Church & Dwight Reports Second Quarter Results; Raises Full-Year EPS Objective to $1.84-1.86 Per Share.Business Editors 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.--(BUSINESS WIRE)--Aug. 4, 2003 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 second quarter net income of $24.6 million or $0.59 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, a $0.14 per share or 31% increase over the $18.7 million or $0.45 per diluted share for the same period last year. The second quarter's results include, as part of equity in earnings of affiliates, a net $0.07 per share contribution by the Company's affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , Armkel LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , primarily resulting from settlement of 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. . In addition, the quarter includes a $0.06 per share gain from the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of prior years' tax reserves resulting from the settlement of a State tax dispute. Last year's results included income of $0.05 per share related to the profit allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as under the Armkel joint venture agreement. Excluding these items, earnings would have been $0.46 per share for the quarter, an increase of $0.06 per share or 15% over $0.40 per share in the second quarter of 2002. "We are pleased with our first half operating results, as well as with the progress on several new sales and product initiatives," said Chairman and Chief Executive Officer of Church & Dwight, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. A. Davies Da·vies , Arthur Bowen 1862-1928. American painter who was the chief organizer of the revolutionary Armory Show in 1913. , III. "While we expect to continue investing in our businesses, primarily through increased marketing activity, we are comfortable enough to raise our earnings per share objective from the previously announced $1.77-1.81 per share to $1.84-1.86 per share for the year." Church & Dwight second quarter sales of $256.3 million were $2.2 million or 0.9% below last year's $258.5 million. The decline was due to the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of certain former USA Detergents cleaners and Carter-Wallace pet care products, as well as the reversal in last year's second quarter of $2.3 million in prior year promotion reserves due to a change in estimates. These items together contributed about 2% of last year's sales; excluding them, this year's second quarter sales were about 1% above last year. At the product line level, higher sales of 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 certain deodorizers and cleaners, as well as increased exports, were offset by lower sales of laundry detergent powder powder, any mass of fine particles or dust prepared by various mechanical means, e.g., grinding of solid substances, or by chemical means, e.g., precipitation from solutions. In a special sense, the word is applied to powdered propellant explosives, e.g. , fabric softeners Fabric softener (also called Fabric Conditioner) is used to prevent static cling and make fabric softer. Popular brand names include Lenor, Lenor/Downy, Snuggle, and Comfort. and certain oral care products. On a combined basis, including Armkel and other unconsolidated affiliates, sales increased $7.5 million or 2% to $380.7 million. The Company's gross margin increased 1.7% to 31.1% of sales, as integration benefits from the USA Detergents and Carter-Wallace acquisitions, and other cost reduction programs, more than offset energy-related and other commodity-based cost increases. Selling, general and administrative expenses declined 0.4% to 11.0% of sales. The Company deployed most of this margin improvement to support new marketing initiatives, and marketing spending increased $4.1 million or 19% to $26.3 million, representing 10.3% of sales compared to 8.6% last year. During the second quarter, the Company achieved broad national distribution and initiated advertising support for the new Arrid Arrid is a type of antiperspirant deodorant manufactured by Church and Dwight External links
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) Complete Care, a major addition to the Dental dental /den·tal/ (den´t'l) pertaining to a tooth or teeth. den·tal adj. 1. Of, relating to, or for the teeth. 2. Of, relating to, or intended for dentistry. Care toothpaste toothpaste, n See dentifrice. line. On the household products side of the business, the Company significantly expanded its distribution of both Xtra (R)and Arm & Hammer liquid laundry detergent in the mass channel. The Company also introduced Brillo (R)Scrub'n'Toss disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. cleaning pads and Arm & Hammer Pet Fresh(TM) Carpet Deodorizer deodorizer or deodorant, substance used to absorb or eliminate offensive odors. Disinfectants such as hydrogen peroxide, chlorine, and chlorine compounds eliminate odors caused by microorganisms. with a new hair-release ingredient
