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clx_q4fy04

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This document summarizes the financial performance and position of a company for the three months and fiscal year ended June 30, 2004 compared to the same periods in 2003. For the quarter, net sales increased 8% to $1.24 billion while net earnings grew 25% to $185 million. For the fiscal year, net sales rose 4% to $4.32 billion and net earnings increased 11% to $549 million. The company's current assets as of June 30, 2004 were $1.04 billion and total stockholders' equity was $1.54 billion.

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Condensed Consolidated Statements of Earnings (Unaudited) In millions, except share and per-share amounts Three Months Ended Twelve Months Ended 6/30/04 6/30/03 6/30/04 6/30/03 Net sales $1,243 $1,152 $4,324 $4,144 Cost of products sold 665 630 2,387 2,225 Gross profit 578 522 1,937 1,919 Selling and administrative expenses 137 135 552 532 Advertising costs 128 123 429 456 Research and development costs 23 23 84 76 Restructuring and asset impairment costs 11 - 11 33 Interest expense 9 6 30 28 Other income, net (4) (7) (9) (8) Earnings from continuing operations before income taxes 274 242 840 802 Income taxes 96 85 294 288 Earnings from continuing operations 178 157 546 514 Earnings (losses) from discontinued operations, net of tax benefits (expense) of $5 and ($1) for the three-month, and $7 and $5 for the twelve-month periods ended June 30, 2004 and 2003, respectively 7 (8) 3 (21) Net earnings $185 $149 $549 $493 Net earnings (losses) per common share Basic Continuing operations $0.84 $0.73 $2.58 $2.36 Discontinued operations 0.03 (0.04) 0.01 (0.10) Basic net earnings per common share $0.87 $0.69 $2.59 $2.26 Diluted Continuing operations $0.83 $0.72 $2.55 $2.33 Discontinued operations 0.03 (0.04) 0.01 (0.10) Diluted net earnings per common share $0.86 $0.68 $2.56 $2.23 Weighted average shares outstanding (in thousands) Basic 212,363 215,134 211,683 218,174 Diluted 214,770 217,657 214,371 220,692
Segment Information (Unaudited) In millions Earnings (Losses) from Continuing Fourth Quarter Net Sales Operations Before Income Taxes. Three Months Ended % Three Months Ended % (1) (1) 6/30/2004 6/30/2003 Change 6/30/2004 6/30/2003 Change Household Products - North America $611 $561 9% $150 $130 15% Specialty Products 481 453 6% 194 171 13% Household Products – Latin America/ Other 151 138 9% 32 28 14% Corporate - - - (102) (87) -17% Total Company $1,243 $1,152 8% $274 $242 13% Earnings (Losses) from Continuing Fiscal Year Operations Before Income Taxes. Net Sales Twelve Months Ended % Twelve Months Ended % (1) (1) 6/30/2004 6/30/2003 Change 6/30/2004 6/30/2003 Change Household Products - North America $2,347 $2,282 3% $600 $607 -1% Specialty Products 1,424 1,369 4% 525 521 1% Household Products – Latin America/ Other 553 493 12% 129 66 95% Corporate - - - (414) (392) -6% Total Company $4,324 $4,144 4% $840 $802 5% (1) Percentages based on rounded numbers.
Condensed Consolidated Balance Sheets (Unaudited) In millions 6/30/04 6/30/03 Assets Current assets Cash and cash equivalents $232 $172 Receivables, net 460 463 Inventories 301 264 Other current assets 45 46 Assets held for sale 5 6 Total current assets 1,043 951 Property, plant and equipment, net 1,052 1,072 Goodwill, net 742 730 Trademarks and other intangible assets, net 633 651 Other assets, net 364 248 Total assets $3,834 $3,652 Liabilities and Stockholders' Equity Current Liabilities Notes and loans payable $289 $361 Current maturities of long-term debt 2 213 Accounts payable 310 312 Accrued liabilities 643 537 Income taxes payable 24 28 Total current liabilities 1,268 1,451 Long-term debt 475 495 Other liabilities 377 376 Deferred income taxes 174 115 Stockholders' equity Common stock 250 250 Additional paid-in capital 301 255 Retained earnings 2,846 2,565 Treasury shares, at cost (1,570) (1,507) Accumulated other comprehensive net losses (274) (339) Unearned compensation (13) (9) Stockholders' equity 1,540 1,215 Total liabilities and stockholders' equity $3,834 $3,652

