Estee Lauder 2002 Annual Report Download - page 39

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THEEST{E LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
YEAR ENDED JUNE 30 2002 2001 2000
(In millions, except per share data)
Net Sales $4,743.7 $4,667.7 $4,440.3
Cost of sales 1,273.4 1,226.4 1,238.0
Gross Profit 3,470.3 3,441.3 3,202.3
Operating expenses:
Selling, general and administrative 3,002.0 2,869.2 2,653.3
Restructuring 110.4 37.6 —
Other non-recurring —16.3 —
Related party royalties 16.5 22.6 33.2
3,128.9 2,945.7 2,686.5
Operating Income 341.4 495.6 515.8
Interest expense, net 9.8 12.3 17.1
Earnings before Income Taxes, Minority Interest and Accounting Change 331.6 483.3 498.7
Provision for income taxes 114.4 174.0 184.6
Minority interest, net of tax (4.7) (1.9) —
Net Earnings before Accounting Change 212.5 307.4 314.1
Cumulative effect of a change in accounting principle, net of tax (20.6) (2.2) —
Net Earnings 191.9 305.2 314.1
Preferred stock dividends 23.4 23.4 23.4
Net Earnings Attributable to Common Stock $ 168.5 $ 281.8 $ 290.7
Basic net earnings per common share:
Net earnings attributable to common stock before accounting change $.79 $ 1.19 $ 1.22
Cumulative effect of a change in accounting principle, net of tax (.08) (.01) —
Net earnings attributable to common stock $.71 $ 1.18 $ 1.22
Diluted net earnings per common share:
Net earnings attributable to common stock before accounting change $.78 $ 1.17 $ 1.20
Cumulative effect of a change in accounting principle, net of tax (.08) (.01) —
Net earnings attributable to common stock $.70 $ 1.16 $ 1.20
Weighted average common shares outstanding:
Basic 238.2 238.4 237.7
Diluted 241.1 242.2 242.5
See notes to consolidated financial statements.
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