Fortune Brands Reports Third Quarter Results; Company Delivers Record Results with Double-Digit EPS Growth & Improved Returns.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)--Oct. 17, 2002 Fortune Brands, Inc. (NYSE NYSE See: New York Stock Exchange : FO), a leading consumer brands company, today reported record results for the third quarter of 2002: -- Net income was $113.2 million, or 73 cents per diluted share, up 22% from 60 cents a year ago. -- Reported results include restructuring and nonrecurring charges of $14.3 million (after tax), or 9 cents per diluted share, related to the sale of certain low-return product lines and the previously announced repositioning program in the office products business. -- Excluding these items, diluted earnings per share would have been 82 cents, or 3 cents above the consensus estimate of Wall Street securities analysts, which also excludes restructuring and nonrecurring items. -- Reported sales of $1.46 billion were up 1.4%. Excluding the impact of a divestiture (private-label Scotch business), an acquisition (Omega Group cabinets) and 2001 sales of ABSOLUT vodka recorded on an interim basis, sales would have been up 4% on a constant currency basis. -- Operating income was $197.7 million, up 14%. Excluding acquisitions, divestitures, restructuring and other nonrecurring charges, and the benefit of the new goodwill accounting standards, operating income would have increased 13% on a constant currency basis. -- Return on equity increased 270 basis points to more than 22%. "In a persistently per·sis·tent adj. 1. Refusing to give up or let go; persevering obstinately. 2. Insistently repetitive or continuous: a persistent ringing of the telephone. 3. uncertain economy, Fortune Brands delivered another strong quarter of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in earnings per share that exceeded our expectations," said Fortune Brands chairman & chief executive officer Norm Wesley. "Successful strategic initiatives underpinned our record results and helped drive better-than-expected performance in our home products business. We saw our investments in new product development pay off in share gains for brands like 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". and Cobra. Newly acquired Omega Group added to the strong underlying growth of our cabinet brands and is already running substantially ahead of our forecasts. The Jim Beam-ABSOLUT joint venture and our focus on premium brands benefited our spirits & wine business. And our aggressive cost reduction and marketplace 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. initiatives contributed to ongoing profit recovery in our office products business. We're we're Contraction of we are. we're we are especially pleased to achieve these broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased results while further improving key asset return measures, generating strong cash flow, boosting our dividend 8% and increasing share repurchases Share Repurchase A 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. ." The company announced that it bought back 1.5 million shares in the past three months for a total of 3.3 million shares repurchased this year. Fortune Brands also now expects to generate up to $300 million in free cash flow after dividends for 2002. Outlook for Fourth Quarter & Full Year "Fortune Brands is well on its way to an excellent year," Wesley continued. "As we look to the fourth quarter, we see Fortune Brands continuing its track record of consistently delivering solid results, including strong double-digit 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 for the full year. For the fourth quarter, we currently expect that Fortune Brands will earn between 87 and 92 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 before restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items (up from 78 cents before a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain last year). For the full year, we're currently expecting earnings per diluted share of $3.15 to $3.20 before a net gain from restructuring and nonrecurring items (up from $2.41 before a one-time gain last year). Achieving our full-year target would result in diluted EPS growth of 18 to 20%, and that's before the 31-cent full-year benefit from the new goodwill accounting standards." Charges for Restructuring and 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). In the quarter, the company recorded after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". of $9.4 million related to the pending sale of its low-return plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum parts business and related facilities. The company anticipates the sale will close in the fourth quarter. Coupled with previous downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing initiatives in the fourth quarter of 2001, the company expects the divestiture of the plumbing parts operations to be slightly accretive to earnings. The company also recorded after-tax restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $4.5 million related to the ongoing consolidation and closure of manufacturing and distribution facilities in the office products business. As previously indicated, Fortune Brands' full-year results will reflect a net gain from a tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. recorded in the second quarter that will more than offset anticipated charges in the current year. Fortune Brands, Inc. is a consumer products company with annual sales exceeding $5.5 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 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. 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, challenges in the integration of acquisitions and joint ventures, as well as other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. This press release may present 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 and such information should not be considered a substitute for any measure derived in accordance with generally accepted accounting principles. These measures 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.
FORTUNE BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30,
------------------------------------
2002 2001 % Change
------------------------------------
Net Sales(i) 1,463.4 1,443.0 1.4
------------------------------------
Cost of goods sold 795.6 826.0 (3.7)
Excise taxes on spirits
and wine 75.9 93.8 (19.1)
Advertising, selling,
general and administrative
expenses(i) 367.3 334.4 9.8
Amortization of intangibles 4.7 15.9 (70.4)
Restructuring and other
nonrecurring charges 22.2 - -
------------------------------------
Operating Income 197.7 172.9 14.3
------------------------------------
Interest expense 18.5 20.2 (8.4)
Other (income) expense, net (5.0) (6.5) 23.1
Income taxes 66.9 62.5 7.0
Minority interests 4.1 3.9 5.1
------------------------------------
Net Income 113.2 92.8 22.0
------------------------------------
Earnings Per Common Share
------------------------------------
Basic 0.75 0.61 23.0
Diluted 0.73 0.60 21.7
------------------------------------
Avg. Common Shares Outstanding
------------------------------------
Basic 150.0 151.6 (1.1)
Diluted 154.6 155.4 (0.5)
------------------------------------
FORTUNE BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share amounts)
(Unaudited)
Nine Months Ended September 30,
------------------------------------
2002 2001 % Change
------------------------------------
Net Sales(i) 4,247.2 4,120.4 3.1
------------------------------------
Cost of goods sold 2,315.9 2,282.9 1.4
Excise taxes on spirits
and wine 225.2 265.2 (15.1)
Advertising, selling,
general and administrative
expenses(i) 1,085.7 1,024.4 6.0
Amortization of intangibles 11.4 47.4 (75.9)
Restructuring and other
nonrecurring charges 44.9 42.3 6.1
------------------------------------
Operating Income 564.1 458.2 23.1
------------------------------------
Interest expense 56.2 79.1 (29.0)
Other (income) expense, net (34.5) (9.2) -
Income taxes 136.5 123.8 10.3
Minority Interests 11.8 7.3 61.6
------------------------------------
Net Income 394.1 257.2 53.2
------------------------------------
Earnings Per Common Share
------------------------------------
Basic 2.63 1.68 56.5
Diluted 2.55 1.65 54.5
------------------------------------
Avg. Common Shares Outstanding
------------------------------------
Basic 149.7 152.7 (2.0)
Diluted 154.4 156.1 (1.1)
------------------------------------
Actual Common Shares Outstanding
------------------------------------
Basic 149.2 149.7 (0.3)
Diluted 153.4 152.9 0.3
------------------------------------
(i) 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
September 30,
------------------------------------
2002 2001 % Change
------------------------------------
Net Sales (a)
Home Products $ 688.0 $ 531.0 29.6
Spirits and Wine 255.0 392.9 (35.1) (d)
Golf Products 236.4 218.3 8.3
Office Products 284.0 300.8 (5.6)
------------------------------------
Total $1,463.4 $1,443.0 1.4
------------------------------------
Operating Company Contribution (b)
Home Products $ 125.7 $ 87.6 43.5
Spirits and Wine 64.1 72.7 (11.8) (d)
Golf Products 26.1 25.8 1.2
Office Products 19.6 13.3 47.4
Less: Other Operating
Expenses (c) 37.8 26.5 42.6
------------------------------------
Operating Income $ 197.7 $ 172.9 14.3
------------------------------------
Nine Months Ended
September 30,
------------------------------------
2002 2001 % Change
------------------------------------
Net Sales (a)
Home Products $1,879.8 $1,519.0 23.8
Spirits and Wine 735.8 973.1 (24.4) (d)
Golf Products 837.1 772.9 8.3
Office Products 794.5 855.4 (7.1)
------------------------------------
Total $4,247.2 $4,120.4 3.1
------------------------------------
Operating Company Contribution (b)
Home Products $ 304.3 $ 225.9 34.7
Spirits and Wine 193.1 206.6 (6.5) (d)
Golf Products 121.5 117.6 3.3
Office Products 35.9 27.9 28.7
Less: Other Operating
Expenses (c) 90.7 119.8 (24.3)
------------------------------------
Operating Income $ 564.1 $ 458.2 23.1
------------------------------------
(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 other nonrecurring
charges, 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 other nonrecurring 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 nonrecurring
charges, intangible amortization, 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 nine months' adjusted percentages for Spirits and Wine
would be a 4.3% and 2.4% net sales increase and a 3.6% and 6.4%
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. 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 NONRECURRING GAINS & CHARGES, NET
-----------------------------------------------
The following sets forth net income before nonrecurring gains &
charges, net, which in 2002 represents income before the $22.2 million
($14.3 million after tax) and $44.9 million ($29.4 million after tax)
restructuring and other nonrecurring charges taken in the three-month
and nine-month periods ended September 30, 2002, respectively. In
addition, net income before nonrecurring 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
nine-month period ended September 30, 2002.
The following sets forth net income before nonrecurring gains &
charges, net, which in 2001 represents income before the $42.3 million
($27.8 million after tax) restructuring and other nonrecurring charges
taken in the nine-month period ended September 30, 2001. In addition,
net income before nonrecurring gains and charges, net, is adjusted to
exclude a $31.0 million tax reserve reversal taken in the nine-month
period ended September 30, 2001.
Three Months Ended September 30,
--------------------------------
2002 2001 % Change
--------------------------------
Income before Nonrecurring
Gains & Charges, net(i) $ 127.5 $ 92.8 37.4
--------------------------------
Earnings Per Common Share
- Basic
Income from operations 0.85 0.61 39.3
Restructuring and other
nonrecurring charges (0.10) - -
Net Income 0.75 0.61 23.0
--------------------------------
Earnings Per Common Share
- Diluted
Income from operations 0.82 0.60 36.7
Restructuring and other
nonrecurring charges (0.09) - -
Net Income 0.73 0.60 21.7
--------------------------------
Nine Months Ended September 30,
--------------------------------
2002 2001 % Change
--------------------------------
Income before Nonrecurring
Gains & Charges, net(i) $ 352.2 $ 254.1 38.5
--------------------------------
Earnings Per Common Share
- Basic
Income from operations 2.35 1.66 41.6
Reversal of prior year tax
reserve no longer required - 0.20 -
Tax and interest income
receivable 0.47 - -
Restructuring and other
nonrecurring charges (0.19) (0.18) (5.6)
Net Income 2.63 1.68 56.5
--------------------------------
Earnings Per Common Share
- Diluted
Income from operations 2.28 1.63 39.9
Reversal of prior year tax
reserve no longer required - 0.20 -
Tax and interest income
receivable 0.46 - -
Restructuring and other
nonrecurring charges (0.19) (0.18) (5.6)
Net Income 2.55 1.65 54.5
--------------------------------
(i) Income Before Nonrecurring 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 other nonrecurring 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 other nonrecurring 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 OTHER NONRECURRING CHARGES
--------------------------------------------
The Company recorded pre-tax restructuring and nonrecurring charges of
$22.2 million ($14.3 million after tax) and $44.9 million ($29.4
million after tax) in the three-month and nine-month periods ended
September 30, 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
September 30, 2002
-------------------------------------------------------------
(In millions, except per share amounts)
-------------------------------------------------------------
Nonrecurring
-----------------------------------
Cost of Sales
Restructuring Charges SG & A Charges Total
-------------------------------------------------------------
Home
Products $ 11.4 $ 2.8 $ 0.8 $ 15.0
Office
Products 5.2 1.2 0.1 6.5
Spirits
and Wine 0.7 - - 0.7
-------------------------------------------------------------
Total $ 17.3 $ 4.0 $ 0.9 $ 22.2
-------------------------------------------------------------
Income
Tax Benefit 7.9
-------
Net Charge $ 14.3
-------
Charge Per Common Share
Basic $ 0.10
Diluted $ 0.09
-------
Nine Months Ended
September 30, 2002
-------------------------------------------------------------
(In millions, except per share amounts)
-------------------------------------------------------------
Nonrecurring
-----------------------------------
Cost of Sales
Restructuring Charges SG & A Charges Total
-------------------------------------------------------------
Home
Products $ 11.4 $ 2.8 $ 0.8 $ 15.0
Office
Products 24.5 3.7 1.0 29.2
Spirits
and Wine 0.7 - - 0.7
-------------------------------------------------------------
Total $ 36.6 $ 6.5 $ 1.8 $ 44.9
-------------------------------------------------------------
Income
Tax Benefit 15.5
-------
Net Charge $ 29.4
-------
Charge Per
Common Share
Basic $ 0.19
Diluted $ 0.19
-------
FORTUNE BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions)
September 30, September 30,
2002 2001
------------ ------------
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 89.2 $ 64.7
Accounts receivable, net 884.4 946.2
Inventories 828.0 1,014.3
Other current assets 224.4 226.7
------------ ------------
Total current assets 2,026.0 2,251.9
Property, plant and equipment, net 1,184.9 1,208.5
Intangibles resulting from
business acquisitions, net 2,336.5 1,946.9
Other assets 411.6 344.1
------------ ------------
Total assets $ 5,959.0 $ 5,751.4
------------ ------------
Liabilities and Stockholders' Equity
Current liabilities
Short-term debt $ 281.6 $ 311.0
Current portion of
long-term debt 1.1 1.3
Other current liabilities 1,302.2 1,409.2
------------ ------------
Total current liabilities 1,584.9 1,721.5
Long-term debt 974.4 951.2
Other long-term liabilities 644.6 602.3
Minority Interests 399.5 390.3
------------ ------------
Total liabilities 3,603.4 3,665.3
Stockholders' equity 2,355.6 2,086.1
------------ ------------
Total liabilities and
stockholders' equity $ 5,959.0 $ 5,751.4
------------ ------------
Short Name: Fortune Brands Inc Category Code: QRT QRT Quick Response Team QRT Quick Response Training QRT quick reaction team (US DoD) QRT Stop Transmitting (used in CW communications) QRT Quick Reaction Test (US DoD) Sequence Number: XXXXXXXX Time of Receipt (offset from UTC (Coordinated Universal Time, Temps Universel Coordonné) The international time standard (formerly Greenwich Mean Time, or GMT). Zero hours UTC is midnight in Greenwich, England, which is located at 0 degrees longitude. ): 20021017T002044+0100 |
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