Fortune Brands Reports Record Fourth Quarter & Full Year Results; Company Achieves Strong Double-Digit EPS Growth in 2002, Generates More Than $400 Million in Free Cash Flow.Business Editors LINCOLNSHIRE Lincolnshire (lĭng`kənshĭr), county (1991 pop. 573,900), 2,662 sq mi (6,895 sq km), E England, on the Humber estuary, the North Sea, and The Wash. The county seat is Lincoln. , Ill.--(BUSINESS WIRE)--Jan. 22, 2003 Fortune Brands, Inc. (NYSE NYSE See: New York Stock Exchange :FO), a leading consumer brands company, today reported record results for the fourth quarter and full year 2002. The company's performance in 2002 benefited from successful strategic initiatives that generated strong growth in home products, share gains for home and golf brands, more effective and lower cost distribution for spirits and wine, and a profit turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in the office products unit. The company's top-selling brands, including Moen, Titleist Titleist is a brand name owned by the Acushnet Company, headquartered in Fairhaven, Massachusetts. Titleist produces golf equipment and is best known for its golf balls, but it also produces clubs and accessories. Titleist's most famous motto is "The #1 ball in golf". , Jim Beam Jim Beam is a brand of bourbon whiskey, distilled in Clermont, Kentucky. This brand of whiskey has been distilled since 1795. The Jim Beam brand is owned by Beam Global Spirits & Wine, which is in turn owned by holding company Fortune Brands. and Aristokraft, all drove top-line sales growth. For the full year: -- Net income was $525.6 million, or $3.41 per diluted share, up 37% from $2.49 a year ago. Net income benefited from strong operating performance, lower goodwill amortization and higher net gains from special items. -- Reported results include an after-tax net gain of $35 million, or 22 cents per share, resulting from a tax refund that exceeded full-year restructuring-related charges. -- Excluding net gains in both years, diluted earnings per share would have been $3.19, matching the consensus estimate of Wall Street securities analysts, and up from $2.41 a year ago. -- Reported sales of $5.68 billion were up 2%. -- Operating income was $786.6 million, up 48%. -- Free cash flow grew to $420 million, even after dividends and restructuring spending. -- Return on equity increased to more than 22%. For the fourth quarter: -- Net income was $131.4 million, or 86 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, up from 84 cents a year ago. -- Reported results include restructuring-related charges of $6.9 million (after tax), or 5 cents per diluted share, related to the previously announced repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. plan in the office products business. -- Excluding these items, diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of would have been 91 cents, matching the consensus estimate of Wall Street securities analysts. -- Reported sales of $1.43 billion were off 0.6%. -- 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. was $223.5 million, up from $74 million a year ago. Operating income benefited from lower restructuring-related charges and lower intangible amortization and write-downs. "2002 was an excellent year for Fortune Brands," said Chairman & Chief Executive Officer Norm Wesley. "We continued to win in the marketplace by building our powerful consumer brands. We developed innovative new products and gained market share, especially with our home and golf brands. We strengthened our businesses with high-impact strategic initiatives to accelerate growth, most notably our extremely successful Omega cabinets acquisition and our profit turnaround in office products. We generated huge cash flow that we can use to make acquisitions, repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares and pay dividends. We leveraged higher volumes, improved productivity and managed inventory better, all of which significantly improved our asset returns. Above all, we created substantial value for our shareholders." The company reduced shares outstanding 4% in 2002 by repurchasing a total of 5.7 million shares, including 2.6 million in the fourth quarter. Double-Digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. 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. Growth Target for 2003 "Like nearly all companies in 2003, we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall face economic uncertainty and the headwinds of higher costs for pension expense, employee health care plans and insurance. But with solid business momentum, we feel well positioned to achieve our long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. of double-digit EPS growth and improved returns in 2003," Wesley said. "For the first quarter, we expect solid double-digit EPS growth, benefiting partly from the final 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. quarter of the Omega acquisition." The company's earnings goals exclude any special charges or gains. Fortune Brands, Inc. is a consumer products company with annual sales exceeding $5.6 billion. Its operating companies operating company A business that engages in transactions with outsiders. have premier brands and leading market positions in home and hardware products, spirits and wine, golf equipment and office products. Home and hardware brands include Moen faucets, Aristokraft, Schrock schrock sorghumvulgare. and Omega cabinets, Master Lock padlocks and Waterloo Waterloo, town, Belgium Waterloo (vä`tərlō), commune (1991 pop. 27,860), Walloon Brabant prov., central Belgium, near Brussels. The battle of Waterloo (see Waterloo campaign) was fought just south of there on June 18, 1815. tool storage sold by units of MasterBrand Industries, Inc. Major spirits and wine brands sold by units of Jim Beam Brands Worldwide, Inc. include Jim Beam and Knob Creek Knob Creek can refer to:
