Clorox Reports Record Third Quarter Earnings From Continuing Operations; Earnings Per Share Were Up 10 Percent, Total Shipments Increased 7 Percent.OAKLAND, Calif.--(BUSINESS WIRE)--April 21, 1995--The Clorox Company (CLX (library, graphics) CLX - The Common Lisp library providing a low-level interface to the X Window System, equivalent to Xlib. Graphics toolkits can be built on top of CLX, e.g. McCLIM, Garnet, CLUE and CLIO. -NY, PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. ) today reported that third quarter earnings per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the climbed 10 percent to $1.02 from 93 cents on a 9 percent gain in earnings from continuing operations to $54,034,000 from $49,515,000 for the year ago quarter. Both were company records for the period ended March 31. Worldwide shipments from continuing operations were up 7 percent for the quarter. 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 moved up 4 percent to $499,060,000 from $481,928,000 in the like period last year. "Our third quarter results were achieved despite an intensely competitive environment in a number of our core categories," said chairman and chief executive officer G. Craig Sullivan Craig Sullivan, American Known for being an Exceptional EMS Director Currently operating a successful EMS in Boone NC]. born and raised in Ashe County NC. Currently living in Zionville NC with wife and 3 kids External links
"Our domestic household, charcoal charcoal, substance obtained by partial burning or carbonization (destructive distillation) of organic material. It is largely pure carbon. The entry of air during the carbonization process is controlled so that the organic material does not turn to ash, as in a and insecticide insecticide Any of a large group of substances used to kill insects. Such substances are mainly used to control pests that infest cultivated plants and crops or to eliminate disease-carrying insects in specific areas. brands are on target for the fiscal year. We're extremely pleased with our international business, which achieved a significant increase in volume. The Brita line of water filter systems also enjoyed outstanding growth. Results of our retail food business in this past quarter were soft principally due to two new brands introduced earlier that are not meeting our expectations. Overall, however, this part of the business is solid and we are continuing to build it," reported Sullivan. For the first nine months, earnings per share from continuing operations were up 13 percent to $2.65 from $2.35 while earnings from continuing operations climbed 12 percent to $141,310,000 from $126,415,000. Total shipments were 10 percent ahead of the year ago period. Sullivan said third quarter shipments grew at a rate faster than net sales due to a combination of a significant increase in the company's trade promotion spending to support the introduction of seven products in the U.S. and 10 in international markets in the quarter, and a surge in Brita volume, which has lower dollar sales per case. He also noted that new product activity is on a pace expected to exceed that of the prior fiscal year. Domestically, Formula 409 Professional Strength Cleaner and S.O.S Juniors steel wool steel wool, abrasive material composed of long steel fibers of varying degrees of fineness that are matted together. The coarser grades are used to remove paint and other finishes, the finer grades for polishing or smoothing a finished surface. soap pads Noun 1. soap pad - a cleaning pad containing soap cleaning pad - a pad used as a cleaning implement , which started to ship in late December, completed their national expansion in the January-March quarter. Additional national introductions included Liquid-Plumr Septic septic /sep·tic/ (sep´tik) pertaining to sepsis. sep·tic adj. 1. Of, relating to, having the nature of, or affected by sepsis. 2. System Treatment and Lemon Fresh Pine-Sol dilutable cleaner. The Combat brand introduced its first two products targeted for outdoor use, ant granules Granules Small packets of reactive chemicals stored within cells. Mentioned in: Allergic Rhinitis, Allergies and stakes, plus roach roach: see cockroach. roach Common European sport fish (Rutilus rutilus) of the carp family (Cyprinidae), found in lakes and slow rivers. A high-backed, yellowish green fish with red eyes and reddish fins, the roach is 6–16 in. gel, which can be applied to indoor areas inaccessible inaccessible Surgery adjective Unreachable; referring to a lesion that unmanageable by standard surgical techniques–eg, lesions deep in the brain or adjacent to vital structures–ie, not accessible. See Accessible. for placing bait stations. On the retail food side of the business, the Hidden Valley Ranch brand introduced bottled Cracked Pepper Dijon Ranch and the market's first nationally distributed fat-free Caesar salad caesar salad n. A tossed