Clorox Reports Strong Top-Line Growth in Q3; Updates Fiscal Year 2006 Outlook and Provides Initial Outlook for Fiscal 2007.OAKLAND Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Calif. -- The Clorox Clorox commercial name for a sodium hypochlorite preparation marketed as household bleach, but also used for disinfection. Company (NYSE NYSE See: New York Stock Exchange :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. ) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :CLX) today announced that strong sales growth and cost savings contributed to solid results for the company's fiscal third quarter, which ended March 31, 2006. "Clorox people delivered another solid quarter, demonstrating the organization's ongoing focus on growth and innovation," said 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. W. Matschullat, interim chairman and interim chief executive officer. "We feel good about the company's performance, including the execution of price increases, our efforts to cut costs and other actions to help offset the volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. commodity cost environment. Importantly, we're we're Contraction of we are. we're we are continuing to invest in innovation to drive growth and are making substantial progress against our 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. strategies." Third-quarter highlights Clorox reported third-quarter net earnings 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 of $110 million, or 72 cents 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. This compares with net earnings from continuing operations in the year-ago quarter of $116 million, or 75 cents per diluted share, for a decrease of 3 cents per diluted share, or 4 percent. Diluted 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. from continuing operations in the year-ago quarter included a net benefit of 9 cents from a tax settlement and the repatriation Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of repatriation. of some foreign earnings under the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Jobs Creation Act of 2004, as well as 2 cents of costs related to a number of items, including performance unit accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. and certain tax adjustments. In the recent quarter, diluted EPS from continuing operations reflected the effects of price increases, trade-promotion spending efficiencies and cost savings, as well as increased commodity costs and interest expense, and a higher tax rate than the year-ago quarter. In addition, the recent quarter included an 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. impact of 3 cents from higher equity-compensation expense following the adoption of Statement of Financial Accounting Standards (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No. 123-R. Third-quarter sales grew 7 percent to $1.16 billion, compared with $1.09 billion in the year-ago quarter. Volume was flat, as increased shipments of home-care products, products in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , and 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. and Hidden Valley(R) salad dressing were offset by lower shipments of auto-care products, laundry Laundry can be:
Before industrialization products and Brita Brita is a German company that specializes in water filtration products. The company is the world's market leader in portable household water filtration. Brita products include water jugs, kettles and tap attachments, all of which use activated carbon as their primary filtering (R) water-filtration systems. As anticipated, price increases earlier in the quarter reduced retail sales of affected products. In addition, 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 shipments for the quarter increased less than anticipated, due to poor weather conditions in early-season warm-climate markets, particularly the West Coast. This weather impact also contributed to the decline in shipments of auto-care products. Sales growth outpaced volume growth primarily due to the benefit of price increases and trade-promotion spending efficiencies. Gross margin in the third quarter declined 30 basis points versus the year-ago quarter to 41.5 percent, primarily due to higher commodity costs, substantially offset by the benefit of price increases and continuing cost savings. Net cash provided by operations in the third quarter was $138 million, compared with $58 million in the year-ago quarter. The year-over-year increase was primarily due to the impact of an $87 million tax payment in the year-ago quarter. Third-quarter results by business segment Following is a summary of key third-quarter results by business segment. All comparisons are with the third quarter of fiscal year 2005. Household Group - North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Compared with the year-ago quarter, the segment reported 4 percent sales growth, 3 percent volume decline and 1 percent increase in pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings from continuing operations. Increased shipments of home-care products including Pine-Sol Pine-Sol is a household cleaning agent used in bathrooms, kitchens, and other cleaning applications. The primary ingredients in Pine-Sol are pine oil, surfactants, and isopropanol. (R) cleaner, Clorox(R) disinfecting wipes and the new Clorox(R) Anywhere Hard Surface(TM) sanitizing spray (networking) spray - A Unix command that sends packets to a host and reports performance statistics. The number of packets, delay between packets and packet length can all be specified. , were more than offset by decreased shipments of Armor All(R) and STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. (R) auto-care products due to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. weather impact and an unfavorable comparison to the year-ago quarter, when the company introduced Armor All(R) gels gels, n.pl herbal suspensions made from gums, gelatin, or pectin that are used on mucosae and in cases in which long-lasting, slow-acting astringent properties are needed. . Also contributing to the year-over-year volume decline were reduced shipments of Clorox(R) 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" and Brita(R) water-filtration systems, primarily due to the impact of price increases. Sales growth outpaced the change in volume primarily due to the impact of price increases and trade-promotion spending efficiencies. Pretax earnings from continuing operations reflected the benefit of higher sales and cost savings, substantially offset by higher costs for raw materials, warehousing and transportation, and increased marketing investment behind new products and the company's health and wellness platform. Specialty Group Compared with the year-ago quarter, the segment reported 9 percent sales growth, 2 percent volume growth and 15 percent increase in pretax earnings from continuing operations. The segment delivered increased shipments of Hidden Valley(R) salad dressing, Scoop Away(R) and Fresh Step(R) scoopable cat litter, Glad(R) trash bags and Kingsford(R) charcoal, substantially offset by decreased shipments of Glad plastic wrap and food bags, and K C Masterpiece(R) barbecue barbecue [West Indian or South American], in the United States, traditionally an open-air gathering, political or social, in which meats are roasted whole over a pit of embers and food and drink are liberally enjoyed. sauce. As previously noted, charcoal shipments increased less than anticipated due to the impact of unfavorable weather in early-season warm-climate markets. The variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality between sales growth and volume growth was primarily due to the benefit of price increases, trade-promotion spending efficiencies and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix. Pretax earnings from continuing operations reflected the benefit of higher sales and cost savings, partially offset by higher raw-material costs. International The segment delivered 7 percent sales growth, 4 percent volume growth and a 22 percent increase in pretax earnings from continuing operations. Increased Latin America shipments behind home-care products were slightly offset by lower volume in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. from 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 a low-margin product line earlier in the year. Sales growth outpaced volume growth primarily due to price increases. Higher pretax earnings from continuing operations reflected the benefit of increased sales and cost savings. Fiscal 2006 Outlook For the fourth quarter, Clorox continues to anticipate sales growth in the range of 3-5 percent. Sales growth is expected to significantly outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, volume growth due to the impact of price increases. The company expects that gross margin will improve compared to the prior-year quarter. Clorox's outlook for diluted EPS from continuing operations is now in the range of $1.00-1.06. Included in the fourth-quarter outlook are the expected impacts of continued unfavorable weather in early-season warm-climate markets and the company's anticipation that commodity costs, although lower than the extreme post-hurricane levels, will remain significantly higher than year-ago levels. The outlook also includes an estimated incremental impact of about 4 cents from expensing equity compensation following the adoption of SFAS No. 123-R. The outlook for interest expense, effective tax rate and weighted average shares outstanding is not anticipated to change materially from third-quarter levels. For the full fiscal year, Clorox now anticipates sales growth in the range of 5-6 percent. The company now anticipates diluted EPS from continuing operations in the range of $2.97-$3.03. Clorox's fiscal-year outlook includes an estimated incremental impact of about 14 cents from expensing equity compensation following the adoption of SFAS No. 123-R. The company's fiscal 2005 diluted EPS from continuing operations included about 12 cents in nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. gains related to the share exchange with Henkel Henkel KGaA (ISIN: DE0006048432, ISIN: DE0006048408) is an international household products company headquartered in Düsseldorf, Germany. The company has four business sectors operating in three strategic areas: Home Care KgaA, a net benefit of 8 cents from a tax settlement and the repatriation of some foreign earnings under the American Jobs Creation Act of 2004, and 14 cents of charges related to a Glad(R) plant closure. Initial Fiscal 2007 Outlook For fiscal year 2007, Clorox anticipates sales growth within its previously communicated long-term target of 3-5 percent, with sales growth outpacing volume growth due to the impact of fiscal 2006 price increases, particularly in the first two quarters. The company's outlook for fiscal 2007 diluted EPS is in the range of $3.20-3.30. This outlook also reflects a higher tax rate versus fiscal 2006 and an estimated 5 cent incremental impact from expensing equity compensation following the adoption of SFAS No. 123-R. Although the company began expensing equity compensation in fiscal 2006, the impact of the new accounting standard creates a further incremental impact in fiscal 2007. Fiscal 2007 outlook also assumes that weighted average