The company was begun in 1695 by Petrus De Kuyper as a manufacturer of barrels and casks used in the transportation of spirits and beer. cordials, The Dalmore single malt The Dalmore is a single malt scotch whisky distilled in Alness, Scotland, about 20 miles north of Inverness. Its location and flavor qualify it as a "highland malt." The distillery was founded in 1839 by Alexander Matheson. Scotch scotch 1 tr.v. scotched, scotch·ing, scotch·es 1. To put an abrupt end to: The prime minister scotched the rumors of her illness with a public appearance. 2. , Vox vodka vodka (vŏd`kə), traditional spirituous drink of Russia, the Baltic states, and Poland; it is now consumed internationally. The best vodka is distilled from rye and barley malt, but the cheaper corn and potatoes are commonly employed. and Geyser geyser (gī`zər) [Icel.], hot spring from which water and steam are ejected periodically to heights ranging from a few to several hundred feet. Peak and Canyon canyon Very narrow, deep valley cut by a river through resistant rock and having steep, almost vertical sides. Canyons occur most often in arid or semiarid regions. Some canyons (e.g., the Grand Canyon) are spectacular natural features. See also submarine canyon. Road wines. Acushnet Company's golf brands include Titleist, Cobra and FootJoy. Office brands include Day-Timer Day-Timers Inc. (a.k.a. Day-Timer or Day Timers) is a corporation based in East Texas, PA. The primary product line consists of various styles of calendars and dated planners but they also provide many other products with a focus on time management. , Swingline Swingline is a division of ACCO Brands that specializes in manufacturing staplers and Hole punches. The company was formerly located in Long Island City, Queens, New York, United States, but is now headquartered with its parent company ACCO in Lincolnshire, Illinois. , Kensington Kensington is a district of West London, England within the Royal Borough of Kensington and Chelsea, located 2.8 miles (4.5 km) west of Charing Cross. An affluent and densely-populated area, its commercial heart is Kensington High Street and it contains the well-known museum and Wilson Jones Charles Wilson Jones (born April 29, 1914 in Wrexham, Wales, died January 9, 1986 in Birmingham) was a Welsh professional footballer who played as an centre-forward for Wrexham, Birmingham and Nottingham Forest in the Football League, and for Wales at international level. sold by units of ACCO ACCO American College of Chiropractic Orthopedists ACCO Association of County Commissioners of Oklahoma ACCo American Cyanamid Company ACCO Adenoid Cystic Carcinoma Organization ACCO American Clip Company ACCO Assistant Central Control Officer World Corporation. Fortune Brands, headquartered in Lincolnshire, Illinois Lincolnshire is an affluent village in Lake County, Illinois, United States. The population was 6,108 at the 2000 census. It is the headquarters of Hewitt Associates, Quill Corporation, and Takeda Pharmaceuticals North America, as well as Newman/Haas Racing, an auto racing team in , is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors FO and is included in the S&P 500 Index. To receive company news releases by e-mail, please visit www.fortunebrands.com. This press release contains statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results, which are 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. as that term is defined in 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. Readers are cautioned that these forward-looking statements speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in general economic conditions, foreign exchange rate fluctuations, changes in interest rates, returns on pension assets, competitive product and pricing pressures, trade consolidations, the impact of excise tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. increases with respect to distilled spirits, 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. developments, the uncertainties 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. , changes in golf equipment regulatory standards, the impact of weather, particularly on the home products and golf brand groups, expenses and disruptions related to shifts in manufacturing to different locations and sources, as well as other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. This press release presents measures not derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , including earnings per share before net gains or charges, free cash flow and return on equity. Such measures should not be considered substitutes for any measures derived in accordance with generally accepted accounting principles, and may also be inconsistent Reciprocally contradictory or repugnant. Things are said to be inconsistent when they are contrary to each other to the extent that one implies the negation of the other. with similar measures presented by other companies. Reconciliation of these non-GAAP measures to the most nearly comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measures, if applicable, is presented in the attached pages.
