Emerson 2005 Annual Report Download - page 64

5 2 E M E R S O N 2 0 0 5
Eleven-Year Summary
EMERSON ELECTRIC CO. AND SUBSIDIARIES
Years ended September 30
(Dollars in millions except per share amounts)
2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Summary of Net sales $17,305 15,615 13,958 13,748 15,311 15,351 14,270 13,447 12,299 11,150 10,013
Operations Gross profit $ 6,183 5,566 4,898 4,809 5,324 5,473 5,076 4,852 4,433 3,985 3,533
Interest expense $ 243 234 246 250 304 288 190 152 121 127 111
Earnings from continuing operations $ 1,422(a) 1,257 1,013 1,076 1,049(d) 1,409 1,314 1,229 1,122 1,019 908
Percent of net sales 8.2% 8.1% 7.3% 7.8% 6.8% 9.2% 9.2% 9.1% 9.1% 9.1% 9.1%
Net earnings $ 1,422(a) 1,257 1,089 122(b) 1,032(d) 1,422 1,314 1,229 1,122 1,019 908
Operating cash flow $ 2,187 2,216 1,731 1,818 1,708 1,840 1,811 1,652 1,499 1,317 1,142
Return on average stockholders’ equity 19.4% 18.4% 17.9% 17.9%(c) 16.5% 22.6% 21.9% 21.9% 20.8% 19.9% 19.7%
Per Share of Diluted:
Common Stock Earnings from continuing operations $ 3.40(a) 2.98 2.41 2.56 2.44(d) 3.27 3.00 2.77 2.50 2.25 2.01
Net earnings $ 3.40(a) 2.98 2.59 0.29(b) 2.40(d) 3.30 3.00 2.77 2.50 2.25 2.01
Cash dividends $ 1.66 1.60 1.57 1.55 1.53 1.43 1.30 1.18 1.08 0.98 0.89
Book value $ 18.02 17.26 15.34 13.65 14.57 14.98 14.27 13.24 12.30 11.96 10.88
Year-End Operating working capital $ 1,643 1,633 1,778 1,741 2,033 2,336 2,222 2,294 2,098 1,984 1,773
Financial Percent of net sales 9.5% 10.5% 12.7% 12.6% 13.1% 15.0% 15.6% 17.1% 17.1% 17.8% 17.7%
Position Property, plant and equipment, net $ 3,003 2,937 2,962 3,116 3,288 3,243 3,154 3,012 2,735 2,451 2,135
Total assets $17,227 16,361 15,194 14,545 15,046 15,164 13,624 12,660 11,463 10,481 9,399
Long-term debt $ 3,128 3,136 3,733 2,990 2,256 2,248 1,317 1,057 571 773 209
Stockholders’ equity $ 7,400 7,238 6,460 5,741 6,114 6,403 6,181 5,803 5,421 5,353 4,871
Total debt to total capital 35.6% 35.8% 39.0% 44.2% 43.5% 41.8% 34.6% 30.8% 27.1% 24.5% 24.7%
Net debt to net capital 27.7% 27.0% 34.5% 42.0% 41.5% 40.2% 32.7% 29.0% 24.9% 22.9% 23.3%
Other Data Capital expenditures $ 518 400 337 384 554 692 592 603 575 514 421
Depreciation $ 472 478 463 457 462 454 447 406 369 339 303
Total taxes, including income taxes $ 1,227 1,044 843 915 982 1,196 1,126 1,093 1,034 963 862
Salaries and wages $ 3,161 3,320 3,153 3,107 3,389 3,376 3,171 3,003 2,771 2,569 2,380
Average number of employees 114,200 107,800 106,700 111,500 124,500 123,400 116,900 111,800 100,700 86,400 78,900
Approximate number of stockholders of record at year end 28,780 30,200 31,800 32,700 33,700 35,000 36,300 37,200 35,900 29,800 31,000
Average common shares - diluted (in thousands) 418,860 422,195 420,918 420,891 429,452 431,395 438,397 444,121 449,501 452,754 451,946
Note: All share and per share data reflect the 1997 two-for-one stock split. The operating results of Dura-Line are classified as discontinued operations for 2000 – 2003.
(a) Includes a tax expense of $63 ($0.15 per share) related to the one-time opportunity to repatriate foreign earnings under the American Jobs Creation Act of 2004.
(b) Includes the cumulative effect of a change in accounting principle of $938 ($2.23 per share).
(c) Before change in accounting principle.
(d) Includes a $377 charge ($260 after-tax, or $0.61 per share), of which $358 ($248 after-tax, or $0.58 per share) was reported in continuing operations, primarily for
the disposition of facilities and exiting of product lines.