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1/3/2005
Company Ticker Price
Competitors
Colgate-Palmolive Co CL 50.83 Note: Assume that the date of analysis
Energizer Holdings Inc ENR 49.31 is January 3, 2005
The Procter & Gamble Company PG 55.59
Rayovac Corporation ROV 30.28
Subject Company
Gillette G 44.57
Industry: Personal and Household Products
e date of analysis
8. COMMITMENTS AND CONTINGENCIES
Minimum rental commitments under noncancellable operating leases, primarily for
office and warehouse facilities, are
Source: GILLETTE CO 10-K 2003-12-31: Footnotes
In Thousands
2005 73,000
2006 63,000
2007 51,000
2008 44,000
2009 and thereafter 137,000
Bond Rating for Gillette (G)
Moody's
Report Type Date Title
Rating Action 15-Dec-04 MOODY'S AFFIRMS GILLETTE COMPANY'S
Aa3 SR. UNSECURED RATING AND PRIME-1
SHORT-TERM RATING; OUTLOOK
CHANGED TO POSITIVE FROM STABLE
Analyst Information Rating Information
Analyst: Larry Hess Long Term Rating: Aa3, Dec 7 1994 , Senior
Unsecured - Dom Curr
ST Most Recent Rating: P-1, Nov 3 2000 ,
Commercial Paper - Dom Curr
Outlook:Positive, 15 DEC 2004
Watchlist Status: No
S&P
Analyst Information Rating Information
Analyst: Patrick Jeffrey Long Term Rating: AA-/Stable/A-1+, May 17,
2001
Interest Coverage Ratios
For large manufacturing firms For financial service firms
If interest coverage ratio is If long term interest coverage ratio is
> = to Rating is greater than = to Rating is
-100000 0.20 D -100000 0.05 D
0.2 0.65 C 0.05 0.1 C
0.65 0.80 CC 0.1 0.2 CC
0.8 1.25 CCC 0.2 0.3 CCC
1.25 1.50 B- 0.3 0.4 B-
1.5 1.75 B 0.4 0.5 B
1.75 2.00 B+ 0.5 0.6 B+
2 2.50 BB 0.6 0.8 BB
2.5 3.00 BBB 0.8 1.0 BBB
3 4.25 A- 1 1.5 A-
4.25 5.50 A 1.5 2.0 A
5.5 6.50 A+ 2 2.5 A+
6.5 8.50 AA 2.5 3.0 AA
8.50 100000 AAA 3 100000 AAA
For smaller and riskier firms This table is from my good friend, Professor
If interest coverage ratio is Aswath Damodaran's website
greater than = to Rating is (http:www.stern.nyu.edu/~adamodar)
-100000 0.5 D
0.5 0.8 C http:www.stern.nyu.edu/~adamodar
0.8 1.25 CC
1.25 1.5 CCC
1.5 2.0 B-
2 2.5 B
2.5 3.0 B+
3 3.5 BB
3.5 4.5 BBB
4.5 6.0 A-
6 7.5 A
7.5 9.5 A+
9.5 12.5 AA
12.5 100000 AAA
Bond Spreads (in basis points over applicable Treasury instrument)
As of January 3, 2005
1 Year 2 Year 3 Year 5 Year 7 Year 10 Year 30 Year
Aaa/AAA 4 9 14 19 24 28 48
Aa1/AA+ 10 15 20 29 34 37 53
Aa2/AA 15 25 30 35 42 47 58
Aa3/AA- 20 30 35 44 52 52 63
A1/A+ 25 35 40 50 55 59 68
A2/A 35 44 55 60 64 67 75
A3/A- 45 59 68 75 79 80 90
Baa1/BBB+ 55 65 80 90 94 97 107
Baa2/BBB 60 75 100 105 112 115 127
Baa3/BBB- 75 90 110 115 124 128 148
Ba1/BB+ 125 135 140 175 180 180 200
Ba2/BB 160 235 260 220 210 220 260
Ba3/BB- 195 300 315 250 235 240 300
B1/B+ 275 305 380 275 275 290 325
B2/B 330 355 405 355 315 295 535
B3/B- 505 580 560 530 515 550 640
Caa/CCC 1400 1500 1450 1300 1200 1275 1400
Source: http://bondchannel.bridge.com/EJVspreads.html
Treasury Rates (January 3, 2005)
Current Current
Bills Coupon(%) Mat Date Price Yield(%)
3 month N.A. 3/31/2005 2.21 2.25
6 month N.A. 6/30/2005 2.53 2.6
Notes/Bonds
2 year 3 12/31/2006 99-26 3.09
5 year 3.5 12/15/2009 99-12 3.63
10 year 4.25 11/15/2014 100-04 4.23
30 year 5.375 2/15/2031 108-00 4.83
Source: http://www.bloomberg.com
GILLETTE CO
QUARTERLY FINANCIAL INFORMATION
BALANCE SHEET
QUARTERLY ASSETS (000s)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
CASH 891,000 644,000 645,000
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 970,000 884,000 850,000
INVENTORIES 1,453,000 1,407,000 1,266,000
RAW MATERIALS 123,000 122,000 117,000
WORK IN PROGRESS 241,000 250,000 242,000
FINISHED GOODS 1,089,000 1,035,000 907,000
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 877,000 824,000 831,000
TOTAL CURRENT ASSETS 4,191,000 3,759,000 3,592,000
PROP, PLANT & EQUIP 7,284,000 7,162,000 7,082,000
ACCUMULATED DEP 3,747,000 3,638,000 3,523,000
NET PROP & EQUIP 3,537,000 3,524,000 3,559,000
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 1,588,000 1,594,000 1,513,000
DEPOSITS & OTH ASSET 1,145,000 1,082,000 1,078,000
TOTAL ASSETS 10,461,000 9,959,000 9,742,000
QUARTERLY LIABILITIES (000S)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
NOTES PAYABLE 211,000 345,000 234,000
ACCOUNTS PAYABLE 588,000 598,000 499,000
CUR LONG TERM DEBT 760,000 717,000 363,000
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES 1,895,000 1,705,000 1,800,000
INCOME TAXES 401,000 271,000 337,000
OTHER CURRENT LIAB NA 163,000 163,000
TOTAL CURRENT LIAB 3,855,000 3,799,000 3,396,000
MORTGAGES NA NA NA
DEFERRED CHARGES/INC 659,000 652,000 609,000
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 2,361,000 2,050,000 2,453,000
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 936,000 932,000 913,000
TOTAL LIABILITIES 7,811,000 7,433,000 7,371,000
MINORITY INT (LIAB) 71,000 69,000 69,000
PREFERRED STOCK NA NA NA
COMMON STOCK NET 1,379,000 1,378,000 1,375,000
CAPITAL SURPLUS 1,413,000 1,375,000 1,313,000
RETAINED EARNINGS 8,283,000 7,809,000 7,546,000
TREASURY STOCK 7,441,000 7,021,000 6,853,000
OTHER EQUITIES -1,055,000 -1,084,000 -1,079,000
SHAREHOLDER EQUITY 2,579,000 2,457,000 2,302,000
TOT LIAB & NET WORTH 10,461,000 9,959,000 9,742,000
QUARTERLY INCOME (000s)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
NET SALES 2,691,000 2,443,000 2,235,000
COST OF GOODS 1,082,000 968,000 878,000
GROSS PROFIT 1,609,000 1,475,000 1,357,000
R & D EXPENDITURES NA NA NA
SELL GEN & ADMIN EXP 920,000 865,000 801,000
INC BEF DEP & AMORT 689,000 610,000 556,000
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC -5,000 2,000 -14,000
INTEREST EXPENSE 14,000 11,000 12,000
INCOME BEFORE TAX 670,000 601,000 530,000
PROV FOR INC TAXES 195,000 175,000 154,000
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 475,000 426,000 376,000
EX ITEMS & DISC OPS NA NA NA
NET INCOME 475,000 426,000 376,000
OUTSTANDING SHARES 993,000 1,002 1,003,000
QUARTERLY CASH FLOW STATEMENT (000s)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
Depreciation/Amortization 149,000 153,000 146,000
Capital Expenditures -151,000 -137,000 -91,000
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
681,000 845,000 614,000 510,000 801,000 981,000
NA NA NA NA NA NA
920,000 1,249,000 1,135,000 1,036,000 1,202,000 1,220,000
1,094,000 1,177,000 1,159,000 1,066,000 928,000 1,180,000
NA 115,000 116,000 104,000 NA 113,000
NA 206,000 221,000 208,000 NA 246,000
NA 856,000 822,000 754,000 NA 821,000
NA NA NA NA NA NA
955,000 954,000 1,001,000 878,000 866,000 1,024,000
3,650,000 4,225,000 3,909,000 3,490,000 3,797,000 4,405,000
3,642,000 6,761,000 6,684,000 6,458,000 3,565,000 6,304,000
NA 3,253,000 3,175,000 2,985,000 NA 2,809,000
3,642,000 3,508,000 3,509,000 3,473,000 3,565,000 3,495,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,519,000 1,510,000 1,367,000 1,356,000 1,362,000 1,352,000
1,144,000 1,044,000 1,096,000 1,128,000 1,139,000 766,000
9,955,000 10,287,000 9,881,000 9,447,000 9,863,000 10,018,000
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
117,000 732,000 364,000 824,000 673,000 1,176,000
2,506,000 515,000 549,000 523,000 2,054,000 519,000
742,000 432,000 584,000 153,000 527,000 755,000
NA NA NA NA NA NA
NA 1,793,000 1,646,000 1,454,000 NA 1,238,000
293,000 223,000 232,000 315,000 234,000 345,000
NA NA 166,000 NA NA NA
3,658,000 3,695,000 3,541,000 3,269,000 3,488,000 4,033,000
NA NA NA NA NA NA
626,000 709,000 625,000 595,000 692,000 591,000
NA NA NA NA NA NA
2,453,000 2,715,000 2,740,000 2,753,000 2,457,000 1,852,000
NA NA NA NA NA NA
929,000 898,000 887,000 863,000 920,000 954,000
7,666,000 8,017,000 7,793,000 7,480,000 7,557,000 7,430,000
65,000 71,000 42,000 48,000 46,000 44,000
NA NA NA NA NA NA
1,374,000 1,373,000 1,372,000 1,371,000 1,370,000 1,370,000
1,273,000 1,243,000 1,233,000 1,206,000 1,197,000 931,000
7,333,000 7,292,000 6,877,000 6,871,000 6,608,000 6,604,000
6,665,000 6,461,000 6,179,000 6,099,000 5,392,000 4,965,000
-1,091,000 -1,248,000 -1,257,000 -1,430,000 -1,523,000 -1,396,000
2,224,000 2,199,000 2,046,000 1,919,000 2,260,000 2,544,000
9,955,000 10,287,000 9,881,000 9,447,000 9,863,000 10,018,000
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
2,622,000 2,405,000 2,254,000 1,971,000 2,529,000 2,168,000
1,125,000 935,000 870,000 778,000 1,137,000 882,000
1,497,000 1,470,000 1,384,000 1,193,000 1,392,000 1,286,000
NA NA NA NA NA NA
983,000 866,000 879,000 813,000 891,000 764,000
514,000 604,000 505,000 380,000 501,000 522,000
NA NA NA NA NA NA
9,000 2,000 -6,000 10,000 9,000 12,000
11,000 13,000 16,000 14,000 19,000 21,000
512,000 593,000 483,000 376,000 491,000 513,000
154,000 177,000 145,000 113,000 152,000 159,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
358,000 416,000 338,000 263,000 339,000 354,000
10,000 NA NA NA 7,000 NA
368,000 416,000 338,000 263,000 346,000 354,000
1,007,000 1,012,000 1,020,000 1,021,000 1,044,000 1,058,000
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
148,000
-190,000
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
980,000 865,000 947,000 68,000 55,000 53,000
NA NA NA NA NA NA
1,210,000 1,201,000 1,473,000 1,499,000 1,381,000 1,353,000
1,210,000 1,143,000 1,011,000 1,314,000 1,376,000 1,431,000
133,000 127,000 NA 145,000 136,000 141,000
277,000 259,000 NA 215,000 240,000 226,000
800,000 757,000 NA 954,000 1,000,000 1,064,000
NA NA NA NA NA NA
1,097,000 1,034,000 1,024,000 1,110,000 1,193,000 1,249,000
4,497,000 4,243,000 4,455,000 3,991,000 4,005,000 4,086,000
6,303,000 6,031,000 3,548,000 5,991,000 5,824,000 5,787,000
2,756,000 2,553,000 NA 2,454,000 2,343,000 2,296,000
3,547,000 3,478,000 3,548,000 3,537,000 3,481,000 3,491,000
NA NA NA NA NA NA
NA 5,000 NA NA NA NA
NA NA NA NA NA NA
1,363,000 1,344,000 1,353,000 1,531,000 1,515,000 1,540,000
814,000 758,000 613,000 618,000 634,000 581,000
10,221,000 9,828,000 9,969,000 9,677,000 9,635,000 9,698,000
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
1,903,000 1,978,000 2,235,000 1,808,000 2,039,000 1,954,000
532,000 465,000 1,880,000 353,000 362,000 412,000
606,000 546,000 428,000 565,000 724,000 746,000
NA NA NA NA NA NA
1,188,000 1,157,000 NA 1,306,000 1,349,000 1,380,000
392,000 356,000 295,000 416,000 407,000 416,000
172,000 NA NA NA NA NA
4,793,000 4,502,000 4,838,000 4,448,000 4,881,000 4,908,000
NA NA NA NA NA NA
571,000 541,000 459,000 449,000 423,000 435,000
NA NA NA NA NA NA
1,724,000 1,649,000 1,654,000 1,669,000 1,367,000 1,404,000
NA NA NA NA NA NA
713,000 731,000 805,000 814,000 707,000 730,000
7,801,000 7,423,000 7,756,000 7,380,000 7,378,000 7,477,000
42,000 39,000 42,000 44,000 44,000 43,000
NA NA NA NA NA NA
1,370,000 1,369,000 1,368,000 1,367,000 1,367,000 1,465,000
1,151,000 1,136,000 1,094,000 1,013,000 1,004,000 992,000
6,250,000 NA 6,077,000 6,220,000 6,095,000 6,035,000
4,965,000 4,965,000 4,965,000 4,965,000 4,952,000 4,952,000
-1,428,000 4,826,000 -1,403,000 -1,382,000 -1,301,000 -1,362,000
2,378,000 2,366,000 2,171,000 2,253,000 2,213,000 2,178,000
10,221,000 9,828,000 9,969,000 9,677,000 9,635,000 9,698,000
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
2,024,000 1,732,000 2,718,000 2,362,000 2,118,000 1,763,000
798,000 694,000 1,090,000 922,000 772,000 623,000
1,226,000 1,038,000 1,628,000 1,440,000 1,346,000 1,140,000
NA NA NA NA NA NA
807,000 710,000 1,125,000 967,000 971,000 821,000
419,000 328,000 503,000 473,000 375,000 319,000
NA NA NA NA NA NA
30,000 15,000 -164,000 -10,000 1,000 -10,000
24,000 20,000 26,000 34,000 40,000 45,000
425,000 323,000 313,000 429,000 336,000 264,000
132,000 100,000 113,000 133,000 104,000 82,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
293,000 223,000 200,000 296,000 232,000 182,000
NA NA NA NA NA NA
293,000 223,000 200,000 296,000 232,000 182,000
1,058,000 1,057,000 1,056,000 1,055,000 1,055,000 1,054,000
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
62,000 84,000 43,000 101,000 80,000 60,000
NA NA NA NA NA NA
2,128,000 1,781,000 1,729,000 1,711,000 2,433,000 2,400,000
1,162,000 1,391,000 1,529,000 1,765,000 1,621,000 1,860,000
NA 153,000 179,000 223,000 NA 236,000
NA 246,000 269,000 249,000 NA 244,000
NA 992,000 1,081,000 1,293,000 NA 1,380,000
NA NA NA NA NA NA
1,330,000 1,819,000 1,785,000 938,000 998,000 1,125,000
4,682,000 5,075,000 5,086,000 4,515,000 5,132,000 5,445,000
3,550,000 5,903,000 5,927,000 5,972,000 3,667,000 5,790,000
NA 2,399,000 2,396,000 2,323,000 NA 2,275,000
3,550,000 3,504,000 3,531,000 3,649,000 3,667,000 3,515,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,574,000 1,821,000 1,852,000 2,325,000 2,358,000 2,375,000
596,000 669,000 692,000 693,000 629,000 579,000
10,402,000 11,069,000 11,161,000 11,182,000 11,786,000 11,914,000
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
2,195,000 1,653,000 2,355,000 1,965,000 1,664,000 1,175,000
2,346,000 350,000 446,000 472,000 2,158,000 548,000
631,000 560,000 360,000 365,000 358,000 64,000
NA NA NA NA NA NA
NA 1,420,000 1,419,000 1,146,000 NA 1,496,000
299,000 296,000 125,000 247,000 NA 369,000
NA NA NA 171,000 NA NA
5,471,000 4,279,000 4,705,000 4,366,000 4,180,000 3,652,000
NA NA NA NA NA NA
450,000 461,000 468,000 457,000 423,000 458,000
NA NA NA NA NA NA
1,650,000 3,031,000 2,818,000 2,825,000 2,931,000 3,270,000
NA NA NA NA NA NA
767,000 760,000 833,000 785,000 795,000 1,027,000
8,338,000 8,531,000 8,824,000 8,433,000 8,329,000 8,407,000
41,000 40,000 36,000 39,000 38,000 37,000
NA NA NA 84,000 85,000 87,000
1,365,000 1,365,000 1,365,000 1,364,000 1,723,000 1,363,000
973,000 928,000 972,000 869,000 748,000 867,000
5,853,000 NA 6,102,000 6,233,000 NA 6,124,000
4,953,000 4,953,000 4,953,000 5,015,000 4,219,000 3,888,000
-1,215,000 5,158,000 -1,185,000 -825,000 5,082,000 -1,083,000
2,023,000 2,498,000 2,301,000 2,710,000 3,419,000 3,470,000
10,402,000 11,069,000 11,161,000 11,182,000 11,786,000 11,914,000
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
2,680,000 2,321,000 2,249,000 2,045,000 3,035,000 2,509,000
974,000 852,000 809,000 749,000 1,160,000 946,000
1,706,000 1,469,000 1,440,000 1,296,000 1,875,000 1,563,000
NA NA NA NA NA NA
1,135,000 894,000 941,000 857,000 1,299,000 973,000
571,000 575,000 499,000 439,000 576,000 590,000
NA NA NA NA NA NA
-580,000 10,000 1,000 -4,000 -12,000 -11,000
57,000 61,000 56,000 49,000 46,000 38,000
-66,000 524,000 444,000 386,000 518,000 541,000
17,000 174,000 148,000 128,000 179,000 189,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
-83,000 350,000 296,000 258,000 339,000 352,000
-2,000 NA -427,000 NA NA NA
-85,000 350,000 -131,000 258,000 339,000 352,000
1,053,000 1,053,000 1,053,000 1,043,890 1,364,000 1,072,658
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
63,000 102,000 102,000 113,000 76,000 93,000
NA NA NA NA NA NA
2,262,000 2,322,000 2,943,000 2,577,000 2,362,000 2,110,000
1,784,000 1,820,000 1,595,000 1,784,000 1,823,000 1,722,000
212,000 229,000 NA 275,000 315,000 306,000
266,000 274,000 NA 250,000 249,000 244,000
1,306,000 1,317,000 NA 1,259,000 1,259,000 1,172,000
NA NA NA NA NA NA
630,000 828,000 800,000 664,000 569,000 545,000
4,739,000 5,072,000 5,440,000 5,138,000 4,830,000 4,470,000
5,621,000 5,551,000 3,472,000 5,646,000 5,428,000 5,302,000
2,203,000 2,190,000 NA 2,325,000 2,217,000 2,168,000
3,418,000 3,361,000 3,472,000 3,321,000 3,211,000 3,134,000
NA NA NA NA NA NA
NA NA NA NA NA NA
503,000 NA NA NA NA NA
2,378,000 2,409,000 2,448,000 2,341,000 2,383,000 2,428,000
545,000 617,000 542,000 667,000 657,000 660,000
11,583,000 11,459,000 11,902,000 11,467,000 11,081,000 10,692,000
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
844,000 755,000 981,000 1,110,000 NA 618,000
509,000 536,000 2,170,000 541,000 502,000 548,000
430,000 36,000 9,000 9,000 9,000 9,000
NA NA NA NA NA NA
1,271,000 1,276,000 NA 1,302,000 913,000 897,000
365,000 201,000 318,000 361,000 298,000 370,000
NA NA NA NA 668,000 NA
3,419,000 2,804,000 3,478,000 3,323,000 2,390,000 2,442,000
NA NA NA NA NA NA
433,000 435,000 411,000 252,000 325,000 321,000
NA NA NA NA NA NA
3,259,000 2,277,000 2,256,000 1,961,000 1,760,000 1,464,000
NA NA NA NA NA NA
859,000 870,000 898,000 1,052,000 848,000 854,000
7,970,000 6,386,000 7,043,000 6,588,000 5,323,000 5,081,000
37,000 39,000 39,000 184,000 39,000 38,000
88,000 89,000 90,000 90,000 -393,000 92,000
1,362,000 1,690,000 1,358,000 1,357,000 1,356,000 677,000
648,000 648,000 621,000 664,000 386,000 1,427,000
5,932,000 NA 5,529,000 NA 5,516,000 5,288,000
3,352,000 2,171,000 2,172,000 1,951,000 1,223,000 1,108,000
-1,102,000 4,778,000 -606,000 4,535,000 77,000 -803,000
3,576,000 5,034,000 4,820,000 4,695,000 5,719,000 5,573,000
11,583,000 11,459,000 11,902,000 11,467,000 11,081,000 10,692,000
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
2,414,000 1,939,000 3,175,000 2,531,000 2,325,000 2,025,000
912,000 693,000 1,214,000 974,000 882,000 783,000
1,502,000 1,246,000 1,961,000 1,557,000 1,443,000 1,242,000
NA NA NA NA NA NA
1,010,000 799,000 1,241,000 982,000 848,000 808,000
492,000 447,000 720,000 575,000 595,000 434,000
NA NA NA NA NA NA
-9,000 -7,000 -16,000 -539,000 -3,000 -3,000
24,000 28,000 33,000 27,000 17,000 17,000
459,000 412,000 671,000 9,000 575,000 414,000
159,000 143,000 236,000 3,000 203,000 146,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
300,000 269,000 435,000 6,000 372,000 268,000
NA NA NA NA NA NA
300,000 269,000 435,000 6,000 372,000 268,000
1,085,002 1,109,123 1,105,407 1,109,307 1,124,691 561,708
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
105,000 99,000 89,800 112,000 76,900 63,700
NA 3,800 3,700 3,400 7,000 4,400
2,522,000 2,304,000 2,136,400 2,132,700 2,724,600 1,539,100
1,500,000 1,657,300 1,628,900 1,519,700 1,358,200 1,245,800
NA NA NA NA NA 240,200
NA NA NA NA NA 131,400
NA NA NA NA NA 874,200
NA NA NA NA NA NA
563,000 548,900 555,000 541,000 586,500 352,300
4,690,000 4,613,000 4,413,800 4,308,800 4,753,200 3,205,300
3,104,000 4,829,600 4,716,100 4,614,600 2,565,800 3,461,100
NA 2,039,200 2,024,300 2,018,400 NA 1,686,600
3,104,000 2,790,400 2,691,800 2,596,200 2,565,800 1,774,500
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
2,423,000 2,505,300 2,556,700 2,568,400 2,626,200 1,216,600
647,000 612,900 545,400 579,200 490,100 445,000
10,864,000 10,521,600 10,207,700 10,052,600 10,435,300 6,641,400
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
552,000 719,500 644,900 492,300 NA 587,600
1,794,000 456,000 418,900 428,100 1,964,900 308,500
9,000 11,300 12,200 13,700 14,500 17,000
NA NA NA NA NA NA
NA 898,200 846,700 1,049,100 NA 670,700
286,000 399,000 309,600 331,300 298,600 318,400
NA NA NA NA 656,700 NA
2,641,000 2,484,000 2,232,300 2,314,500 2,934,700 1,902,200
NA NA NA NA NA NA
