Estee Lauder 2002 Annual Report Download - page 38

THEEST{E LAUDER COMPANIES INC.
SELECTED FINANCIAL DATA
The table below summarizes selected financial information. For further information, refer to the audited consolidated
financial statements and the notes thereto contained elsewhere herein.
YEAR ENDED ORATJUNE30 2002 2001 2000 1999 1998
(In millions, except per share data)
STATEMENT OF EARNINGS DATA:
Net sales
(a)
$4,743.7 $4,667.7 $4,440.3 $4,040.3 $3,688.7
Gross profit
(a)
3,470.3 3,441.3 3,202.3 2,877.5 2,609.6
Operating income 341.4 495.6 515.8 456.9 409.1
Earnings before income taxes, minority interest and
accounting change 331.6 483.3 498.7 440.2 402.8
Net earnings 191.9
(b)
305.2
(c)
314.1 272.9 236.8
Preferred stock dividends 23.4 23.4 23.4 23.4 23.4
Net earnings attributable to common stock 168.5
(b)
281.8
(c)
290.7 249.5 213.4
CASH FLOW DATA:
Net cash flows provided by operating activities $ 518.0 $ 305.4 $ 442.5 $ 352.3 $ 258.2
Net cash flows used for investing activities (217.0) (206.3) (374.3) (200.3) (577.2)
Net cash flows (used for) provided by financing activities (121.8) (63.5) (87.9) (73.2) 345.2
PER SHARE DATA:
Net earnings per common share
(d)
Basic $.71
(b)
$ 1.18
(c)
$ 1.22 $ 1.05 $ .90
Diluted $.70
(b)
$ 1.16
(c)
$ 1.20 $ 1.03 $ .89
Weighted average common shares outstanding
(d)
Basic 238.2 238.4 237.7 237.0 236.8
Diluted 241.1 242.2 242.5 241.2 239.5
Cash dividends declared per common share
(d)
$.20 $ .20 $ .20 $ .1775 $ .17
BALANCE SHEET DATA:
Working capital $ 968.0 $ 882.2 $ 716.7 $ 708.0 $ 617.2
Total assets 3,416.5 3,218.8 3,043.3 2,746.7 2,512.8
Total debt 410.5 416.7 425.4 429.1 436.5
Redeemable preferred stock 360.0 360.0 360.0 360.0 360.0
Stockholders’ equity 1,461.9 1,352.1 1,160.3 924.5 696.4
(a)Effective January 1, 2002, we adopted Emerging Issues Task Force (“EITF”) Issue No. 01-9, “Accounting for Consideration Given by a Vendor to
a Customer”. Upon adoption of this Issue, we reclassified revenues generated from our purchase with purchase activities as sales and the costs of
our purchase with purchase and gift with purchase activities as cost of sales, which were previously reported net as operating expenses. Operating
income has remained unchanged by this adoption. For purposes of comparability, these reclassifications have been reflected retroactively for all
periods presented.
(b)Net earnings, net earnings attributable to common stock and net earnings per common share for the year ended June 30, 2002 included a restruc-
turing charge of $76.9 million, after tax, or $.32 per common share, and a one-time charge of $20.6 million, or $.08 per common share,attributable
to the cumulative effect of adopting Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets”.
(c)Net earnings, net earnings attributable to common stock and net earnings per common share for the year ended June 30, 2001 included restruc-
turing and other non-recurring charges of $40.3 million, after tax, or $.17 per common share, and a one-time charge of $2.2 million, after tax, or $.01
per common share, attributable to the cumulative effect of adopting SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities”.
(d)On April 26, 1999, the Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend on all of our outstanding
Class A and Class B Common Stock. The stock dividend was paid on June 2, 1999 to all holders of record of shares of our Common Stock at the close
of business on May 10, 1999. All share and per share data prior thereto have been restated to reflect the stock split.
37