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Table of Contents
15
Item 6.
Selected Financial Data
Years Ended
June 27,
June 28,
June 30,
July 1,
July 2,
2009
2008
2007
2006
2005
(Millions, except for per share and ratio data)
Income:
Sales
$
16,229.9
$
17,952.7
$
15,681.1
$
14,253.6
$
11,066.8
Gross profit
2,023.0
2,313.7
2,048.6
1,839.0
(d)
1,459.0
Operating income (loss)
(1,019.3
)(a)
710.4
(b)
678.3
(c)
433.1
(d)
321.3
Income tax provision
39.4
(a)
209.9
(b)
193.5
(c)
111.6
(d)
71.5
Net income (loss)
(1,122.5
)(a)
499.1
(b)
393.1
(c)
204.5
(d)
168.2
Financial Position:
Working capital(e)
2,688.4
3,191.5
2,711.8
2,029.1
2,065.4
Total assets
6,273.5
8,200.1
7,355.1
6,215.7
5,098.2
Long
term debt
946.6
1,181.5
1,156.0
918.8
1,183.2
Shareholders
equity
2,760.9
4,134.7
3,400.6
2,831.2
2,097.0
Per Share:
Basic earnings (loss)
(7.44
)(a)
3.32
(b)
2.65
(c)
1.40
(d)
1.39
Diluted earnings (loss)
(7.44
)(a)
3.27
(b)
2.63
(c)
1.39
(d)
1.39
Book value
18.28
27.49
22.70
19.30
17.36
Ratios:
Operating income (loss) margin on
sales
(6.3
)%(a)
4.0
%(b)
4.3
%(c)
3.0
%(d)
2.9
%
Net income (loss) margin on sales
(6.9
)%(a)
2.8
%(b)
2.5
%(c)
1.4
%(d)
1.5
%
Return on capital
(26.7
)%(a)
10.9
%(b)
11.2
%(c)
7.6
%(d)
7.5
%
Quick
1.5:1
1.4:1
1.3:1
1.1:1
1.5:1
Working capital
2.1:1
2.1:1
2.0:1
1.8:1
2.2:1
Total debt to capital
26.0
%
22.9
%
26.2
%
30.4
%
37.2
%
(a)
Includes goodwill and intangible asset impairment charges of $1.41 billion pre-tax, $1.38 billion after tax and
$9.13 per share and includes the impact of restructuring, integration and other items which totaled $99.3 million
pre-tax, $34.9 million after tax and $0.23 per share (see Note 18 in the Notes to the Consolidated Financial
Statements
contained in Item 15 of this Report for further discussion of these items).
(b)
Includes the impact of restructuring, integration and other items, gains on sale of assets and other items which
totaled to a gain of $11.0 million pre-tax, $14.7 million after tax and $0.09 per share on a diluted basis (see
Note 18 in the
Notes to the Consolidated Financial Statements contained in Item 15 of this Report for further
discussion of these items).
(c)
Includes the impact of restructuring, integration and other items, gain on sale of assets, debt extinguishment costs
and other items which amounted to charges of $31.7 million pre-tax, $20.0 million after tax and $0.13 per share
on a diluted basis.
(d)
Includes the impact of restructuring, integration and other items recorded during fiscal 2006, including inventory
writedowns for terminated lines (recorded in cost of sales) in connection with an acquisition. These combined
charges amounted to $69.9 million pre-tax (including $9.0 million recorded in cost of sales), $49.9 million after
tax and $0.34 per share on a diluted basis. Fiscal 2006 results also include a loss on the sale of business lines of
$2.6 million pre-tax, $7.1 million after tax and $0.05 per share on a diluted basis. The Company also recognized
debt extinguishment costs of $22.6 million pre-tax, $13.6 million after tax and $0.09 per share on a diluted basis.
In addition, in comparison with fiscal 2005, fiscal 2006 results include incremental stock-based compensation
expense resulting from the Company
s adoption of accounting standards that require