359,000 278,100 285,300 258,400 298,900 52,300
NA NA NA NA NA NA
1,476,000 1,481,900 1,487,700 1,488,400 1,490,400 681,800
NA NA NA NA NA NA
1,101,000 1,117,000 1,191,300 1,195,200 1,190,500 935,800
5,577,000 5,361,000 5,196,600 5,256,500 5,914,500 3,572,100
39,000 36,900 33,700 33,300 29,900 27,400
93,000 93,600 94,200 94,700 95,200 95,800
1,083,000 675,700 675,100 672,500 671,400 561,400
986,000 1,233,200 1,258,000 1,190,100 1,158,600 54,300
5,021,000 4,866,700 4,634,500 4,436,800 4,168,700 3,915,600
1,108,000 1,084,100 1,055,600 1,055,900 1,056,200 1,056,600
-827,000 -661,400 -628,800 -575,400 -546,800 -528,600
5,248,000 5,123,700 4,977,400 4,762,800 4,490,900 3,041,900
10,864,000 10,521,600 10,207,700 10,052,600 10,435,300 6,641,400
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
3,160,100 2,436,700 2,285,200 2,180,000 4,471,800 1,803,300
1,217,000 929,300 859,500 825,200 1,791,700 648,400
1,943,100 1,507,400 1,425,700 1,354,800 2,680,100 1,154,900
NA NA NA NA NA NA
1,177,700 932,300 908,200 888,800 1,769,500 760,200
765,400 575,100 517,500 466,000 910,600 394,700
NA NA NA NA NA NA
-12,500 -3,700 -3,600 -5,200 -443,500 -1,500
20,300 20,800 17,700 19,200 35,000 14,300
732,600 550,600 496,200 441,600 432,100 378,900
261,900 196,900 177,300 157,900 180,100 137,400
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
470,700 353,700 318,900 283,700 252,000 241,500
NA NA NA NA NA NA
470,700 353,700 318,900 283,700 252,000 241,500
1,130,939 560,077 559,787 557,148 556,078 445,983
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
55,100 53,700 47,900 67,300 61,900 69,200
1,900 8,300 1,600 1,200 3,000 1,900
1,467,400 1,487,300 1,659,500 1,263,900 1,259,200 1,202,200
1,193,200 1,094,300 1,035,100 1,165,900 1,077,700 960,900
247,900 239,800 NA 224,900 225,600 212,000
122,900 128,500 NA 145,000 127,700 111,500
822,400 726,000 NA 796,000 724,400 637,400
NA NA NA NA NA NA
337,100 335,200 360,400 364,400 365,400 368,100
3,054,700 2,978,800 3,104,500 2,862,700 2,767,200 2,602,300
3,332,000 3,296,300 1,636,900 3,137,000 3,069,600 2,929,300
1,658,500 1,649,300 NA 1,626,300 1,609,700 1,526,600
1,673,500 1,647,000 1,636,900 1,510,700 1,459,900 1,402,700
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA 127,500 124,500 125,700
1,216,600 1,214,100 1,221,400 1,017,000 892,500 892,100
457,200 425,900 377,500 378,500 371,700 356,000
6,402,000 6,265,800 6,340,300 5,896,400 5,615,800 5,378,800
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
569,100 421,600 576,200 540,700 475,800 361,400
311,800 373,300 1,273,300 301,500 283,100 289,800
19,600 25,800 26,500 28,000 28,600 29,200
NA NA NA NA NA NA
605,100 659,000 NA 723,300 618,400 692,000
300,900 300,900 248,000 207,200 242,200 296,000
NA NA NA NA NA NA
1,806,500 1,780,600 2,124,000 1,800,700 1,648,100 1,668,400
NA NA NA NA NA NA
61,800 80,100 72,700 197,600 197,900 195,200
NA NA NA NA NA NA
683,000 686,600 691,100 549,800 554,500 562,700
NA NA NA NA NA NA
950,300 951,300 919,200 914,900 906,900 784,800
3,501,600 3,498,600 3,807,000 3,463,000 3,307,400 3,211,100
23,200 22,600 20,000 18,500 19,200 19,200
96,100 96,500 96,900 97,500 97,800 98,100
560,900 560,200 559,700 559,100 558,700 279,200
45,300 35,500 31,100 11,400 6,200 281,700
3,755,500 3,611,400 3,382,700 3,285,000 3,150,600 3,025,100
1,055,800 1,045,600 1,045,800 1,046,200 1,046,400 1,046,500
-524,800 -513,400 -511,300 -491,900 -477,700 -489,100
2,877,200 2,744,600 2,513,300 2,414,900 2,289,200 2,148,500
6,402,000 6,265,800 6,340,300 5,896,400 5,615,800 5,378,800
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
1,745,700 1,676,900 1,987,900 1,669,800 1,601,000 1,536,000
629,300 612,300 785,400 612,500 574,800 567,500
1,116,400 1,064,600 1,202,500 1,057,300 1,026,200 968,500
NA NA NA NA NA NA
747,000 690,000 820,300 719,200 704,300 639,400
369,400 374,600 382,200 338,100 321,900 329,100
NA NA NA NA NA NA
-2,800 300 -400 -4,300 -3,700 -7,000
13,200 14,300 16,300 15,300 14,200 13,200
353,400 360,600 365,500 318,500 304,000 308,900
128,100 130,700 133,400 116,300 110,900 112,800
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
225,300 229,900 232,100 202,200 193,100 196,100
NA NA NA NA NA NA
225,300 229,900 232,100 202,200 193,100 196,100
545,474 444,948 444,464 443,757 443,426 221,580
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
12/31/1994
43,800
2,300
1,379,500
941,200
NA
NA
NA
NA
380,600
2,747,400
1,411,000
NA
1,411,000
NA
NA
133,600
887,400
314,600
5,494,000
12/31/1994
344,400
1,178,200
28,100
NA
NA
232,500
NA
1,783,200
NA
186,700
NA
715,100
NA
774,300
3,459,300
17,400
98,200
279,100
277,700
2,830,200
1,046,600
-421,300
2,017,300
5,494,000
12/31/1994
1,799,200
676,700
1,122,500
NA
783,600
338,900
NA
-7,000
15,800
316,100
116,200
NA
NA
NA
199,900
NA
199,900
221,450
12/31/1994
COLGATE PALMOLIVE CO
QUARTERLY FINANCIAL INFORMATION
BALANCE SHEET
QUARTERLY ASSETS (000s)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
CASH 370,600 417,300 271,500
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 1,286,700 1,277,200 1,204,800
INVENTORIES 863,400 843,400 788,700
RAW MATERIALS NA NA NA
WORK IN PROGRESS NA NA NA
FINISHED GOODS NA NA NA
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 295,200 297,000 300,000
TOTAL CURRENT ASSETS 2,815,900 2,834,900 2,565,000
PROP, PLANT & EQUIP 5,192,900 5,109,000 5,075,800
ACCUMULATED DEP 2,663,400 2,606,300 2,580,600
NET PROP & EQUIP 2,529,500 2,502,700 2,495,200
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 2,579,800 2,533,900 1,884,900
DEPOSITS & OTH ASSET 564,400 558,900 556,000
TOTAL ASSETS 8,489,600 8,430,400 7,501,100
QUARTERLY LIABILITIES (000S)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
NOTES PAYABLE 149,300 66,700 112,900
ACCOUNTS PAYABLE 784,600 758,400 740,200
CUR LONG TERM DEBT 414,700 633,300 314,900
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES NA NA 1,195,400
INCOME TAXES 191,300 160,800 179,400
OTHER CURRENT LIAB 1,091,600 1,021,800 NA
TOTAL CURRENT LIAB 2,631,500 2,641,000 2,542,800
MORTGAGES NA NA NA
DEFERRED CHARGES/INC 454,400 470,500 463,200
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 3,120,700 3,262,400 2,687,300
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 1,035,900 1,025,100 1,000,400
TOTAL LIABILITIES 7,242,500 7,399,000 6,693,700
MINORITY INT (LIAB) NA NA NA
PREFERRED STOCK 276,300 281,200 284,800
COMMON STOCK NET 732,900 732,900 732,900
CAPITAL SURPLUS 1,094,900 1,093,700 1,099,300
RETAINED EARNINGS 8,077,000 7,876,800 7,514,200
TREASURY STOCK 6,785,200 6,718,300 6,632,700
OTHER EQUITIES -2,148,800 -2,234,900 -2,191,100
SHAREHOLDER EQUITY 1,247,100 1,031,400 807,400
TOT LIAB & NET WORTH 8,489,600 8,430,400 7,501,100
QUARTERLY INCOME (000s)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
NET SALES 2,695,700 2,571,700 2,513,500
COST OF GOODS 1,219,000 1,148,100 1,113,900
GROSS PROFIT 1,476,700 1,423,600 1,399,600
R & D EXPENDITURES NA NA NA
SELL GEN & ADMIN EXP 939,000 838,800 868,300
INC BEF DEP & AMORT 537,700 584,800 531,300
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC NA NA NA
INTEREST EXPENSE 30,100 29,300 28,300
INCOME BEFORE TAX 507,600 555,500 503,000
PROV FOR INC TAXES 178,600 181,600 164,500
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 329,000 373,900 338,500
EX ITEMS & DISC OPS NA NA NA
NET INCOME 329,000 373,900 338,500
OUTSTANDING SHARES 530,285 NA 532,088
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
265,300 256,100 219,200 205,800 167,900 200,700
NA NA NA NA NA NA
1,222,400 1,195,400 1,196,000 1,157,100 1,145,400 1,129,000
718,300 772,800 770,900 737,100 671,700 689,600
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
290,500 250,600 256,900 277,100 243,100 214,200
2,496,500 2,474,900 2,443,000 2,377,100 2,228,100 2,233,500
2,542,200 4,918,500 4,866,400 4,695,800 2,491,300 4,488,100
NA 2,416,100 2,348,900 2,231,400 NA 2,075,200
2,542,200 2,502,400 2,517,500 2,464,400 2,491,300 2,412,900
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,897,000 1,880,600 1,874,400 1,817,900 1,791,300 1,757,200
543,100 548,100 591,800 589,200 576,500 524,700
7,478,800 7,406,000 7,426,700 7,248,600 7,087,200 6,928,300
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
103,600 100,000 103,800 115,400 94,600 126,900
753,600 687,800 684,200 695,900 728,300 653,800
314,400 403,800 359,700 315,200 298,500 444,100
NA NA NA NA NA NA
1,090,000 1,058,400 1,177,700 1,029,000 905,600 938,900
183,800 169,300 NA 185,400 121,700 127,200
NA NA NA NA NA NA
2,445,400 2,419,300 2,325,400 2,340,900 2,148,700 2,290,900
NA NA NA NA NA NA
456,000 542,300 522,700 490,900 488,800 475,200
NA NA NA NA NA NA
2,684,900 2,731,900 2,995,800 3,165,400 3,210,800 3,072,100
NA NA NA NA NA NA
1,005,400 875,300 869,200 915,200 888,600 766,700
6,591,700 6,568,800 6,713,100 6,912,400 6,736,900 6,604,900
NA NA NA NA NA NA
292,900 307,800 311,300 315,300 323,000 325,800
732,900 732,900 732,900 732,900 732,900 732,900
1,126,200 1,071,600 1,082,200 1,072,500 1,133,900 1,119,200
7,433,000 7,201,300 6,965,300 6,616,000 6,518,500 6,285,200
6,499,900 6,314,900 6,229,800 6,192,600 6,152,300 5,987,100
-2,198,000 -2,161,500 -2,148,300 -2,207,900 -2,205,700 -2,152,600
887,100 837,200 713,600 336,200 350,300 323,400
7,478,800 7,406,000 7,426,700 7,248,600 7,087,200 6,928,300
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
2,572,600 2,523,800 2,458,600 2,348,400 2,420,400 2,381,700
1,163,600 1,136,500 1,105,800 1,050,200 1,099,700 1,079,100
1,409,000 1,387,300 1,352,800 1,298,200 1,320,700 1,302,600
NA NA NA NA NA NA
861,300 852,000 795,300 787,700 777,200 788,500
547,700 535,300 557,500 510,500 543,500 514,100
NA NA NA NA NA NA
15,000 NA NA NA -29,000 2,000
28,400 30,400 31,300 34,000 26,100 40,700
534,300 504,900 526,200 476,500 488,400 475,400
162,200 139,500 166,400 152,500 147,500 144,700
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
372,100 365,400 359,800 324,000 340,900 330,700
NA NA NA NA NA NA
372,100 365,400 359,800 324,000 340,900 330,700
732,853 537,240 NA NA 732,853 NA
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
247,400 184,800 172,700 289,600 251,100 227,900
NA NA NA 2,700 3,900 2,000
1,164,600 1,148,500 1,124,900 1,146,900 1,174,300 1,136,400
713,500 709,000 677,000 725,400 711,200 700,700
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
232,100 251,800 228,800 240,100 251,000 279,300
2,357,600 2,294,100 2,203,400 2,404,700 2,391,500 2,346,300
4,500,300 4,426,000 2,513,500 4,305,300 4,237,100 4,197,300
2,043,600 1,947,600 NA 1,851,700 1,781,300 1,745,100
2,456,700 2,478,400 2,513,500 2,453,600 2,455,800 2,452,200
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,837,100 1,875,800 1,904,000 1,930,000 1,984,000 2,023,700
482,800 404,300 363,900 334,500 313,900 274,400
7,134,200 7,052,600 6,984,800 7,122,800 7,145,200 7,096,600
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
136,100 125,200 101,600 104,600 89,300 98,900
663,500 654,400 678,100 665,900 699,000 669,400
353,900 352,800 325,500 358,300 351,100 463,500
NA NA NA NA NA NA
869,900 921,800 823,300 1,027,100 749,800 1,139,000
144,300 207,300 195,000 NA 191,400 NA
NA NA NA NA NA NA
2,167,700 2,261,500 2,123,500 2,155,900 2,080,600 2,370,800
NA NA NA NA NA NA
450,300 459,100 480,600 441,000 400,900 422,300
NA NA NA NA NA NA
3,283,700 2,950,300 2,812,000 3,083,300 2,958,200 2,530,400
NA NA NA NA NA NA
759,900 738,700 722,300 634,300 630,400 629,800
6,661,600 6,409,600 6,138,400 6,314,500 6,070,100 5,953,300
NA NA NA NA NA NA
332,000 335,300 341,300 343,500 346,900 349,300
732,900 732,900 732,900 732,900 732,900 732,900
1,136,200 1,153,500 1,168,700 1,109,500 1,114,700 1,104,400
6,052,500 5,734,700 5,643,600 5,457,300 5,261,700 4,982,900
5,755,300 5,458,400 5,203,500 5,028,100 4,693,300 4,344,900
-2,025,700 -1,855,000 -1,836,600 -1,806,800 -1,687,800 -1,681,300
472,600 643,000 846,400 808,300 1,075,100 1,143,300
7,134,200 7,052,600 6,984,800 7,122,800 7,145,200 7,096,600
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
2,297,000 2,195,200 2,414,400 2,391,200 2,329,600 2,292,600
1,053,000 992,400 1,081,100 1,072,000 1,051,000 1,032,800
1,244,000 1,202,800 1,333,300 1,319,200 1,278,600 1,259,800
NA NA NA NA NA NA
726,200 742,100 790,500 843,800 809,000 818,300
517,800 460,700 542,800 475,400 469,600 441,500
NA NA NA NA NA NA
2,000 2,000 -104,000 2,700 3,000 3,800
39,100 36,900 26,600 46,200 45,900 47,400
480,700 425,800 412,200 431,900 426,700 397,900
153,700 136,100 116,900 135,700 139,500 130,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
327,000 289,700 295,300 296,200 287,200 267,900
NA NA NA NA NA NA
327,000 289,700 295,300 296,200 287,200 267,900
542,589 547,124 732,853 NA NA NA
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
206,600 210,900 224,200 206,400 199,600 262,500
5,900 9,600 14,500 56,000 35,600 9,800
1,195,400 NA 1,190,100 1,136,700 1,100,800 1,154,900
686,600 744,700 751,000 776,200 783,700 791,100
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
252,700 1,395,400 219,200 257,000 235,100 212,200
2,347,200 2,360,600 2,399,000 2,432,300 2,354,800 2,430,500
2,528,300 4,216,000 4,211,200 4,172,200 2,551,100 4,094,900
NA 1,715,700 1,692,800 1,646,700 NA 1,617,200
2,528,300 2,500,300 2,518,400 2,525,500 2,551,100 2,477,700
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
2,096,400 2,119,500 2,129,100 2,165,800 2,185,400 2,184,700
280,400 256,700 313,600 260,400 331,800 348,300
7,252,300 7,237,100 7,360,100 7,384,000 7,423,100 7,441,200
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
121,100 115,900 151,500 171,100 207,300 199,100
738,900 680,400 724,600 673,100 764,800 744,100
320,200 145,500 242,900 347,200 338,900 423,000
NA NA NA NA NA NA
900,200 969,200 797,100 969,200 845,900 927,800
163,700 NA 143,500 133,100 116,600 67,400
NA NA NA NA NA NA
2,244,100 1,911,000 2,059,600 2,293,700 2,273,500 2,361,400
NA NA NA NA NA NA
447,300 516,300 462,300 NA 398,600 515,700
NA NA NA NA NA NA
2,536,900 2,681,300 2,532,300 2,285,400 2,243,300 2,187,100
NA NA NA NA NA NA
555,900 553,700 665,900 699,500 674,000 678,500
5,784,200 5,662,300 5,720,100 5,278,600 5,589,400 5,742,700
NA NA NA NA NA NA
354,100 356,100 12,900 815,700 366,500 20,200
732,900 732,900 732,900 732,900 732,900 732,900
1,144,900 1,046,300 1,097,800 1,056,000 1,063,200 865,100
4,893,700 4,706,100 4,522,000 4,269,000 4,212,300 4,053,200
4,043,400 3,707,300 3,535,800 3,279,200 3,056,400 2,843,400
-1,614,100 -1,559,300 -1,189,800 -1,489,000 -1,484,800 -1,129,500
1,468,100 1,574,800 1,640,000 2,105,400 1,833,700 1,698,500
7,252,300 7,237,100 7,360,100 7,384,000 7,423,100 7,441,200
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
2,412,900 2,366,500 2,336,700 2,241,800 2,343,900 2,314,000
1,106,100 1,073,000 1,065,800 1,020,600 1,090,500 1,060,400
1,306,800 1,293,500 1,270,900 1,221,200 1,253,400 1,253,600
NA NA NA NA NA NA
798,200 851,900 832,800 816,700 769,900 852,000
508,600 441,600 438,100 404,500 483,500 401,600
NA NA NA NA NA NA
-73,800 6,500 7,000 8,000 -102,500 10,500
18,200 54,800 51,200 49,100 8,800 54,300
416,600 393,300 393,900 363,400 372,200 357,800
129,900 118,000 132,000 123,500 111,600 118,100
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
286,700 275,300 261,900 239,900 260,600 239,700
NA NA NA NA NA NA
286,700 275,300 261,900 239,900 260,600 239,700
732,853 NA NA NA 732,853 NA
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
198,100 189,000 181,700 210,000 176,100 176,200
53,800 16,100 12,800 16,100 27,500 49,400
1,173,100 1,097,700 1,085,600 1,107,000 1,134,900 1,085,700
743,000 742,400 746,000 775,300 716,400 748,100
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
220,400 229,000 218,800 224,800 253,000 230,200
2,388,400 2,274,200 2,244,900 2,333,200 2,307,900 2,289,600
4,051,800 4,017,800 2,589,200 4,017,000 3,895,200 2,452,500
1,565,000 1,530,900 NA 1,518,500 1,441,700 NA
2,486,800 2,486,900 2,589,200 2,498,500 2,453,500 2,452,500
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
2,212,600 2,288,400 2,524,100 2,536,400 2,540,200 2,561,800
326,600 343,300 327,000 331,200 319,300 320,000
7,414,400 7,392,800 7,685,200 7,699,300 7,620,900 7,623,900
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
211,200 189,900 175,300 176,400 143,800 173,000
694,200 701,600 726,100 738,400 693,400 692,300
504,900 285,800 281,600 244,600 89,500 152,400
NA NA NA NA NA NA
880,200 909,300 857,200 872,900 810,600 860,000
51,500 86,700 74,200 165,000 133,800 126,600
NA NA NA NA NA NA
2,342,000 2,173,300 2,114,400 2,197,300 1,871,100 2,004,300
NA NA NA NA NA NA
505,500 448,300 448,000 282,700 280,000 279,700
NA NA NA NA NA NA
2,128,900 2,357,200 2,300,600 2,361,500 2,490,000 2,440,500
NA NA NA NA NA NA
676,500 739,300 736,600 781,200 762,900 778,400
5,652,900 5,718,100 5,599,600 5,622,700 5,404,000 5,502,900
NA NA NA NA NA NA
370,700 372,800 376,200 21,100 379,500 382,300
732,900 366,400 366,400 366,400 366,400 366,400
876,400 1,196,900 1,191,100 1,097,100 1,088,800 1,057,400
3,906,500 3,688,700 3,641,000 3,495,900 3,362,900 3,168,800
2,695,600 2,547,800 2,333,800 2,199,800 1,908,400 1,803,300
-1,429,400 -1,402,300 -1,155,300 -704,100 -1,072,300 -1,050,600
1,761,500 1,674,700 2,085,600 2,076,600 2,216,900 2,121,000
7,414,400 7,392,800 7,685,200 7,699,300 7,620,900 7,623,900
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
2,285,000 2,175,300 2,290,200 2,265,400 2,256,500 2,159,500
1,063,700 1,009,400 1,097,600 1,072,800 1,083,900 1,036,000
1,221,300 1,165,900 1,192,600 1,192,600 1,172,600 1,123,500
NA NA NA NA NA NA
831,500 801,000 766,200 825,100 824,700 781,100
389,800 364,900 426,400 367,500 347,900 342,400
NA NA NA NA NA NA
10,300 8,100 -81,000 5,800 6,900 7,100
54,500 54,000 19,100 52,500 51,000 50,300
345,600 319,000 326,300 320,800 303,800 299,200
117,500 110,100 92,100 105,900 100,300 103,200
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
228,100 208,900 234,200 214,900 203,500 196,000
NA NA NA NA NA NA
228,100 208,900 234,200 214,900 203,500 196,000
NA NA 366,427 NA NA NA
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
183,100 227,400 234,300 167,300 248,200 222,700
22,200 33,600 28,600 48,100 59,600 94,700
1,037,400 1,075,200 1,140,600 1,106,800 1,064,400 1,146,400
728,400 807,000 816,500 799,800 770,700 792,800
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
225,400 232,400 252,300 247,300 229,400 241,000
2,196,500 2,375,600 2,472,300 2,369,300 2,372,300 2,497,600
2,441,000 2,423,800 2,432,900 3,774,200 2,428,900 3,773,900
NA NA NA 1,374,300 NA 1,466,900
2,441,000 2,423,800 2,432,900 2,399,900 2,428,900 2,307,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
