $ 587.1
Consumer International $ 37.8 $100.6 $ - $ (0.7) $ 137.7
--------- ------ ---------- ------- ----------
Total Consumer Net
Sales $ 532.8 $192.7 $ - $ (0.7) $ 724.8
Specialty Products
Division $ 104.0 $ - $ 27.4 $ (3.8) $ 127.6
--------- ------ ---------- ------- ----------
Total Net Sales $ 636.8 $192.7 $ 27.4 $ (4.5) $ 852.4
Gross Profit $ 216.2 $109.9 $ 6.2 $ 7.2 $ 339.5
% of Net Sales 34.0% 57.0% 22.6% 39.8%
Marketing $ 60.3 $ 25.7 $ 0.2 $ - $ 86.2
% of Net Sales 9.5% 13.3% 0.7% 10.1%
SG&A $ 76.0 $ 45.0 $ 2.3 $ 7.2 $ 130.5
% of Net Sales 12.0% 23.4% 8.4% 15.3%
Operating Profit $ 79.9 $ 39.2 $ 3.7 $ - $ 122.8
% of Net Sales 12.5% 20.3% 13.5% 14.4%
** 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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