Energizer 2003 Annual Report Download - page 24

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Page 22 ENR 2003 ANNUAL REPORT
STATEMENT OF EARNINGS
YEAR ENDED SEPTEMBER 30, 2003 2002 2001
Net sales $ 2,232.5 $ 1,739.7 $ 1,694.2
Cost of products sold 1,274.2 963.8 999.1
Selling, general and administrative expense 382.6 307.0 320.3
Advertising and promotion expense 251.0 124.5 133.6
Research and development expense 51.5 37.1 46.4
Provision for goodwill impairment –– 119.0
Provisions for restructuring 0.2 7.7 29.8
Intellectual property rights income (8.5) – (20.0)
Interest expense 28.2 21.1 33.2
Other financing items, net 15.7 0.1 1.3
Earnings before income taxes 237.6 278.4 31.5
Income taxes (67.7) (92.0) (70.5)
Net earnings/(loss) $ 169.9 $186.4 $ (39.0)
EARNINGS PER SHARE
Basic net earnings/(loss) per share $ 1.98 $ 2.05 $ (0.42)
Diluted net earnings/(loss) per share $ 1.93 $2.01 $ (0.42)
STATEMENT OF COMPREHENSIVE INCOME
Net earnings/(loss) $ 169.9 $186.4 $ (39.0)
Other comprehensive income, net of tax
Foreign currency translation adjustments 36.6 3.3 (8.6)
Minimum pension liability change, net of tax of $3.1 in 2003 and $0.3 in 2002 (8.1) (0.6) –
Comprehensive income/(loss) $ 198.4 $189.1 $ (47.6)
The above financial statement should be read in conjunction with the Notes to Consolidated Financial Statements.
ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENT OF EARNINGS AND COMPREHENSIVE INCOME
(Dollars in millions except per share data)