Archer Daniels Midland 2006 Annual Report Download - page 60

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58 Archer Daniels Midland Company
QUARTERLY FINANCIAL DATA (Unaudited)
Quarter
First Second Third Fourth Year
(In thousands, except per share amounts)
Fiscal 2006
Net Sales .................. $8,626,949 $9,298,985 $9,122,841 $9,547,336 $36,596,111
Gross Profit ............... 582,711 783,468 770,732 828,903 2,965,814
Net Earnings .............. 186,338 367,677 347,796 410,259 1,312,070
Basic Earnings
Per Common Share . . .29 .56 .53 .63 2.01
Diluted Earnings
Per Common Share . . .29 .56 .53 .62 2.00
Fiscal 2005
Net Sales . . . . . . . . . . . . . . . . . . . . $8,972,411 $9,063,526 $8,484,171 $9,423,702 $35,943,810
Gross Profit . . . . . . . . . . . . . . . . . 663,432 668,708 574,856 524,343 2,431,339
Net Earnings . . . . . . . . . . . . . . . . 266,297 313,509 269,095 195,484 1,044,385
Basic Earnings
Per Common Share . . . . . . .41 .48 .41 .30 1.60
Diluted Earnings
Per Common Share . . . . . . .41 .48 .41 .30 1.59
Net earnings for the three months and year ended June 30, 2006 include charges to cost of products sold of $34 million ($22 million
after tax, equal to $.03 per share) and $61 million ($38 million after tax, equal to $.06 per share), respectively, related to the
abandonment and write-down of certain long-lived assets, a charge to cost of products sold of $15 million ($9 million after tax, equal to
$0.1 per share) related to the adoption of FIN 47, and a credit to other expense (income) of $17 million ($11 million after tax, equal
to $.02 per share) related to the sale of long-lived assets. Net earnings for the three months and year ended June 30, 2006 also include a
credit to cost of products sold of $27 million ($18 million after tax, equal to $.03 per share) related to Brazilian transactional tax
credits. For the year ended June 30, 2006, net earnings include a credit to income taxes of $36 million ($.05 per share) related to
the adjustment of state and federal income taxes to previously filed returns. The year ended June 30, 2006 also includes a credit
to other expense (income) of $19 million ($12 million after tax, equal to $.02 per share) related to Brazilian transactional tax
credits. Net earnings for the three months and year ended June 30, 2005 include charges to cost of products sold of $40 million
($25 million after tax, equal to $.04 per share) and $42 million ($26 million after tax, equal to $.04 per share), respectively, related to the
abandonment and write-down of certain long-lived assets. For the year ended June 30, 2005, net earnings include a gain of $159 million
($119 million after tax, equal to $.18 per share) related to sales of the Company’s interests in Tate & Lyle PLC.