shares outstanding for the year will be consistent with fiscal 2006. For the first quarter of fiscal 2007, Clorox anticipates sales growth of 3-5 percent and diluted EPS in the range of 67-73 cents. Included in the first-quarter outlook is the company's anticipation that commodity costs, while lower than the extreme post-hurricane levels, will be significantly higher than prior-year levels. The first-quarter outlook also reflects increased advertising to support new products, weighted average shares outstanding consistent with current levels and a higher tax rate than the prior-year quarter. For more information For supplemental financial information, including definitions of financial terms used in this earnings release and on today's conference call with the investment community (details below), visit the Financial Results area within the Investors section of the company's Web site at www.TheCloroxCompany.com. Note: Percentage and basis-point changes noted in this news release are calculated based on rounded numbers. Today's webcast Today at 10:30 a.m. Pacific time (1:30 p.m. Eastern time), Clorox will host a live audio webcast of a discussion with the investment community regarding the company's third-quarter results. The webcast can be accessed at www.TheCloroxCompany.com/investors/index.html. Following a live discussion, a replay of the webcast will be archived for one week on the company's Web site. The Clorox Company The Clorox Company is a leading manufacturer and marketer of consumer products with fiscal year 2005 revenues of $4.4 billion. Clorox markets some of consumers' most trusted and recognized brand names, including its namesake name·sake n. One that is named after another. [From the phrase for the name's sake.] namesake Noun bleach bleach Solid or liquid chemical compound used to whiten or remove the natural colour of fibres, yarns, paper, and textile fabrics. Sunlight was the chief bleaching agent up to the discovery of chlorine in 1774 by Karl Wilhelm Scheele (b. 1742—d. and cleaning products, Armor All(R) and STP(R) auto care products, Fresh Step(R) and Scoop Away(R) cat litters, Kingsford(R) charcoal briquets, Hidden Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R) water-filtration systems, and Glad(R) bags, wraps and containers. With 7,600 employees worldwide, the company manufactures products in 25 countries and markets them in more than 100 countries. Clorox is committed to making a positive difference in the communities where its employees work and live. Founded in 1980, The Clorox Company Foundation has awarded cash grants totaling more than $62.3 million to nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. , schools and colleges; and in fiscal year 2005 alone made product donations valued at $4.9 million. For more information about Clorox, visit www.TheCloroxCompany.com. 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. Except for historical information, matters discussed above, including statements about future volume, sales, costs, cost savings, earnings, cash outflows, plans, objectives, expectations, growth, or profitability, are forward-looking statements based on management's estimates, assumptions and projections. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," and variations on such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed above. Important factors that could affect performance and cause results to differ materially from management's expectations are described in the sections entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June June: see month. 30, 2005, as updated from time to time in the company's SEC filings. These factors include, but are not limited to, general economic and marketplace conditions and events; competitors' actions; the company's costs, including changes in exposure to commodity costs such as resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing , diesel and chlor-alkali; increases in energy costs; consumer and customer reaction to price increases; customer-specific ordering patterns and trends; the company's actual cost performance; any future supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. which may affect key commodities; risks inherent in sole-supplier relationships; risks related to customer concentration; risks arising out of natural disasters; risks inherent in 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. and international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; uncertainties regarding a change in the company's chief executive officer; the ability to manage and realize the benefits of joint ventures and other cooperative relationships, including the company's joint venture with The Procter
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. , product liability, intellectual property and environmental matters, including the risk resulting from joint and several liability for environmental contingencies environmental contingencies (en·vīˑ·r  n·menˈ·t . In addition, the company's future
performance is subject to risks particular to the share exchange
transaction with Henkel KGaA ("Henkel"), including the
sustainability of cash flows and the actual level of debt costs.
Declines in cash flow, whether resulting from tax payments, debt
payments, share repurchases Share RepurchaseA program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. , interest cost increases greater than management expects, or otherwise, could adversely affect the company's earnings. The company's forward-looking statements in this document are and will be based on management's then current views and assumptions regarding future events and speak only as of their dates. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Condensed Consolidated Statements of Earnings (Unaudited)
