Emerson 2008 Annual Report Download - page 59

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[ 52 ] Emerson 2008
ELEVEN-YEAR SUMMARY

Years ended September 30 | Dollars in millions, except per share amounts
    2008 2007 2006
Summary of Net sales $24,807 22,131 19,734
Operations Gross profit $ 9,139 8,065 7,129
Interest expense $ 244 261 225
Earnings from continuing operations $ 2,454 2,129 1,839
Percent of net sales 9.9% 9.6% 9.3%
Net earnings $ 2,412 2,136 1,845
Operating cash flow $ 3,293 3,016 2,512
Return on average stockholders' equity 27.0% 25.2% 23.7%
Per Share of Diluted:
Common Stock Earnings from continuing operations $ 3.11 2.65 2.23
Net earnings $ 3.06 2.66 2.24
Cash dividends $ 1.20 1.05 0.89
Book value $ 11.82 11.13 10.13
Year-End Operating working capital $ 2,202 1,915 2,044
Financial Percent of net sales 8.9% 8.5% 10.1%
Position Property, plant and equipment, net $ 3,507 3,431 3,220
Total assets $21,040 19,680 18,672
Long-term debt $ 3,297 3,372 3,128
Stockholders' equity $ 9,113 8,772 8,154
Total debt to total capital 33.1% 30.1% 33.1%
Net debt to net capital 22.7% 23.6% 28.1%
Other Data Capital expenditures $ 714 681 601
Depreciation $ 557 525 500
Total taxes, including income taxes $ 1,749 1,541 1,362
Salaries and wages $ 4,447 4,081 3,751
Average number of employees 140,700 137,700 127,800
Approximate number of stockholders of record at year-end 26,445 26,615 27,065
Average common shares - diluted (in thousands) 789,416 803,864 824,476
Note: All share and per share data reect the 2007 two-for-one stock split.
See Note 3 for information regarding the Company’s acquisition and divestiture activities. Discontinued operations include: European appliance motor
and pump business for all periods presented, Brooks for 2008 only and Dura-Line for 2000 - 2003.
(a) Includes tax expense of $63 ($0.07 per share) related to repatriation of foreign earnings under the American Jobs Creation Act of 2004.
(b) Includes the cumulative effect of a change in accounting principle of $938 ($1.12 per share).
(c) Before change in accounting principle.
(d) Includes a $377 charge ($260 after-tax, or $0.31 per share), of which $358 ($248 after-tax, or $0.29 per share) was reported in continuing
operations, primarily for the disposition of facilities and exiting of product lines.