Sara Lee 2011 Annual Report Download - page 49

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46/47 Sara Lee Corporation and Subsidiaries
FINANCIAL SUMMARY
Dollars in millions except per share data Years ended July 2, 2011 July 3, 2010 1 June 27, 2009 June 28, 2008 June 30, 2007
Results of Operations
Continuing operations
Net sales $8,681 $8,339 $8,366 $÷8,650 $÷7,853
Operating income (loss) 627 821 418 (154) 252
Income (loss) before income taxes 487 706 298 (254) 113
Income (loss) 338 582 184 (341) 73
Income (loss) attributable to Sara Lee 338 582 184 (341) 73
Effective tax rate 30.7% 17.6% 38.4% (34.6) % 35.8%
Income (loss) per share of common stock
Basic $÷0.54 $÷0.85 $÷0.26 $«÷(0.48) $÷÷0.10
Diluted 0.54 0.84 0.26 (0.48) 0.10
Income (loss) from discontinued operations 222 (139) 196 286 415
Gain (loss) on sale of discontinued operations 736 84 – (24) 16
Net income (loss) 1,296 527 380 (64) 502
Net income (loss) attributable to Sara Lee 1,287 506 364 (79) 504
Net income (loss) per share of common stock
Basic 2.07 0.74 0.52 (0.11) 0.68
Diluted 2.06 0.73 0.52 (0.11) 0.68
Financial Position
Total assets $9,533 $8,836 $9,419 $10,831 $11,755
Total debt 2,647 2,676 2,690 3,054 4,134
Per Common Share
Dividends declared $÷0.46 $÷0.44 $÷0.44 $÷÷0.42 $÷÷0.50
Book value at year-end 3.31 2.25 2.93 3.98 3.51
Market value at year-end 19.32 13.99 9.58 12.18 17.40
Shares used in the determination of net income per share
Basic (in millions) 621 688 701 715 741
Diluted (in millions) 625 691 703 715 743
Other Information – Continuing Operations Only
Net cash flow from operating activities $÷«226 $÷«454 $÷«321 $÷÷«167 $÷÷«141
Net cash from (used in) investing activities (317) (171) (181) (180) 329
Net cash from (used in) financing activities 916 (176) (299) (1,373) (319)
Depreciation 267 280 274 295 295
Media advertising expense 199 202 152 177 158
Total media advertising and promotion expense 323 340 279 322 306
Capital expenditures 291 307 301 422 504
Common stockholders of record260,000 64,000 67,000 70,000 71,000
Number of employees 21,000 21,000 22,000 24,000 25,000
1 53-week year.
2 As of the latest practicable date.
Note: The amounts above include the impact of certain significant items. Significant items may include, but are not limited to: exit activities, asset and business dispositions, impairment
charges, transformation charges, Project Accelerate charges, spin-off related costs, settlement and curtailment gains or losses and various significant tax matters. Further details of
these items are included in the Financial Review. Operating income is reconciled between the income from each of the corporation’s business segments to income from continuing
operations before income taxes in Note 19 of the Consolidated Financial Statements titled,
Business Segment Information.
The Consolidated Financial Statements and Notes and the Financial Review should be read in conjunction with the Financial Summary.