Estee Lauder 2004 Annual Report Download - page 84

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THE EST{E LAUDER COMPANIES INC.
NOTE 19 – UNAUDITED QUARTERLY FINANCIAL DATA
The following summarizes the unaudited quarterly operating results of the Company for the years ended June 30, 2004
and 2003:
September 30 December 31 March 31 June 30 Total Year
(In millions, except per share data)
Fiscal 2004
Net sales $1,346.6 $1,619.1 $1,421.6 $1,403.1 $5,790.4
Gross profit 982.5 1,206.4 1,063.0 1,062.2 4,314.1
Operating income 129.7 219.0 169.6 125.7 644.0
Net earnings from
continuing operations 77.7 126.3 100.1 71.3 375.4
Net earnings 77.0 95.7 98.3 71.1 342.1
Net earnings per common share
from continuing operations:
Basic .34 .55 .44 .31 1.65
Diluted .34 .54 .43 .31 1.62
Net earnings per common share:
Basic .34 .42 .43 .31 1.50
Diluted .33 .41 .42 .31 1.48
Fiscal 2003
Net sales $1,235.8 $1,407.4 $1,233.5 $1,219.3 $5,096.0
Gross profit 881.4 1,038.5 919.7 932.0 3,771.6
Operating income 115.6 171.2 129.3 87.6 503.7
Net earnings from
continuing operations 74.0 110.2 85.0 56.4 325.6
Net earnings 73.4 109.6 83.8 53.0 319.8
Net earnings per common share
from continuing operations:
Basic .29 .45 .34 .22 1.30
Diluted .29 .44 .34 .22 1.29
Net earnings per common share:
Basic .29 .45 .34 .21 1.27
Diluted .28 .44 .33 .20 1.26
NOTE 20 – UNAUDITED SUBSEQUENT EVENT
On August 24, 2004, the Company’s Compensation Committee of the Board of Directors approved the conversion of
$16.1 million in share units into a cash equivalent amount to be placed in a deferred compensation account. This
conversion will be reflected in the Company’s first quarter of fiscal 2005 and does not affect the classification of these
share units as of June 30, 2004.
Pursuant to the Company’s authorized share repurchase program, subsequent to June 30, 2004 and through August 31,
2004, the Company purchased an additional 1.3 million shares of Class A Common Stock for $54.9 million bringing the
cumulative total of acquired shares to 18.0 million under this program.
Quarter Ended
82