Dollars in millions, except per-share amounts
Three Months Ended Nine Months Ended
----------------------- ----------------------
3/31/2006 3/31/2005 3/31/2006 3/31/2005
---------- ---------- ---------- ----------
Net sales $ 1,157 $ 1,086 $ 3,325 $ 3,134
Cost of products sold 677 632 1,943 1,792
---------- ---------- ---------- ----------
Gross profit 480 454 1,382 1,342
Selling and
administrative
expenses 140 139 445 403
Advertising costs 112 106 324 303
Research and
development costs 25 22 73 64
Restructuring and asset
impairment costs - 5 1 37
Interest expense 33 27 95 52
Other (income) expense:
Equity earnings and
gain on exchange of
Henkel Iberica, S.A. - - - (25)
Other, net 2 18 2 10
---------- ---------- ---------- ----------
Earnings from
continuing operations
before income taxes 168 137 442 498
Income taxes on
continuing operations 58 21 141 139
Reversal of deferred
taxes from equity
investment in Henkel
Iberica, S.A. - - - (2)
---------- ---------- ---------- ----------
Earnings from
continuing operations 110 116 301 361
---------- ---------- ---------- ----------
Discontinued
operations:
Gain on exchange - - - 550
Earnings from
exchanged businesses - 3 1 36
Reversal of deferred
taxes from exchanged
businesses - - - 6
Income tax expense on
discontinued
operations - (1) - (13)
---------- ---------- ---------- ----------
Earnings from
discontinued
operations - 2 1 579
---------- ---------- ---------- ----------
Net earnings $ 110 $ 118 $ 302 $ 940
========== ========== ========== ==========
Earnings per common
share:
Basic
Continuing
operations $ 0.73 $ 0.76 $ 2.00 $ 1.96
Discontinued
operations - 0.01 0.01 3.13
---------- ---------- ---------- ----------
Basic net earnings
per common share $ 0.73 $ 0.77 $ 2.01 $ 5.09
========== ========== ========== ==========
Diluted
Continuing
operations $ 0.72 $ 0.75 $ 1.97 $ 1.93
Discontinued
operations - 0.01 0.01 3.09
---------- ---------- ---------- ----------
Diluted net earnings
per common share $ 0.72 $ 0.76 $ 1.98 $ 5.02
========== ========== ========== ==========
Weighted average common
shares outstanding (in
thousands)
Basic 150,364 153,502 150,426 184,572
Diluted 152,905 156,104 152,771 187,170
Segment Information (Unaudited)
Dollars in millions
Third Quarter
-----------------------------------
Net Sales
---------------------------------
Three Months Ended %
-----------------------
3/31/2006 3/31/2005 Change (1)
---------- ---------- ----------
Household Group - North America $ 531 $ 510 4%
Specialty Group 466 426 9%
International 160 150 7%
Corporate - - -
---------- ---------- ----------
Total Company $ 1,157 $ 1,086 7%
========== ========== ==========
Year To Date
-----------------------------------
Net Sales
---------------------------------
Nine Months Ended %
-----------------------
3/31/2006 3/31/2005 Change (1)
---------- ---------- ----------
Household Group - North America $ 1,550 $ 1,483 5%
Specialty Group 1,296 1,219 6%
International 479 432 11%
Corporate - - -
---------- ---------- ----------
Total Company $ 3,325 $ 3,134 6%
========== ========== ==========
(1) Percentages based on rounded numbers.
Segment Information (Unaudited)
Dollars in millions
Third Quarter
---------------------------------- Earnings/(Losses) from Continuing
Operations Before Income Taxes
-----------------------------------
Three Months Ended %
-------------------------
3/31/2006 3/31/2005 Change (1)
---------- ---------- ----------
Household Group - North America $ 162 $ 161 1%
Specialty Group 110 96 15%
International 33 27 22%
Corporate (137) (147) 7%
---------- ---------- ----------
Total Company $ 168 $ 137 23%
========== ========== ==========
Year To Date
---------------------------------- Earnings/(Losses) from Continuing
Operations Before Income Taxes
-----------------------------------
Nine Months Ended %
-------------------------
3/31/2006 3/31/2005 Change (1)
---------- ---------- ----------
Household Group - North America $ 493 $ 482 2%
Specialty Group 281 261 8%
International 101 94 7%
Corporate (433) (339) -28%
---------- ---------- ----------
Total Company $ 442 $ 498 -11%
========== ========== ==========
(1) Percentages based on rounded numbers.
Condensed Consolidated Balance Sheets (Unaudited)
Dollars in millions
3/31/2006 6/30/2005
---------- ----------
Assets
Current assets
Cash and cash equivalents $ 289 $ 293
Receivables, net 386 411
Inventories 377 323
Other current assets 67 63
---------- ----------
Total current assets 1,119 1,090
Property, plant and equipment, net 992 999
Goodwill, net 743 743
Trademarks and other intangible assets, net 608 599
Other assets, net 160 186
---------- ----------
Total assets $ 3,622 $ 3,617
========== ==========
Liabilities and Stockholders' Deficit
Current liabilities
Notes and loans payable $ 466 $ 359
Current maturities of long-term debt 153 2
Accounts payable 285 347
Accrued liabilities 437 614
Income taxes payable 36 26
---------- ----------
Total current liabilities 1,377 1,348
Long-term debt 1,967 2,122
Other liabilities 638 618
Deferred income taxes 67 82
---------- ----------
Total liabilities 4,049 4,170
---------- ----------
Stockholders' deficit
Common stock 250 250
Additional paid-in capital 359 328
Retained earnings 3,843 3,684
Treasury shares, at cost: 98,962,396 and
98,143,620 shares at March 31, 2006, and
June 30, 2005, respectively (4,542) (4,463)
Accumulated other comprehensive net losses (337) (336)
Unearned compensation - (16)
---------- ----------
Stockholders' deficit (427) (553)
---------- ----------
Total liabilities and stockholders' deficit $ 3,622 $ 3,617
========== ==========
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