An ingredient is something that forms part of a mixture (in a general sense). targeted to pet owners, both of which should reach national distribution in the third quarter. Early in the third quarter, the Company began shipments of Arm & Hammer Easy Flush To empty the contents of a memory buffer. See buffer. Flush Elizabeth Barrett Browning’s spaniel, subject of a biography. [Br. Lit.: Woolf Flush in Barnhart, 446] See : Dogs (data) flush (TM) clumping clumping /clump·ing/ (klump´ing) the aggregation of particles, such as bacteria, into irregular masses. clump·ing n. The massing together of bacteria or other cells suspended in a fluid. 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. , a technically advanced product targeted to consumers who keep their litter boxes A litter box, sometimes called a "sandbox", "sand box", "litter tray", "litter pan", "catbox", or "cat box" is an indoor feces and urine disposal box for cats (as well as rabbits and other pets that naturally or through training will make use of such a repository) that are in the bathroom A bathroom is a room that may have different functions depending on the cultural context. In the most literal sense, the word bathroom means "a room with a bath". Because the traditional bathtubs have partly made way for modern showers, including steam showers, the more general . Below the operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. line, the Company benefited from a $1.2 million increase in earnings from affiliates; a $2.8 million reduction in interest and other expenses due to debt reduction and foreign exchange gains; and a $2.4 million reduction in tax reserves due to the previously mentioned State tax settlement. Six months net income of $45.6 million or $1.09 per share was $0.28 or 35% higher than last year's $33.6 million or $0.81 per share. Excluding the items described in the second paragraph, as well as a $0.06 per share Armkel acquisition-related charge in last year's first quarter, earnings per share would have increased by $0.14 per share or 17% to $0.96 per share from $0.82 per share in the same period last year. Six months sales of $504.6 million were $10.7 million or 2.1% below last year's $515.3 million. Excluding the prior year items referred to in the sales commentary above, this year's sales were about flat with the previous year. On a combined basis, including Armkel and other affiliates, sales were $738.7 million, an increase of $12 million or 1.7% over last year's $726.7 million. During the quarter, the Company repaid debt of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $21 million. At quarter-end, the Company had total outstanding debt of $320 million, and cash of $54 million, for a net debt position of $266 million, a reduction of $79 million from the same period last year. 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.
ARMKEL, LLC Armkel, a 50/50 joint venture between Church & Dwight and the private equity group, Kelso Kelso, city (1990 pop. 11,820), seat of Cowlitz co., SW Wash., on the Cowlitz River near the Columbia, in a fertile farm area; inc. 1889. Boatbuilding, fishing, and dairy farming are the major industries. Machinery and paper and wood products are manufactured. & Company, reported net income of $22.5 million compared to $15.6 million in the same period last year. This quarter's results include a $13.1 million net gain from the settlement of litigation, the proceeds of which Armkel expects to receive in August. This gain is partially offset by a $3.1 million 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. charge related to a former Carter-Wallace facility being held for sale, resulting in a net gain from these matters of $10 million. Church & Dwight's share of this gain, referred to in the second paragraph of this release, is $5 million or $0.07 per share. Excluding this gain, Armkel's second quarter net income would have been $12.5 million, compared to last year's net income of $14.7 million excluding the income of the Italian business which was disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of earlier this year. Due to the timing of its marketing programs as well as an increase in new product activity, Armkel's marketing spending rose by approximately $7 million or over 50% to $19.7 million, representing 17% of sales versus 12% last year. Sales of $113.5 million were $9 million or 8.7% above last year's $104.4 million as reported, and 2.9% higher after excluding foreign exchange translation gains. Domestic sales of $57.6 million were 1.3% below last year. 