2,585,300 2,620,400 2,643,400 2,671,100 2,720,400 2,733,300
315,900 361,300 394,600 392,600 379,900 383,000
7,538,700 7,781,100 7,943,200 7,832,900 7,901,500 7,920,900
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
158,400 285,700 243,300 218,100 172,300 285,400
716,900 717,900 750,800 698,900 751,700 695,300
178,300 115,300 115,200 159,600 110,400 89,900
NA NA NA NA NA NA
838,900 795,000 782,100 826,900 776,800 743,800
67,000 153,600 130,100 141,200 93,100 112,600
NA NA NA NA NA NA
1,959,500 2,067,500 2,021,500 2,044,700 1,904,300 1,927,000
NA NA NA NA NA NA
284,500 233,300 243,900 238,300 234,300 226,800
NA NA NA NA NA NA
2,340,300 2,466,700 2,613,600 2,614,700 2,786,800 2,901,200
NA NA NA NA NA NA
775,800 857,600 882,700 917,100 942,000 952,900
5,360,100 5,625,100 5,761,700 5,814,800 5,867,400 6,007,900
NA NA NA NA NA NA
385,300 386,500 388,100 390,800 392,700 395,100
366,400 366,400 366,400 366,400 183,200 183,200
1,027,400 963,000 949,900 934,000 1,101,600 1,057,200
3,138,000 3,022,800 2,915,900 2,749,700 2,731,000 2,628,200
1,680,300 1,598,400 1,514,400 1,496,800 1,468,800 1,446,600
-1,058,200 -984,300 -924,400 -926,000 -905,600 -904,100
2,178,600 2,156,000 2,181,500 2,018,100 2,034,100 1,913,000
7,538,700 7,781,100 7,943,200 7,832,900 7,901,500 7,920,900
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
2,311,500 2,297,200 2,300,900 2,147,100 2,297,400 2,230,600
1,131,700 1,130,500 1,132,800 1,066,500 1,158,600 1,135,800
1,179,800 1,166,700 1,168,100 1,080,600 1,138,800 1,094,800
NA NA NA NA NA NA
775,700 832,600 854,600 774,100 738,700 799,100
404,100 334,100 313,500 306,500 400,100 295,700
NA NA NA NA NA NA
-85,500 13,300 11,700 -11,900 -108,400 9,400
31,100 59,900 58,700 33,800 32,200 59,800
287,500 287,500 266,500 260,800 259,500 245,300
81,100 98,900 90,700 91,200 77,800 84,400
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
206,400 188,600 175,800 169,600 181,700 160,900
NA NA NA NA NA NA
206,400 188,600 175,800 169,600 181,700 160,900
295,403 NA NA NA 294,268 146,889
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
189,800 206,900 208,800 224,000 165,400 171,500
69,700 52,500 47,800 53,100 61,100 82,100
1,164,700 1,105,100 1,116,900 1,205,100 1,212,100 1,168,500
817,800 810,400 774,800 846,600 858,800 821,200
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
256,800 242,300 211,900 250,100 270,000 241,700
2,498,800 2,417,200 2,360,200 2,578,900 2,567,400 2,485,000
3,766,500 3,683,400 2,155,200 3,510,600 3,431,400 3,372,700
1,508,600 1,484,600 NA 1,469,600 1,236,000 1,204,200
2,257,900 2,198,800 2,155,200 2,041,000 2,195,400 2,168,500
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
2,753,700 2,785,500 2,741,700 2,715,400 2,677,400 2,677,500
381,600 400,100 385,200 369,800 382,500 376,500
7,892,000 7,801,600 7,642,300 7,705,100 7,822,700 7,707,500
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
272,500 264,700 204,400 255,900 320,600 184,900
771,900 748,600 738,700 741,400 751,900 720,400
90,300 34,000 37,000 52,900 39,500 39,000
NA NA NA NA NA NA
685,100 766,200 696,300 704,700 556,400 631,700
71,900 95,400 76,700 86,700 94,200 141,500
NA NA NA NA NA NA
1,891,700 1,908,900 1,753,100 1,841,600 1,762,600 1,717,500
NA NA NA NA NA NA
230,900 242,200 237,300 233,300 299,000 294,600
NA NA NA NA NA NA
2,970,600 2,953,500 2,992,000 3,010,700 2,965,100 3,026,000
NA NA NA NA NA NA
969,600 1,000,000 980,100 961,800 810,000 785,500
6,062,800 6,104,600 5,962,500 6,047,400 5,836,700 5,823,600
NA NA NA NA NA NA
399,900 402,000 403,500 404,500 405,300 406,800
183,200 183,200 183,200 183,200 183,200 183,200
1,054,300 1,046,600 1,033,700 1,027,800 1,026,400 1,020,200
2,536,900 2,397,700 2,392,200 2,348,200 2,667,300 2,534,100
1,439,400 1,441,300 1,441,800 1,443,200 1,449,100 1,452,100
-905,700 -891,200 -891,000 -862,800 -847,100 -808,300
1,829,200 1,697,000 1,679,800 1,657,700 1,986,000 1,883,900
7,892,000 7,801,600 7,642,300 7,705,100 7,822,700 7,707,500
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
2,167,300 2,053,700 2,152,800 2,134,400 2,090,700 1,980,300
1,106,300 1,050,400 1,122,300 1,109,700 1,110,600 1,010,500
1,061,000 1,003,300 1,030,500 1,024,700 980,100 969,800
NA NA NA NA NA NA
780,500 733,800 694,100 785,800 714,500 685,200
280,500 269,500 336,400 238,900 265,600 284,600
NA NA NA NA NA NA
5,200 NA -113,400 -452,000 8,800 NA
58,300 47,100 42,300 61,800 57,500 43,800
227,400 222,400 180,700 -274,900 216,900 240,800
78,500 78,900 58,200 -24,700 73,700 84,300
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
148,900 143,500 122,500 -250,200 143,200 156,500
NA NA NA NA NA NA
148,900 143,500 122,500 -250,200 143,200 156,500
NA NA 183,213 145,583 NA NA
12/31/1994
169,900
47,600
1,049,600
713,900
NA
NA
NA
NA
196,700
2,177,700
1,988,100
NA
1,988,100
NA
NA
NA
1,671,800
304,800
6,142,400
12/31/1994
181,900
694,900
26,000
NA
541,300
85,100
NA
1,529,200
NA
295,400
NA
1,751,500
NA
743,400
4,319,500
NA
408,400
183,200
1,020,400
2,496,700
1,462,400
-823,400
1,822,900
6,142,400
12/31/1994
1,996,100
1,038,100
958,000
NA
646,700
311,300
NA
-101,400
5,300
204,600
67,500
NA
NA
NA
137,100
NA
137,100
183,213
ENERGIZER HOLDINGS INC
QUARTERLY FINANCIAL INFORMATION
BALANCE SHEET
QUARTERLY ASSETS (000s)
FISCAL QUARTER ENDING 6/30/2004 3/31/2004 12/31/2003
CASH 87,800 89,400 88,500
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 567,700 436,900 496,500
INVENTORIES 460,500 449,300 401,000
RAW MATERIALS NA NA NA
WORK IN PROGRESS NA NA NA
FINISHED GOODS NA NA NA
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 513,600 281,600 327,800
TOTAL CURRENT ASSETS 1,629,600 1,257,200 1,313,800
PROP, PLANT & EQUIP 1,383,200 1,389,200 1,370,500
ACCUMULATED DEP 693,500 691,200 664,900
NET PROP & EQUIP 689,700 698,000 705,600
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 369,100 653,200 658,100
DEPOSITS & OTH ASSET 152,600 160,000 149,900
TOTAL ASSETS 2,841,000 2,768,400 2,827,400
QUARTERLY LIABILITIES (000S)
FISCAL QUARTER ENDING 6/30/2004 3/31/2004 12/31/2003
NOTES PAYABLE 132,300 68,700 74,100
ACCOUNTS PAYABLE 195,500 188,600 178,700
CUR LONG TERM DEBT 20,000 20,000 20,000
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES NA NA NA
INCOME TAXES NA NA NA
OTHER CURRENT LIAB 468,700 437,700 512,300
TOTAL CURRENT LIAB 816,500 715,000 785,100
MORTGAGES NA NA NA
DEFERRED CHARGES/INC NA NA NA
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 921,500 865,900 910,200
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 327,600 304,700 290,400
TOTAL LIABILITIES 2,065,600 1,885,600 1,985,700
MINORITY INT (LIAB) NA NA NA
PREFERRED STOCK NA NA NA
COMMON STOCK NET 1,000 1,000 1,000
CAPITAL SURPLUS 828,500 825,600 814,000
RETAINED EARNINGS 568,400 531,600 480,900
TREASURY STOCK 557,200 421,500 412,700
OTHER EQUITIES -65,300 -53,900 -41,500
SHAREHOLDER EQUITY 775,400 882,800 841,700
TOT LIAB & NET WORTH 2,841,000 2,768,400 2,827,400
QUARTERLY INCOME (000s)
FISCAL QUARTER ENDING 6/30/2004 3/31/2004 12/31/2003
NET SALES 651,900 592,900 811,700
COST OF GOODS 325,000 289,500 402,500
GROSS PROFIT 326,900 303,400 409,200
R & D EXPENDITURES 16,700 20,700 16,100
SELL GEN & ADMIN EXP 240,900 216,100 222,100
INC BEF DEP & AMORT 69,300 66,600 171,000
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC -5,600 3,200 NA
INTEREST EXPENSE 7,600 6,700 5,300
INCOME BEFORE TAX 56,100 63,100 165,700
PROV FOR INC TAXES 17,400 9,700 50,700
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 38,700 53,400 115,000
EX ITEMS & DISC OPS NA NA NA
NET INCOME 38,700 53,400 115,000
OUTSTANDING SHARES 80,800 82,010 81,450
9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002 6/30/2002
71,700 63,400 34,100 134,000 33,900 52,100
NA NA NA NA NA NA
432,300 384,800 325,600 271,300 189,000 183,100
430,600 493,000 520,600 296,400 359,000 347,200
NA 62,800 59,500 44,000 NA 42,500
NA 149,000 138,400 76,800 NA 112,100
NA 281,200 322,700 175,600 NA 192,600
NA NA NA NA NA NA
308,500 NA 248,900 335,700 306,000 230,400
1,243,100 941,200 1,129,200 1,037,400 887,900 812,800
701,200 1,327,700 1,313,400 1,051,500 455,700 1,045,500
NA 633,500 613,300 601,800 NA 584,400
701,200 694,200 700,100 449,700 455,700 461,100
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
639,000 NA NA NA NA NA
148,800 1,053,600 778,000 251,200 244,500 247,000
2,732,100 2,689,000 2,607,300 1,738,300 1,588,100 1,520,900
9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002 6/30/2002
66,100 52,100 706,300 75,700 94,600 65,800
213,200 205,300 160,900 90,200 119,400 98,100
20,000 NA 15,000 15,000 15,000 15,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
428,200 373,100 382,800 418,700 305,600 288,000
727,500 630,500 1,265,000 599,600 534,600 466,900
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
913,600 1,008,000 375,000 160,000 160,000 160,000
NA NA NA NA NA NA
283,000 294,900 268,400 201,700 188,700 175,700
1,924,100 1,933,400 1,908,400 961,300 883,300 802,600
NA NA NA NA NA NA
NA NA NA NA NA NA
1,000 1,000 1,000 1,000 1,000 1,000
811,900 798,600 791,900 790,600 789,800 786,400
367,100 336,200 320,700 288,300 202,400 147,700
288,100 295,400 303,100 192,100 176,000 105,900
-83,900 -84,800 -111,600 -110,800 -112,400 -110,900
808,000 755,600 698,900 777,000 704,800 718,300
2,732,100 2,689,000 2,607,300 1,738,300 1,588,100 1,520,900
9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002 6/30/2002
703,500 594,000 362,600 572,400 442,400 389,900
400,200 359,000 207,300 307,700 248,500 220,500
303,300 235,000 155,300 264,700 193,900 169,400
17,400 16,000 9,300 8,800 9,900 8,900
222,500 198,100 96,200 116,800 100,100 98,600
63,400 20,900 49,800 139,100 83,900 61,900
NA NA NA NA NA NA
5,800 2,500 NA NA -3,100 NA
10,000 10,200 3,900 4,100 4,300 4,000
59,200 13,200 45,900 135,000 76,500 57,900
26,200 -4,300 12,900 48,600 20,300 18,100
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
33,000 17,500 33,000 86,400 56,200 39,800
NA NA NA NA NA NA
33,000 17,500 33,000 86,400 56,200 39,800
85,078 NA NA NA 88,455 NA
3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001 12/31/2000
34,600 50,600 23,000 15,100 16,300 28,300
NA NA NA NA NA NA
179,200 256,600 189,100 174,500 179,100 268,600
319,900 301,200 361,300 397,200 392,400 385,500
42,200 44,300 NA 52,500 NA 56,300
104,700 76,100 NA 120,000 NA 83,500
173,000 180,800 NA 224,700 NA 245,700
NA NA NA NA NA NA
237,900 276,500 209,900 188,800 185,300 211,600
771,600 884,900 783,300 775,600 773,100 894,000
1,032,300 1,027,200 476,100 1,028,000 1,036,500 1,030,300
570,600 562,800 NA 548,400 557,500 550,200
461,700 464,400 476,100 479,600 479,000 480,100
NA NA NA 360,600 366,300 377,600
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
241,300 239,200 238,200 NA NA NA
1,474,600 1,588,500 1,497,600 1,615,800 1,618,400 1,751,700
3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001 12/31/2000
85,400 144,100 110,300 113,900 144,800 139,100
88,900 81,600 109,200 83,700 84,900 91,500
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
275,800 353,700 275,700 216,500 201,100 340,300
450,100 579,400 495,200 414,100 430,800 570,900
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
175,000 175,000 225,000 320,000 320,000 275,000
NA NA NA NA NA NA
171,900 170,400 169,500 165,900 166,700 160,700
797,000 924,800 889,700 900,000 917,500 1,006,600
NA NA NA NA NA NA
NA NA NA NA NA NA
1,000 1,000 1,000 1,000 1,000 1,000
784,400 784,200 784,100 784,100 783,900 783,900
107,800 87,800 17,500 132,000 116,300 110,700
86,800 85,900 79,600 79,600 79,600 41,900
-128,800 -123,400 -115,100 -121,700 -120,700 -108,600
677,600 663,700 607,900 715,800 700,900 745,100
1,474,600 1,588,500 1,497,600 1,615,800 1,618,400 1,751,700
3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001 12/31/2000
339,700 567,700 437,000 346,600 351,900 558,700
189,800 305,000 315,900 201,600 189,600 292,000
149,900 262,700 121,100 145,000 162,300 266,700
9,100 9,200 12,000 11,800 11,100 11,500
104,000 128,800 55,600 114,400 132,400 151,500
36,800 124,700 53,500 18,800 18,800 103,700
NA NA NA NA NA NA
-4,700 NA -148,500 20,000 -500 -1,100
5,300 7,500 7,100 7,400 8,800 9,900
26,800 117,200 -102,100 31,400 9,500 92,700
6,800 46,800 12,400 15,700 3,900 38,500
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
20,000 70,400 -114,500 15,700 5,600 54,200
NA NA NA NA NA NA
20,000 70,400 -114,500 15,700 5,600 54,200
NA NA 91,719 NA NA NA
9/30/2000 6/30/2000 3/31/2000 12/31/1999
11,900 21,800 18,100 19,900
NA NA NA NA
180,600 180,300 356,700 605,500
459,100 460,500 411,900 345,600
NA NA 65,400 57,500
NA NA 89,400 76,600
NA NA 257,100 211,500
NA NA NA NA
278,700 239,400 93,300 104,200
930,300 902,000 880,000 1,075,200
1,019,800 1,010,900 1,005,900 1,004,000
534,400 541,700 536,200 538,400
485,400 469,200 469,700 465,600
377,800 388,900 326,300 310,000
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
1,793,500 1,760,100 1,676,000 1,850,800
9/30/2000 6/30/2000 3/31/2000 12/31/1999
135,000 147,200 185,800 130,900
145,000 115,900 123,800 121,300
NA NA 300 300
NA NA NA NA
NA NA NA NA
NA NA NA NA
248,600 232,400 214,600 309,000
528,600 495,500 524,500 561,500
NA NA NA NA
NA NA NA NA
NA NA NA NA
370,000 407,000 412,400 1,400
NA NA NA NA
156,700 149,900 739,100 22,700
1,055,300 1,052,400 1,676,000 585,600
NA NA NA NA
NA NA NA NA
1,000 1,000 NA NA
783,900 783,900 NA 1,265,200
59,800 23,200 NA NA
NA NA NA NA
-106,500 -100,400 NA NA
738,200 707,700 NA 1,265,200
1,793,500 1,760,100 1,676,000 1,850,800
9/30/2000 6/30/2000 3/31/2000 12/31/1999
478,000 402,800 359,900 673,600
254,000 205,900 192,600 322,200
224,000 196,900 167,300 351,400
12,300 11,500 14,200 11,900
131,700 131,900 138,600 163,200
80,000 53,500 14,500 176,300
NA NA NA NA
-1,900 NA -15,700 NA
11,300 10,700 2,900 2,600
66,800 42,800 -4,100 173,700
30,200 19,600 -19,800 69,000
NA NA NA NA
NA NA NA NA
NA NA NA NA
36,600 23,200 15,700 104,700
NA NA 1,200 NA
36,600 23,200 16,900 104,700
95,553 NA NA NA
RAYOVAC CORP
QUARTERLY FINANCIAL INFORMATION
BALANCE SHEET
QUARTERLY ASSETS (000s)
FISCAL QUARTER ENDING 6/27/2004 3/28/2004 12/28/2003
CASH 17,832 34,334 25,637
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 275,872 259,753 356,464
INVENTORIES 220,752 196,126 178,895
RAW MATERIALS NA NA NA
WORK IN PROGRESS NA NA NA
FINISHED GOODS NA NA NA
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 97,408 87,530 74,296
TOTAL CURRENT ASSETS 611,864 577,743 635,292
PROP, PLANT & EQUIP 165,446 143,960 148,727
ACCUMULATED DEP NA NA NA
NET PROP & EQUIP 165,446 143,960 148,727
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES 112,280 96,479 93,138
INTANGIBLES 728,104 665,654 670,770
DEPOSITS & OTH ASSET NA NA NA
TOTAL ASSETS 1,617,694 1,483,836 1,547,927
QUARTERLY LIABILITIES (000S)
FISCAL QUARTER ENDING 6/27/2004 3/28/2004 12/28/2003
NOTES PAYABLE NA NA NA
ACCOUNTS PAYABLE 156,651 134,446 166,997
CUR LONG TERM DEBT 21,606 11,725 15,184
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES 179,401 191,743 210,181
INCOME TAXES NA NA NA
OTHER CURRENT LIAB NA NA NA
TOTAL CURRENT LIAB 357,658 337,914 392,362
MORTGAGES NA NA NA
DEFERRED CHARGES/INC NA NA NA
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 824,213 779,887 814,093
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 153,726 104,992 103,212
TOTAL LIABILITIES 1,335,597 1,222,793 1,309,667
MINORITY INT (LIAB) 1,468 NA NA
PREFERRED STOCK NA NA NA
COMMON STOCK NET 641 638 625
CAPITAL SURPLUS 221,814 216,956 192,374
RETAINED EARNINGS 202,317 189,504 186,902
TREASURY STOCK 130,070 130,070 130,070
OTHER EQUITIES -14,073 -15,985 -11,571
SHAREHOLDER EQUITY 280,629 261,043 238,260
TOT LIAB & NET WORTH 1,617,694 1,483,836 1,547,927
QUARTERLY INCOME (000s)
FISCAL QUARTER ENDING 6/27/2004 3/28/2004 12/28/2003
NET SALES 308,264 278,023 454,010
COST OF GOODS 173,555 156,320 260,980
GROSS PROFIT 134,709 121,703 193,030
R & D EXPENDITURES 6,207 4,838 4,302
SELL GEN & ADMIN EXP 89,277 90,527 137,956
INC BEF DEP & AMORT 39,225 26,338 50,772
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC -3,025 -3,324 162
INTEREST EXPENSE 15,617 16,073 17,351
INCOME BEFORE TAX 20,583 6,941 33,583
PROV FOR INC TAXES 7,826 2,638 12,761
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 12,757 4,303 20,822
EX ITEMS & DISC OPS 57 -1,701 1,377
NET INCOME 12,814 2,602 22,199
OUTSTANDING SHARES 34,521 34,283 32,948
9/30/2003 6/29/2003 3/30/2003 12/29/2002 9/30/2002 6/30/2002
107,774 10,260 14,652 22,919 9,881 9,109
NA NA NA NA NA NA
255,205 189,686 189,889 216,944 128,927 121,269
219,254 155,923 145,813 143,006 84,275 78,294
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
93,093 55,915 58,055 47,412 36,239 26,378
675,326 411,784 408,409 430,281 259,322 235,050
150,412 150,804 161,407 168,681 102,586 103,480
NA NA NA NA NA NA
150,412 150,804 161,407 168,681 102,586 103,480
NA NA NA NA NA NA
NA NA NA NA NA NA
99,307 81,741 73,431 69,054 51,900 44,902
651,447 360,218 331,900 324,151 119,425 119,034
NA NA NA NA NA NA
1,576,492 1,004,547 975,147 992,167 533,233 502,466
9/30/2003 6/29/2003 3/30/2003 12/29/2002 9/30/2002 6/30/2002
NA NA NA NA NA NA
172,632 109,732 111,747 134,309 76,155 52,401
72,852 18,341 14,316 17,524 13,400 19,740
NA NA NA NA NA NA
130,961 109,963 110,977 97,620 29,229 32,391
29,080 NA NA NA NA NA
NA NA NA NA NA NA
405,525 238,036 237,040 249,453 118,784 104,532
NA NA NA NA NA NA
22,694 NA NA NA 20,957 NA
NA NA NA NA NA NA
870,540 474,556 463,510 465,447 188,471 193,779
NA NA NA NA NA NA
75,731 104,002 96,800 99,421 30,228 36,656
1,374,490 816,594 797,350 814,321 358,440 334,967
NA NA NA NA NA NA
NA NA NA NA NA NA
620 620 620 620 616 616
185,561 185,561 185,561 185,608 180,823 180,510
164,703 151,787 148,918 148,636 149,221 136,080
130,070 130,070 130,070 130,070 130,070 130,070
-18,812 -19,945 -27,232 -26,948 -25,797 -19,637
202,002 187,953 177,797 177,846 174,793 167,499
1,576,492 1,004,547 975,147 992,167 533,233 502,466
9/30/2003 6/29/2003 3/30/2003 12/29/2002 9/30/2002 6/30/2002
251,960 207,673 202,267 260,222 133,820 135,412
153,997 117,497 121,057 156,963 90,951 78,392
97,963 90,176 81,210 103,259 42,869 57,020
2,860 3,557 4,051 3,896 3,248 3,206
65,897 63,495 63,228 73,430 15,493 30,110
29,206 23,124 13,931 25,933 24,128 23,704
NA NA NA NA NA NA
-833 -10,385 -3,984 -16,775 253 -3,122
9,112 8,476 9,492 10,102 3,848 3,974
19,261 4,263 455 -944 20,533 16,608
6,345 1,394 173 -359 7,392 6,294
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
12,916 2,869 282 -585 13,141 10,314
NA NA NA NA NA NA
12,916 2,869 282 -585 13,141 10,314
32,463 32,462 32,462 32,450 32,043 32,034
3/31/2002 12/31/2001 9/30/2001 7/1/2001 4/1/2001 12/31/2000
9,482 18,788 11,358 10,260 10,563 11,292
