Proctor and Gamble 2014 Annual Report Download - page 79

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The Procter & Gamble Company 77
Amounts in millions of dollars except per share amounts or as otherwise specified.
NOTE 14
QUARTERLY RESULTS (UNAUDITED)
Quarters Ended Sept 30 Dec 31 Mar 31 Jun 30 Total Year
NET SALES 2013-2014 $ 20,830 $ 21,897 $ 20,178 $ 20,157 $83,062
2012-2013 20,342 21,737 20,205 20,297 82,581
OPERATING INCOME 2013-2014 4,120 4,523 3,405 3,240 15,288
2012-2013 3,889 4,429 3,361 2,651 (3) 14,330
GROSS MARGIN 2013-2014 49.2% 50.3% 48.6% 47.2% 48.9%
2012-2013 50.3 % 51.2 % 50.0 % 47.9 % 49.9 %
NET EARNINGS:
Net earnings from continuing operations 2013-2014 $ 3,039 $ 3,454 $ 2,603 $ 2,611 $11,707
2012-2013 2,812 4,034 (2) 2,562 1,893 (3) 11,301
Net earnings from discontinued operations 2013-2014 18 18 33 9 78
2012-2013 41 42 29 (11) 101
Net earnings attributable to Procter & Gamble 2013-2014 3,027 3,428 2,609 2,579 11,643
2012-2013 2,814 4,057 (2) 2,566 1,875 (3) 11,312
DILUTED NET EARNINGS PER
COMMON SHARE: (1)
Earnings from continuing operations 2013-2014 $ 1.03 $ 1.17 $ 0.89 $ 0.89 $ 3.98
2012-2013 0.95 1.38 0.87 0.64 3.83
Earnings from discontinued operations 2013-2014 0.01 0.01 0.01 — 0.03
2012-2013 0.01 0.01 0.01 — 0.03
Net earnings 2013-2014 1.04 1.18 0.90 0.89 4.01
2012-2013 0.96 1.39 0.88 0.64 3.86
(1) Diluted net earnings per share is calculated on earnings attributable to Procter & Gamble.
(2) The Company acquired the balance of its Baby Care and Feminine Care joint venture in Iberia in October 2012 resulting in a non-operating
gain of $623.
(3) During the fourth quarter of fiscal year 2013, the Company recorded before-tax goodwill and indefinite-lived intangible assets impairment
charges of $308 ($290 after-tax). For additional details, see Note 2.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
Not applicable.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures.
The Company's President and Chief Executive Officer, A. G.
Lafley, and the Company's Chief Financial Officer, Jon R.
Moeller, performed an evaluation of the Company's
disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) of the Securities Exchange Act of
1934 (Exchange Act)) as of the end of the period covered by
this Annual Report on Form 10-K.
Messrs. Lafley and Moeller have concluded that the
Company's disclosure controls and procedures were
effective to ensure that information required to be disclosed
in reports we file or submit under the Exchange Act is
(1) recorded, processed, summarized and reported within the
time periods specified in Securities and Exchange
Commission rules and forms, and (2) accumulated and
communicated to our management, including Messrs. Lafley
and Moeller, to allow their timely decisions regarding
required disclosure.
Changes in Internal Control over Financial Reporting.
There were no changes in our internal control over financial
reporting that occurred during the Company's fourth fiscal
quarter that have materially affected, or are reasonably likely
to materially affect, the Company's internal control over
financial reporting.
Item 9B. Other Information.
Not applicable.