Dow Chemical 2009 Annual Report Download - page 56

Table of Contents
The Dow Chemical Company and Subsidiaries
PART II, Item 6. Selected Financial Data.
In millions, except as noted (Unaudited) 2009 2008 2007 2006 2005
Summary of Operations (1)
Net sales (2) $ 44,875 $ 57,361 $ 53,375 $ 49,009 $ 46,186
Cost of sales (2) 39,148 51,913 46,302 41,448 38,194
Research and development expenses 1,492 1,310 1,305 1,164 1,073
Selling, general and administrative expenses 2,487 1,966 1,861 1,660 1,542
Amortization of intangibles 399 92 72 50 55
Special charges: restructuring, merger-related, asbestos-
related, IPR&D, impariment losses 869 1,117 635 414 114
Equity in earnings of nonconsolidated affiliates 630 787 1,122 959 964
Sundry income - net 891 89 324 137 755
Interest expense - net 1,532 562 454 431 564
Income (Loss) from continuing operations before income
taxes 469 1,277 4,192 4,938 6,363
Provision (Credit) for income taxes (97) 651 1,230 1,142 1,769
Net income (loss) from continuing operations 566 626 2,962 3,796 4,594
Income from discontinued operations, net of income taxes 110 28 23 21 23
Net income attributable to noncontrolling interests 28 75 98 93 82
Preferred stock dividends 312 - - - -
Income (Loss) before cumulative effect of changes in
accounting principles 336 579 2,887 3,724 4,535
Cumulative effect of changes in accounting principles - - - - (20)
Net income (loss) available for The Dow Chemical
Company common stockholders $ 336 $ 579 $ 2,887 $ 3,724 $ 4,515
Per share of common stock (in dollars): (3)
Net income (loss) from continuing operations per
common share - basic 0.22 0.59 3.00 3.85 4.66
Discontinued operations per common share - basic 0.10 0.03 0.03 0.02 0.03
Earnings (Loss) per common share - basic 0.32 0.62 3.03 3.87 4.69
Net income (loss) from continuing operations per
common share - diluted 0.22 0.59 2.97 3.80 4.60
Discontinued operations per common share - diluted 0.10 0.03 0.02 0.02 0.02
Earnings (Loss) per common share - diluted 0.32 0.62 2.99 3.82 4.62
Cash dividends declared per share of common stock 0.60 1.68 1.635 1.50 1.34
Cash dividends paid per share of common stock 0.87 1.68 1.59 1.46 1.34
Book value per share of common stock 18.42 14.62 20.62 17.81 15.84
Weighted-average common shares outstanding - basic (3) 1,043.2 930.4 953.1 962.3 963.2
Weighted-average common shares outstanding - diluted (3) 1,053.9 939.0 965.6 974.4 976.8
Convertible preferred shares outstanding (thousands) 4,000 - - - -
Year-end Financial Position
Total assets $ 65,937 $ 45,474 $ 48,801 $ 45,581 $ 45,934
Working capital 6,454 2,952 6,209 6,608 6,741
Property - gross 53,567 48,391 47,708 44,381 41,934
Property - net 18,141 14,294 14,388 13,722 13,537
Long-term debt and redeemable preferred stock 19,152 8,042 7,581 8,036 9,186
Total debt 22,373 11,856 9,715 9,546 10,706
The Dow Chemical Company's stockholders' equity 20,555 13,511 19,389 17,065 15,324
Financial Ratios
Research and development expenses as percent of net sales
(2) 3.3% 2.3% 2.4% 2.4% 2.3%
Income (Loss) from continuing operations before income
taxes
as percent of net sales (2) 1.0% 2.2% 7.9% 10.1% 13.8%
Return on stockholders' equity (4) 2.0% 4.3% 14.9% 21.8% 29.5%
Debt as a percent of total capitalization 51.4% 45.7% 31.8% 34.1% 39.1%
General
Capital expenditures $ 1,410 $ 2,276 $ 2,075 $ 1,775 $ 1,597
Depreciation 2,291 2,016 1,959 1,904 1,904
Salaries and wages paid 5,152 4,681 4,404 3,935 4,309
Cost of employee benefits 1,389 981 1,130 1,125 988
Number of employees at year-end (thousands) 52.2 46.1 45.9 42.6 42.4
Number of Dow stockholders of record at year-end
(thousands) (5) 89.9 94.6 98.7 103.1 105.6
(1) Adjusted to report sale of the Calcium Chloride business in 2009 as discontinued operations. (4)Included Temporary Equity in 1999.