NA NA NA NA NA NA
116,305 167,157 182,326 153,720 127,534 143,264
81,016 82,981 91,311 92,313 90,926 94,736
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
32,922 39,629 39,476 37,868 37,917 36,609
239,725 308,555 324,471 294,161 266,940 285,901
105,610 106,485 107,257 108,013 99,819 101,999
NA NA NA NA NA NA
105,610 106,485 107,257 108,013 99,819 101,999
NA NA NA NA NA NA
NA NA NA NA NA NA
43,399 38,975 37,080 39,994 46,261 42,035
118,903 118,910 119,074 119,418 120,316 121,284
NA NA NA NA NA NA
507,637 572,925 587,882 561,586 533,336 551,219
3/31/2002 12/31/2001 9/30/2001 7/1/2001 4/1/2001 12/31/2000
NA NA NA NA NA NA
45,868 91,465 103,373 98,441 68,448 86,073
25,465 22,297 24,436 25,075 24,038 35,091
NA NA NA NA NA NA
32,489 42,932 38,115 35,446 43,396 48,622
NA NA NA NA NA NA
NA NA NA NA NA NA
103,822 156,694 165,924 158,962 135,882 169,786
NA NA NA NA NA NA
NA NA 7,428 NA NA NA
NA NA NA NA NA NA
208,016 223,753 233,541 217,816 286,629 273,308
NA NA NA NA NA NA
33,409 32,883 23,404 28,825 29,665 29,633
345,247 413,330 430,297 405,603 452,176 472,727
NA NA NA NA NA NA
NA NA NA NA NA NA
616 616 616 616 574 574
180,421 180,346 180,752 181,019 109,116 108,998
125,766 120,386 119,984 113,531 110,809 106,684
130,070 130,070 130,070 130,070 130,070 130,070
-14,343 -11,683 -13,697 -9,113 -9,269 -7,694
162,390 159,595 157,585 155,983 81,160 78,492
507,637 572,925 587,882 561,586 533,336 551,219
3/31/2002 12/31/2001 9/30/2001 7/1/2001 4/1/2001 12/31/2000
121,153 182,351 1,691 159,132 328,751 185,918
71,203 93,601 5,244 81,951 167,309 91,506
49,950 88,750 -3,553 77,181 161,442 94,412
3,412 3,218 166 2,990 6,020 3,015
33,679 81,992 501 52,650 118,725 68,739
12,859 3,540 -4,220 21,541 36,697 22,658
NA NA NA NA NA NA
-413 782 13,373 -2,399 -17,393 -16,982
4,057 4,169 -3,394 7,017 15,374 8,192
8,389 153 12,547 12,125 3,930 -2,516
3,009 -249 4,351 4,053 1,571 -750
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
5,380 402 8,196 8,072 2,359 -1,766
NA NA 23 -5,350 NA NA
5,380 402 8,219 2,722 2,359 -1,766
32,028 32,019 27,570 32,038 27,857 27,853
9/30/2000 7/2/2000 4/2/2000 1/2/2000 9/30/1999 6/27/1999
9,757 8,929 11,207 19,309 11,065 1,384
NA NA NA NA NA NA
147,767 109,583 101,307 152,288 138,155 90,391
100,676 110,749 98,398 82,579 81,618 66,053
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
32,970 22,871 25,265 21,145 26,015 20,046
291,170 252,132 236,177 275,321 256,853 177,874
111,897 110,377 109,420 110,359 110,778 79,202
NA NA NA NA NA NA
111,897 110,377 109,420 110,359 110,778 79,202
NA NA NA NA NA NA
NA NA NA NA NA NA
43,835 35,550 34,903 36,257 36,420 42,481
122,114 126,436 126,543 127,671 128,850 NA
NA NA NA NA NA NA
569,016 524,495 507,043 549,608 532,901 299,557
9/30/2000 7/2/2000 4/2/2000 1/2/2000 9/30/1999 6/27/1999
NA NA NA NA NA NA
97,857 77,534 76,232 91,631 85,524 56,967
44,815 30,094 22,465 24,772 22,895 7,485
NA NA NA NA NA NA
43,808 33,233 33,585 40,458 44,038 26,657
NA NA NA NA NA NA
NA NA NA NA NA NA
186,480 140,861 132,282 156,861 152,457 91,109
NA NA NA NA NA NA
8,242 NA NA NA 8,619 NA
NA NA NA NA NA NA
272,815 284,514 282,471 304,824 307,426 151,660
NA NA NA NA NA NA
20,783 28,575 29,126 28,325 17,939 16,254
488,320 453,950 443,879 490,010 486,441 259,023
NA NA NA NA NA NA
NA NA NA NA NA NA
571 570 570 570 570 570
104,197 103,758 103,597 103,585 103,577 103,577
108,450 95,748 87,671 84,020 70,100 64,940
129,982 129,096 129,096 129,096 129,096 129,096
-2,540 -435 422 519 1,309 543
80,696 70,545 63,164 59,598 46,460 40,534
569,016 524,495 507,043 549,608 532,901 299,557
9/30/2000 7/2/2000 4/2/2000 1/2/2000 9/30/1999 6/27/1999
194,547 152,000 142,596 214,790 172,351 120,440
97,363 77,302 72,732 110,829 91,275 63,367
97,184 74,698 69,864 103,961 81,076 57,073
2,891 2,580 2,737 2,555 2,296 2,143
67,433 52,350 53,897 71,933 59,551 41,768
26,860 19,768 13,230 29,473 19,229 13,162
NA NA NA NA NA NA
-720 387 -483 63 -6,050 NA
7,647 7,727 7,131 8,121 5,576 3,638
18,493 12,428 5,616 21,415 7,603 9,524
5,791 4,350 1,965 7,496 2,673 3,373
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
12,702 8,078 3,651 13,919 4,930 6,151
NA NA NA NA NA NA
12,702 8,078 3,651 13,919 4,930 6,151
27,570 27,523 27,491 27,489 27,490 27,490
4/4/1999 1/3/1999 9/30/1998 6/27/1998 3/28/1998 12/28/1997
880 2,742 1,594 1,624 3,672 16,906
NA NA NA NA NA NA
78,207 108,386 101,582 76,547 69,079 102,249
62,717 56,405 62,762 63,357 61,254 49,326
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
18,832 18,545 17,482 15,223 14,434 14,873
160,636 186,078 183,420 156,751 148,439 183,354
74,651 72,448 71,367 68,595 66,889 65,050
NA NA NA NA NA NA
74,651 72,448 71,367 68,595 66,889 65,050
NA NA NA NA NA NA
NA NA NA NA NA NA
41,039 38,134 31,554 28,439 26,075 19,295
NA NA NA NA NA NA
NA NA NA NA NA NA
276,326 296,660 286,341 253,785 241,403 267,699
4/4/1999 1/3/1999 9/30/1998 6/27/1998 3/28/1998 12/28/1997
NA NA NA NA NA NA
50,959 63,381 64,799 48,127 50,891 60,028
3,149 4,766 3,590 1,875 4,329 2,906
NA NA NA NA NA NA
28,844 33,003 33,374 32,809 37,923 43,911
NA NA NA NA NA NA
NA NA NA NA NA NA
82,952 101,150 101,763 82,811 93,143 106,845
NA NA NA NA NA NA
NA NA 1,988 NA NA NA
NA NA NA NA NA NA
143,458 149,139 148,686 140,244 125,148 135,852
NA NA NA NA NA NA
15,495 14,799 12,030 11,682 10,898 10,700
241,905 265,088 264,467 234,737 229,189 253,397
NA NA NA NA NA NA
NA NA NA NA NA NA
570 570 569 569 569 569
103,533 103,533 103,304 105,097 103,155 103,592
58,790 55,727 45,275 40,747 36,898 37,880
128,975 128,975 128,472 128,472 128,392 128,392
503 717 1,198 1,107 -16 653
34,421 31,572 21,874 19,048 12,214 14,302
276,326 296,660 286,341 253,785 241,403 267,699
4/4/1999 1/3/1999 9/30/1998 6/27/1998 3/28/1998 12/28/1997
110,969 160,542 138,603 111,054 96,081 149,995
58,657 81,859 72,297 57,830 50,545 77,355
52,312 78,683 66,306 53,224 45,536 72,640
2,184 2,081 1,655 1,537 1,509 1,525
40,968 56,383 52,699 41,014 37,306 53,733
9,160 20,219 11,952 10,673 6,721 17,382
NA NA NA NA NA NA
-893 -875 -1,361 -1,009 -5,110 1,452
3,484 3,656 3,854 3,501 3,291 5,024
4,783 15,688 6,737 6,163 -1,680 13,810
1,720 5,696 1,768 2,314 -698 5,276
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
3,063 9,992 4,969 3,849 -982 8,534
NA NA NA NA NA -1,975
3,063 9,992 4,969 3,849 -982 6,559
27,485 27,485 27,471 27,441 27,432 27,432
9/30/1997 6/29/1997 3/31/1997 12/28/1996
1,133 4,756 9,150 4,875
NA NA NA NA
76,590 66,293 55,162 80,050
58,551 52,116 51,539 50,488
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
18,106 12,975 13,292 12,166
154,380 136,140 129,143 147,579
142,972 64,407 64,681 68,039
77,461 NA NA NA
65,511 64,407 64,681 68,039
NA NA NA NA
NA NA NA NA
16,990 17,493 17,435 18,952
NA NA NA NA
NA NA NA NA
236,881 218,040 211,259 234,570
9/30/1997 6/29/1997 3/31/1997 12/28/1996
NA NA NA NA
57,259 37,839 32,965 41,117
23,880 8,806 6,990 11,019
NA NA NA NA
39,424 39,038 40,841 46,488
NA NA NA NA
NA NA NA NA
120,563 85,683 80,796 98,624
NA NA NA NA
735 NA NA NA
NA NA NA NA
183,441 197,809 213,087 203,881
NA NA NA NA
12,737 15,765 1,461 14,349
317,476 299,257 295,344 316,854
NA NA NA NA
NA NA NA NA
500 500 500 500
15,974 15,974 15,974 15,970
31,321 28,455 25,803 27,523
128,040 128,039 128,039 128,522
-350 1,893 1,677 2,245
-80,595 -81,217 -84,085 -82,284
236,881 218,040 211,259 234,570
9/30/1997 6/29/1997 3/31/1997 12/28/1996
133,401 89,007 80,140 130,004
56,632 52,217 47,123 79,019
76,769 36,790 33,017 50,985
3,415 1,351 1,520 1,910
62,022 26,936 28,514 34,366
11,332 8,503 2,983 14,709
NA NA NA NA
-210 107 -300 -2,977
5,658 5,438 5,472 7,974
5,464 3,172 -2,789 3,758
2,590 520 -1,069 1,378
NA NA NA NA
NA NA NA NA
NA NA NA NA
2,874 2,652 -1,720 2,380
NA NA NA NA
2,874 2,652 -1,720 2,380
49,500 20,581 20,581 20,470
PROCTER & GAMBLE CO
QUARTERLY FINANCIAL INFORMATION
BALANCE SHEET
QUARTERLY ASSETS (000s)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
CASH 6,262,000 5,469,000 5,365,000
MRKTABLE SECURITIES 456,000 423,000 385,000
RECEIVABLES 4,485,000 4,062,000 4,093,000
INVENTORIES 4,717,000 4,400,000 4,621,000
RAW MATERIALS 1,309,000 1,191,000 1,285,000
WORK IN PROGRESS 345,000 340,000 349,000
FINISHED GOODS 3,063,000 2,869,000 2,987,000
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 2,796,000 2,761,000 2,740,000
TOTAL CURRENT ASSETS 18,716,000 17,115,000 17,204,000
PROP, PLANT & EQUIP 25,343,000 25,304,000 25,272,000
ACCUMULATED DEP 11,359,000 11,196,000 11,202,000
NET PROP & EQUIP 13,984,000 14,108,000 14,070,000
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 24,410,000 23,900,000 20,502,000
DEPOSITS & OTH ASSET 2,093,000 1,925,000 2,092,000
TOTAL ASSETS 59,203,000 57,048,000 53,868,000
QUARTERLY LIABILITIES (000S)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
NOTES PAYABLE NA NA NA
ACCOUNTS PAYABLE 3,392,000 3,617,000 3,048,000
CUR LONG TERM DEBT 7,701,000 8,287,000 5,065,000
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES 10,809,000 10,243,000 8,910,000
INCOME TAXES NA NA NA
OTHER CURRENT LIAB NA NA NA
TOTAL CURRENT LIAB 21,902,000 22,147,000 17,023,000
MORTGAGES NA NA NA
DEFERRED CHARGES/INC 2,298,000 2,261,000 1,972,000
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 13,731,000 12,554,000 13,349,000
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 2,913,000 2,808,000 3,232,000
TOTAL LIABILITIES 40,844,000 39,770,000 35,576,000
MINORITY INT (LIAB) NA NA NA
PREFERRED STOCK 1,514,000 1,526,000 1,536,000
COMMON STOCK NET 2,537,000 2,544,000 1,285,000
CAPITAL SURPLUS 2,585,000 2,425,000 3,492,000
RETAINED EARNINGS 14,318,000 13,611,000 14,631,000
TREASURY STOCK NA NA NA
OTHER EQUITIES -2,595,000 -2,828,000 -2,652,000
SHAREHOLDER EQUITY 18,359,000 17,278,000 18,292,000
TOT LIAB & NET WORTH 59,203,000 57,048,000 53,868,000
QUARTERLY INCOME (000s)
FISCAL QUARTER ENDING 9/30/2004 6/30/2004 3/31/2004
NET SALES 13,744,000 12,962,000 13,029,000
COST OF GOODS 6,611,000 6,479,000 6,394,000
GROSS PROFIT 7,133,000 6,483,000 6,635,000
R & D EXPENDITURES NA NA NA
SELL GEN & ADMIN EXP 4,263,000 4,344,000 4,332,000
INC BEF DEP & AMORT 2,870,000 2,139,000 2,303,000
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC 182,000 16,000 67,000
INTEREST EXPENSE 181,000 175,000 164,000
INCOME BEFORE TAX 2,871,000 1,980,000 2,206,000
PROV FOR INC TAXES 870,000 606,000 678,000
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 2,001,000 1,374,000 1,528,000
EX ITEMS & DISC OPS NA NA NA
NET INCOME 2,001,000 1,374,000 1,528,000
OUTSTANDING SHARES 2,536,700 2,543,800 1,285,299
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
4,943,000 4,049,000 5,912,000 5,513,000 5,106,000 4,703,000
351,000 330,000 300,000 312,000 218,000 186,000
4,447,000 4,134,000 3,038,000 2,960,000 3,240,000 3,110,000
4,621,000 4,536,000 3,640,000 3,763,000 3,610,000 3,559,000
1,322,000 1,275,000 1,095,000 1,054,000 1,098,000 1,085,000
375,000 358,000 291,000 379,000 336,000 338,000
2,924,000 2,903,000 2,254,000 2,330,000 2,176,000 2,136,000
NA NA NA NA NA NA
2,803,000 2,624,000 2,330,000 1,917,000 2,017,000 2,005,000
17,165,000 15,673,000 15,220,000 14,465,000 14,191,000 13,563,000
25,063,000 24,318,000 23,542,000 23,572,000 23,362,000 22,990,000
11,020,000 10,664,000 10,438,000 10,494,000 10,237,000 9,941,000
14,043,000 13,654,000 13,104,000 13,078,000 13,125,000 13,049,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
20,710,000 19,288,000 13,507,000 13,465,000 13,446,000 13,395,000
1,944,000 1,881,000 1,875,000 1,675,000 1,680,000 1,843,000
53,862,000 50,496,000 43,706,000 42,683,000 42,442,000 41,850,000
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
NA NA NA NA NA NA
2,822,000 2,957,000 2,795,000 2,064,000 2,021,000 2,015,000
5,885,000 5,286,000 2,172,000 2,794,000 3,491,000 4,199,000
NA NA NA NA NA NA
8,900,000 8,569,000 7,391,000 7,472,000 7,191,000 6,857,000
NA NA NA NA NA NA
NA NA NA NA NA NA
17,607,000 16,812,000 12,358,000 12,330,000 12,703,000 13,071,000
NA NA NA NA NA NA
1,898,000 1,370,000 1,396,000 1,278,000 1,223,000 1,239,000
NA NA NA NA NA NA
12,636,000 11,993,000 11,475,000 11,333,000 11,534,000 11,263,000
NA NA NA NA NA NA
3,149,000 2,950,000 2,291,000 2,217,000 2,146,000 2,038,000
35,290,000 33,125,000 27,520,000 27,158,000 27,606,000 27,611,000
NA NA NA NA NA NA
1,554,000 1,567,000 1,580,000 1,591,000 1,602,000 1,613,000
1,292,000 1,297,000 1,297,000 1,295,000 1,293,000 1,299,000
3,250,000 3,070,000 2,931,000 2,800,000 2,651,000 2,586,000
14,991,000 14,560,000 13,692,000 13,294,000 12,789,000 12,527,000
NA NA NA NA NA NA
-2,515,000 -3,123,000 -3,314,000 -3,455,000 -3,499,000 -3,786,000
18,572,000 17,371,000 16,186,000 15,525,000 14,836,000 14,239,000
53,862,000 50,496,000 43,706,000 42,683,000 42,442,000 41,850,000
12/31/2003 9/30/2003 6/30/2003 3/31/2003 12/31/2002 9/30/2002
13,221,000 12,195,000 10,920,000 10,656,000 11,005,000 10,796,000
6,324,000 5,879,000 5,768,000 5,394,000 5,490,000 5,489,000
6,897,000 6,316,000 5,152,000 5,262,000 5,515,000 5,307,000
NA NA NA NA NA NA
4,155,000 3,673,000 3,683,000 3,305,000 3,267,000 3,128,000
2,742,000 2,643,000 1,469,000 1,957,000 2,248,000 2,179,000
NA NA NA NA NA NA
29,000 40,000 24,000 37,000 74,000 103,000
149,000 141,000 136,000 138,000 143,000 144,000
2,622,000 2,542,000 1,357,000 1,856,000 2,179,000 2,138,000
804,000 781,000 402,000 583,000 685,000 674,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,818,000 1,761,000 955,000 1,273,000 1,494,000 1,464,000
NA NA NA NA NA NA
1,818,000 1,761,000 955,000 1,273,000 1,494,000 1,464,000
1,292,400 1,296,700 1,297,200 1,294,700 1,292,900 1,299,300
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
3,427,000 3,061,000 3,193,000 2,893,000 2,306,000 2,681,000
196,000 470,000 203,000 211,000 212,000 162,000
3,090,000 3,113,000 3,551,000 3,054,000 2,931,000 2,985,000
3,456,000 3,772,000 3,738,000 3,724,000 3,384,000 3,532,000
1,031,000 1,101,000 1,123,000 1,122,000 1,096,000 1,120,000
323,000 379,000 401,000 412,000 373,000 417,000
2,102,000 2,292,000 2,214,000 2,190,000 1,915,000 1,995,000
NA NA NA NA NA NA
1,997,000 2,168,000 2,466,000 2,086,000 2,056,000 2,280,000
12,166,000 12,584,000 13,151,000 11,968,000 10,889,000 11,640,000
23,070,000 23,215,000 23,124,000 23,003,000 22,821,000 23,370,000
9,721,000 9,982,000 9,899,000 9,794,000 9,726,000 9,768,000
13,349,000 13,233,000 13,225,000 13,209,000 13,095,000 13,602,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
13,430,000 13,395,000 13,240,000 8,379,000 8,300,000 8,546,000
1,831,000 1,596,000 1,756,000 2,055,000 2,103,000 2,052,000
40,776,000 40,808,000 41,372,000 35,611,000 34,387,000 35,840,000
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
NA NA NA NA NA NA
2,205,000 9,137,000 9,107,000 7,952,000 2,075,000 6,610,000
3,731,000 NA 6,763,000 2,534,000 2,233,000 3,428,000
NA NA NA NA NA NA
6,768,000 NA NA NA 5,538,000 NA
NA NA NA NA NA NA
NA 5,993,000 NA NA NA NA
12,704,000 15,130,000 15,870,000 10,486,000 9,846,000 10,038,000
NA NA NA NA NA NA
1,077,000 680,000 640,000 642,000 894,000 1,006,000
NA NA NA NA NA NA
11,201,000 9,804,000 9,886,000 10,111,000 9,792,000 9,889,000
NA NA NA NA NA NA
2,088,000 1,805,000 1,897,000 1,935,000 1,845,000 1,935,000
27,070,000 27,419,000 28,293,000 23,174,000 22,377,000 22,868,000
NA NA NA NA NA NA
1,634,000 1,653,000 1,673,000 1,687,000 1,701,000 1,710,000
1,301,000 1,300,000 1,296,000 1,296,000 1,296,000 1,296,000
2,490,000 2,362,000 2,230,000 2,136,000 2,057,000 2,023,000
11,980,000 11,878,000 11,453,000 10,858,000 10,451,000 11,302,000
NA NA NA NA NA NA
-3,699,000 -3,804,000 -3,573,000 -3,540,000 -3,495,000 -3,359,000
13,706,000 13,389,000 13,079,000 12,437,000 12,010,000 12,972,000
40,776,000 40,808,000 41,372,000 35,611,000 34,387,000 35,840,000
6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 3/31/2001
10,169,000 9,900,000 10,403,000 9,766,000 9,582,000 9,511,000
5,469,000 5,070,000 5,339,000 5,111,000 6,203,000 5,175,000
4,700,000 4,830,000 5,064,000 4,655,000 3,379,000 4,336,000
NA NA NA NA NA NA
3,302,000 3,176,000 3,200,000 2,893,000 3,435,000 3,034,000
1,398,000 1,654,000 1,864,000 1,762,000 -56,000 1,302,000
NA NA NA NA NA NA
46,000 40,000 200,000 22,000 50,000 227,000
150,000 146,000 150,000 157,000 187,000 204,000
1,294,000 1,548,000 1,914,000 1,627,000 -193,000 1,325,000
384,000 509,000 615,000 523,000 127,000 432,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
910,000 1,039,000 1,299,000 1,104,000 -320,000 893,000
NA NA NA NA NA NA
910,000 1,039,000 1,299,000 1,104,000 -320,000 893,000
1,300,800 1,299,600 1,296,100 129,600 1,295,738 1,295,800
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
3,407,000 2,001,000 1,415,000 1,964,000 2,044,000 2,123,000
149,000 173,000 185,000 193,000 230,000 348,000
3,639,000 3,376,000 2,910,000 2,983,000 3,576,000 3,221,000
3,523,000 3,592,000 3,490,000 3,800,000 3,759,000 3,649,000
1,166,000 1,173,000 1,254,000 1,326,000 1,374,000 1,278,000
399,000 410,000 394,000 399,000 416,000 418,000
1,958,000 2,009,000 1,842,000 2,075,000 1,969,000 1,953,000
NA NA NA NA NA NA
2,158,000 2,127,000 2,069,000 1,965,000 2,465,000 2,485,000
12,876,000 11,269,000 10,069,000 10,905,000 12,074,000 11,826,000
23,471,000 23,364,000 23,221,000 23,211,000 22,958,000 22,734,000
9,877,000 9,695,000 9,529,000 9,608,000 9,569,000 9,455,000
13,594,000 13,669,000 13,692,000 13,603,000 13,389,000 13,279,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA 315,000 NA NA
8,505,000 8,639,000 8,786,000 8,907,000 9,015,000 8,837,000
1,850,000 1,536,000 1,647,000 1,519,000 1,523,000 1,382,000
36,825,000 35,113,000 34,194,000 35,249,000 36,001,000 35,324,000
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
NA NA NA NA NA NA
6,780,000 6,936,000 2,209,000 6,527,000 6,862,000 7,759,000
4,279,000 2,910,000 3,210,000 4,066,000 NA 4,916,000
NA NA NA NA NA NA
NA NA 4,646,000 NA NA NA
NA NA NA NA NA NA
NA NA NA NA 4,779,000 NA
11,059,000 9,846,000 10,065,000 10,593,000 11,641,000 12,675,000
NA NA NA NA NA NA
620,000 709,000 625,000 560,000 489,000 523,000
NA NA NA NA NA NA
10,061,000 9,751,000 8,916,000 9,394,000 8,703,000 7,212,000
NA NA NA NA NA NA
2,069,000 2,097,000 2,301,000 2,374,000 2,467,000 2,562,000
23,809,000 22,403,000 21,907,000 22,921,000 23,300,000 22,972,000
NA NA NA NA NA NA
1,721,000 1,728,000 1,737,000 1,745,000 1,758,000 1,768,000
1,300,000 1,304,000 3,100,000 1,308,000 1,316,000 1,316,000
1,919,000 1,842,000 NA 1,628,000 1,529,000 1,432,000
11,445,000 11,185,000 10,710,000 10,809,000 11,284,000 10,880,000
NA NA NA NA NA NA
-3,369,000 -3,349,000 -3,260,000 -3,162,000 -3,186,000 -3,044,000
13,016,000 12,710,000 12,287,000 12,328,000 12,701,000 12,352,000
36,825,000 35,113,000 34,194,000 35,249,000 36,001,000 35,324,000
