Avon 2008 Annual Report Download - page 87

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NOTE 18. Results of Operations by Quarter (Unaudited)
2008 First Second Third Fourth Year
Total revenue $2,501.7 $2,736.1 $2,644.7 $2,807.6 $10,690.1
Gross profit 1,578.0 1,742.7 1,669.7 1,750.6 6,741.0
Operating profit 296.2 373.9 297.1 372.1 1,339.3
Income before taxes and minority interest 278.6 344.4 279.2 336.1 1,238.3
Income before minority interest 186.2 237.0 224.7 227.7 875.6
Net income 184.7 $ 235.6 222.6 232.4 875.3
Earnings per share
Basic $ .43 $ .55 $ .52 $ .55 $ 2.05(1)
Diluted $ .43 $ .55 $ .52 $ .54 $ 2.04(1)
2007
Total revenue $2,185.3 $2,328.8 $2,349.1 $3,075.5 $9,938.7
Gross profit 1,352.7 1,407.8 1,460.1 1,776.9 5,997.5
Operating profit 237.8 186.9 223.5 224.5 872.7
Income before taxes and minority interest 223.0 167.9 207.7 197.5 796.1
Income before minority interest 150.6 113.7 139.1 129.9 533.3
Net income $ 150.0 $ 112.7 $ 139.1 $ 128.9 $ 530.7
Earnings per share
Basic $ .34 $ .26 $ .32 $ .30 $ 1.22(1)
Diluted $ .34 $ .26 $ .32 $ .30 $ 1.21(1)
(1) The sum of per share amounts for the quarters does not necessarily equal that for the year because the computations were made independently.
First, second, third and fourth quarter 2008 include costs to
implement restructuring initiatives of $25.5, $13.3, $14.4, and
$7.4, respectively, of which $0, $.3, $2.6, and $.2 are reflected
in cost of sales, respectively, and $25.5, $13.0, $11.8, and $7.2
are reflected in selling, general and administrative expenses,
respectively. Second quarter 2008 includes benefits of approx-
imately $13, from changes in estimates to our disposition policy
under our Product Line Simplifications (“PLS”) program.
First, second, third and fourth quarter 2007 include costs to
implement restructuring initiatives of $9.7, $20.5, $27.2, and
$100.9, respectively, of which $.7, $0, ($.4), and $.7 are
reflected in cost of sales, respectively, and $9.0, $20.5, $27.6,
and $100.2 are reflected in selling, general and administrative
expenses, respectively. First, second, third and fourth quarter
2007 include costs related to our PLS program of $17.3, $60.9,
$5.9 and $103.7, respectively.
A V O N 2008 F-35