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clx_q4fy04

  • 1. Condensed Consolidated Statements of Earnings (Unaudited) In millions, except share and per-share amounts Three Months Ended Twelve Months Ended 6/30/04 6/30/03 6/30/04 6/30/03 Net sales $1,243 $1,152 $4,324 $4,144 Cost of products sold 665 630 2,387 2,225 Gross profit 578 522 1,937 1,919 Selling and administrative expenses 137 135 552 532 Advertising costs 128 123 429 456 Research and development costs 23 23 84 76 Restructuring and asset impairment costs 11 - 11 33 Interest expense 9 6 30 28 Other income, net (4) (7) (9) (8) Earnings from continuing operations before income taxes 274 242 840 802 Income taxes 96 85 294 288 Earnings from continuing operations 178 157 546 514 Earnings (losses) from discontinued operations, net of tax benefits (expense) of $5 and ($1) for the three-month, and $7 and $5 for the twelve-month periods ended June 30, 2004 and 2003, respectively 7 (8) 3 (21) Net earnings $185 $149 $549 $493 Net earnings (losses) per common share Basic Continuing operations $0.84 $0.73 $2.58 $2.36 Discontinued operations 0.03 (0.04) 0.01 (0.10) Basic net earnings per common share $0.87 $0.69 $2.59 $2.26 Diluted Continuing operations $0.83 $0.72 $2.55 $2.33 Discontinued operations 0.03 (0.04) 0.01 (0.10) Diluted net earnings per common share $0.86 $0.68 $2.56 $2.23 Weighted average shares outstanding (in thousands) Basic 212,363 215,134 211,683 218,174 Diluted 214,770 217,657 214,371 220,692
  • 2. Segment Information (Unaudited) In millions Earnings (Losses) from Continuing Fourth Quarter Net Sales Operations Before Income Taxes. Three Months Ended % Three Months Ended % (1) (1) 6/30/2004 6/30/2003 Change 6/30/2004 6/30/2003 Change Household Products - North America $611 $561 9% $150 $130 15% Specialty Products 481 453 6% 194 171 13% Household Products – Latin America/ Other 151 138 9% 32 28 14% Corporate - - - (102) (87) -17% Total Company $1,243 $1,152 8% $274 $242 13% Earnings (Losses) from Continuing Fiscal Year Operations Before Income Taxes. Net Sales Twelve Months Ended % Twelve Months Ended % (1) (1) 6/30/2004 6/30/2003 Change 6/30/2004 6/30/2003 Change Household Products - North America $2,347 $2,282 3% $600 $607 -1% Specialty Products 1,424 1,369 4% 525 521 1% Household Products – Latin America/ Other 553 493 12% 129 66 95% Corporate - - - (414) (392) -6% Total Company $4,324 $4,144 4% $840 $802 5% (1) Percentages based on rounded numbers.
  • 3. Condensed Consolidated Balance Sheets (Unaudited) In millions 6/30/04 6/30/03 Assets Current assets Cash and cash equivalents $232 $172 Receivables, net 460 463 Inventories 301 264 Other current assets 45 46 Assets held for sale 5 6 Total current assets 1,043 951 Property, plant and equipment, net 1,052 1,072 Goodwill, net 742 730 Trademarks and other intangible assets, net 633 651 Other assets, net 364 248 Total assets $3,834 $3,652 Liabilities and Stockholders' Equity Current Liabilities Notes and loans payable $289 $361 Current maturities of long-term debt 2 213 Accounts payable 310 312 Accrued liabilities 643 537 Income taxes payable 24 28 Total current liabilities 1,268 1,451 Long-term debt 475 495 Other liabilities 377 376 Deferred income taxes 174 115 Stockholders' equity Common stock 250 250 Additional paid-in capital 301 255 Retained earnings 2,846 2,565 Treasury shares, at cost (1,570) (1,507) Accumulated other comprehensive net losses (274) (339) Unearned compensation (13) (9) Stockholders' equity 1,540 1,215 Total liabilities and stockholders' equity $3,834 $3,652