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, First Response(R) pregnancy pregnancy, period of time between fertilization of the ovum (conception) and birth, during which mammals carry their developing young in the uterus (see embryo). The duration of pregnancy in humans is about 280 days, equal to 9 calendar months. kits and Nair(R) depilatories all improved their relative market positions; however, sales of Nair depilatories, a highly seasonal product line, were substantially lower due to an estimated 20% market contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction related to unseasonably cool and wet weather conditions. International sales of $55.9 million were 21.2% ahead of last year due to a strong performance by the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. businesses, particularly in the areas of skin care, oral care and depilatories. Excluding foreign exchange translation gains, international sales were 8.4% higher than last year. Six months net income was $37.7 million compared to last year's $15.9 million. Adjusting for the second quarter items described above, as well as other matters described on an attached exhibit, including an acquisition-related accounting charge in last year's first quarter, net income would have increased $3.5 million or 15.6% to $26.0 million for the six-month period. Six months sales of $213.1 million were $21.3 million or 11.1% higher than last year's $191.8 million as reported, and 6.3% higher adjusted for foreign exchange translation gains. Domestic sales of $109.7 million were 2.6% higher. International sales of $103.4 million were 22% higher as reported, and 11% higher adjusted for foreign exchange translation gains. Armkel had total outstanding debt of $406.1 million, and cash of $44.4 million, for a net debt position of $361.7 at quarter-end, a reduction of $41 million from the same period last year. During the past 12 months, Armkel has paid approximately $27 million in severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when , integration and other acquisition-related costs, and sold its Italian subsidiary for approximately $22.6 million. Armkel's EBITDA, excluding the net settlement proceeds, is estimated at approximately $53 million for the six months. Commenting on the results of Church & Dwight and its affiliates, Mr. Davies noted that both Church & Dwight and Armkel are pursuing the same strategy of expanding their gross margins while increasing the level of spending on marketing and new product development. For the first six months, combined gross margin increased 1.8% to 38.3% compared to last year's 36.5%. Combined marketing spending rose almost $12 million or 18% to $75 million, representing 10.2% of sales compared to 8.7% in the same period last year. R&D spending was also significantly higher. Despite the increase in marketing spending, combined 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. increased to $104.8 million or 14.2% of sales from $98.4 million or 13.5% of sales in the previous year. These results are adjusted for the matters described in this release, as shown on the attached exhibit. Mr. Davies concluded, "Looking ahead, we intend to build on our strong first half results. Our confidence in meeting the Company's objectives is reflected both in the new earnings guidance and in the Board's recent decision to increase the dividend." As previously reported, at its July July: see month. 23 Board Meeting, the Board 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 half-cent, or 6.7%, dividend increase to $0.08 per share. The dividend is payable September September: see month. 2, 2003 to stockholders of record at the close of business on August 8, 2003. This is the Company's 410th regular quarterly dividend. Church & Dwight will host a conference call to discuss second quarter 2003 earnings results with the investment community on August 4 at 10:00 a.m. (ET). To participate, dial in at 800-884-5695. A replay will be available two hours after the call at 888-286-8010, access code 90273033, 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. is the manufacturer of household, personal care and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. products, sold 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 anticipated earnings per share, increased marketing activity, gross margin improvement and new product activity. 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 the Company's determination and ability to exercise its option to acquire the remaining 50% interest in Armkel. 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, 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 acquisition or 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. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult the Company's disclosures, in its filings with the U.S. Securities and Exchange Commission, particularly those contained in Risk Factors in Item 1 of Part 1 of the Company's Annual Report on Form 10K for the year ended December December: see month. 31, 2002. This discussion is provided as permitted by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995.
CHURCH & DWIGHT CO., INC.
