Avon 2000 Annual Report Download - page 18

Years ended December 31 2000 1999 1998
Net sales $5,673.7 $5,289.1 $5,212.7
Other revenue 40.9 38.8 35.0
Total revenue $5,714.6 $5,327.9 $5,247.7
Costs, expenses and other:
Cost of sales*2,122.7 2,031.5 2,053.0
Marketing, distribution and administrative expenses 2,803.2 2,641.8 2,605.0
Special charges —105.2 116.5
Operating profit 788.7 549.4 473.2
Interest expense 84.7 43.2 34.7
Interest income (8.5) (11.1) (15.9)
Other expense (income), net 21.5 10.7 (1.5)
Total other expenses 97.7 42.8 17.3
Income from continuing operations before taxes, minority interest and
cumulative effect of accounting change 691.0 506.6 455.9
Income taxes 201.7 204.2 190.8
Income before minority interest and cumulative effect of accounting change 489.3 302.4 265.1
Minority interest (4.2) 0.0 4.9
Income from continuing operations before cumulative effect of accounting change 485.1 302.4 270.0
Cumulative effect of accounting change, net of tax (6.7) ——
Net income $ 478.4 $ 302.4 $ 270.0
Basic earnings per share:
Continuing operations $2.04 $ 1.18 $ 1.03
Cumulative effect of accounting change (.03) ——
$2.01 $ 1.18 $ 1.03
Diluted earnings per share:
Continuing operations $2.02 $ 1.17 $ 1.02
Cumulative effect of accounting change (.03) ——
$1.99 $ 1.17 $ 1.02
*1999 and 1998 include special and non-recurring charges of $46.0 and $37.9, respectively, for inventory write-downs.
The accompanying notes are an integral part of these statements.
Consolidated Statements of Income
Avon Products, Inc.
In millions, except per share data
48