Estee Lauder 2003 Annual Report Download - page 37

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THEEST{E LAUDER COMPANIES INC. 36
FINANCIAL HIGHLIGHTS
*Fiscal 2003 information includes the effect of a special charge of $22.0 million ($13.5 million after-tax), or $.06 per diluted common share, related to
the proposed settlement of a legal action. Fiscal 2002 information includes the effect of restructuring charges of $117.4 million ($76.9 million after-tax),
or $.32 per common share, and is after the cumulative effect of adopting a new accounting principle in the amount of $20.6 million, or $.08 per
common share. Fiscal 2001 information is reported after considering the effect of restructuring and special charges of $63.0 million ($40.3 million
after-tax), or $.17 per common share, and after the cumulative effect of adopting a new accounting principle in the amount of $2.2 million after-tax,
or $.01 per common share. For a more detailed description of our operating results, including the impact of these items refer to “Management’s
Discussion and Analysis of Financial Condition — Results of Operations.”
†Before preferred dividends.
A HERITAGE OF UNINTERRUPTED SALES GROWTH
1953 1972 1985 1991 2003
$100 million $1 billion $2 billion $5.1 billion
NET SALES*
(Dollars in billions)
4.04 4.44 4.67 4.74 5.12
1999 2000 2001 2002 2003
OPERATING INCOME*
(Dollars in millions)
456.9 515.8 495.6 341.4 495.1
1999 2000 2001 2002 2003
NET EARNINGS*
†
(Dollars in millions)
272.9 314.1 305.2 191.9 319.8
1999 2000 2001 2002 2003
Percent
YEAR ENDED JUNE 30 2003 2002 Change
(Dollars in millions, except per share data)
Net Sales* $5,117.6 $4,743.7 8%
Operating Income* 495.1 341.4 45%
Net Earnings (before preferred dividends)* 319.8 191.9 67%
Net Earnings Per Share — Diluted* 1.26 0.70 80%
AT JUNE 30
Total Assets $3,349.9 $3,416.5 (2%)
Stockholder’s Equity 1,423.6 1,461.9 (3%)