Product Line Net Sales, Gross Profit and Operating Profit
Including Unconsolidated Affiliates
2nd Quarter and Six Months 2003 vs. 2002
----------------------------------------
(Dollars in Millions) THREE MONTHS ENDED JUNE 27, 2003
------------------------------------------
CHD CHD &
As
Reported Affiliates Adj's(a) Affiliates
------------------------------------------
Deodorizers & Cleaning $ 61.1 $ - $ - $ 61.1
Laundry $ 98.2 $ - $ - $ 98.2
Personal Care $ 40.9 $ 57.6 $ - $ 98.5
International $ 9.3 $ 55.9 $ (0.6) $ 64.6
------ ------ ------ ------
Total Consumer Products $209.5 $113.5 $ (0.6) $322.4
Specialty Products Division $ 46.8 $ 13.8 $ (2.3) $ 58.3
------ ------ ------ ------
Total Reported Net Sales $256.3 $127.3 $ (2.9) $380.7
====== ====== ====== ======
Gross Profit $ 79.6 $ 68.4 $ - $148.0
% of Net Sales 31.1% 38.9%
Marketing Costs $ 26.3 $ 19.8 $ - $ 46.1
% of Net Sales 10.3% 12.1%
Operating Profit $ 25.0 $ 34.6 $(10.1) $ 49.5
% of Net Sales 9.8% 13.0%
(Dollars in Millions) SIX MONTHS ENDED JUNE 27, 2003
------------------------------------------
CHD CHD &
As
Reported Affiliates Adj's(a) Affiliates
------------------------------------------
Deodorizers & Cleaning $114.3 $ - $ - $114.3
Laundry $198.8 $ - $ - $198.8
Personal Care $ 83.5 $109.7 $ - $193.2
International $ 17.2 $103.4 $ (1.3) $119.3
------ ------ ------ ------
Total Consumer Products $413.8 $213.1 $ (1.3) $625.6
Specialty Products Division $ 90.8 $ 25.8 $ (3.5) $113.1
------ ------ ------ ------
Total Reported Net Sales $504.6 $238.9 $ (4.8) $738.7
====== ====== ====== ======
Gross Profit $153.4 $129.4 $ - $282.8
% of Net Sales 30.4% 38.3%
Marketing Costs $ 43.2 $ 31.9 $ - $ 75.1
% of Net Sales 8.6% 10.2%
Operating Profit $ 53.8 $ 60.8 $ (9.8) $104.8
% of Net Sales 10.7% 14.2%
(a) Adjustments include: the elimination of intercompany sales; in
2003 the settlement of litigation and the write-down of an asset held
for sale; and in the six-month period of 2002, the inventory step-up
charge.
CHURCH & DWIGHT CO., INC.
Product Line Net Sales, Gross Profit and Operating Profit
Including Unconsolidated Affiliates
2nd Quarter and Six Months 2003 vs. 2002
----------------------------------------------------------------------
(Dollars in Millions) THREE MONTHS ENDED JUNE 28, 2002
------------------------------------------
CHD CHD &
As
Reported Affiliates Adj's(a) Affiliates
------------------------------------------
Deodorizers & Cleaning $ 63.5 $ - $ - $ 63.5
Laundry $ 97.7 $ - $ - $ 97.7
Personal Care $ 43.3 $ 58.3 $ - $101.6
International $ 7.5 $ 46.2 $(0.1) $ 53.6
------ ------ ----- ------
Total Consumer Products $212.0 $104.5 $(0.1) $316.4
Specialty Products Division $ 46.5 $ 11.7 $(1.4) $ 56.8
------ ------ ----- ------
Total Reported Net Sales $258.5 $116.2 $(1.5) $373.2
====== ====== ===== ======
Gross Profit $ 75.9 $ 62.4 $ - $138.3
% of Net Sales 29.4% 37.1%
Marketing Costs $ 22.2 $ 13.0 $ - $ 35.2
% of Net Sales 8.6% 9.4%
Operating Profit $ 24.3 $ 27.2 $ - $ 51.5
% of Net Sales 9.4% 13.8%
(Dollars in Millions) SIX MONTHS ENDED JUNE 28, 2002
------------------------------------------
CHD CHD &
As
Reported Affiliates Adj's(a) Affiliates
------------------------------------------
Deodorizers & Cleaning $126.1 $ - $ - $126.1
Laundry $197.9 $ - $ - $197.9
Personal Care $ 84.9 $107.0 $ - $191.9
International $ 15.9 $ 84.9 $ - $100.8
------ ------ ----- ------
Total Consumer Products $424.8 $191.9 $ - $616.7
Specialty Products Division $ 90.5 $ 21.7 $(2.2) $110.0
------ ------ ----- ------
Total Reported Net Sales $515.3 $213.6 $(2.2) $726.7
====== ====== ===== ======
Gross Profit $149.2 $107.6 $ 8.1 $264.9
% of Net Sales 29.0% 36.5%
Marketing Costs $ 39.0 $ 24.5 $ - $ 63.5
% of Net Sales 7.6% 8.7%
Operating Profit $ 51.5 $ 38.8 $ 8.1 $ 98.4
% of Net Sales 10.0% 13.5%
(a) Adjustments include: the elimination of intercompany sales; in
2003 the settlement of litigation and the write-down of an asset held
for sale; and in the six-month period of 2002, the inventory step-up
charge.
