Estee Lauder 2004 Annual Report Download - page 40

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THE EST{E LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
YEAR ENDED JUNE 30 2004 2003 2002
(In millions, except per share data)
Net Sales $5,790.4 $5,096.0 $4,711.5
Cost of sales 1,476.3 1,324.4 1,260.5
Gross Profit 4,314.1 3,771.6 3,451.0
Operating expenses:
Selling, general and administrative 3,651.3 3,225.6 2,982.8
Restructuring —— 109.6
Special charges —22.0 —
Related party royalties 18.8 20.3 16.5
3,670.1 3,267.9 3,108.9
Operating Income 644.0 503.7 342.1
Interest expense, net 27.1 8.1 9.8
Earnings before Income Taxes, Minority Interest and
Discontinued Operations 616.9 495.6 332.3
Provision for income taxes 232.6 163.3 114.7
Minority interest, net of tax (8.9) (6.7) (4.7)
Net Earnings from Continuing Operations 375.4 325.6 212.9
Discontinued operations, net of tax (33.3) (5.8) (21.0)
Net Earnings 342.1 319.8 191.9
Preferred stock dividends —23.4 23.4
Net Earnings Attributable to Common Stock $ 342.1 $ 296.4 $ 168.5
Basic net earnings per common share:
Net earnings attributable to common stock from continuing operations $ 1.65 $ 1.30 $ .80
Discontinued operations, net of tax (.15) (.03) (.09)
Net earnings attributable to common stock $ 1.50 $ 1.27 $ .71
Diluted net earnings per common share:
Net earnings attributable to common stock from continuing operations $ 1.62 $ 1.29 $ .79
Discontinued operations, net of tax (.14) (.03) (.09)
Net earnings attributable to common stock $ 1.48 $ 1.26 $ .70
Weighted average common shares outstanding:
Basic 228.2 232.6 238.2
Diluted 231.6 234.7 241.1
See notes to consolidated financial statements.
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