salad of greens, anchovies, croutons, and grated cheese with a dressing of olive oil, lemon juice, and a raw or coddled egg. dressing. Internationally, growth was driven by the 10 new product introductions, including geographical expansion into two new countries. Combat insecticides insecticides, chemical, biological, or other agents used to destroy insect pests; the term commonly refers to chemical agents only. Chemical Insecticides were introduced in Thailand, and distribution of the brand was expanded in southeastern China. In Europe, regular and Lemon Fresh Clorox liquid bleach Noun 1. liquid bleach - a solution containing bleaching agents; used for laundry solution - a homogeneous mixture of two or more substances; frequently (but not necessarily) a liquid solution; "he used a solution of peroxide and water" were introduced in the Czech and Slovak republics in cooperation with Henkel KGaA. Additionally, the company acquired Sella sella /sel·la/ (sel´ah) pl. sel´lae [L.] 1. a saddle-shaped depression.sel´lar 2. s. turcica. sella tur´cica Rojo, the second leading brand of liquid bleach in Uruguay. Clorox's professional products unit, which markets products to food service operators, institutions and the professional cleaning trades, made good quarter-to-quarter volume progress. Sullivan noted that with the ongoing aggressive new products program, total year-to-date marketing spending, comprised of trade spending and consumer promotions and advertising, is even with the high spending levels of a year ago. Looking ahead, Sullivan said, "We expect good earnings progress during the fourth quarter and a good year overall. New product activity will include the introduction of two new home cleaning products, and we are working on a number of new international opportunities. Our full year's combined domestic and international new product launches will exceed last year's record activity." He said the company is unrelenting in its drive to cut costs out of the business, and that the aggregate long-term reductions will be substantial. He reported good progress in reaching the goal of $25 million in cost reductions by the end of fiscal 1996. That amount will be additive additive In foods, any of various chemical substances added to produce desirable effects. Additives include such substances as artificial or natural colourings and flavourings; stabilizers, emulsifiers, and thickeners; preservatives and humectants (moisture-retainers); and to the $24 million in cost reductions achieved during fiscal 1994. Statements of Consolidated Earnings and Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. follow. -0- THE CLOROX COMPANY STATEMENTS OF CONSOLIDATED EARNINGS (In thousands, except earnings per-share amounts.)
Unaudited
Three Months Ended Nine Months Ended
March 31 March 31
1995 1994 1995 1994
Net Sales $499,060 $481,928 $1,389,881 $1,302,516 Cost and Expenses Cost of products sold 225,997 211,964 620,094 569,178 Selling, delivery and administration 100,727 87,640 282,083 249,465 Advertising 66,432 82,363 205,406 226,920 Research and development 10,742 10,945 31,659 31,311 Interest expense 7,213 4,383 17,302 13,051 Other (income)/expense, net (2,284) 1,261 (4,086) (7,765) Total Costs and Expenses 408,827 398,556 1,152,458 1,082,160 Earnings from Continuing Operations before Income Taxes 90,233 83,372 237,423 220,356 Income Taxes 36,199 33,857 96,113 93,941 Earnings from Continuing Operations 54,034 49,515 141,310 126,415 Earnings from and Gain on Sale of Discontinued Operations - - - 32,064 Net Earnings $54,034 $49,515 $141,310 $158,479 Earnings per Common Share Continuing Operations $1.02 $0.93 $2.65 $2.35 Discontinued Operations - - - 0.59 Total $1.02 $0.93 $2.65 $2.94 Weighted Average Shares Outstanding 53,083 53,448 53,255 53,949
THE CLOROX COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands) Unaudited
March 31
1995 1994
ASSETS
Current Assets
Cash and short-term investments $92,892 $114,330
Accounts receivable 269,712 281,815
Inventories 162,650 148,961
Deferred income taxes 17,187 20,007
Prepaid expenses 14,434 10,080
Total current assets 556,875 575,193
Property, Plant and Equipment - Net 519,043 545,504
Brands, Trademarks and
Other Intangibles 564,495 555,525
Investments in Affiliates 84,912 69,711
Other Assets 63,905 61,356
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Total $1,789,230 $1,807,289
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $405,368 $504,171
Long-term Debt 215,930 216,209
Other Obligations 88,961 62,519
Deferred Income Taxes 129,539 147,788
Put Option Obligations 10,540 -
Stockholders' Equity 938,892 876,602
---------- ----------
Total $1,789,230 $1,807,289
CONTACT: The Clorox Company, Oakland News Media Mark Marymee, (W) 510/271-7461 (H) 510/339-2120 Investment Community Karen Rose, (W) 510/271-7385 Christopher Lamson, (W) 510/271-2270 |
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