Avon 2000 Annual Report Download - page 16

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First†
As Reported As Restated
2000
Net sales $1,324.9 $1,306.7
Other revenue — 10.4
Gross profit 827.6 826.3
Operating profit 144.4 137.8
Income before taxes, minority interest and cumulative effect of accounting change 116.0 109.5
Income before minority interest and cumulative effect of accounting change 74.8 70.4
Income before cumulative effect of accounting change 74.8 70.4
Net income $ 74.8 $ 63.7
Basic earnings per share:
Continuing operations $ .31 $ .30
Cumulative effect of accounting change — (.03)
$ .31 $ .27
Diluted earnings per share:
Continuing operations $.31 $.30
Cumulative effect of accounting change — (.03)
$ .31 $ .27
† Restatements have been made to the previously reported 2000 quarterly information to reflect the adoption of Staff Accounting Bulletin (“sab”) No. 101, “Revenue
Recognition in Financial Statements,” effective January 1, 2000.
Additionally, restatements have been made to the 2000 financial information to reflect the provisions of Emerging Issues Task Force (“eitf”) 00-10, “Accounting
for Shipping and Handling Fees and Costs.” See Note 2of the Notes to Consolidated Financial Statements.
‡ For comparison purposes only, fourth quarter and full year information have been presented to exclude the impact of sab No. 101 and eitf 00-10.
(1) The sum of per share amounts for the quarters does not necessarily equal that for the year because the computations are made independently.
Results of Operations by Quarter (Unaudited)
Avon Products, Inc.
In millions, except per share data
46
First Second Third Fourth Year
1999*
Net sales $1,213.8 $1,258.1 $1,250.6 $ 1,566.6 $5,289.1
Other revenue 9.2 9.1 9.1 11.4 38.8
Gross profit** 714.8 815.5 794.7 971.4 3,296.4
Special charges 105.2 — — — 105.2
Operating (loss) profit (41.3) 195.8 146.3 248.6 549.4
(Loss) income before taxes and minority interest (39.3) 188.4 136.3 221.2 506.6
(Loss) income before minority interest (50.7) 120.6 88.5 144.0 302.4
Net (loss) income $ (48.9) $ 121.4 $ 88.2 $ 141.7 $ 302.4
(Loss) earnings per share:
Basic $ (.19) $ .46 $ .34 $ .58 $ 1.18(1)
Diluted $ (.19) $ .46 $ .34 $ .58 $ 1.17(1)
* Restatements have been made to the 1999 financial information to reflect the provisions of Emerging Issues Task Force (“eitf”) 00-10, “Accounting for Shipping
and Handling Fees and Costs.” See Note 2of the Notes to Consolidated Financial Statements.
** First quarter 1999 includes a special and non-recurring charge of $46.0 for inventory write-downs.
(1) The sum of per share amounts for the quarters does not necessarily equal that for the year because the computations are made independently.