FORTUNE BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended December 31,
2002 2001 % Change
---------------------------------
Net Sales (1) $1,431.6 $1,440.1 (0.6)
---------------------------------
Cost of goods sold 750.5 807.4 (7.0)
Excise taxes on spirits and wine 85.9 95.2 (9.8)
Advertising, selling, general
and administrative expenses (1) 356.1 319.1 11.6
Amortization of intangibles 4.7 15.3 (69.3)
Write-down of identifiable
intangibles/goodwill - 73.3 -
Restructuring and special items 10.9 55.8 (80.5)
---------------------------------
Operating Income 223.5 74.0 202.0
---------------------------------
Interest expense 17.9 17.7 1.1
Other (income) expense, net (8.1) (47.3) 82.9
Income taxes 77.7 (29.4) -
Minority interests 4.6 4.2 9.5
---------------------------------
Net Income 131.4 128.8 2.0
---------------------------------
Earnings Per Common Share
---------------------------------
Basic 0.88 0.87 1.1
Diluted 0.86 0.84 2.4
---------------------------------
Avg. Common Shares Outstanding
---------------------------------
Basic 148.4 148.6 (0.1)
Diluted 152.6 152.8 (0.1)
---------------------------------
FORTUNE BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share amounts)
(Unaudited)
Twelve Months Ended December 31,
---------------------------------
2002 2001 % Change
---------------------------------
Net Sales (1) $5,677.7 $5,559.6 2.1
---------------------------------
Cost of goods sold 3,066.4 3,090.3 (0.8)
Excise taxes on spirits and wine 311.1 360.4 (13.7)
Advertising, selling, general
and administrative expenses(1) 1,441.7 1,343.5 7.3
Amortization of intangibles 16.1 62.7 (74.3)
Write-down of identifiable
intangibles/goodwill - 73.3 -
Restructuring and special items 55.8 98.1 (43.1)
---------------------------------
Operating Income 786.6 531.3 48.1
---------------------------------
Interest expense 74.1 96.8 (23.5)
Other (income) expense, net (43.7) (57.4) 23.9
Income taxes 214.2 94.4 -
Minority Interests 16.4 11.5 42.6
---------------------------------
Net Income 525.6 386.0 36.2
---------------------------------
Earnings Per Common Share
---------------------------------
Basic 3.51 2.55 37.6
Diluted 3.41 2.49 36.9
---------------------------------
Avg. Common Shares Outstanding
---------------------------------
Basic 149.4 151.7 (1.5)
Diluted 154.0 155.3 (0.8)
---------------------------------
Actual Common Shares Outstanding
---------------------------------
Basic 147.0 148.0 (0.7)
Diluted 151.0 152.3 (0.9)
---------------------------------
(1) Prior periods restated to reflect the January 1, 2002 required
adoption of EITF issue No. 00-14 relating to the accounting for
certain sales incentives and No. 00-25 relating to the accounting
for consideration from a vendor. This reclassification does not
result in a change in the Company's earnings or earnings per
common share.
FORTUNE BRANDS, INC.
(In millions, except per share amounts)
(Unaudited)
NET SALES AND OPERATING COMPANY CONTRIBUTION
--------------------------------------------
Three Months Ended
December 31,
------------------------------------
2002 2001 % Change
------------------------------------
Net Sales (a)
Home Products $ 653.5 $ 550.7 18.7
Spirits and Wine 296.7 394.9 (24.9)(d)
Golf Products 170.5 173.6 (1.8)
Office Products 310.9 320.9 (3.1)
------------------------------------
Total $ 1,431.6 $ 1,440.1 (0.6)
------------------------------------
Operating Company Contribution (b)
------------------------------------
Home Products $ 113.4 $ 91.7 23.7
Spirits and Wine 92.0 99.4 (7.4)(d)
Golf Products 11.1 13.7 (19.0)
Office Products 33.7 22.2 51.8
Less: Other Operating
Expenses (c) 26.7 153.0 (82.5)
------------------------------------
Operating Income $ 223.5 $ 74.0 202.0
------------------------------------
Twelve Months Ended
December 31,
------------------------------------
2002 2001 % Change
------------------------------------
Net Sales (a)
Home Products $ 2,532.2 $ 2,068.8 22.4
Spirits and Wine 1,032.5 1,368.0 (24.5)(d)
Golf Products 1,007.6 946.5 6.5
Office Products 1,105.4 1,176.3 (6.0)
------------------------------------
Total $ 5,677.7 $ 5,559.6 2.1
------------------------------------
Operating Company Contribution (b)
------------------------------------
Home Products $ 416.6 $ 316.7 31.5
Spirits and Wine 285.1 306.0 (6.8)(d)
Golf Products 132.6 131.3 1.0
Office Products 69.6 50.1 38.9
Less: Other Operating
Expenses (c) 117.3 272.8 (57.0)
------------------------------------
Operating Income $ 786.6 $ 531.3 48.1
------------------------------------
(a) Prior periods restated to reflect the January 1, 2002 required
adoption of EITF issue No. 00-14 relating to the accounting for
certain sales incentives and No. 00-25 relating to the accounting
for consideration from a vendor. This reclassification did not
result in a change in the Company's operating company
contribution, earnings, or earnings per common share.
