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Management’s฀Discussion฀and฀Analysis The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries 61
Notes฀to฀Consolidated฀Financial฀Statements The฀Procter฀&฀Gamble฀Company฀and฀Subsidiaries
฀ Millions฀of฀dollars฀except฀per฀share฀amounts฀or฀otherwise฀specified.
฀ Quarters฀Ended
฀ ฀ ฀ ฀ Sept฀30฀ Dec฀31฀ Mar฀31฀ Jun฀30฀ Total฀Year฀
Net฀Sales฀     
฀ ฀ ฀ 2003–2004฀ 12,195฀฀ ฀13,221฀฀ ฀13,029฀฀ ฀12,962฀ 51,407฀
Operating฀Income฀     
฀ ฀ ฀ 2003–2004฀ 2,643฀฀ ฀2,742฀฀ ฀2,303฀฀ ฀2,139฀฀ ฀9,827฀
Net฀Earnings1฀ ฀    
฀ ฀ ฀ 2003–2004฀ 1,761฀฀ ฀1,818฀฀ ฀1,528฀฀ ฀1,374฀฀ ฀6,481฀
Diluted฀Net฀Earnings฀Per฀Common฀Share฀     
฀ ฀ ฀ 2003–2004฀ 0.63฀฀ ฀0.65฀฀ ฀0.55฀฀ 0.50฀฀ ฀2.32฀
฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ Depreciation฀฀
฀ ฀ ฀ ฀ ฀฀ ฀ Before-Tax฀ Net฀ and฀฀ Total฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Captial
฀ ฀ ฀ ฀ ฀฀ Net฀Sales฀ Earnings฀ Earnings฀ Amortization฀฀ Assets฀฀฀ Expenditures
Total฀P&G฀Beauty฀฀ ฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 17,122฀ 3,551฀ 2,333฀ 491฀฀ 11,407฀฀ 433
฀ ฀ ฀ 2003฀ 12,221฀ ฀2,849฀฀ 1,938฀ 395฀ 7,149฀ 343
Health฀Care฀ ฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 6,991฀ 1,398฀ 925฀ 200฀฀ 3,093฀฀ 164
฀ ฀ ฀ 2003฀ 5,796฀ 997฀฀ 678฀ 194฀ 3,066฀ 144
฀Baby฀Care฀and฀Family฀Care฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 10,718฀ 1,625฀ 990฀ 555฀฀ 7,285฀฀ 714
฀ ฀ ฀ 2003฀ 9,933฀ 1,443฀฀ 873฀ 563฀ 7,050฀ 548
Total฀P&G฀Family฀Health฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 17,709฀ 3,023฀ 1,915฀ 755฀฀ 10,378฀฀ 878
฀ ฀ ฀ 2003฀ 15,729฀ 2,440฀฀ 1,551฀ 757฀ 10,116฀ 692
Fabric฀Care฀and฀Home฀Care฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 13,868฀ 3,280฀ 2,186฀ 346฀฀ 5,739฀฀ 538
฀ ฀ ฀ 2003฀ 12,560฀ 3,073฀฀ 2,047฀ 339฀ 5,276฀ 357
Snacks฀and฀Coffee฀ ฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 2,908฀ 528฀ 344฀ 98฀฀ 1,557฀฀ 124
฀ ฀ ฀ 2003฀ 2,671฀ 437฀฀ 291฀ 102฀ 1,749฀ 114
Total฀P&G฀Household฀Care฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 16,776฀ 3,808฀ 2,530฀ 444฀฀ 7,296฀฀ 662
฀ ฀ ฀ 2003฀ 15,231฀ 3,510฀฀ 2,338฀ 441฀ 7,025฀ 471
Corporate฀ ฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ (200)฀ (1,032)฀ (297)฀ 43฀฀ 27,967฀฀ 51
฀ ฀ ฀ 2003฀ 196฀ (1,269)฀฀ (641)฀ 110฀ 19,416฀ (24)
Total฀ ฀ ฀ ฀       
฀ ฀ ฀ ฀ 2004฀฀ 51,407฀ 9,350฀ 6,481฀ 1,733฀฀ 57,048฀฀ 2,024
฀ ฀ ฀ 2003฀ 43,377฀ 7,530฀฀ 5,186฀ 1,703฀ 43,706฀ 1,482
Note฀12฀Quarterly฀Results฀(Unaudited)
1฀The฀June฀30,฀2005฀quarter฀includes฀a฀$295฀tax฀provision฀related฀to฀foreign฀earnings฀to฀be฀repatriated฀under฀AJCA,฀partially฀offset฀by฀a฀reversal฀of฀a฀tax฀provision฀intially฀recorded฀in฀the฀
March฀31,฀2005฀quarter฀for฀anticipated฀dividends฀from฀foreign฀subsidiaries฀that฀were฀subsequently฀incorporated฀into฀our฀AJCA฀repatriation฀plans.