Reconciliation of Net Cash Provided
by Operating Activities to EBITDA:
-----------------------------------
(Dollars in Millions)
CHD
As Reported Armkel
----------- ------
Net Cash Provided by Operating Activities $ 43.5 $ 5.2
Interest Expense $ 9.9 $ 15.8
Current Income Tax Provision $ 14.5 $ 5.5
Proceeds from Affiliates $ 2.3 $ -
Change in Working Capital $ 5.4 $ 38.8
Litigation Settlement $ - $(12.7)
Interest Income $ (0.7) $ (0.5)
Other $ (4.3) $ 1.4
----------- ------
EBITDA $ 70.6 $ 53.5
=========== ======
ARMKEL LLC
Net Income Reconciliation
-------------------------
(Dollars in Millions)
Three Months Six Months
Ended Ended
------------ -------------
June June June June
27, 28, 27, 28,
2003 2002 2003 2002
------ ----- ------ ------
Net Income as reported $ 22.5 $15.6 $ 37.7 $15.9
Litigation Settlement $(13.1)$ - $(12.7)$ -
Write-down of Asset Held for Sale $ 3.1 $ - $ 3.1 $ -
Gain on sale of Italian Subsidiary $ - $ - $ (1.9)$ -
Italian Subsidiary Net Income $ - $(0.9)$ (0.2)$(1.5)
Inventory Step-up charge $ - $ - $ - $ 8.1
------ ----- ------ -----
Adjusted Net Income $ 12.5 $14.7 $ 26.0 $22.5
====== ===== ====== =====
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended Six Months Ended
(In thousands, except per ------------------ -----------------
share data) June 27, June 28, June 27, June 28,
2003 2002 2003 2002
-------- -------- -------- --------
Net Sales $256,263 $258,463 $504,561 $515,265
Cost of sales 176,690 182,525 351,154 366,077
------- -------
Gross profit 79,573 75,938 153,407 149,188
Marketing expenses 26,288 22,153 43,231 38,985
Selling, general and
administrative expenses 28,236 29,492 56,346 58,683
------- ------- ------- -------
Income from Operations 25,049 24,293 53,830 51,520
Equity in earnings of
affiliates 12,528 11,364 20,680 12,281
Other income (expense), net (3,753) (6,551) (8,624) (12,267)
------- ------- ------- -------
Income before minority
interest and taxes 33,824 29,106 65,886 51,534
Income taxes 9,192 10,414 20,299 17,830
Minority Interest 6 40 15 129
------- ------- ------- -------
Net Income $ 24,626 $ 18,652 $ 45,572 $ 33,575
------- ------- ------- -------
Net Income per share - Basic $ 0.61 $ 0.47 $ 1.14 $ 0.85
Net Income per share -
Diluted $ 0.59 $ 0.45 $ 1.09 $ 0.81
------- ------- ------- -------
Dividend per share $ 0.075$ 0.075 $ 0.15 $ 0.15
Weighted average shares
outstanding - Basic 40,132 39,584 40,039 39,425
Weighted average shares
outstanding - Diluted 42,072 41,855 41,967 41,677
------- ------- ------- -------
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) June 27, 2003 June 28, 2002
Assets ------------- -------------
Current Assets
Cash, equivalents and
securities $ 54,011 $ 75,285
Accounts receivable 102,383 107,257
Inventories 86,535 97,137
Other current assets 23,624 35,349
------- -------
Total Current Assets 266,553 315,028
------- -------
Property, Plant and Equipment
(Net) 244,839 239,546
Equity Investment in Affiliates 148,479 125,775
Intangibles and other assets 332,796 315,353
------- -------
Total Assets $992,667 $995,702
------- -------
Liabilities and Stockholders'
Equity
Short-Term Debt $ 66,481 $ 20,430
Other current liabilities 170,425 174,294
------- -------
Total Current Liabilities 236,906 194,724
------- -------
Long-Term Debt 253,243 399,201
Other Long-Term Liabilities 105,169 80,355
Stockholders' Equity 397,349 321,422
------- -------
Total Liabilities and
Stockholders' Equity $992,667 $995,702
------- -------
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