(b) Operating company contribution (OCC) is net sales less all costs
and expenses other than restructuring and special items,
amortization of intangibles, corporate administrative expense,
interest expense, other (income) expense, net, income taxes and
minority interests. OCC is not a measure under generally accepted
accounting principles and should not be considered as a substitute
for any measure derived in accordance with generally accepted
accounting principles. This measure may also be inconsistent with
similar measures presented by other companies. In assessing this
measure, investors should note that restructuring charges and
special items that impact the Company's earnings have been
excluded in order to provide an additional measure to investors
seeking to evaluate the Company's underlying financial performance
from year to year.
(c) Other operating expenses include restructuring and special items,
intangible amortization, write-off of goodwill, and corporate
administrative expenses.
(d) Net sales and OCC reflect the impact of the Q4 2001 divestiture of
the U.K. - based Scotch Whisky business and sales of Absolut
recorded in 2001 on an interim basis. Excluding these items, the
three and twelve months' adjusted percentages for Spirits and Wine
would be a 1.0% and 2.0% net sales increase and a (7.4)% OCC
decrease and 1.5% OCC increase, respectively.
FREE CASH FLOW AND RETURN ON EQUITY
-----------------------------------
The term "free cash flow" as used in this press release is cash flow
from operations less net capital expenditures and dividends to
stockholders. The term "ROE" (return on equity) is net income over the
past 12 months before charges/gains divided by a four-quarter average
of total stockholders' equity before charges/gains. Free cash flow and
return on equity are not measures under generally accepted accounting
principles and should not be considered as substitutes for any measure
derived in accordance with generally accepted accounting principles.
These measures may also be inconsistent with similar measures
presented by other companies.
INCOME BEFORE GAINS & CHARGES, NET
----------------------------------
The following sets forth net income before gains & charges, net, which
in 2002 represents income before the $10.9 million ($6.9 million after
tax) and $55.8 million ($36.2 million after tax) restructuring and
special items taken in the three-month and twelve-month periods ended
December 31, 2002, respectively. Net income before gains and charges,
net, is adjusted to exclude a $61.7 million tax refund and interest
income on tax receivable of $14.9 million ($9.6 million after tax)
taken in the twelve-month period ended December 31, 2002.
The following sets forth net income before gains & charges, net, which
in 2001 represents income before the $55.8 million ($35.5 million
after tax) and $98.1 million ($63.3 million after tax) restructuring
and special items taken in the three-month and twelve-month periods
ended December 31, 2001, respectively. Income from operations before
charges is adjusted to exclude a $72.9 million tax credit and a $31.0
million tax reserve reversal taken in the twelve-month period ended
December 31, 2001. In addition, net income before gains and charges,
net, is adjusted to exclude $73.3 million ($67.1 million after tax)
identifiable intangibles write-down, $28.5 million ($17.3 million
after tax) interest income on tax refund, and $16.6 ($21.8 million
after tax gain) from sale of UK Private Label Scotch for three and
twelve-month periods ended December 31, 2001.
