SCOREBOARD
Quarter Dollar %
RETAILERS Ended Sales Change
Albertsons (1) 08/04 10.2 bil +0.2
Kroger (2) 08/13 13.9 bil +6.8
Pathmark (3) 07/30 1.0 bil -1.1
Sears (4) 07/30 13.2 bil -2.1
Net Net-to-
Income % Sales
RETAILERS (Loss) Change Ratio
Albertsons (1) 110.0 mil -12.0 1.1
Kroger (2) 196.5 mil +38.0 1.4
Pathmark (3) (5.1 mil) N/A N/A
Sears (4) 161.0 mil +46.4 1.2
(1.) Albertsons' results are from continuing operations. Earnings for
the 2004 quarter were reduced by an estimated $50 million by the
impact of the southern California strike as well as by $5 million for
a contribution to union multiemployer health and welfare plans.
Including losses from discontinued operations of $3 million in the 2005
period and $21 million a year earlier, net income rose 2.9% to $107
million from $104 million a year earlier.
(2.) Kroger's earnings for the prior-year period reflected a $15.3
million after-tax charge related to early debt retirement as well as an
estimated $23.4 million due to the southern California strike.
(3.) Pathmark's net loss for the most recent quarter reflects a $1.6
million after-tax charge from early debt retirement as well as a
$100,000 after-tax charge for costs associated with a review of
strategic alternatives. The company had a $1.6 million net loss in the
prior-year period.
(4.) Sears' comparisons are presented on a pro forma basis as if the
March 25, 2005, merger of Kmart Holding Corp. and Sears, Roebuck and
Co. had been completed at the beginning of 2004. Net income for the
2005 quarter reflects $42 million in restructuring charges, which was
partially offset by $15 million in bankruptcy-related recoveries and a
$4 million gain on asset sales. Pro forma income in the 2004 period
reflected $41 million in restructuring charges, which was offset by a
$77 million gain on asset sales and $5 million in bankruptcy-related
recoveries. For accounting purposes, the business combination was
treated as a purchase of Sears by Kmart. On an actual reported basis,
revenues grew 175% over the $4.8 billion reported by Kmart in the 2004
quarter and net income rose 4.6% from the $154 million netted by Kmart.
Quarter Dollar %
MANUFACTURERS Ended Sales Change
Barr (1) 06/30 280.5 mil -7.5
IVAX (2) 06/30 577.3 mil +24.4
Net Net-to-
Income % Sales
MANUFACTURERS (Loss) Change Ratio
Barr (1) 42.1 mil +193.3 15.0
IVAX (2) 45.6 mil -5.3 7.9
(1.) Bars s sales include alliance, development and other revenues,
which amounted to $10.4 million in the 2005 period. Earnings for the
2005 quarter include a $63.2 million charge related to a potential
litigation settlement and a product acquisition. Earnings in the
prior-year period reflected $76.7 million in charges related to
arbitration an litigation, as well as $68 million in charges associated
with acquired in-process research and development and intangible
write-offs.
(2.) IVAX' earnings for the 2005 quarter include $1.6 million in
restructuring costs. Results in the 2004 quarter included a $36,000
benefit from the reversal of restructuring costs.