Avon 2001 Annual Report Download - page 20

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PAGE 44
Consolidated Statements of Income
Avon Products, Inc.
In millions, except per share data
Years ended December 31 2002 2001 2000
Net sales $ 6,170.6 $ 5,957.8 $5,681.7
Other revenue 57.7 42.5 40.9
Total revenue 6,228.3 6,000.3 5,722.6
Costs, expenses and other:
Cost of sales* 2,344.4 2,268.4 2,171.3
Marketing, distribution and administrative expenses 2,979.6 2,889.5 2,761.4
Contract settlement gain, net of related expenses (Note 15) —(25.9) —
Special charges, net (Note 13) 34.3 94.9 —
Operating profit 870.0 773.4 789.9
Interest expense 52.0 71.1 84.7
Interest income (15.2) (14.4) (8.5)
Other (income) expense, net (2.4) 27.0 21.5
Total other expenses 34.4 83.7 97.7
Income from continuing operations before taxes, minority interest
and cumulative effect of accounting changes 835.6 689.7 692.2
Income taxes 292.3 240.3 202.2
Income before minority interest and cumulative effect
of accounting changes 543.3 449.4 490.0
Minority interest (8.7) (4.5) (4.2)
Income from continuing operations before cumulative effect
of accounting changes 534.6 444.9 485.8
Cumulative effect of accounting changes, net of tax —(0.3) (6.7)
Net income $ 534.6 $ 444.6 $ 479.1
Basic earnings per share:
Continuing operations $ 2.26 $ 1.88 $ 2.04
Cumulative effect of accounting changes —— (.03)
$ 2.26 $ 1.88 $ 2.01
Diluted earnings per share:
Continuing operations $ 2.22 $ 1.85 $ 2.02
Cumulative effect of accounting changes —— (.03)
$ 2.22 $ 1.85 $ 1.99
Weighted-average shares outstanding:
Basic 236.06 236.83 237.67
Diluted 245.47 246.05 242.95
* 2002 and 2001 included amounts of $2.0 and $2.5, respectively, for inventory write-downs related to the Special charges.
The accompanying notes are an integral part of these statements.