Three Months Ended December 31,
----------------------------------
2002 2001 % Change
----------------------------------
Income before Gains & Charges,
net (2) $ 138.3 $ 119.3 15.9
----------------------------------
Earnings Per Common Share - Basic
Income from operations 0.93 0.80 16.3
Tax Credit - 0.49 -
Reversal of prior year tax
reserve no longer required - - -
Gain on sale UK Private
Label Scotch - 0.15 -
Write-down of identifiable
intangibles - (0.45) -
Tax & interest income receivable - 0.12 -
Restructuring and special items (0.05) (0.24) 79.2
Net Income 0.88 0.87 1.1
----------------------------------
----------------------------------
Earnings Per Common Share - Diluted
Income from operations 0.91 0.78 16.7
Tax Credit - 0.48 -
Reversal of prior year tax
reserve no longer required - - -
Gain on sale UK Private
Label Scotch - 0.14 -
Write-down of identifiable
intangibles - (0.44) -
Tax & interest income receivable - 0.11 -
Restructuring and special items (0.05) (0.23) 78.3
Net Income 0.86 0.84 2.4
----------------------------------
Twelve Months Ended December 31,
----------------------------------
2002 2001 % Change
----------------------------------
Income before Gains & Charges,
net (2) $ 490.5 $ 373.4 31.4
----------------------------------
Earnings Per Common Share - Basic
Income from operations 3.28 2.46 33.3
Tax Credit - 0.48 -
Reversal of prior year tax
reserve no longer required - 0.21 -
Gain on sale UK Private
Label Scotch - 0.15 -
Write-down of identifiable
intangibles - (0.44) -
Tax & interest income receivable 0.47 0.11 -
Restructuring and special items (0.24) (0.42) 42.9
Net Income 3.51 2.55 37.6
----------------------------------
----------------------------------
Earnings Per Common Share - Diluted
Income from operations 3.19 2.41 32.4
Tax Credit - 0.47 -
Reversal of prior year tax
reserve no longer required - 0.20 -
Gain on sale UK Private
Label Scotch - 0.14 -
Write-down of identifiable
intangibles - (0.43) -
Tax & interest income receivable 0.46 0.11 -
Restructuring and special items (0.24) (0.41) 41.5
Net Income 3.41 2.49 36.9
----------------------------------
(2) Income Before Gains and Charges, net indicates the underlying
performance of our businesses prior to costs associated with our
restructuring initiatives and write-downs of identifiable
intangibles and goodwill, and special items. The Company believes
that this measure is useful in analyzing the Company's performance
from year to year. Management uses this measure in evaluating the
performance of the Company. It is not a measure under generally
accepted accounting principles and should not be considered as a
substitute for any measure derived in accordance with generally
accepted accounting principles. This measure may also be
inconsistent with similar measures presented by other companies.
In assessing this measure, investors should note that
restructuring charges and special items that impact the Company's
earnings have been excluded in order to provide an additional
measure to investors seeking to evaluate the Company's underlying
financial performance from year to year.
RESTRUCTURING AND SPECIAL ITEMS
-------------------------------
The Company recorded pre-tax restructuring and special items of $10.9
million ($6.9 million after tax) and $55.8 million ($36.2 million
after tax) in the three-month and twelve-month periods ended December
31, 2002. The charges relate to rationalization of operations in the
office segment and the sale and discontinuation of marginal product
lines in the home and spirits segments.
Three Months Ended
December 31, 2002
(In millions, except per share amounts)
Special Items
-------------------------------------------
Cost of Sales
Restructuring Charges SG & A Charges Total
---------------------------------------------------
Office Products $ 9.8 $ 0.2 $ 0.9 $ 10.9
---------------------------------------------------
Total $ 9.8 $ 0.2 $ 0.9 $ 10.9
---------------------------------------------------
Income Tax Benefit 4.0
--------
Net Charge $ 6.9
Charge Per Common Share --------
Basic $ 0.05
Diluted $ 0.05
Twelve Months Ended
December 31, 2002
(In millions, except per share amounts)
Special Items
-------------------------------------------
Cost of Sales
Restructuring Charges SG & A Charges Total
---------------------------------------------------
Home Products $ 10.9 $ 4.4 $ (0.3) $ 15.0
Office Products 34.3 3.9 1.9 40.1
Spirits and Wine 0.7 - - 0.7
---------------------------------------------------
Total $ 45.9 $ 8.3 $ 1.6 $ 55.8
Income Tax Benefit 19.6
--------
Net Charge $ 36.2
Charge Per Common Share --------
Basic $ 0.24
Diluted $ 0.24
FORTUNE BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions)
December 31, December 31,
2002 2001
------------ ------------
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 15.4 $ 48.7
Accounts receivable, net 845.1 860.6
Inventories 835.8 856.6
Other current assets 206.8 203.7
------------ ------------
Total current assets 1,903.1 1,969.6
Property, plant and equipment, net 1,189.6 1,158.4
Intangibles resulting from
business acquisitions, net 2,332.7 1,789.6
Other assets 396.8 383.3
------------ ------------
Total assets $5,822.2 $5,300.9
Liabilities and Stockholders' Equity
Current liabilities
Short-term debt $ 161.3 $ 37.8
Current portion of long-term debt 132.9 1.4
Other current liabilities 1,249.9 1,219.2
------------ ------------
Total current liabilities 1,544.1 1,258.4
Long-term debt 841.7 950.3
Other long-term liabilities 724.3 598.7
Minority Interests 398.9 390.8
------------ ------------
Total liabilities 3,509.0 3,198.2
Stockholders' equity 2,313.2 2,102.7
------------ ------------
Total liabilities and
stockholders' equity $5,822.2 $5,300.9
------------ ------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion