Avon 2004 Annual Report Download - page 65

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18 Results of Operations
by Quarter (Unaudited)
2004 First Second Third Fourth Year
Net sales $1,741.4 $1,844.4 $1,784.7 $2,285.7 $7,656.2
Other revenue 23.4 21.9 21.5 24.8 91.6
Gross profit 1,103.7 1,197.3 1,131.0 1,404.1 4,836.1
Special charges, net — — — (3.2) (3.2)
Operating profit 229.4 325.5 262.8 411.3 1,229.0
Income before taxes and minority interest 224.6 315.5 258.0 389.4 1,187.5
Income before minority interest 150.7 236.1 178.8 291.3 856.9
Net income $ 148.1 $ 232.3 $ 176.9 $ 288.8 $ 846.1
Earnings per share
Basic $ .31 $ .49 $ .37 $ .61 $ 1.79(1)
Diluted $ .31 $ .49 $ .37 $ .61 $ 1.77(1)
2003 First Second Third Fourth Year
Net sales $1,460.3 $1,632.0 $1,604.5 $2,076.9 $6,773.7
Other revenue 15.7 16.2 16.2 23.3 71.4
Gross profit 902.1 1,028.5 1,014.1 1,288.6 4,233.3
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 $ .21 $ .37 $ .28 $ .55 $ 1.41(1)
Diluted $ .21 $ .36 $ .28 $ .54 $ 1.39(1)
(1) The sum of per share amounts for the quarters does not necessarily equal that for the year because computations were made independently.
During the fourth quarter of 2004, Avon recorded a write-down of $13.7 ($12.2 after tax) resulting from declines in the
fair values of investments in equity securities below their cost bases that were judged to be other-than-temporary.
These equity securities are available to fund select benefit plan obligations.