Avon 2003 Annual Report Download - page 33

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Results of Operations by Quarter (Unaudited)
management’s discussion
In millions, except per share data
2003 First Second Third Fourth Year
Net sales $1,465.7 $1,639.8 $1,613.2 $2,085.9 $6,804.6
Other revenue 15.7 16.2 16.2 23.3 71.4
Gross profit 907.2 1,035.9 1,022.5 1,297.3 4,262.9
Special charges, net — — — (3.9) (3.9)
Operating profit 163.6 279.8 211.0 388.4 1,042.8
Income before taxes and minority interest 154.4 262.4 196.3 380.4 993.5
Income before minority interest 100.4 174.3 134.8 265.1 674.6
Net income $ 98.9 $ 171.5 $ 133.1 $ 261.3 $ 664.8
Earnings per share:
Basic $ .42 $ .73 $ .56 $ 1.11 $ 2.82(1)
Diluted $ .42 $ .71 $ .56 $ 1.09 $ 2.78(1)
2002 First Second Third Fourth Year
Net sales $1,372.1 $1,513.5 $1,448.8 $1,836.2 $6,170.6
Other revenue 11.5 13.7 14.6 17.9 57.7
Gross profit* 842.7 938.6 896.6 1,111.9 3,789.8
Special charges, net — — 34.3 — 34.3
Operating profit 152.6 242.4 154.7 313.8 863.5
Income before taxes and minority interest 149.5 241.5 143.5 301.1 835.6
Income before minority interest 97.4 157.5 92.1 196.3 543.3
Net income $ 96.3 $ 155.0 $ 90.3 $ 193.0 $ 534.6
Earnings per share:
Basic $ .41 $ .66 $ .38 $ .82 $ 2.26(1)
Diluted $ .40 $ .64 $ .38 $ .80 $ 2.22 (1)
* Third quarter and full year 2002 included $2.0 for inventory write-downs related to the Special charges (see Note 13, Special Charges).
(1) The sum of per share amounts for the quarters does not necessarily equal that for the year because the computations were made independently.
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