Kraft 2002 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2002 Kraft annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

62
kraft foods inc. notes to consolidated financial statements
Note 18. Quarterly Financial Data (Unaudited):
(in millions, except per share data) 2002 Quarters
First Second Third Fourth
Net revenues $7,147 $7,513 $7,216 $7,847
Gross profit $2,864 $3,127 $2,971 $3,041
Net earnings $ 693 $ 901 $ 869 $ 931
Weighted average
shares for
diluted EPS 1,737 1,738 1,737 1,734
Per share data:
Basic EPS $ 0.40 $ 0.52 $ 0.50 $ 0.54
Diluted EPS $ 0.40 $ 0.52 $ 0.50 $ 0.54
Dividends declared $ 0.13 $ 0.13 $ 0.15 $ 0.15
Market price—high $39.70 $43.95 $41.70 $41.30
—low $32.50 $38.32 $33.87 $36.12
(in millions, except per share data) 2001 Quarters
First Second Third Fourth
Net revenues $7,197 $7,473 $7,018 $7,546
Gross profit $2,922 $3,071 $2,785 $2,890
Net earnings $ 326 $ 505 $ 503 $ 548
Weighted average shares
for diluted EPS 1,455 1,510 1,735 1,736
Per share data:
Basic EPS $ 0.22 $ 0.33 $ 0.29 $ 0.32
Diluted EPS $ 0.22 $ 0.33 $ 0.29 $ 0.32
Dividends declared $ 0.13 $ 0.13
Market price—high $32.00 $34.81 $35.57
—low $29.50 $30.00 $31.50
Basic and diluted EPS are computed independently for each of the periods presented.
Accordingly, the sum of the quarterly EPS amounts may not agree to the total year.
During the first quarter of 2002, the Company recorded a
pre-tax charge of $142 million related to employee acceptances
of a voluntary retirement program and a pre-tax integration
related charge of $27 million to consolidate production lines
in North America.
During the second quarter of 2002, the Company recorded a pre-
tax integration related charge of $92 million to close a facility and
for other consolidation programs. Also, during the second quarter
of 2002, the Company sold a small business at a pre-tax gain of
$3 million.
During the fourth quarter of 2002, the Company sold two small
businesses at an aggregate pre-tax gain of $77 million. Also,
during the fourth quarter of 2002, the Company reversed
$4 million of previously recorded integration related liabilities
and $4 million related to the loss on sale of a food factory to the
consolidated statement of earnings.
During the first quarter of 2001, the Company recorded a pre-tax
loss of $29 million for the sale of a North American food factory.
On June 13, 2001, the Company completed an IPO by issuing
280 million shares of its Class A common stock. Also, during the
second quarter of 2001, the Company sold a small business at a
pre-tax gain of $8 million.
During the third quarter of 2001, the Company recorded a pre-tax
integration related charge of $37 million to consolidate production
lines in the United States.
During the fourth quarter of 2001, the Company recorded a pre-tax
integration related charge of $16 million for site reconfigurations
and other consolidation programs in the United States.