12/31/2000 9/30/2000 6/30/2000 3/31/2000 12/31/1999 9/30/1999
10,182,000 9,969,000 9,661,000 9,783,000 10,588,000 9,919,000
5,417,000 5,307,000 5,418,000 5,327,000 5,563,000 5,206,000
4,765,000 4,662,000 4,243,000 4,456,000 5,025,000 4,713,000
NA NA NA NA NA NA
3,054,000 2,883,000 3,298,000 3,136,000 3,183,000 2,866,000
1,711,000 1,779,000 945,000 1,320,000 1,842,000 1,847,000
NA NA NA NA NA NA
294,000 103,000 157,000 51,000 51,000 45,000
224,000 179,000 217,000 180,000 178,000 147,000
1,781,000 1,703,000 885,000 1,191,000 1,715,000 1,745,000
587,000 548,000 369,000 438,000 589,000 598,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,194,000 1,155,000 516,000 753,000 1,126,000 1,147,000
NA NA NA NA NA NA
1,194,000 1,155,000 516,000 753,000 1,126,000 1,147,000
0 1,303,800 1,305,900 1,307,900 1,315,700 1,315,700
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
2,294,000 2,255,000 2,094,000 2,540,000 1,549,000 1,464,000
506,000 832,000 702,000 778,000 857,000 842,000
2,940,000 2,822,000 3,284,000 2,950,000 2,781,000 2,758,000
3,338,000 3,436,000 3,427,000 3,517,000 3,284,000 3,470,000
1,176,000 1,200,000 1,237,000 1,210,000 1,225,000 1,253,000
375,000 399,000 391,000 373,000 343,000 332,000
1,787,000 1,837,000 1,799,000 1,934,000 1,716,000 1,885,000
NA NA NA NA NA NA
2,280,000 2,410,000 2,479,000 2,531,000 2,106,000 2,284,000
11,358,000 11,755,000 11,986,000 12,316,000 10,577,000 10,818,000
21,400,000 21,589,000 21,544,000 20,661,000 20,152,000 19,816,000
8,774,000 8,645,000 8,705,000 8,317,000 7,972,000 8,017,000
12,626,000 12,944,000 12,839,000 12,344,000 12,180,000 11,799,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
6,822,000 6,964,000 7,123,000 7,038,000 7,011,000 6,967,000
1,307,000 1,210,000 1,203,000 1,171,000 1,198,000 1,112,000
32,113,000 32,873,000 33,151,000 32,869,000 30,966,000 30,696,000
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
NA NA NA NA NA NA
2,300,000 7,043,000 7,371,000 7,194,000 2,051,000 6,879,000
3,150,000 3,082,000 2,965,000 3,277,000 2,281,000 2,249,000
NA NA NA NA NA NA
5,311,000 NA NA NA 4,918,000 NA
NA NA NA NA NA NA
NA NA NA NA NA NA
10,761,000 10,125,000 10,336,000 10,471,000 9,250,000 9,128,000
NA NA NA NA NA NA
362,000 634,000 660,000 655,000 428,000 482,000
NA NA NA NA NA NA
6,231,000 6,403,000 6,408,000 6,354,000 5,765,000 5,438,000
NA NA NA NA NA NA
2,701,000 2,786,000 2,922,000 3,315,000 3,287,000 3,262,000
20,055,000 19,948,000 20,326,000 20,795,000 18,730,000 18,310,000
NA NA NA NA NA NA
1,781,000 1,793,000 1,803,000 1,810,000 1,821,000 1,831,000
1,320,000 1,329,000 1,326,000 1,326,000 1,337,000 1,341,000
1,337,000 1,184,000 1,061,000 980,000 907,000 764,000
10,778,000 11,685,000 11,363,000 10,839,000 11,144,000 11,332,000
NA NA NA NA NA NA
-3,158,000 -3,066,000 -2,728,000 -2,881,000 -2,973,000 -2,882,000
12,058,000 12,925,000 12,825,000 12,074,000 12,236,000 12,386,000
32,113,000 32,873,000 33,151,000 32,869,000 30,966,000 30,696,000
6/30/1999 3/31/1999 12/31/1998 9/30/1998 6/30/1998 3/31/1998
9,450,000 9,231,000 9,934,000 9,510,000 9,277,000 8,881,000
5,705,000 4,944,000 5,375,000 5,182,000 5,306,000 5,228,000
3,745,000 4,287,000 4,559,000 4,328,000 3,971,000 3,653,000
NA NA NA NA NA NA
2,868,000 2,622,000 2,722,000 2,454,000 2,859,000 2,137,000
877,000 1,665,000 1,837,000 1,874,000 1,112,000 1,516,000
NA NA NA NA NA NA
72,000 53,000 60,000 50,000 53,000 50,000
159,000 168,000 166,000 157,000 152,000 134,000
790,000 1,550,000 1,731,000 1,767,000 1,013,000 1,432,000
376,000 510,000 589,000 600,000 327,000 471,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
414,000 1,040,000 1,142,000 1,167,000 686,000 961,000
NA NA NA NA NA NA
414,000 1,040,000 1,142,000 1,167,000 686,000 961,000
1,319,800 1,328,500 1,326,400 1,325,900 1,337,400 1,341,300
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
1,305,000 2,059,000 2,350,000 2,421,000 2,189,000 2,595,000
1,207,000 599,000 760,000 562,000 532,000 462,000
3,009,000 2,917,000 2,738,000 2,728,000 2,928,000 2,848,000
3,239,000 3,333,000 3,087,000 3,088,000 3,227,000 3,233,000
1,200,000 1,188,000 1,131,000 1,158,000 1,257,000 1,247,000
302,000 2,145,000 228,000 281,000 279,000 247,000
1,737,000 NA 1,728,000 1,649,000 1,691,000 1,739,000
NA NA NA NA NA NA
2,093,000 1,999,000 1,851,000 2,070,000 2,245,000 2,122,000
10,853,000 10,907,000 10,786,000 10,869,000 11,121,000 11,260,000
19,337,000 19,102,000 18,625,000 18,377,000 18,641,000 18,392,000
7,833,000 7,681,000 7,249,000 7,303,000 7,371,000 7,216,000
11,504,000 11,421,000 11,376,000 11,074,000 11,270,000 11,176,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
6,213,000 5,777,000 3,949,000 4,032,000 4,203,000 4,231,000
1,145,000 1,527,000 1,433,000 1,490,000 1,526,000 1,497,000
29,715,000 29,632,000 27,544,000 27,465,000 28,120,000 28,164,000
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
NA NA NA NA NA NA
6,522,000 7,193,000 2,203,000 6,392,000 6,846,000 6,867,000
2,918,000 2,629,000 849,000 1,232,000 1,118,000 1,101,000
NA NA NA NA NA NA
NA NA 4,746,000 NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
9,440,000 9,822,000 7,798,000 7,624,000 7,964,000 7,968,000
NA NA NA NA NA NA
598,000 536,000 559,000 712,000 698,000 663,000
NA NA NA NA NA NA
4,587,000 4,143,000 4,143,000 4,001,000 4,283,000 4,629,000
NA NA NA NA NA NA
2,972,000 3,022,000 2,998,000 2,776,000 2,864,000 2,892,000
17,597,000 17,523,000 15,498,000 15,113,000 15,809,000 16,152,000
NA NA NA NA NA NA
1,842,000 1,848,000 1,859,000 1,866,000 1,874,000 1,879,000
1,342,000 1,345,000 1,351,000 679,000 680,000 682,000
667,000 620,000 559,000 1,074,000 968,000 918,000
11,183,000 10,899,000 10,730,000 11,141,000 10,870,000 10,608,000
NA NA NA NA NA NA
-2,916,000 -2,603,000 -2,453,000 -2,408,000 -2,081,000 -2,075,000
12,118,000 12,109,000 12,046,000 12,352,000 12,311,000 12,012,000
29,715,000 29,632,000 27,544,000 27,465,000 28,120,000 28,164,000
12/31/1997 9/30/1997 6/30/1997 3/31/1997 12/31/1996 9/30/1996
9,641,000 9,355,000 8,948,000 8,771,000 9,142,000 8,903,000
5,322,000 5,208,000 5,328,000 4,918,000 5,068,000 5,002,000
4,319,000 4,147,000 3,620,000 3,853,000 4,074,000 3,901,000
NA NA NA NA NA NA
2,631,000 2,408,000 2,583,000 2,470,000 2,553,000 2,354,000
1,688,000 1,739,000 1,037,000 1,383,000 1,521,000 1,547,000
NA NA NA NA NA NA
47,000 51,000 64,000 53,000 45,000 56,000
141,000 121,000 105,000 106,000 134,000 112,000
1,594,000 1,669,000 996,000 1,330,000 1,432,000 1,491,000
548,000 582,000 385,000 449,000 488,000 512,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,046,000 1,087,000 611,000 881,000 944,000 979,000
NA NA NA NA NA NA
1,046,000 1,087,000 611,000 881,000 944,000 979,000
1,341,800 1,345,100 1,350,843 679,100 679,465 681,900
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
2,074,000 2,022,000 1,668,000 1,589,000 2,028,000 2,258,000
446,000 446,000 448,000 404,000 150,000 109,000
2,841,000 3,465,000 3,899,000 3,977,000 3,562,000 3,479,000
3,130,000 3,437,000 3,545,000 3,584,000 3,453,000 3,351,000
NA 1,312,000 1,417,000 1,358,000 NA 1,209,000
NA 261,000 271,000 275,000 NA 228,000
NA 1,864,000 1,857,000 1,951,000 NA 1,914,000
NA NA NA NA NA NA
2,316,000 1,833,000 1,883,000 1,832,000 1,649,000 1,898,000
10,807,000 11,203,000 11,443,000 11,386,000 10,842,000 11,095,000
11,118,000 18,076,000 17,913,000 17,661,000 11,026,000 16,995,000
NA 7,067,000 6,953,000 6,815,000 NA 6,387,000
11,118,000 11,009,000 10,960,000 10,846,000 11,026,000 10,608,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
4,281,000 4,324,000 4,304,000 4,448,000 4,572,000 4,362,000
1,524,000 1,561,000 1,508,000 1,687,000 1,685,000 1,734,000
27,730,000 28,097,000 28,215,000 28,367,000 28,125,000 27,799,000
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
NA NA NA NA NA NA
2,366,000 6,658,000 6,860,000 7,496,000 2,891,000 7,430,000
1,116,000 991,000 1,418,000 1,197,000 970,000 1,061,000
NA NA NA NA NA NA
4,343,000 NA NA NA 4,062,000 NA
NA NA NA NA NA NA
NA NA NA NA 725,000 NA
7,825,000 7,649,000 8,278,000 8,693,000 8,648,000 8,491,000
NA NA NA NA NA NA
NA 690,000 617,000 585,000 531,000 572,000
638,000 NA NA NA NA NA
4,670,000 5,169,000 4,978,000 5,018,000 5,161,000 5,157,000
NA NA NA NA NA NA
2,875,000 2,860,000 2,958,000 3,047,000 3,196,000 3,260,000
16,008,000 16,368,000 16,831,000 17,343,000 17,536,000 17,480,000
NA NA NA NA NA NA
1,886,000 1,891,000 1,901,000 1,906,000 1,913,000 1,919,000
686,000 686,000 686,000 687,000 687,000 687,000
862,000 837,000 763,000 734,000 693,000 663,000
10,382,000 10,249,000 9,920,000 9,496,000 8,965,000 8,858,000
NA NA NA NA NA NA
-2,094,000 -1,934,000 -1,886,000 -1,799,000 -1,669,000 -1,808,000
11,722,000 11,729,000 11,384,000 11,024,000 10,589,000 10,319,000
27,730,000 28,097,000 28,215,000 28,367,000 28,125,000 27,799,000
6/30/1996 3/31/1996 12/31/1995 9/30/1995 6/30/1995 3/31/1995
8,580,000 8,587,000 9,090,000 9,027,000 8,494,000 8,312,000
5,260,000 5,026,000 5,265,000 5,211,000 5,316,000 4,879,000
3,320,000 3,561,000 3,825,000 3,816,000 3,178,000 3,433,000
NA NA NA NA NA NA
2,485,000 2,368,000 2,473,000 2,381,000 2,500,000 2,376,000
835,000 1,193,000 1,352,000 1,435,000 678,000 1,057,000
NA NA NA NA NA NA
149,000 75,000 52,000 62,000 109,000 5,000
117,000 121,000 123,000 123,000 120,000 124,000
867,000 1,147,000 1,281,000 1,374,000 667,000 938,000
313,000 387,000 445,000 478,000 195,000 307,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
554,000 760,000 836,000 896,000 472,000 631,000
NA NA NA NA NA NA
554,000 760,000 836,000 896,000 472,000 631,000
685,600 686,349 686,028 686,600 686,574 687,222
12/31/1994
2,184,000
177,000
3,743,000
3,116,000
1,157,000
201,000
1,758,000
NA
1,686,000
10,906,000
16,645,000
6,227,000
10,418,000
NA
NA
NA
4,282,000
1,731,000
27,337,000
12/31/1994
NA
7,114,000
1,691,000
NA
NA
NA
NA
8,805,000
NA
508,000
NA
5,061,000
NA
3,158,000
17,532,000
NA
1,926,000
686,000
622,000
8,499,000
NA
-1,928,000
9,805,000
27,337,000
12/31/1994
8,467,000
4,832,000
3,635,000
NA
2,445,000
1,190,000
NA
94,000
125,000
1,159,000
409,000
NA
NA
NA
750,000
NA
750,000
686,017
GILLETTE CO
ANNUAL FINANCIAL INFORMATION
BALANCE SHEET
ANNUAL ASSETS (000s)
FISCAL YEAR ENDING 12/31/2003 12/31/2002 12/31/2001
CASH 681,000 801,000 947,000
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 920,000 1,202,000 1,473,000
INVENTORIES 1,094,000 928,000 1,011,000
RAW MATERIALS NA NA NA
WORK IN PROGRESS NA NA NA
FINISHED GOODS NA NA NA
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 955,000 866,000 1,024,000
TOTAL CURRENT ASSETS 3,650,000 3,797,000 4,455,000
PROP, PLANT & EQUIP 3,642,000 3,565,000 3,548,000
ACCUMULATED DEP NA NA NA
NET PROP & EQUIP 3,642,000 3,565,000 3,548,000
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 1,519,000 1,362,000 1,353,000
DEPOSITS & OTH ASSET 1,144,000 1,139,000 613,000
TOTAL ASSETS 9,955,000 9,863,000 9,969,000
ANNUAL LIABILITIES (000S)
FISCAL YEAR ENDING 12/31/2003 12/31/2002 12/31/2001
NOTES PAYABLE 117,000 673,000 2,235,000
ACCOUNTS PAYABLE 2,506,000 2,054,000 1,880,000
CUR LONG TERM DEBT 742,000 527,000 428,000
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES NA NA NA
INCOME TAXES 293,000 234,000 295,000
OTHER CURRENT LIAB NA NA NA
TOTAL CURRENT LIAB 3,658,000 3,488,000 4,838,000
MORTGAGES NA NA NA
DEFERRED CHARGES/INC 626,000 692,000 459,000
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 2,453,000 2,457,000 1,654,000
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 929,000 920,000 805,000
TOTAL LIABILITIES 7,666,000 7,557,000 7,756,000
MINORITY INT (LIAB) 65,000 46,000 42,000
PREFERRED STOCK NA NA NA
COMMON STOCK NET 1,374,000 1,370,000 1,368,000
CAPITAL SURPLUS 1,273,000 1,197,000 1,094,000
RETAINED EARNINGS 7,333,000 6,608,000 6,077,000
TREASURY STOCK 6,665,000 5,392,000 4,965,000
OTHER EQUITIES -1,091,000 -1,523,000 -1,403,000
SHAREHOLDER EQUITY 2,224,000 2,260,000 2,171,000
TOT LIAB & NET WORTH 9,955,000 9,863,000 9,969,000
ANNUAL INCOME (000s)
FISCAL YEAR ENDING 12/31/2003 12/31/2002 12/31/2001
NET SALES 9,252,000 8,453,000 8,084,000
COST OF GOODS 3,708,000 3,511,000 3,407,000
GROSS PROFIT 5,544,000 4,942,000 4,677,000
R & D EXPENDITURES NA NA NA
SELL GEN & ADMIN EXP 3,541,000 3,172,000 3,007,000
INC BEF DEP & AMORT 2,003,000 1,770,000 1,670,000
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC 15,000 66,000 -183,000
INTEREST EXPENSE 54,000 84,000 145,000
INCOME BEFORE TAX 1,964,000 1,752,000 1,342,000
PROV FOR INC TAXES 589,000 543,000 432,000
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 1,375,000 1,209,000 910,000
EX ITEMS & DISC OPS 10,000 7,000 NA
NET INCOME 1,385,000 1,216,000 910,000
OUTSTANDING SHARES 1,007,000 1,044,000 1,056,000
CASH FLOW PROVIDED BY OPERATING
ACTIVITY (000s)
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
Net Income (Loss) 1,375,000 1,209,000 910,000
Depreciation/Amortization 578,000 500,000 509,000
Net Incr (Decr) Assets/Liabs 658,000 662,000 519,000
Cash Prov (Used) by Disc Oper NA -22,000 93,000
Other Adjustments, Net 29,000 -294,000 154,000
Net Cash Prov (Used) by Oper 2,640,000 2,055,000 2,185,000
CASH FLOW PROVIDED BY INVESTING ACTIVITY
(000s)
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
(Incr) Decr in Prop, Plant -363,000 -362,000 -565,000
(Acq) Disp of Subs, Business -161,000 NA NA
(Incr) Decr in Securities Inv NA NA NA
Other Cash Inflow (Outflow) 6,000 NA 1,000
Net Cash Prov (Used) by Inv -518,000 -362,000 -564,000
CASH FLOW PROVIDED BY FINANCING ACTIVITY
(000s)
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
Issue (Purchase) of Equity -1,193,000 -355,000 50,000
Issue (Repayment) of Debt NA NA NA
Incr (Decr) In Borrowing -392,000 -849,000 -103,000
Dividends, Other Distribution -666,000 -685,000 -686,000
Other Cash Inflow (Outflow) 1,000 45,000 4,000
Net Cash Prov (Used) by Finan -2,250,000 -1,844,000 -735,000
Effect of Exchg Rate On Cash 8,000 5,000 -1,000
Net Change in Cash or Equiv -120,000 -146,000 885,000
Cash or Equiv at Year Start 801,000 947,000 62,000
Cash or Equiv at Year End 681,000 801,000 947,000
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
Capital Expenditures -408,000 -405,000 -624,000
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
62,000 80,000 102,000 105,000 84,000 81,600
NA NA NA NA NA 1,600
2,128,000 2,208,000 2,622,000 2,522,000 2,725,000 2,290,800
1,162,000 1,392,000 1,595,000 1,500,000 1,358,000 1,267,600
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,330,000 2,117,000 1,121,000 563,000 586,000 446,100
4,682,000 5,797,000 5,440,000 4,690,000 4,753,000 4,087,700
3,550,000 3,467,000 3,472,000 3,104,000 2,586,000 2,053,200
NA NA NA NA NA NA
3,550,000 3,467,000 3,472,000 3,104,000 2,586,000 2,053,200
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
1,574,000 1,897,000 2,448,000 2,423,000 2,626,000 2,403,400
596,000 625,000 542,000 647,000 450,000 395,800
10,402,000 11,786,000 11,902,000 10,864,000 10,415,000 8,940,100
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
2,195,000 1,440,000 1,299,000 552,000 657,000 NA
2,346,000 2,149,000 2,170,000 1,794,000 1,964,000 1,609,800
631,000 358,000 9,000 9,000 15,000 26,500
NA NA NA NA NA NA
NA NA NA NA NA NA
299,000 233,000 NA 286,000 299,000 319,400
NA NA NA NA NA 634,700
5,471,000 4,180,000 3,478,000 2,641,000 2,935,000 2,590,400
NA NA NA NA NA NA
450,000 423,000 411,000 359,000 299,000 303,400
NA NA NA NA NA NA
1,650,000 2,931,000 2,256,000 1,476,000 1,490,000 1,048,400
NA NA NA NA NA NA
767,000 795,000 898,000 1,101,000 1,190,000 1,076,100
8,338,000 8,329,000 7,043,000 5,577,000 5,914,000 5,018,300
41,000 38,000 39,000 39,000 30,000 21,500
NA 85,000 90,000 93,000 95,000 96,900
1,365,000 1,364,000 1,635,000 1,353,000 671,000 667,100
973,000 748,000 621,000 309,000 1,159,000 1,011,700
5,853,000 6,147,000 NA 5,021,000 4,169,000 3,704,200
4,953,000 4,219,000 2,172,000 1,108,000 1,056,000 1,045,800
-1,215,000 -706,000 4,646,000 -420,000 -567,000 -533,800
2,023,000 3,419,000 4,820,000 5,248,000 4,471,000 3,900,300
10,402,000 11,786,000 11,902,000 10,864,000 10,415,000 8,940,100
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
9,225,000 9,074,000 9,200,000 10,062,000 9,698,000 8,834,000
3,469,000 3,486,000 3,499,000 3,831,000 3,682,000 3,324,000
5,756,000 5,588,000 5,701,000 6,231,000 6,016,000 5,510,000
NA NA NA NA NA NA
3,672,000 3,501,000 3,485,000 3,907,000 3,967,000 3,711,000
2,084,000 2,087,000 2,216,000 2,324,000 2,049,000 1,799,000
NA NA NA NA NA NA
-573,000 -39,000 -466,000 -25,000 -447,000 -14,000
223,000 136,000 94,000 78,000 77,000 85,000
1,288,000 1,912,000 1,656,000 2,221,000 1,525,000 1,700,000
467,000 664,000 583,000 794,000 576,000 631,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
821,000 1,248,000 1,073,000 1,427,000 949,000 1,069,000
-429,000 12,000 8,000 NA NA NA
392,000 1,260,000 1,081,000 1,427,000 949,000 1,069,000
1,053,000 1,065,000 1,358,000 1,130,939 556,078 551,814
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
821,000 1,248,000 1,073,000 1,427,000 949,000 1,069,000
535,000 464,000 421,000 422,000 381,000 343,000
-329,000 -278,000 -930,000 -555,000 -735,000 -362,000
NA NA 45,000 NA NA NA
577,000 -7,000 394,000 -23,000 413,000 -3,000
1,604,000 1,427,000 1,003,000 1,271,000 1,008,000 1,047,000
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
-752,000 -765,000 -952,000 -914,000 -789,000 -562,000
539,000 NA 109,000 -3,000 -299,000 -277,000
NA NA NA NA NA NA
-1,000 2,000 70,000 12,000 -1,000 3,000
-214,000 -763,000 -773,000 -905,000 -1,089,000 -836,000
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
-885,000 -1,800,000 -884,000 184,000 139,000 55,000
NA NA NA NA NA NA
-256,000 1,589,000 1,196,000 -89,000 413,000 114,000
-671,000 -626,000 -552,000 -466,000 -451,000 -382,000
409,000 153,000 9,000 33,000 NA NA
-1,403,000 -684,000 -231,000 -338,000 101,000 -213,000
-5,000 -2,000 -2,000 -7,000 -19,000 4,000
-18,000 -22,000 -3,000 21,000 1,000 2,000
80,000 102,000 105,000 84,000 83,000 81,000
62,000 80,000 102,000 105,000 84,000 83,000
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
-793,000 -889,000
12/31/1994
43,800
2,300
1,379,500
941,200
NA
NA
NA
NA
333,600
2,700,400
1,411,000
NA
1,411,000
NA
NA
NA
887,400
314,600
5,313,400
12/31/1994
344,400
1,178,200
28,100
NA
NA
185,500
NA
1,736,200
NA
53,100
NA
715,100
NA
774,300
3,278,700
17,400
98,200
558,200
-1,400
2,830,200
1,046,600
-421,300
2,017,300
5,313,400
12/31/1994
7,935,100
2,917,900
5,017,200
NA
3,402,500
1,614,700
NA
-67,900
88,400
1,458,400
539,300
NA
NA
NA
919,100
NA
919,100
221,450
12/31/1994
919,100
302,900
-202,600
NA
9,900
1,029,300
12/31/1994
-472,500
-25,600
NA
19,600
-478,500
12/31/1994
32,500
NA
-248,600
-320,400
NA
-536,500
-400
13,900
64,700
