Avon 2003 Annual Report Download - page 35
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Consolidated Statements of Income
financial statements
In millions, except per share data
Years ended December 31 2003 2002 2001
Net sales $6,804.6 $6,170.6 $5,957.8
Other revenue 71.4 57.7 42.5
Total revenue 6,876.0 6,228.3 6,000.3
Costs, expenses and other:
Cost of sales* 2,613.1 2,438.5 2,364.6
Marketing, distribution and administrative expenses 3,224.0 2,892.0 2,803.5
Contract settlement gain, net of related expenses (Note 15) —— (25.9)
Special charges, net (Note 13) (3.9) 34.3 94.9
Operating profit 1,042.8 863.5 763.2
Interest expense 33.3 52.0 71.1
Interest income (12.6) (14.2) (13.4)
Other expense (income), net 28.6 (9.9) 15.8
Total other expenses 49.3 27.9 73.5
Income from continuing operations before taxes, minority
interest and cumulative effect of accounting change 993.5 835.6 689.7
Income taxes 318.9 292.3 240.3
Income before minority interest and cumulative
effect of accounting change 674.6 543.3 449.4
Minority interest (9.8) (8.7) (4.5)
Income from continuing operations before
cumulative effect of accounting change 664.8 534.6 444.9
Cumulative effect of accounting change, net of tax —— (0.3)
Net income $ 664.8 $ 534.6 $ 444.6
*2002 and 2001 included amounts of $2.0 and $2.5, respectively, for inventory write-downs relating to the Special charges.
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