Sara Lee 2008 Annual Report Download - page 77

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Note 24 – Quarterly Financial Data (Unaudited)
Quarter First Second Third Fourth
2008
Continuing operations1
Net sales $3,054 $3,408 $3,243 $3,507
Gross profit 1,157 1,292 1,259 1,350
Income (loss) 200 182 234 (657)
Income (loss) per
common share
Basic 0.28 0.25 0.33 (0.93)
Diluted 0.28 0.25 0.33 (0.93)
Net income (loss)2200 182 211 (672)
Net income (loss) per
common share
Basic20.28 0.25 0.30 (0.95)
Diluted20.28 0.25 0.30 (0.95)
Cash dividends declared – 0.1050 0.1050 0.210
Market price
High 17.54 16.95 16.22 15.00
Low 14.75 15.67 12.32 12.15
Close 16.69 16.23 13.66 12.18
1The results have been reclassified to reflect the Mexican Meats business as a
discontinued operation.
2The quarterly financial data shown above includes the impact of significant items. Significant
items include exit activities, asset and business dispositions, impairment charges, transforma-
tion charges, accelerated depreciation, and curtailment gains. Further details of these items
are included in the Financial Review on page 13. The impact of these items is shown below
where negative amounts are charges, and positive amounts are income.
Quarter First Second Third Fourth
2008
Impact of significant items on income
(loss) from continuing operations $(1) $24 $67 $(855)
EPS impact
Basic – 0.03 0.10 (1.21)
Diluted – 0.03 0.10 (1.21)
Impact of significant items on
net income (loss) (1) 24 42 (870)
EPS impact
Basic – 0.03 0.06 (1.23)
Diluted – 0.03 0.06 (1.23)
Quarter First Second Third Fourth
2007
Continuing operations1
Net sales $2,817 $3,105 $2,935 $3,126
Gross profit 1,066 1,186 1,157 1,204
Income (loss) 257 (48) 113 118
Income (loss) per
common share
Basic 0.34 (0.07) 0.15 0.16
Diluted 0.34 (0.07) 0.15 0.16
Net income (loss)2333 (62) 116 117
Net income (loss) per
common share
Basic20.44 (0.08) 0.16 0.16
Diluted20.44 (0.08) 0.16 0.16
Cash dividends declared 0.1000 0.1000 0.1000 0.2000
Market price
High 17.11 17.23 17.49 18.15
Low 14.08 16.00 16.00 16.33
Close 16.07 17.03 16.92 17.40
Quarter First Second Third Fourth
2007
Impact of significant items on income
(loss) from continuing operations $132 $(212) $(5) $(5)
EPS impact
Basic 0.17 (0.29) (0.01) (0.01)
Diluted 0.17 (0.29) (0.01) (0.01)
Impact of significant items on
net income (loss) 148 (217) (2) (4)
EPS impact
Basic 0.20 (0.29) 0.00 (0.01)
Diluted 0.19 (0.29) 0.00 (0.01)
Note 25 – Subsequent Events
Contingent Sale Proceeds In July 2008, the corporation received
a payment of 95 million euros, as the contingencies had passed
related to the 2009 annual contingent payment from the sale of the
corporation’s cut tobacco business. Based upon exchange rates in
effect on the date of receipt, the payment was equivalent to $150
and will be recognized in the first quarter of 2009. Further details
regarding these contingent payments from the sale of the corpora-
tion’s cut tobacco business are contained in Note 16 to the
Consolidated Financial Statements, “Contingencies.”
Sara Lee Corporation and Subsidiaries 75