78,600
12/31/1994
COLGATE PALMOLIVE CO
ANNUAL FINANCIAL INFORMATION
BALANCE SHEET
ANNUAL ASSETS (000s)
FISCAL YEAR ENDING 12/31/2003 12/31/2002 12/31/2001
CASH 265,300 167,900 172,700
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 1,222,400 1,145,400 1,124,900
INVENTORIES 718,300 671,700 677,000
RAW MATERIALS NA NA NA
WORK IN PROGRESS NA NA NA
FINISHED GOODS NA NA NA
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 290,500 243,100 228,800
TOTAL CURRENT ASSETS 2,496,500 2,228,100 2,203,400
PROP, PLANT & EQUIP 2,542,200 2,491,300 2,513,500
ACCUMULATED DEP NA NA NA
NET PROP & EQUIP 2,542,200 2,491,300 2,513,500
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 1,897,000 1,791,300 1,904,000
DEPOSITS & OTH ASSET 543,100 576,500 363,900
TOTAL ASSETS 7,478,800 7,087,200 6,984,800
ANNUAL LIABILITIES (000S)
FISCAL YEAR ENDING 12/31/2003 12/31/2002 12/31/2001
NOTES PAYABLE 103,600 94,600 101,600
ACCOUNTS PAYABLE 753,600 728,300 678,100
CUR LONG TERM DEBT 314,400 298,500 325,500
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES 1,090,000 905,600 823,300
INCOME TAXES 183,800 121,700 195,000
OTHER CURRENT LIAB NA NA NA
TOTAL CURRENT LIAB 2,445,400 2,148,700 2,123,500
MORTGAGES NA NA NA
DEFERRED CHARGES/INC 456,000 488,800 480,600
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 2,684,900 3,210,800 2,812,000
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 1,005,400 888,600 722,300
TOTAL LIABILITIES 6,591,700 6,736,900 6,138,400
MINORITY INT (LIAB) NA NA NA
PREFERRED STOCK 292,900 323,000 341,300
COMMON STOCK NET 732,900 732,900 732,900
CAPITAL SURPLUS 1,126,200 1,133,900 1,168,700
RETAINED EARNINGS 7,433,000 6,518,500 5,643,600
TREASURY STOCK 6,499,900 6,152,300 5,203,500
OTHER EQUITIES -2,198,000 -2,205,700 -1,836,600
SHAREHOLDER EQUITY 887,100 350,300 846,400
TOT LIAB & NET WORTH 7,478,800 7,087,200 6,984,800
ANNUAL INCOME (000s)
FISCAL YEAR ENDING 12/31/2003 12/31/2002 12/31/2001
NET SALES 9,903,400 9,294,300 9,084,300
COST OF GOODS 4,456,100 4,224,200 4,234,900
GROSS PROFIT 5,447,300 5,070,100 4,849,400
R & D EXPENDITURES NA NA NA
SELL GEN & ADMIN EXP 3,296,300 3,034,000 2,920,100
INC BEF DEP & AMORT 2,151,000 2,036,100 1,929,300
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC 15,000 -23,000 -94,500
INTEREST EXPENSE 124,100 142,800 166,100
INCOME BEFORE TAX 2,041,900 1,870,300 1,668,700
PROV FOR INC TAXES 620,600 582,000 522,100
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 1,421,300 1,288,300 1,146,600
EX ITEMS & DISC OPS NA NA NA
NET INCOME 1,421,300 1,288,300 1,146,600
OUTSTANDING SHARES 732,853 732,853 732,853
CASH FLOW PROVIDED BY OPERATING
ACTIVITY (000s)
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
Net Income (Loss) 1,421,300 1,288,300 1,146,600
Depreciation/Amortization 315,500 296,500 336,200
Net Incr (Decr) Assets/Liabs 217,200 106,300 63,500
Cash Prov (Used) by Disc Oper NA NA NA
Other Adjustments, Net -186,300 -79,900 -42,400
Net Cash Prov (Used) by Oper 1,767,700 1,611,200 1,503,900
CASH FLOW PROVIDED BY INVESTING ACTIVITY
(000s)
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
(Incr) Decr in Prop, Plant -302,100 -343,700 -340,200
(Acq) Disp of Subs, Business 127,600 NA 12,500
(Incr) Decr in Securities Inv 41,900 -10,000 -6,200
Other Cash Inflow (Outflow) 15,000 -3,500 10,400
Net Cash Prov (Used) by Inv -117,600 -357,200 -323,500
CASH FLOW PROVIDED BY FINANCING ACTIVITY
(000s)
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
Issue (Purchase) of Equity -475,600 -1,047,600 -1,195,700
Issue (Repayment) of Debt 229,200 964,500 887,900
Incr (Decr) In Borrowing -804,000 -763,500 -595,900
Dividends, Other Distribution -506,800 -413,400 -307,000
Other Cash Inflow (Outflow) NA NA NA
Net Cash Prov (Used) by Finan -1,557,200 -1,260,000 -1,210,700
Effect of Exchg Rate On Cash 4,500 1,200 -3,600
Net Change in Cash or Equiv 97,400 -4,800 -33,900
Cash or Equiv at Year Start 167,900 172,700 206,600
Cash or Equiv at Year End 265,300 167,900 172,700
Fiscal Year Ending 12/31/2003 12/31/2002 12/31/2001
Capital Expenditures -302,100 -343,700 -340,200
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
206,600 199,600 181,700 183,100 248,200 208,800
NA 35,600 12,800 22,200 59,600 47,800
1,195,400 1,100,800 1,085,600 1,037,400 1,064,400 1,116,900
686,600 783,700 746,000 728,400 770,700 774,800
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
258,600 235,100 218,800 225,400 229,400 211,900
2,347,200 2,354,800 2,244,900 2,196,500 2,372,300 2,360,200
2,528,300 2,551,100 2,589,200 2,441,000 2,428,900 2,155,200
NA NA NA NA NA NA
2,528,300 2,551,100 2,589,200 2,441,000 2,428,900 2,155,200
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
2,096,400 2,185,400 2,524,100 2,585,300 2,720,400 2,741,700
280,400 331,800 327,000 315,900 379,900 385,200
7,252,300 7,423,100 7,685,200 7,538,700 7,901,500 7,642,300
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
NA 207,300 175,300 158,400 172,300 204,400
NA 764,800 726,100 716,900 751,700 738,700
NA 338,900 281,600 178,300 110,400 37,000
NA NA NA NA NA NA
NA 845,900 857,200 838,900 776,800 696,300
NA 116,600 74,200 67,000 93,100 76,700
NA NA NA NA NA NA
NA 2,273,500 2,114,400 1,959,500 1,904,300 1,753,100
NA NA NA NA NA NA
NA 398,600 448,000 284,500 234,300 237,300
NA NA NA NA NA NA
NA 2,243,300 2,300,600 2,340,300 2,786,800 2,992,000
NA NA NA NA NA NA
NA 674,000 736,600 775,800 942,000 980,100
NA 5,589,400 5,599,600 5,360,100 5,867,400 5,962,500
NA NA NA NA NA NA
NA 366,500 376,200 385,300 392,700 403,500
NA 732,900 732,900 366,400 183,200 183,200
NA 1,063,200 824,600 1,027,400 1,101,600 1,033,700
NA 4,212,300 3,641,000 3,138,000 2,731,000 2,392,200
NA 3,056,400 2,333,800 1,680,300 1,468,800 1,441,800
NA -1,484,800 -1,155,300 -1,058,200 -905,600 -891,000
NA 1,833,700 2,085,600 2,178,600 2,034,100 1,679,800
NA 7,423,100 7,685,200 7,538,700 7,901,500 7,642,300
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
9,004,400 9,118,200 8,971,600 9,056,700 8,749,000 8,358,200
NA 4,224,000 4,290,300 4,461,500 4,451,100 4,353,100
NA 4,894,200 4,681,300 4,595,200 4,297,900 4,005,100
NA NA NA NA NA NA
NA 3,254,400 3,197,100 3,237,000 3,052,100 2,879,600
1,567,200 1,639,800 1,484,200 1,358,200 1,245,800 1,125,500
NA NA NA NA NA NA
NA -73,600 -61,200 -72,400 -93,800 -556,600
NA 171,600 172,900 183,500 197,400 205,400
NA 1,394,600 1,250,100 1,102,300 954,600 363,500
NA 457,300 401,500 361,900 319,600 191,500
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA 937,300 848,600 740,400 635,000 172,000
NA NA NA NA NA NA
NA 937,300 848,600 740,400 635,000 172,000
NA 732,853 732,853 295,403 294,268 183,213
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
1,063,800 937,300 848,600 740,400 635,000 172,000
337,800 340,200 330,300 319,900 316,300 300,300
79,800 -71,500 -26,000 67,500 58,500 -24,100
NA NA NA NA NA NA
54,800 86,700 25,900 -30,000 -92,400 362,000
1,536,200 1,292,700 1,178,800 1,097,800 917,400 810,200
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
-366,600 -372,800 -389,600 -478,500 -459,000 -431,800
37,600 45,800 34,800 64,900 -34,200 -1,300,400
137,400 22,700 18,700 68,500 1,200 6,200
-17,000 -27,200 -15,800 7,700 -12,000 -17,200
-208,600 -331,500 -351,900 -337,400 -504,000 -1,743,200
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
-1,040,600 -624,400 -542,500 -175,100 -27,400 19,300
925,400 555,500 762,900 350,400 1,077,400 NA
-853,300 -491,000 -677,500 -670,700 -1,164,600 1,202,900
-382,400 -366,000 -345,600 -333,400 -296,200 -276,500
34,900 -14,200 -27,300 15,800 39,200 30,500
-1,316,000 -940,100 -830,000 -813,000 -371,600 976,200
-4,600 -3,200 1,700 -12,500 -2,400 -4,300
7,000 17,900 -1,400 -65,100 39,400 38,900
199,600 181,700 183,100 248,200 208,800 169,900
206,600 199,600 181,700 183,100 248,200 208,800
12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996 12/31/1995
-366,600 -372,800
12/31/1994
169,900
47,600
1,049,600
713,900
NA
NA
NA
NA
196,700
2,177,700
1,988,100
NA
1,988,100
NA
NA
NA
1,671,800
304,800
6,142,400
12/31/1994
181,900
694,900
26,000
NA
541,300
85,100
NA
1,529,200
NA
295,400
NA
1,751,500
NA
743,400
4,319,500
NA
408,400
183,200
1,020,400
2,496,700
1,462,400
-823,400
1,822,900
6,142,400
12/31/1994
7,587,900
3,913,300
3,674,600
NA
2,625,200
1,049,400
NA
-82,800
86,700
879,900
299,700
NA
NA
NA
580,200
NA
580,200
183,213
12/31/1994
580,200
235,100
-11,500
NA
25,600
829,400
12/31/1994
-400,800
-146,400
56,500
33,000
-457,700
12/31/1994
-339,400
NA
243,300
-246,900
NA
-343,000
-2,900
25,800
144,100
169,900
12/31/1994
ENERGIZER HOLDINGS INC
ANNUAL FINANCIAL INFORMATION
BALANCE SHEET
ANNUAL ASSETS (000s)
FISCAL YEAR ENDING 9/30/2003 9/30/2002 9/30/2001
CASH 71,700 33,900 23,000
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 432,300 189,000 189,100
INVENTORIES 430,600 359,000 361,300
RAW MATERIALS NA NA NA
WORK IN PROGRESS NA NA NA
FINISHED GOODS NA NA NA
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 308,500 306,000 209,900
TOTAL CURRENT ASSETS 1,243,100 887,900 783,300
PROP, PLANT & EQUIP 701,200 455,700 476,100
ACCUMULATED DEP NA NA NA
NET PROP & EQUIP 701,200 455,700 476,100
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 639,000 111,300 NA
DEPOSITS & OTH ASSET 148,800 133,200 238,200
TOTAL ASSETS 2,732,100 1,588,100 1,497,600
ANNUAL LIABILITIES (000S)
FISCAL YEAR ENDING 9/30/2003 9/30/2002 9/30/2001
NOTES PAYABLE 66,100 94,600 110,300
ACCOUNTS PAYABLE 213,200 119,400 109,200
CUR LONG TERM DEBT 20,000 15,000 NA
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES NA NA NA
INCOME TAXES NA NA NA
OTHER CURRENT LIAB 428,200 305,600 275,700
TOTAL CURRENT LIAB 727,500 534,600 495,200
MORTGAGES NA NA NA
DEFERRED CHARGES/INC NA NA NA
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 913,600 160,000 225,000
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 283,000 188,700 169,500
TOTAL LIABILITIES 1,924,100 883,300 889,700
MINORITY INT (LIAB) NA NA NA
PREFERRED STOCK NA NA NA
COMMON STOCK NET 1,000 1,000 1,000
CAPITAL SURPLUS 811,900 789,800 784,100
RETAINED EARNINGS 367,100 202,400 17,500
TREASURY STOCK 288,100 176,000 79,600
OTHER EQUITIES -83,900 -112,400 -115,100
SHAREHOLDER EQUITY 808,000 704,800 607,900
TOT LIAB & NET WORTH 2,732,100 1,588,100 1,497,600
ANNUAL INCOME (000s)
FISCAL YEAR ENDING 9/30/2003 9/30/2002 9/30/2001
NET SALES 2,232,500 1,739,700 1,694,200
COST OF GOODS 1,274,200 963,800 999,100
GROSS PROFIT 958,300 775,900 695,100
R & D EXPENDITURES 51,500 37,100 46,400
SELL GEN & ADMIN EXP 633,600 431,500 453,900
INC BEF DEP & AMORT 273,200 307,300 194,800
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC 8,300 -7,700 -128,800
INTEREST EXPENSE 28,200 21,100 33,200
INCOME BEFORE TAX 253,300 278,500 32,800
PROV FOR INC TAXES 83,400 92,100 71,800
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 169,900 186,400 -39,000
EX ITEMS & DISC OPS NA NA NA
NET INCOME 169,900 186,400 -39,000
OUTSTANDING SHARES 85,078 88,455 91,719
CASH FLOW PROVIDED BY OPERATING
ACTIVITY (000s)
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
Net Income (Loss) 169,900 186,400 -39,000
Depreciation/Amortization 83,200 57,400 79,800
Net Incr (Decr) Assets/Liabs 201,900 -53,700 127,900
Cash Prov (Used) by Disc Oper NA NA NA
Other Adjustments, Net -12,900 16,000 149,400
Net Cash Prov (Used) by Oper 442,100 206,100 318,100
CASH FLOW PROVIDED BY INVESTING ACTIVITY
(000s)
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
(Incr) Decr in Prop, Plant -46,600 -31,800 -77,700
(Acq) Disp of Subs, Business -960,900 NA NA
(Incr) Decr in Securities Inv NA NA NA
Other Cash Inflow (Outflow) 8,900 7,300 12,600
Net Cash Prov (Used) by Inv -998,600 -24,500 -65,100
CASH FLOW PROVIDED BY FINANCING ACTIVITY
(000s)
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
Issue (Purchase) of Equity -131,400 -103,300 -79,600
Issue (Repayment) of Debt 1,348,400 6,100 19,400
Incr (Decr) In Borrowing -631,600 -73,900 -184,500
Dividends, Other Distribution NA NA NA
Other Cash Inflow (Outflow) NA NA NA
Net Cash Prov (Used) by Finan 585,400 -171,100 -244,700
Effect of Exchg Rate On Cash 8,900 400 -1,200
Net Change in Cash or Equiv 37,800 10,900 7,100
Cash or Equiv at Year Start 33,900 23,000 11,900
Cash or Equiv at Year End 71,700 33,900 19,000
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
Capital Expenditures -121,400 -73,000 -40,700
9/30/2000 9/30/1999 9/30/1998 9/30/1997
11,900 27,800 49,100 NA
NA NA NA NA
180,600 441,900 440,400 NA
459,100 383,000 404,400 NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
278,700 121,300 103,300 NA
930,300 974,000 997,200 NA
485,400 1,010,100 1,012,200 NA
NA 537,300 535,300 NA
485,400 472,800 476,900 NA
NA 386,900 603,500 NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
377,800 NA NA NA
1,793,500 1,833,700 2,077,600 NA
9/30/2000 9/30/1999 9/30/1998 9/30/1997
135,000 118,500 114,400 NA
145,000 128,600 149,000 NA
NA 300 13,200 NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
248,600 248,500 242,100 NA
528,600 495,900 518,700 NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
370,000 1,900 1,300 NA
NA NA NA NA
156,700 23,000 26,300 NA
1,055,300 520,800 546,300 NA
NA NA NA NA
NA NA NA NA
1,000 NA NA NA
783,900 NA 1,531,300 NA
59,800 NA NA NA
NA NA NA NA
-106,500 1,312,900 NA NA
738,200 1,312,900 1,531,300 NA
1,793,500 1,833,700 2,077,600 NA
9/30/2000 9/30/1999 9/30/1998 9/30/1997
1,927,700 1,878,500 1,921,800 2,005,800
1,044,000 1,059,500 1,004,400 1,085,700
883,700 819,000 917,400 920,100
49,900 48,500 46,600 41,900
509,500 506,200 602,500 660,500
324,300 264,300 268,300 217,700
NA NA NA NA
-17,600 -8,500 5,300 NA
27,500 7,600 11,100 13,800
279,200 248,200 262,500 203,900
99,000 88,400 54,300 44,600
NA NA NA NA
NA NA NA NA
NA NA NA NA
180,200 159,800 208,200 159,300
1,200 -79,800 -43,500 500
181,400 80,000 164,700 159,800
95,553 NA NA NA
9/30/2000 9/30/1999 9/30/1998 9/30/1997
181,400 80,000 164,700 159,800
82,000 94,900 101,200 112,300
-90,000 -3,300 -31,700 16,200
54,700 15,100 52,200 -3,500
116,200 165,600 -45,100 -2,600
344,300 352,300 241,300 282,200
9/30/2000 9/30/1999 9/30/1998 9/30/1997
-72,800 -69,200 -102,800 -89,000
20,000 NA NA NA
NA NA NA NA
-6,200 -2,800 5,500 -43,200
-59,000 -72,000 -97,300 -132,200
9/30/2000 9/30/1999 9/30/1998 9/30/1997
NA NA NA NA
413,100 15,700 24,000 NA
-503,400 -25,400 -2,300 -29,200
NA NA NA NA
-210,700 -293,700 -154,700 -98,600
-301,000 -303,400 -133,000 -127,800
-200 1,800 -4,600 -1,800
-15,900 -21,300 6,400 20,400
27,800 49,100 42,700 22,300
11,900 27,800 49,100 42,700
9/30/2000 9/30/1999 9/30/1998 9/30/1997
-77,900 -72,800
RAYOVAC CORP
ANNUAL FINANCIAL INFORMATION
BALANCE SHEET
ANNUAL ASSETS (000s)
FISCAL YEAR ENDING 9/30/2003 9/30/2002 9/30/2001
CASH 107,774 9,881 11,358
MRKTABLE SECURITIES NA NA NA
RECEIVABLES 255,205 128,927 160,943
INVENTORIES 219,254 84,275 91,311
RAW MATERIALS NA NA NA
WORK IN PROGRESS NA NA NA
FINISHED GOODS NA NA NA
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 93,093 36,239 39,476
TOTAL CURRENT ASSETS 675,326 259,322 303,088
PROP, PLANT & EQUIP 150,412 102,586 107,257
ACCUMULATED DEP NA NA NA
NET PROP & EQUIP 150,412 102,586 107,257
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES 99,307 51,900 37,080
INTANGIBLES 651,447 119,425 119,074
DEPOSITS & OTH ASSET NA NA NA
TOTAL ASSETS 1,576,492 533,233 566,499
ANNUAL LIABILITIES (000S)
FISCAL YEAR ENDING 9/30/2003 9/30/2002 9/30/2001
NOTES PAYABLE NA NA NA
ACCOUNTS PAYABLE 172,632 76,155 81,990
CUR LONG TERM DEBT 72,852 13,400 24,436
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES 130,961 22,086 38,115
INCOME TAXES 29,080 7,143 NA
OTHER CURRENT LIAB NA NA NA
TOTAL CURRENT LIAB 405,525 118,784 144,541
MORTGAGES NA NA NA
DEFERRED CHARGES/INC 22,694 20,957 7,428
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 870,540 188,471 233,541
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 75,731 30,228 23,404
TOTAL LIABILITIES 1,374,490 358,440 408,914
MINORITY INT (LIAB) NA NA NA
PREFERRED STOCK NA NA NA
COMMON STOCK NET 620 616 616
CAPITAL SURPLUS 185,561 180,823 180,752
RETAINED EARNINGS 164,703 149,221 119,984
TREASURY STOCK 130,070 130,070 130,070
OTHER EQUITIES -18,812 -25,797 -13,697
SHAREHOLDER EQUITY 202,002 174,793 157,585
TOT LIAB & NET WORTH 1,576,492 533,233 566,499
ANNUAL INCOME (000s)
FISCAL YEAR ENDING 9/30/2003 9/30/2002 9/30/2001
NET SALES 922,122 572,736 616,172
COST OF GOODS 549,514 334,147 361,173
GROSS PROFIT 372,608 238,589 254,999
R & D EXPENDITURES 14,364 13,084 12,191
SELL GEN & ADMIN EXP 266,050 161,274 166,132
INC BEF DEP & AMORT 92,194 64,231 76,676
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC -31,977 -2,500 -31,988
INTEREST EXPENSE 37,182 16,048 27,189
INCOME BEFORE TAX 23,035 45,683 17,499
PROV FOR INC TAXES 7,553 16,446 5,965
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 15,482 29,237 11,534
EX ITEMS & DISC OPS NA NA NA
NET INCOME 15,482 29,237 11,534
OUTSTANDING SHARES 32,463 32,058 32,058
CASH FLOW PROVIDED BY OPERATING
ACTIVITY (000s)
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
Net Income (Loss) 15,482 29,237 11,534
Depreciation/Amortization 36,954 22,053 24,857
Net Incr (Decr) Assets/Liabs 14,381 10,476 -37,673
Cash Prov (Used) by Disc Oper NA NA 8,587
Other Adjustments, Net 9,390 5,060 10,742
Net Cash Prov (Used) by Oper 76,207 66,826 18,047
CASH FLOW PROVIDED BY INVESTING ACTIVITY
(000s)
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
(Incr) Decr in Prop, Plant -25,993 -15,473 -18,830
(Acq) Disp of Subs, Business -420,403 NA NA
(Incr) Decr in Securities Inv NA NA 557
Other Cash Inflow (Outflow) NA NA NA
Net Cash Prov (Used) by Inv -446,396 -15,473 -18,273
CASH FLOW PROVIDED BY FINANCING ACTIVITY
(000s)
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
Issue (Purchase) of Equity 176 -253 67,418
Issue (Repayment) of Debt -29,933 NA NA
Incr (Decr) In Borrowing 501,608 -56,222 3,903
Dividends, Other Distribution NA NA NA
Other Cash Inflow (Outflow) NA -239 -69,652
Net Cash Prov (Used) by Finan 471,851 -56,714 1,669
Effect of Exchg Rate On Cash -3,769 3,884 158
Net Change in Cash or Equiv 97,893 -1,477 1,601
Cash or Equiv at Year Start 9,881 11,358 9,757
Cash or Equiv at Year End 107,774 9,881 11,358
Fiscal Year Ending 9/30/2003 9/30/2002 9/30/2001
Capital Expenditures -26,892 -26,125 -15,641
9/30/2000 9/30/1999 9/30/1998 9/30/1997 9/30/1996 6/30/1996
9,757 11,065 1,594 1,133 4,255 2,190
NA NA NA NA NA NA
147,767 138,155 99,100 76,590 62,320 55,830
100,676 81,618 62,762 58,551 70,121 66,941
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
32,970 26,015 17,482 18,106 18,178 13,158
291,170 256,853 180,938 154,380 154,874 138,119
111,897 110,778 71,367 142,972 140,810 73,938
