Estee Lauder 2005 Annual Report Download - page 39

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THE EST{E LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
YEAR ENDED JUNE 30 2005 2004 2003
(In millions, except per share data)
Net Sales $6,336.3 $5,790.4 $5,096.0
Cost of sales 1,617.4 1,476.3 1,324.4
Gross Profit 4,718.9 4,314.1 3,771.6
Operating expenses:
Selling, general and administrative 3,998.3 3,651.3 3,225.6
Special charges —— 22.0
Related party royalties —18.8 20.3
3,998.3 3,670.1 3,267.9
Operating Income 720.6 644.0 503.7
Interest expense, net 13.9 27.1 8.1
Earnings before Income Taxes, Minority Interest and
Discontinued Operations 706.7 616.9 495.6
Provision for income taxes 291.3 232.6 163.3
Minority interest, net of tax (9.3) (8.9) (6.7)
Net Earnings from Continuing Operations 406.1 375.4 325.6
Discontinued operations, net of tax —(33.3) (5.8)
Net Earnings 406.1 342.1 319.8
Preferred stock dividends —— 23.4
Net Earnings Attributable to Common Stock $ 406.1 $ 342.1 $ 296.4
Basic net earnings per common share:
Net earnings attributable to common stock from continuing operations $ 1.80 $ 1.65 $ 1.30
Discontinued operations, net of tax —(.15) (.03)
Net earnings attributable to common stock $ 1.80 $ 1.50 $ 1.27
Diluted net earnings per common share:
Net earnings attributable to common stock from continuing operations $ 1.78 $ 1.62 $ 1.29
Discontinued operations, net of tax —(.14) (.03)
Net earnings attributable to common stock $ 1.78 $ 1.48 $ 1.26
Weighted average common shares outstanding:
Basic 225.3 228.2 232.6
Diluted 228.6 231.6 234.7
See notes to consolidated financial statements.
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