Clorox Confirms Fourth-Quarter EPS Outlook and Announces Aug. 7 Webcast of Fourth-Quarter Results.

Business Editors

OAKLAND, Calif.--(BUSINESS WIRE)--June 19, 2002

The Clorox Company (NYSE:CLX)(PSE:CLX) today confirmed its pro-forma earnings outlook of 60 cents to 62 cents per share for the fourth quarter ending June 30, 2002. This compares with 45 cents, excluding special charges, in the year-ago period, an increase of 33 percent to 38 percent, or 22 percent to 27 percent after adjusting the base period for comparable treatment of goodwill accounting.

As previously announced, the current quarter's pro-forma earnings estimate excludes the pro-rated tax effect of an Argentina asset-impairment charge, estimated at 6 cents. Consequently, on the basis of generally accepted accounting principles (GAAP), the company forecasts fourth-quarter earnings per share of 54 cents to 56 cents, compared to GAAP earnings per share of 34 cents in the year-ago period.

Clorox also indicated that for the fourth quarter, excluding the impact of divestitures, it expects volume growth of 4 percent to 5 percent and sales growth of 6 percent to 8 percent versus the year-ago quarter for the Household Products-North America and Specialty Products segments. The positive top-line trends for these two predominantly U.S. segments are partially offset by the Household Products-Latin America/Other segment due to the continuing adverse economic conditions in South America. For the total company, excluding the impact of divestitures that represented about 2 percent of the total company's volume and sales during the year-ago period, fourth-quarter volume is expected to grow 3 percent to 4 percent and sales are expected to grow 5 percent to 7 percent.

Fourth-quarter operating margins are now expected to be about 20 percent, an increase of about 2 percentage points versus the year-ago period, reflecting strong gross margin gains from cost-saving initiatives partly offset by increased advertising of core brands and new products.

On Wednesday, Aug. 7, 2002, Clorox will host a live audio webcast of its discussion with the investment community regarding the company's fourth-quarter results, fiscal year 2002 results and its outlook for fiscal year 2003. The company will release its fourth-quarter and full-year results earlier that same day. The webcast, which can be accessed at www.clorox.com, will begin at 10:30 a.m. PDT (1:30 p.m. EDT), Aug. 7. Following the live discussion, a replay of the webcast will be archived for one week on the company's Web site at www.clorox.com.

The Clorox Company is a $3.9 billion, multinational manufacturer and marketer of household products and products for institutional markets.

Except for historical information, matters discussed above, including statements about future volume, sales and earnings growth, profitability, costs, cost savings or expectations, are forward-looking statements based on management's estimates, assumptions and projections. Important factors that could cause results to differ materially from management's expectations are described in "Forward-Looking Statements and Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" in the company's SEC Form 10-K for the year ending June 30, 2001, as updated from time to time in the company's SEC filings. Those factors include, but are not limited to, general economic and marketplace conditions and events, the company's costs, disruption associated with staff reductions, risks inherent in litigation or international operations, the success of new products, integration of acquisitions, and environmental, regulatory and intellectual property matters.