Estee Lauder 2011 Annual Report Download - page 93

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THE EST{E LAUDER COMPANIES INC. 91
The table below summarizes selected financial information. For further information, refer to the audited consolidated
financial statements and the notes thereto beginning on page 117 of this report.
YEAR ENDED OR AT JUNE 30 2011(a) 2010(a) 2009(a) 2008 2007
(In millions, except per share data)
STATEMENT OF EARNINGS DATA:
Net sales $8,810.0 $7,795.8 $7,323.8 $7,910.8 $7,037.5
Gross profit 6,873.1 5,966.4 5,442.2 5,914.0 5,262.7
Operating income 1,089.4 789.9 418.4 810.7 749.9
Interest expense, net(b) 63.9 74.3 75.7 66.8 38.9
Interest expense on debt extinguishment(c) — 27.3 — — —
Earnings before income taxes and discontinued operations 1,025.5 688.3 342.7 743.9 711.0
Provision for income taxes 321.7 205.9 115.9 259.9 255.2
Net earnings from continuing operations 703.8 482.4 226.8 484.0 455.8
Discontinued operations, net of tax — — — — 0.5
Net earnings attributable to noncontrolling interests (3.0) (4.1) (8.4) (10.2) (7.1)
Net earnings attributable to The Estée Lauder
Companies Inc. 700.8 478.3 218.4 473.8 449.2
CASH FLOW DATA:
Net cash flows provided by operating activities $1,027.0 $ 956.7 $ 696.0 $ 690.1 $ 661.6
Net cash flows used for investing activities (606.9) (281.4) (339.5) (478.5) (373.8)
Net cash flows provided by (used for) financing activities (313.1) (406.1) 125.8 (78.1) (411.6)
PER SHARE DATA:
Net earnings per common share from
continuing operations:
Basic $ 3.57 $ 2.44 $ 1.16 $ 2.50 $ 2.23
Diluted $ 3.50 $ 2.40 $ 1.15 $ 2.46 $ 2.19
Net earnings attributable to The Estée Lauder
Companies Inc. per common share:
Basic $ 3.56 $ 2.42 $ 1.11 $ 2.44 $ 2.20
Diluted $ 3.48 $ 2.38 $ 1.10 $ 2.40 $ 2.16
Weighted average common shares outstanding:
Basic 197.0 197.7 196.3 193.9 204.3
Diluted 201.2 200.7 197.7 197.1 207.8
Cash dividends declared per common share $ .75 $ .55 $ .55 $ .55 $ .50
BALANCE SHEET DATA:
Working capital $1,743.2 $1,548.8 $1,453.3 $1,088.0 $ 738.7
Total assets 6,273.9 5,335.6 5,176.6 5,011.2 4,125.7
Total debt(b) (c) 1,218.1 1,228.4 1,421.4 1,196.9 1,088.5
Stockholders’ equity — The Estée Lauder Companies Inc. 2,629.4 1,948.4 1,640.0 1,653.2 1,199.0
(a) Fiscal 2011 results included $41.7 million, after tax, or $.21 per diluted share related to total charges associated with restructuring activities.
Fiscal 2010 results included $55.9 million, after tax, or $.28 per diluted share related to total charges associated with restructuring activities. Fiscal 2009
results included $61.7 million, after tax, or $.31 per diluted share related to total charges associated with restructuring activities.
(b) In November 2008, we issued and sold $300.0 million of 7.75% Senior Notes due November 1, 2013 in a public offering. We used the net proceeds
of this offering to repay then-outstanding commercial paper balances upon their maturity.
(c) On May 24, 2010, we completed a cash tender offer for $130.0 million principal amount of our 2012 Senior Notes at a price of 108.500%
of the principal amount and for $69.9 million principal amount of our 2013 Senior Notes at a tender price of 118.813% of the principal amount. During
the fourth quarter of fiscal 2010, we recorded a pre-tax expense on the extinguishment of debt of $27.3 million representing the tender premium, the
pro-rata write-off of unamortized terminated interest rate swap, issuance costs and debt discount, and tender offer costs associated with both
series of notes.
SELECTED FINANCIAL DATA