NA NA NA 77,461 72,170 NA
111,897 110,778 71,367 65,511 68,640 73,938
NA NA NA NA NA NA
NA NA NA NA NA NA
43,835 36,420 19,475 16,990 20,177 9,828
122,114 128,850 12,079 NA NA NA
NA NA NA NA NA NA
569,016 532,901 283,859 236,881 243,691 221,885
9/30/2000 9/30/1999 9/30/1998 9/30/1997 9/30/1996 6/30/1996
NA NA NA NA NA NA
97,857 85,524 64,799 57,259 46,921 38,695
44,815 22,895 3,590 23,880 8,818 11,631
NA NA NA NA NA NA
43,808 44,038 30,892 39,424 34,486 25,330
NA NA NA NA NA NA
NA NA NA NA NA NA
186,480 152,457 99,281 120,563 90,225 75,656
NA NA NA NA NA NA
8,242 8,619 1,988 735 142 2,584
NA NA NA NA NA NA
272,815 307,426 148,686 183,441 224,845 69,718
NA NA NA NA NA NA
20,783 17,939 12,030 12,737 14,199 12,303
488,320 486,441 261,985 317,476 329,411 160,261
NA NA NA NA NA NA
NA NA NA NA NA NA
571 570 569 500 500 505
104,197 103,577 103,304 15,974 15,970 12,000
108,450 70,100 45,964 31,321 25,143 48,002
129,982 129,096 128,472 128,040 128,522 533
-2,540 1,309 509 -350 1,189 1,650
80,696 46,460 21,874 -80,595 -85,720 61,624
569,016 532,901 283,859 236,881 243,691 221,885
9/30/2000 9/30/1999 9/30/1998 9/30/1997 9/30/1996 6/30/1996
630,914 564,302 495,733 432,552 101,880 423,354
371,470 293,858 258,293 234,991 59,242 239,343
259,444 270,444 237,440 197,561 42,638 184,011
10,763 9,785 8,272 8,196 1,495 5,442
159,350 198,889 182,440 151,838 36,424 148,292
89,331 61,770 46,728 37,527 4,719 30,277
NA NA NA NA NA NA
-753 -7,818 -6,028 -3,380 -28,467 -552
30,626 16,354 15,670 24,542 4,430 8,435
57,952 37,598 25,030 9,605 -28,178 21,290
19,602 13,462 8,660 3,419 -8,904 7,002
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
38,350 24,136 16,370 6,186 -19,274 14,288
NA NA -1,975 NA -1,647 NA
38,350 24,136 14,395 6,186 -20,921 14,288
32,043 27,490 27,471 49,500 20,470 20,581
9/30/2000 9/30/1999 9/30/1998 9/30/1997 9/30/1996 6/30/1996
38,350 24,136 14,395 6,186 -20,921 14,288
22,333 14,969 13,850 14,871 4,888 11,985
-30,074 -29,768 -31,655 17,205 3,480 -8,323
NA NA 3,238 NA 2,424 NA
2,233 1,200 -1,321 -2,597 8,999 -105
32,842 10,537 -1,493 35,665 -1,130 17,845
9/30/2000 9/30/1999 9/30/1998 9/30/1997 9/30/1996 6/30/1996
-17,945 -24,087 -12,253 -10,804 33 -6,348
NA -145,076 -11,124 NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
-17,945 -169,163 -23,377 -10,804 33 -6,348
9/30/2000 9/30/1999 9/30/1998 9/30/1997 9/30/1996 6/30/1996
-265 -350 86,966 -1,634 -127,925 -533
NA -5,904 -150 NA -14,373 NA
-15,738 171,557 -61,086 -26,515 259,405 95,957
NA NA NA NA -1,943 -5,187
NA 2,745 -378 164 -112,007 -102,187
-16,003 168,048 25,352 -27,985 3,157 -11,950
-202 49 -21 2 5 -2
-1,308 9,471 461 -3,122 2,065 -455
11,065 1,594 1,133 4,255 2,190 2,645
9,757 11,065 1,594 1,133 4,255 2,190
9/30/2000 9/30/1999 9/30/1998 9/30/1997 9/30/1996 6/30/1996
-19,700 -19,000
6/30/1995
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6/30/1995
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6/30/1995
415,224
237,126
178,098
5,005
141,564
31,529
NA
-230
8,644
22,655
6,247
NA
NA
NA
16,408
NA
16,408
50,000
6/30/1995
16,408
11,127
7,528
NA
456
35,519
6/30/1995
-16,799
NA
NA
NA
-16,799
6/30/1995
NA
NA
85,698
-1,500
-102,458
-18,260
-345
115
2,530
2,645
6/30/1995
PROCTER & GAMBLE CO
ANNUAL FINANCIAL INFORMATION
BALANCE SHEET
ANNUAL ASSETS (000s)
FISCAL YEAR ENDING 6/30/2004 6/30/2003 6/30/2002
CASH 5,469,000 5,912,000 3,427,000
MRKTABLE SECURITIES 423,000 300,000 196,000
RECEIVABLES 4,062,000 3,038,000 3,090,000
INVENTORIES 4,400,000 3,640,000 3,456,000
RAW MATERIALS 1,191,000 1,095,000 1,031,000
WORK IN PROGRESS 340,000 291,000 323,000
FINISHED GOODS 2,869,000 2,254,000 2,102,000
NOTES RECEIVABLE NA NA NA
OTHER CURRENT ASSETS 2,761,000 2,330,000 1,997,000
TOTAL CURRENT ASSETS 17,115,000 15,220,000 12,166,000
PROP, PLANT & EQUIP 25,304,000 23,542,000 23,070,000
ACCUMULATED DEP 11,196,000 10,438,000 9,721,000
NET PROP & EQUIP 14,108,000 13,104,000 13,349,000
INVEST & ADV TO SUBS NA NA NA
OTHER NON-CUR ASSETS NA NA NA
DEFERRED CHARGES NA NA NA
INTANGIBLES 23,900,000 13,507,000 13,430,000
DEPOSITS & OTH ASSET 1,925,000 1,875,000 1,831,000
TOTAL ASSETS 57,048,000 43,706,000 40,776,000
ANNUAL LIABILITIES (000S)
FISCAL YEAR ENDING 6/30/2004 6/30/2003 6/30/2002
NOTES PAYABLE NA NA NA
ACCOUNTS PAYABLE 3,617,000 2,795,000 2,205,000
CUR LONG TERM DEBT 8,287,000 2,172,000 3,731,000
CUR PORT CAP LEASES NA NA NA
ACCRUED EXPENSES 10,243,000 7,391,000 6,768,000
INCOME TAXES NA NA NA
OTHER CURRENT LIAB NA NA NA
TOTAL CURRENT LIAB 22,147,000 12,358,000 12,704,000
MORTGAGES NA NA NA
DEFERRED CHARGES/INC 2,261,000 1,396,000 1,077,000
CONVERTIBLE DEBT NA NA NA
LONG TERM DEBT 12,554,000 11,475,000 11,201,000
NON-CUR CAP LEASES NA NA NA
OTHER LONG TERM LIAB 2,808,000 2,291,000 2,088,000
TOTAL LIABILITIES 39,770,000 27,520,000 27,070,000
MINORITY INT (LIAB) NA NA NA
PREFERRED STOCK 1,526,000 1,580,000 1,634,000
COMMON STOCK NET 2,544,000 2,594,000 1,301,000
CAPITAL SURPLUS 2,425,000 1,634,000 2,490,000
RETAINED EARNINGS 13,611,000 13,692,000 11,980,000
TREASURY STOCK NA NA NA
OTHER EQUITIES -2,828,000 -3,314,000 -3,699,000
SHAREHOLDER EQUITY 17,278,000 16,186,000 13,706,000
TOT LIAB & NET WORTH 57,048,000 43,706,000 40,776,000
ANNUAL INCOME (000s)
FISCAL YEAR ENDING 6/30/2004 6/30/2003 6/30/2002
NET SALES 51,407,000 43,377,000 40,238,000
COST OF GOODS 25,076,000 22,141,000 20,989,000
GROSS PROFIT 26,331,000 21,236,000 19,249,000
R & D EXPENDITURES NA NA NA
SELL GEN & ADMIN EXP 16,504,000 13,383,000 12,571,000
INC BEF DEP & AMORT 9,827,000 7,853,000 6,678,000
DEPRECIATION & AMORT NA NA NA
NON-OPERATING INC 152,000 238,000 308,000
INTEREST EXPENSE 629,000 561,000 603,000
INCOME BEFORE TAX 9,350,000 7,530,000 6,383,000
PROV FOR INC TAXES 2,869,000 2,344,000 2,031,000
MINORITY INT (INC) NA NA NA
INVEST GAINS/LOSSES NA NA NA
OTHER INCOME NA NA NA
NET INC BEF EX ITEMS 6,481,000 5,186,000 4,352,000
EX ITEMS & DISC OPS NA NA NA
NET INCOME 6,481,000 5,186,000 4,352,000
OUTSTANDING SHARES 2,543,800 2,594,400 1,300,800
CASH FLOW PROVIDED BY OPERATING
ACTIVITY (000s)
Fiscal Year Ending 6/30/2004 6/30/2003 6/30/2002
Net Income (Loss) 6,481,000 5,186,000 4,352,000
Depreciation/Amortization 1,733,000 1,703,000 1,693,000
Net Incr (Decr) Assets/Liabs NA NA NA
Cash Prov (Used) by Disc Oper NA NA NA
Other Adjustments, Net 1,148,000 1,811,000 1,697,000
Net Cash Prov (Used) by Oper 9,362,000 8,700,000 7,742,000
CASH FLOW PROVIDED BY INVESTING ACTIVITY
(000s)
Fiscal Year Ending 6/30/2004 6/30/2003 6/30/2002
(Incr) Decr in Prop, Plant -2,024,000 -1,482,000 -1,679,000
(Acq) Disp of Subs, Business -7,476,000 -61,000 -5,471,000
(Incr) Decr in Securities Inv NA NA NA
Other Cash Inflow (Outflow) 109,000 36,000 315,000
Net Cash Prov (Used) by Inv -9,391,000 -1,507,000 -6,835,000
CASH FLOW PROVIDED BY FINANCING ACTIVITY
(000s)
Fiscal Year Ending 6/30/2004 6/30/2003 6/30/2002
Issue (Purchase) of Equity -3,515,000 -967,000 -331,000
Issue (Repayment) of Debt NA NA NA
Incr (Decr) In Borrowing 5,686,000 -1,882,000 2,623,000
Dividends, Other Distribution -2,539,000 -2,246,000 -2,095,000
Other Cash Inflow (Outflow) NA NA NA
Net Cash Prov (Used) by Finan -368,000 -5,095,000 197,000
Effect of Exchg Rate On Cash -46,000 387,000 17,000
Net Change in Cash or Equiv -443,000 2,485,000 1,121,000
Cash or Equiv at Year Start 5,912,000 3,427,000 2,306,000
Cash or Equiv at Year End 5,469,000 5,912,000 3,427,000
FISCAL YEAR ENDING 6/30/2004 6/30/2003 6/30/2002
Capital Expenditures -2,024,000 -1,482,000 -1,679,000
6/30/2001 6/30/2000 6/30/1999 6/30/1998 6/30/1997 6/30/1996
2,306,000 1,415,000 2,294,000 1,549,000 2,350,000 2,074,000
212,000 185,000 506,000 857,000 760,000 446,000
2,931,000 2,910,000 2,940,000 2,781,000 2,738,000 2,841,000
3,384,000 3,490,000 3,338,000 3,284,000 3,087,000 3,130,000
1,096,000 1,254,000 1,176,000 1,225,000 1,131,000 1,254,000
373,000 394,000 375,000 343,000 228,000 210,000
1,915,000 1,842,000 1,787,000 1,716,000 1,728,000 1,666,000
NA NA NA NA NA NA
2,056,000 2,146,000 2,280,000 2,106,000 1,851,000 2,316,000
10,889,000 10,146,000 11,358,000 10,577,000 10,786,000 10,807,000
22,821,000 23,221,000 21,400,000 20,152,000 18,625,000 18,112,000
9,726,000 9,529,000 8,774,000 7,972,000 7,249,000 6,994,000
13,095,000 13,692,000 12,626,000 12,180,000 11,376,000 11,118,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
8,300,000 8,786,000 6,822,000 7,011,000 3,949,000 4,281,000
2,103,000 1,742,000 1,307,000 1,198,000 1,433,000 1,524,000
34,387,000 34,366,000 32,113,000 30,966,000 27,544,000 27,730,000
6/30/2001 6/30/2000 6/30/1999 6/30/1998 6/30/1997 6/30/1996
NA NA NA NA NA NA
2,075,000 2,209,000 2,300,000 2,051,000 2,203,000 2,236,000
2,233,000 3,241,000 3,150,000 2,281,000 849,000 1,116,000
NA NA NA NA NA NA
5,538,000 4,691,000 5,311,000 4,918,000 4,746,000 4,473,000
NA NA NA NA NA NA
NA NA NA NA NA NA
9,846,000 10,141,000 10,761,000 9,250,000 7,798,000 7,825,000
NA NA NA NA NA NA
894,000 625,000 362,000 428,000 559,000 638,000
NA NA NA NA NA NA
9,792,000 9,012,000 6,231,000 5,765,000 4,143,000 4,670,000
NA NA NA NA NA NA
1,845,000 2,301,000 2,701,000 3,287,000 2,998,000 2,875,000
22,377,000 22,079,000 20,055,000 18,730,000 15,498,000 16,008,000
NA NA NA NA NA NA
1,701,000 1,737,000 1,781,000 1,821,000 1,859,000 1,886,000
1,296,000 1,306,000 2,657,000 1,337,000 1,351,000 1,371,000
2,057,000 1,794,000 NA 907,000 559,000 294,000
10,451,000 10,710,000 10,778,000 11,144,000 10,730,000 10,265,000
NA NA NA NA NA NA
-3,495,000 -3,260,000 -3,158,000 -2,973,000 -2,453,000 -2,094,000
12,010,000 12,287,000 12,058,000 12,236,000 12,046,000 11,722,000
34,387,000 34,366,000 32,113,000 30,966,000 27,544,000 27,730,000
6/30/2001 6/30/2000 6/30/1999 6/30/1998 6/30/1997 6/30/1996
39,244,000 39,951,000 38,125,000 37,154,000 35,764,000 35,284,000
22,102,000 21,514,000 21,027,000 21,064,000 20,510,000 20,938,000
17,142,000 18,437,000 17,098,000 16,090,000 15,254,000 14,346,000
NA NA NA NA NA NA
12,406,000 12,483,000 10,845,000 10,035,000 9,766,000 9,531,000
4,736,000 5,954,000 6,253,000 6,055,000 5,488,000 4,815,000
NA NA NA NA NA NA
674,000 304,000 235,000 201,000 218,000 338,000
794,000 722,000 650,000 548,000 457,000 484,000
4,616,000 5,536,000 5,838,000 5,708,000 5,249,000 4,669,000
1,694,000 1,994,000 2,075,000 1,928,000 1,834,000 1,623,000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
2,922,000 3,542,000 3,763,000 3,780,000 3,415,000 3,046,000
NA NA NA NA NA NA
2,922,000 3,542,000 3,763,000 3,780,000 3,415,000 3,046,000
1,295,700 1,305,867 1,319,800 1,337,400 1,350,800 1,371,146
6/30/2001 6/30/2000 6/30/1999 6/30/1998 6/30/1997 6/30/1996
2,922,000 3,542,000 3,763,000 3,780,000 3,415,000 3,046,000
2,271,000 2,191,000 2,148,000 1,598,000 1,487,000 1,358,000
669,000 -1,399,000 -437,000 -255,000 1,001,000 -863,000
NA NA NA NA NA NA
-58,000 341,000 70,000 -238,000 -21,000 617,000
5,804,000 4,675,000 5,544,000 4,885,000 5,882,000 4,158,000
6/30/2001 6/30/2000 6/30/1999 6/30/1998 6/30/1997 6/30/1996
-2,486,000 -2,599,000 -2,828,000 -2,559,000 -2,129,000 -2,179,000
-138,000 -2,967,000 -137,000 -3,269,000 -150,000 -358,000
-7,000 221,000 356,000 63,000 -309,000 -331,000
788,000 NA 434,000 555,000 520,000 402,000
-1,843,000 -5,345,000 -2,175,000 -5,210,000 -2,068,000 -2,466,000
6/30/2001 6/30/2000 6/30/1999 6/30/1998 6/30/1997 6/30/1996
-1,109,000 -1,430,000 -2,321,000 -1,771,000 -1,518,000 -343,000
NA NA 986,000 1,970,000 NA NA
38,000 3,030,000 355,000 883,000 -660,000 -38,000
-1,943,000 -1,796,000 -1,626,000 -1,462,000 -1,329,000 -1,202,000
NA NA NA NA NA NA
-3,014,000 -196,000 -2,606,000 -380,000 -3,507,000 -1,583,000
-56,000 -13,000 -18,000 -96,000 -31,000 -63,000
891,000 -879,000 745,000 -801,000 276,000 46,000
1,415,000 2,294,000 1,549,000 2,350,000 2,074,000 2,028,000
2,306,000 1,415,000 2,294,000 1,549,000 2,350,000 2,074,000
6/30/2001 6/30/2000 6/30/1999 6/30/1998 6/30/1997 6/30/1996
-2,486,000 -3,018,000
6/30/1995
2,028,000
150,000
3,010,000
3,453,000
1,315,000
247,000
1,891,000
NA
2,201,000
10,842,000
17,739,000
6,713,000
11,026,000
NA
NA
NA
4,572,000
1,685,000
28,125,000
6/30/1995
NA
2,891,000
970,000
NA
4,787,000
NA
NA
8,648,000
NA
531,000
NA
5,161,000
NA
3,196,000
17,536,000
NA
1,913,000
687,000
693,000
8,965,000
NA
-1,669,000
10,589,000
28,125,000
6/30/1995
33,482,000
19,561,000
13,921,000
NA
9,677,000
4,244,000
NA
244,000
488,000
4,000,000
1,355,000
NA
NA
NA
2,645,000
NA
2,645,000
1,373,148
6/30/1995
2,645,000
1,253,000
-576,000
NA
246,000
3,568,000
6/30/1995
-2,146,000
-623,000
96,000
310,000
-2,363,000
6/30/1995
-48,000
NA
-490,000
-1,062,000
NA
-1,600,000
50,000
-345,000
2,373,000
2,028,000
6/30/1995
SP500 Personal Products (in millions of dollars)
INCOME STATEMENT 2003 2002 2001 2000 1999 1998
SALES 75.072 66.708 67.171 66.463 64.942 62.213
COST OF GOODS SOLD 27.402 25.178 23.815 22.892 23.215 22.902
SGA 30.823 27.756 30.425 29.299 28.531 26.303
EBITDA 16.847 13.775 12.931 14.272 13.197 13.007
DEPRECIATION 2.95 2.572 2.523 2.575 2.026 1.724
OPERATING INCOME (EBIT) 13.897 11.203 10.408 11.696 11.171 11.283
INTEREST EXPENSE 0.516 0.669 0.979 1.365 0.734 0.535
OTHER INCOME (NON-OPERATING) 0.079 0.23 -0.003 0.052 -0.138 -0.018
INCOME TAXES 3.936 3.5 2.771 2.772 3.488 3.012
INCOME BEFORE EXTRAORD ITEMS 8.691 7.241 5.584 5.428 6.239 5.216
NET INCOME 8.731 7.268 5.583 3.75 6.239 5.216
BALANCE SHEET 2003 2002 2001 2000 1999 1998
CASH & EQUIVALENTS 6.888 6.255 6.384 1.154 0.966 1.022
RECEIVABLES 8.277 8.765 9.528 12.534 12.959 12.966
INVENTORIES 8.994 7.947 8.091 8.542 9.711 9.103
TOTAL CURRENT ASSETS 27.794 26.285 27.797 26.837 26.925 26.819
NET PP&E 18.796 17.635 17.548 17.557 17.56 15.879
TOTAL ASSETS 61.034 57.424 56.504 56.301 58.649 56.03
DEBT IN CURRENT LIABILITIES 4.355 6.962 10.604 11.305 7.976 3.814
ACCOUNTS PAYABLE 4.716 4.599 3.836 3.763 4.343 4.367
TOTAL CURRENT LIABILITIES 22.543 22.8 25.75 27.619 23.571 18.628
LONG TERM DEBT 14.412 13.641 12.362 11.936 14.597 9.562
PREFERRED STOCK 0 0 0.131 0.578 1.665 1.299
COMMON STOCK 5.839 5.676 5.667 5.656 5.552 5.314
SHAREHOLDER EQUITY 14.436 11.526 10.903 9.608 13.553 20.512
RETAINED EARNINGS 34.391 26.358 24.093 22.773 23.245 20.277
CASH FLOW 2003 2002 2001 2000 1999 1998
CAPITAL EXPENDITURES 2.494 2.259 3.141 3.944 4.477 4.53
DATE CL ENR PG ROV G S&P Composite
20000131 -0.08604 -0.07466 0.145695 -0.08291 -0.05090352
20000229 -0.1192 -0.13049 -0.04046 -0.06312 -0.02010814
20000331 0.08024 -0.35704 0.120482 0.069149 0.0967199
20000428 0.016098 0.063186 -0.10215 -0.01393 -0.03079582
20000531 -0.07877 -0.00366 0.112971 -0.1497 -0.09797 -0.021915
20000630 0.137767 0.073529 -0.1391 0.260563 0.046816 0.02393355
20000731 -0.06731 0.321918 -0.00044 0.114525 -0.15991 -0.01634126
20000831 -0.0853 -0.18135 0.086813 -0.28822 0.027837 0.06069903
20000929 -0.07337 0.240506 0.083923 -0.03521 0.029167 -0.05348295
20001031 0.248252 -0.19388 0.071455 -0.13869 0.134818 -0.004949496
20001130 -0.00017 -0.02215 0.048119 -0.03814 -0.02867 -0.08006856
20001229 0.098723 0.106796 0.047579 0 0.066421 0.004053386
20010131 -0.06681 0.150877 -0.07965 0.274361 -0.12021 0.03463659
20010228 -0.01714 0.012195 -0.01865 0.067478 0.028147 -0.09229068
20010330 -0.06418 0.004016 -0.11206 -0.09585 -0.04122 -0.06420472
20010430 0.013527 -0.0472 -0.03514 0.191977 -0.08494 0.07681435
20010531 0.014145 -0.03233 0.069775 0.052885 0.020099 0.005090199
20010629 0.04149 -0.00434 -0.00685 -0.02694 0.002074 -0.02500358
20010731 -0.07815 -0.18301 0.119122 -0.02065 -0.03303 -0.01077245
20010831 -0.00092 -0.0576 0.044072 -0.18064 0.099749 -0.06410839
20010928 0.075716 -0.05942 -0.01834 -0.10819 -0.02773 -0.08172339
20011031 -0.00944 -0.00782 0.018821 -0.02951 0.048742 0.01809903
20011130 0.014604 0.121892 0.049878 0.174324 0.051785 0.07517598
20011231 -0.01045 0.02973 0.021559 0.012658 0.021407 0.007573829
20020131 -0.00727 0.076116 0.037028 -0.11932 0.001871 -0.01557383
20020228 -0.02047 0.064878 0.038075 -0.12258 0.026727 -0.02076624
20020328 0.0209 0.087952 0.062507 0.136029 -0.00526 0.03673886
20020430 -0.06929 0.006316 0.006105 0.029773 0.048001 -0.06141765
20020531 0.022449 0.127615 -0.00787 0.147077 0.002537 -0.009081455
20020628 -0.07657 0.01744 0.00543 0.015343 -0.04779 -0.07246472
20020731 0.02957 -0.02079 0.00112 -0.23907 -0.02443 -0.07899496
20020830 0.062317 0.062197 -0.00382 -0.03546 -0.04106 0.00488142
20020930 -0.011 0.065919 0.008235 -0.10294 -0.06121 -0.1100134
20021031 0.022428 -0.01842 -0.00582 0.155738 0.014949 0.0864355
20021129 -0.0653 -0.00771 -0.04432 0.035461 0.014726 0.05706964
20021231 0.020237 -0.05775 0.016681 -0.08699 0.001319 -0.06033258
20030131 -0.02556 -0.12545 0.000465 0.035259 -0.0098 -0.0274147
20030228 -0.01179 0.088115 -0.04336 -0.11232 0.009699 -0.01700362
20030331 0.082091 -0.03992 0.087833 -0.11429 0.024843 0.008357606
20030430 0.054555 0.130639 0.013588 -0.04147 -0.01058 0.08104412
20030530 0.042855 0.102706 0.021925 0.210577 0.103777 0.05089866
20030630 -0.02801 -0.01196 -0.02875 0.028594 -0.05207 0.01132224
20030731 -0.05367 0.090764 -0.00959 0.051737 -0.02943 0.0162237
20030829 0.012454 0.073869 -0.0066 0.026432 0.055267 0.01787319
20030930 0.011035 -0.00027 0.063352 0.044349 -0.01479 -0.01194433
20031031 -0.04402 0.000816 0.063833 0.126027 0.00258 0.0549615
20031128 -0.01297 0.02962 -0.02086 0.094282 0.05674 0.007128513
20031231 -0.04667 -0.00871 0.037822 0.164536 0.089588 0.05076545
20040131 0.029171 0.104633 0.01657 0.145585 -0.00863 0.017276423
20040228 0.081529 0.124849 0.014147 0.0825 0.061793 0.01220903
20040331 -0.00631 0.000429 0.02312 0.100847 0.015848 -0.016358936
20040430 0.054809 -0.07261 0.013444 -0.06818 0.050716 -0.016790829
20040530 -0.01175 0.047344 0.019189 0.016886 0.05303 0.012083446
20040630 0.021853 -0.00772 0.009831 0.0369 -0.01601 0.017989078
20040731 -0.08571 -0.15333 -0.03747 -0.04875 -0.07682 -0.034290523
20040829 0.015038 0.085039 0.07325 -0.13992 0.090303 0.002287333
20040930 -0.16333 0.115143 -0.03305 0.146151 -0.01788 0.009363906
20041031 -0.00708 0.007158 -0.0497 -0.05465 -0.00232 0.014014248
20041128 0.030704 0.005815 0.044939 0.191489 0.048457 0.038594939
20041231 0.112416 0.064026 0.029918 0.02965 0.029662 0.02694621
Industry Name Number of Firms Average Beta Market D/E Ratio Tax Rate Unlevered Beta
Advertising 34 1.19 25.35% 14.86% 0.98
Aerospace/Defense 72 0.79 42.59% 18.31% 0.58
Air Transport 43 1.32 50.37% 22.58% 0.95
Apparel 59 0.88 14.85% 23.13% 0.79
Auto & Truck 21 0.99 162.16% 22.51% 0.44
Auto Parts 62 0.90 46.22% 15.00% 0.65
Bank 504 0.62 69.15% 28.30% 0.42
Bank (Canadian) 7 0.83 15.24% 20.84% 0.74
Bank (Foreign) 4 1.18 128.95% 17.51% 0.57
Bank (Midwest) 43 0.73 57.29% 31.88% 0.53
Beverage (Alcoholic) 24 0.57 20.51% 39.63% 0.50
