ManpowerGroup 2001 Annual Report Download - page 22

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year ended december 31 2001 2000 1999
Revenues from services $ 10,483.8 $ 10,842.8 $ 9,770.1
Cost of services 8,527.3 8,896.1 8,065.2
Gross profit 1,956.5 1,946.7 1,704.9
Selling and administrative expenses 1,718.9 1,635.7 1,474.3
Operating profit 237.6 311.0 230.6
Interest and other expense 39.7 45.8 24.8
Earnings before income taxes 197.9 265.2 205.8
Provision for income taxes 73.4 94.0 55.8
Net earnings $ 124.5 $ 171.2 $ 150.0
Net earnings per share $ 1.64 $ 2.26 $ 1.94
Net earnings per share – diluted $ 1.62 $ 2.22 $ 1.91
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
year ended december 31 2001 2000 1999
Systemwide sales $ 11,779.1 $ 12,444.9 $ 11,511.4
Systemwide offices at year-end 3,920 3,685 3,396
Systemwide information represents total of Company-owned branches and franchises.
december 31 2001 2000
Assets
Current Assets
Cash and cash equivalents $ 245.8 $ 181.7
Accounts receivable, less allowance for doubtful accounts of $61.8 and $55.3, respectively 1,917.8 2,094.4
Prepaid expenses and other assets 77.0 51.8
Future income tax benefits 73.8 68.8
Total current assets 2,314.4 2,396.7
Other Assets
Intangible assets, less accumulated amortization of $42.4 and $27.2, respectively 480.8 247.6
Investments in licensees 44.7 41.8
Other assets 204.7 163.9
Total other assets 730.2 453.3
Property and Equipment
Land, buildings, leasehold improvements and equipment 465.4 440.9
Less: accumulated depreciation and amortization 271.4 249.3
Net property and equipment 194.0 191.6
Total assets $ 3,238.6 $ 3,041.6
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable $ 382.1 $ 453.1
Employee compensation payable 93.2 81.2
Accrued liabilities 234.9 269.2
Accrued payroll taxes and insurance 300.8 341.8
Value added taxes payable 255.9 311.0
Short-term borrowings and current maturities of long-term debt 23.7 65.9
Total current liabilities 1,290.6 1,522.2
Other Liabilities
Long-term debt 811.1 491.6
Other long-term liabilities 322.6 287.4
Total other liabilities 1,133.7 779.0
Shareholders’ Equity
Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued ––
Common stock, $.01 par value, authorized 125,000,000 shares,
issued 85,173,961 and 84,717,834 shares, respectively .9 .8
Capital in excess of par value 1,644.9 1,631.4
Accumulated deficit (387.6) (496.9)
Accumulated other comprehensive income (loss) (190.8) (145.1)
Treasury stock at cost, 9,045,200 and 8,945,200 shares, respectively (253.1) (249.8)
Total shareholders’ equity 814.3 740.4
Total liabilities and shareholders’ equity $ 3,238.6 $ 3,041.6
The accompanying Notes to Consolidated Financial Statements are an integral part of these balance sheets.
Consolidated Statements of Operations
— in millions, except per share data —
Supplemental Systemwide Information (unaudited)
— dollars in millions —
Consolidated Balance Sheets
— in millions, except share data —