Beverage (Soft Drink) 17 0.59 13.42% 22.19% 0.54
Biotechnology 84 1.20 3.92% 5.27% 1.16
Building Materials 48 0.80 43.53% 41.23% 0.64
Cable TV 24 1.71 69.22% 10.07% 1.06
Canadian Energy 10 0.66 28.39% 36.97% 0.56
Cement & Aggregates 14 0.78 25.35% 22.20% 0.65
Chemical (Basic) 16 0.88 30.97% 16.76% 0.70
Chemical (Diversified) 33 0.83 23.19% 28.75% 0.71
Chemical (Specialty) 95 0.80 34.57% 22.28% 0.63
Coal 8 0.95 33.60% 2.95% 0.72
Computer Software/Svcs 387 1.77 3.03% 14.83% 1.73
Computers/Peripherals 148 1.83 9.46% 17.32% 1.70
Diversified Co. 102 0.78 44.55% 21.10% 0.58
Drug 276 1.15 6.69% 11.24% 1.09
E-Commerce 41 2.89 6.07% 50.00% 2.80
Educational Services 34 1.03 2.17% 16.44% 1.02
Electric Util. (Central) 27 0.80 123.05% 24.61% 0.42
Electric Utility (East) 29 0.73 94.48% 26.11% 0.43
Electric Utility (West) 15 0.79 122.79% 27.10% 0.42
Electrical Equipment 86 1.34 6.50% 13.98% 1.27
Electronics 181 1.41 18.70% 16.27% 1.22
Entertainment 84 1.18 23.99% 33.67% 1.02
Entertainment Tech 32 1.82 8.60% 26.73% 1.71
Environmental 77 0.75 59.91% 18.80% 0.51
Financial Svcs. (Div.) 231 0.90 112.97% 23.33% 0.48
Food Processing 104 0.64 33.29% 28.97% 0.52
Food Wholesalers 22 0.67 25.09% 22.38% 0.56
Foreign Electronics 13 1.16 33.24% 46.73% 0.99
Foreign Telecom. 19 1.58 31.88% 32.65% 1.30
Furn/Home Furnishings 36 0.76 15.14% 28.85% 0.69
Grocery 25 0.72 82.02% 32.12% 0.46
Healthcare Information 35 1.00 13.24% 13.36% 0.90
Home Appliance 15 0.87 32.95% 27.99% 0.71
Homebuilding 44 0.80 51.79% 25.13% 0.57
Hotel/Gaming 80 0.84 65.99% 15.11% 0.54
Household Products 32 0.76 13.16% 28.70% 0.70
Human Resources 27 0.98 11.13% 25.12% 0.90
Industrial Services 190 0.79 26.83% 25.61% 0.66
Information Services 29 1.04 11.70% 22.85% 0.96
Insurance (Life) 45 0.88 15.65% 21.25% 0.79
Insurance (Prop/Cas.) 69 0.81 7.36% 16.40% 0.77
Internet 289 2.72 4.15% 3.58% 2.61
Investment Co. 22 0.66 56.03% 1.93% 0.43
Investment Co.(Foreign) 17 1.05 3.18% 2.53% 1.01
Machinery 138 0.79 43.83% 21.00% 0.59
Manuf. Housing/RV 18 0.93 21.81% 18.21% 0.78
Maritime 23 0.80 101.31% 47.84% 0.53
Medical Services 197 0.82 22.33% 20.10% 0.70
Medical Supplies 236 0.84 6.98% 14.93% 0.79
Metal Fabricating 37 0.76 15.35% 46.94% 0.70
Metals & Mining (Div.) 54 0.98 25.22% 9.98% 0.80
Natural Gas (Distrib.) 31 0.65 88.04% 27.73% 0.39
Natural Gas (Div.) 39 0.85 88.88% 22.46% 0.50
Newspaper 20 0.85 17.24% 29.49% 0.76
Office Equip/Supplies 31 0.90 41.90% 25.74% 0.68
Oilfield Svcs/Equip. 88 0.90 16.35% 20.61% 0.80
Packaging & Container 34 0.83 75.23% 37.35% 0.56
Paper/Forest Products 40 0.84 71.86% 47.14% 0.61
Petroleum (Integrated) 34 0.82 18.32% 24.07% 0.72
Petroleum (Producing) 128 0.73 29.03% 18.00% 0.59
Pharmacy Services 15 0.89 8.97% 31.65% 0.83
Power 19 1.45 207.95% 12.40% 0.51
Precious Metals 48 0.41 9.18% 7.55% 0.38
Precision Instrument 102 1.33 10.10% 14.29% 1.23
Publishing 40 0.90 24.28% 20.91% 0.75
R.E.I.T. 144 0.64 17.51% 1.73% 0.55
Railroad 16 0.83 61.36% 31.06% 0.58
Recreation 73 0.87 21.13% 50.00% 0.79
Restaurant 85 0.74 20.31% 26.91% 0.65
Retail (Special Lines) 196 0.94 14.46% 25.77% 0.85
Retail Building Supply 8 1.01 4.57% 37.30% 0.99
Retail Store 43 0.91 23.84% 28.78% 0.78
Securities Brokerage 27 1.31 171.94% 18.43% 0.54
Semiconductor 113 2.59 6.08% 19.32% 2.47
Semiconductor Equip 15 2.50 7.98% 3.24% 2.32
Shoe 24 0.82 6.68% 27.03% 0.78
Steel (General) 27 0.80 41.50% 20.58% 0.60
Steel (Integrated) 14 0.84 62.24% 27.09% 0.58
Telecom. Equipment 124 1.87 3.89% 8.68% 1.81
Telecom. Services 137 1.35 55.11% 12.04% 0.91
Textile 18 0.73 86.19% 41.73% 0.49
Thrift 242 0.57 23.85% 30.01% 0.49
Tire & Rubber 12 0.95 74.03% 18.12% 0.59
Tobacco 11 0.67 24.34% 30.88% 0.57
Toiletries/Cosmetics 21 0.74 13.61% 25.07% 0.67
Trucking 39 0.83 53.18% 27.30% 0.60
Utility (Foreign) 6 0.83 83.78% 16.74% 0.49
Water Utility 16 0.57 66.22% 30.97% 0.39
Wireless Networking 63 2.21 48.51% 5.11% 1.51
Market 6958 0.91 37.51% 32.51% 0.72
Source: http://pages.stern.nyu.edu/~adamodar/
Note: This is taken from my good friend, Aswath Damodaran's website
Cash/Firm Value Unlevered Beta corrected for cash
7.73% 1.06
5.10% 0.62
9.84% 1.05
6.19% 0.84
10.33% 0.49
6.54% 0.69
12.53% 0.47
5.31% 0.78
21.12% 0.72
13.07% 0.60
1.11% 0.51
2.07% 0.55
7.77% 1.26
10.23% 0.71
3.49% 1.09
0.97% 0.56
3.34% 0.67
4.88% 0.74
2.86% 0.73
3.01% 0.65
1.41% 0.73
12.44% 1.97
9.67% 1.88
9.74% 0.64
6.49% 1.17
24.08% 3.69
6.74% 1.09
3.81% 0.43
1.84% 0.44
8.31% 0.45
1.70% 1.29
13.10% 1.40
2.96% 1.05
12.51% 1.96
2.19% 0.52
5.83% 0.51
3.48% 0.53
4.58% 0.59
16.49% 1.18
7.43% 1.41
4.58% 0.72
3.41% 0.48
14.04% 1.05
8.70% 0.77
6.69% 0.62
3.26% 0.56
3.45% 0.72
8.71% 0.99
6.85% 0.71
2.67% 0.98
13.83% 0.91
8.45% 0.84
15.80% 3.10
7.10% 0.46
3.26% 1.05
5.33% 0.62
7.40% 0.85
4.14% 0.55
13.21% 0.80
4.01% 0.82
4.56% 0.73
3.04% 0.83
1.46% 0.40
2.94% 0.52
3.83% 0.79
7.05% 0.74
3.86% 0.83
2.93% 0.58
2.39% 0.62
2.74% 0.74
1.91% 0.60
3.05% 0.86
5.50% 0.54
4.65% 0.39
10.83% 1.37
4.00% 0.78
3.72% 0.57
1.48% 0.59
5.71% 0.84
2.49% 0.66
9.19% 0.93
2.59% 1.01
2.49% 0.80
32.79% 0.81
9.37% 2.72
12.97% 2.67
7.35% 0.85
4.33% 0.63
8.79% 0.63
9.95% 2.01
5.47% 0.96
6.69% 0.52
14.56% 0.57
10.61% 0.66
3.49% 0.59
3.18% 0.69
4.33% 0.63
9.69% 0.54
1.12% 0.39
10.10% 1.68
7.60% 0.78
EBITDA EBIT
Company Ticker Multiple Multiple
Competitors
Colgate-Palmolive Co CL 11.66 13.92
Energizer Holdings Inc ENR 11.93 13.66
The Procter & Gamble Company PG 12.9 16.16
Rayovac Corporation ROV 10.66 12.99
Median 11.8 13.8
Mean 11.8 14.2
StDev 0.9 1.4
Target Sales TEV/
Analyst Firm Date Price Growth 05E EBITDA 05E
Lauren R. Lieberman C.S. First Boston 12/15/2004 41.00 0.073 14.1
William Pecoriello Morgan Stanley 12/16/2004 39.00 0.054 14.6
Constance M. Maneaty Prudential Securities 12/14/2004 50.00 NA NA
William Chappell SunTrust Robinson Humphrey 12/6/2004 50.00 0.0497 14.3
Median 45.50 0.054 14.3
Mean 45.00 0.059 14.3
Rating
Underperform
Underweight
Overweight
Buy
Number of Shares Award Date
Name Underlying Options (1) Present Value (2)
Executives
Mr. Kilts 2,000,000 12,940,000
Mr. DeGraan 200,000 1,800,000
Mr. Cramb 120,000 1,080,000
Mr. Hoffman 95,000 855,000
Mr. Haberli 100,000 900,000
Total 2,515,000 17,575,000
Source: Proxy Statement 2004
Value of Equity Options (in 000s) 17,575
(1) Option awards in 2003 were made under the 1971 Stock Option Plan. The material terms of these grants are:
- Awards consist of a combination of incentive (subject to limitations imposed by U.S. tax law) and non-incentive stock
options.
- Exercise price is the average of the high and low trading prices of the common stock on the date of award.
- Options become exercisable in one-third increments at the first three anniversaries of the award. Options become
immediately exercisable upon retirement, death, or disability.
- Options remain exercisable for 10 years from the date of award during employment. The post-retirement exercise period
for employees is the remaining life of the option in the case of retirement and the lesser of three years or the remaining te
of the option in the event of death or disability. In the event of a change in control, options not otherwise exercisable at
termination of employment become immediately exercisable, and if the participant's employment is terminated (other than
for cause) within two years thereafter, the exercise period is the lesser of two years or the remaining term of the option.
(2) The award date present value for each option was determined using a Black-Scholes option pricing model. The principal
assumptions used in the model were:
Expiration Date 6/19/13
---------------------------- ----------
Stock Price Volatility 33.2%
Dividend Yield 2.0%
Risk-Free Rate of Return 2.4%
Expected Life in Years 5.5
The model generates a theoretical value based on the assumptions and is not intended to predict future prices of the stock.
There is no assurance that these values or any other value will be achieved. The actual value will be dependent upon the
performance of Gillette as reflected in the future price of the stock and continued employment with Gillette.
these grants are:
incentive stock
te of award.
d. Options become
etirement exercise period
years or the remaining term
herwise exercisable at
is terminated (other than
ning term of the option.
pricing model. The principal
ct future prices of the stock.
ll be dependent upon the
Altman Z-Scores for Gillette
(In Thousands) 9/30/2004 (TTM) 12/31/2003 12/31/2002 12/31/2001
Total Assets
Total Current Assets
Total Current Liabilities
Retained Earnings
EBIT
Book Value of Equity
Total Liabilities
Sales
9/30/2004 (TTM) 12/31/2003 12/31/2002 12/31/2001
X1 = Working Capital/Total Assets
X2 = Retained Earnings/Total Assets
X3 = EBIT/Total Assets
X4 = BV of Equity/Total Liabilities
9/30/2004 (TTM) 12/31/2003 12/31/2002 12/31/2001
Model 1: EM Score
According to Altman's EM Z-Score EM Score Bond Rating
model, we should be using an 1999
imputed bond rating of AAA based 2000
on RSH's fundamentals. 2001
2002
2003
2004 (TTM)
Interest Coverage Ratio for Gillette
(In Thousands) 9/30/2004 (TTM) 12/31/2003 12/31/2002 12/31/2001
EBIT
Interest Expense
Interest Coverage
Implied Damodaran Rating
9/30/2004 (TTM) 12/31/2003 12/31/2002 12/31/2001
Tax Rate
Bond Rating Model Altman EM IntCover Moody's
Implied or Actual Bond Rating
Default Spread (10 years)
+ 10 Year Treasury Yield
Pre-Tax Cost of Debt
* (1 - TTM Marginal Tax Rate)
After-Tax Cost of Debt
12/31/2000 12/31/1999
12/31/2000 12/31/1999
12/31/2000 12/31/1999
12/31/2000 12/31/1999
12/31/2000 12/31/1999
Calculation of PV of Operating Lease for Gillette
Year Thous (000s)
2005
2006
2007
2008
2009 and thereafter
Thereafter (Cumulative Rents 2009+)
Divided by: Year 2008
#Years in Annuity Note: Assume that operating lease payments are made at th
Rent per Year from 2009 onwards end of each fiscal year (Gillette has a fiscal year which ends
December 31st). Assume that the date of analysis is Janu
Pre-tax Cost of Debt (Altman/IntCover ) 3, 2005.
Time 1 2 3 4 5
Year 2005 2006 2007 2008 2009
Rental Payments
PV of Op Lease (Using Altman/IntCoverage)
* Pre-tax Cost of Debt
Imputed Interest on Operating Lease
Pre-tax Cost of Debt (Moody's)
Time 1 2 3 4 5
Year 2005 2006 2007 2008 2009
Rental Payments
PV of Op Lease (Using Moody's)
* Pre-tax Cost of Debt
Imputed Interest on Operating Lease
lease payments are made at the
tte has a fiscal year which ends on
at the date of analysis is January
6 7
2010 2011
6 7
2010 2011
Calculation of Debt & Equity: Gillette (G)
Imputed Rating(Altman) Moody's Rating
Notes Payable (10Q)
+ Current Portion of LT Debt (10Q)
+ Current Portion of Cap. Leases (10Q)
+ Mortgages (10Q)
+ Convertible Debt (10Q)
+ Long Term Debt (10Q)
+ Non-Current Capital Leases (10Q)
Total On Balance Sheet Debt
+ PV of Operating Leases (for 2005)
Total Debt
Number of Shares Outstanding (10Q)
* Price per Share (as of 1/3/2005)
Total Market Value of Equity (Market Cap)
Amount Percent Amount Percent
Total Debt
+ Total Equity
Market Value of Total Capital
Levered On BalSheet Mkt Value of On BalSheet
Company Ticker Beta Debt (000s) Equity (000s) Debt/Equity
Colgate-Palmolive Co CL
Energizer Holdings Inc ENR
The Procter & Gamble Company PG
Rayovac Corporation ROV
Average
Marginal Tax Rate
Unlevered Beta (bU)
Gillette Imputed Moodys
Ratings Ratings
Total Debt-to-Equity Ratio
Builtup Beta for Gillette
* Risk premium (Rm-rf)
+ Yield on 10-year Treasury Bond (rf)
Gillette's Cost of Equity (kE)
Historical Beta for Gillette
* Risk premium (Rm-rf)
+ Yield on 10-year Treasury Bond (rf)
Gillette's Cost of Equity (kE)
Calculating the Cost of Capital for Gillette
Built-Up Beta Built-Up Beta Historical Beta
Altman Moody's Altman
Gillette's Cost of Equity (kE)
* Weight for Equity
MV Weighted Equity
Gillette's After-tax Cost of Debt (k D)
* Weight for Debt
MV Weighted Debt
MV Weighted Equity
+ MV Weighted Debt
After-tax WACC using MV weights
Historical Beta
Moody's
Note: Use 10K Info for these firms
Gillette (G) Peer Group (CL, ENR, PG, ROV)
Gillette (G) TTM 2003 2002 2001 2003
Non-cash Current Assets
- Non-debt Current Liabilities
Noncash Working Capital (NWC)
Margin Analysis TTM 2003 2002 2001 2003
Cost of Goods Sold(xclu Depr)/Sales
SGA/Sales
EBITDA/Sales
EBIT/Sales
Noncash Working Capital/Sales
CapEx/Sales
Depreciation & Amortization/Sales
Depreciation & Amortization/CapEx
Income Tax/Income Before Tax
Book Value of Debt/BV of Total Capital
Percentage Change 02 to 03 01 to 02 00 to 01 02 to 03
Revenue Growth
EBITDA
EBIT
Depreciation
CapEx
Peer Group (CL, ENR, PG, ROV) S&P Personal Products
2002 2001 2003 2002 2001
2002 2001 2003 2002 2001
01 to 02 00 to 01 02 to 03 01 to 02 00 to 01
7a. Target Price with Terminal Value Based on EBITDA Multiple
Assumptions LTM Forecast Pd Stable Pd
Revenues (LTM) (in 000s)
EBIT (LTM)
Depreciation & Amortization (LTM)
Noncash Working Capital (LTM)
Capital Expenditures (CapEx) (LTM)
Cash and Marketable Securities (LTM)
Cost of Goods Sold(xclu Depr & Amort)/Revenues
SGA/Revenues
Depreciation & Amortization/Revenues
Growth rate in revenue
CapEx/Revenues
Marginal tax rate (t)
Noncash Working Capital/Revenue
TEV/EBITDA Multiple
After tax WACC using Built-up Beta (MV weights)
Total Debt (LTM, in 000s) inclu PV of OpLease
Shares Outstanding (in 000s) as of 12/31/2003
Value of Equity Options (in 000s)
0 1 2 3
2004(TTM) 2005 2006 2007
Revenues
Less: Cost of Goods Sold (exclu Depr & Amort)
Gross Profit
Less: Selling, General, and Admin (SGA)
EBITDA
Less: Depreciation and Amortization
EBIT (Unadjusted)
+ Imputed Interest on Operating Lease (Moody's)
Adjusted EBIT
*(1 - Marginal Tax Rate)
Adjusted EBIT*(1-t)
Noncash Working Capital (NWC)
Change in Noncash Working Capital (DNWC)
Adjusted EBIT after Taxes
+ Depreciation
- Capital Expenditures (CapEx)
- Change in Noncash Working Capital (DNWC)
Free Cash Flow to the Firm (FCFF)
Terminal Value at Beginning of Year 6
Free Cash Flow to the Firm (FCFF)
+ Terminal Value @ EOY5
Total Cash Flows to Firm
After tax WACC (MV weights)
1+WACC(MV weights)
Cumulative Product of [1+WACC(MV weights)]
PV Factor based on MV (1/Cumulative Product)
Total Cash Flows to Firm
* PV Factor based on MV
PV of Cash Flows to Firm
Value of Op Assets (using MV WACC) (in 000s)
+ Cash and Equivalents
Value of Firm (using MV WACC) (in 000s)
- Firm's Debt
PV of Equity
Note: Is this in the ball park of the target
- Value of Equity Options (in 000s)
prices associated with the two most recent
Equity to Common Stockholders
analysts reports (at the date of this
Divided by: Shares Outstanding writing). CS First Boston at $41 and
Justified Price per Share (using MV WACC) Morgan Stanley at $39?
Current Price (as of January 3, 2005)
WACC (BV Weights)
Sensitivity Analysis using MV of WACC
0.00 0.035 0.040 0.045
0.055
0.060
WACC (MV Weights) 0.065
0.070
0.075
0.080
0.085
0.090
0.095
0.00 0.035 0.040 0.045
0.30
0.32
0.34
0.36
0.38
0.40
COGS/Sales 0.42
0.44
0.46
0.48
0.50
0.52
Stable
Growth
4 5 6
2008 2009 2010
in the ball park of the target
ciated with the two most recent
ports (at the date of this
First Boston at $41 and
nley at $39?
Growth Rate in Revenues
0.050 0.055 0.060 0.065
Growth Rate in Revenues
0.050 0.055 0.060 0.065
7b. Target Price with Terminal Value Based on Constant Growth Model
Assumptions LTM Forecast Pd Stable Pd
Revenues (LTM) (in 000s)
EBIT (LTM)
Depreciation & Amortization (LTM)
Noncash Working Capital (LTM)
Capital Expenditures (CapEx) (LTM)
Cash and Marketable Securities (LTM)
Cost of Goods Sold(xclu Depr & Amort)/Revenues
SGA/Revenues
Depreciation & Amortization/Revenues
Growth rate in revenue
CapEx/Revenues
Marginal tax rate (t)
Noncash Working Capital/Revenue
Industry Beta for Personal Products
Industry Debt-to-Equity Ratio for Personal Products
Industry Equity-to-Total Capital Ratio
Industry Debt-to-Total Capital Ratio
After tax WACC using Built-up Beta (MV weights)
Total Debt (LTM, in 000s) inclu PV of OpLease
Shares Outstanding (in 000s) as of 12/31/2003
Value of Equity Options (in 000s)
0 1 2 3
2004(TTM) 2005 2006 2007
Revenues
Less: Cost of Goods Sold (exclu Depr & Amort)
Gross Profit
Less: Selling, General, and Admin (SGA)
EBITDA
Less: Depreciation and Amortization
EBIT (Unadjusted)
+ Imputed Interest on Operating Lease (Moody's)
Adjusted EBIT
*(1 - Marginal Tax Rate)
Adjusted EBIT*(1-t)
Noncash Working Capital (NWC)
Change in Noncash Working Capital (DNWC)
Adjusted EBIT after Taxes
+ Depreciation
- Capital Expenditures (CapEx)
- Change in Noncash Working Capital (DNWC)
Free Cash Flow to the Firm (FCFF)
Terminal Value at End of Year 5 (BOY6)
Free Cash Flow to the Firm (FCFF)
+ Terminal Value @ EOY5
Total Cash Flows to Firm
After tax WACC (MV weights)
1+WACC(MV weights)
Cumulative Product of [1+WACC(MV weights)]
PV Factor based on MV (1/Cumulative Product)
Total Cash Flows to Firm
* PV Factor based on MV
PV of Cash Flows to Firm
Value of Op Assets (using MV WACC) (in 000s)
+ Cash and Equivalents
Value of Firm (using MV WACC) (in 000s)
- Firm's Debt
PV of Equity
Question: Is this in the ball park of the
- Value of Equity Options (in 000s)
target prices associated with the two most
Equity to Common Stockholders
recent analysts reports (at the date of this
Divided by: Shares Outstanding writing). CS First Boston at $41 and
Justified Price per Share (using MV WACC) Morgan Stanley at $39?
Current Price (as of January 3, 2005)
WACC (BV Weights)
Sensitivity Analysis using MV of WACC
0.00 0.035 0.040 0.045
0.055
0.060
WACC (MV Weights) 0.065
0.070
0.075
0.080
0.085
0.090
0.095
0.00 0.035 0.040 0.045
0.30
0.32
0.34
0.36
0.38
0.40
COGS/Sales 0.42
0.44
0.46
0.48
0.50
0.52
Stable
Growth
4 5 6
2008 2009 2010
s this in the ball park of the
s associated with the two most
ysts reports (at the date of this
First Boston at $41 and
nley at $39?
Growth Rate in Revenues
0.050 0.055 0.060 0.065
Growth Rate in Revenues
0.050 0.055 0.060 0.065
Book Value of Equity (LTM)
+ Book Value of Debt (LTM)
+ PV of Operating Leases
BV of Total Capital (LTM)
Percentage Weights
BV of Equity/ BV of Total Capital
(Debt & Debt Equivalents)/BV of Total Capital
Cost of Equity (use Builtup Beta)
After tax Cost of Debt (use Moody's rating)
After tax WACC (Moody's rating)
Marginal Tax Rate (LTM)
LTM
EBIT(1-t) (LTM) ($000)
After tax WACC (Moody's rating)
BV of Total Capital (LTM) ($000)
Economic Profit (EVA)
Comments
from SEC Quarterly worksheet.
from SEC Quarterly worksheet.
BV Equity/(BV Debt + BV Equity) = BV Equity/BV Total Capital
1 - (BV Equity/BV Total Capital)
from Cost of Equity worksheet
from Cost of Debt worksheet
Note: This differs from the WACC you used in the valuation because you're using BV weights
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