EX-99.1 3 apr2903_99-1.htm

EXHIBIT 99.1


AVON PRODUCTS, INC.
Prior Year Income Statements Conformed to 2003 Classification of Certain Expenses

($ millions, except EPS)

YEAR-TO-DATE

        2002
March
    2001
March
      2002
June
    2001
June
      2002
September
    2001
September
      2002
December
    2001
December
 

 
 
 
 
Net sales     $ 1,372.1   $ 1,346.4     $ 2,885.6   $ 2,803.4     $ 4,334.4   $ 4,215.1     $ 6,170.6   $ 5,957.8  
Other revenue       11.5     10.6       25.2     20.8       39.8     30.5       57.7     42.5  

 
 
 
 
     Total revenue       1,383.6     1,357.0       2,910.8     2,824.2       4,374.2     4,245.6       6,228.3     6,000.3  
 
Cost of sales       540.9     532.6       1,129.5     1,089.0       1,696.3     1,649.6       2,438.5     2,364.6  
Marketing, distribution and    
     administrative expenses       690.1     679.8       1,386.3     1,355.7       2,128.2     2,018.0       2,926.3     2,872.5  

 
 
 
 
     Operating profit       152.6     144.6       395.0     379.5       549.7     578.0       863.5     763.2  

 
 
 
 
 
Interest expense       13.4     19.7       26.3     38.6       40.5     54.7       52.0     71.1  
Interest income       (4.3 )   (1.7 )     (8.0 )   (5.7 )     (10.9 )   (9.0 )     (14.2 )   (13.4 )
Other (income) expense, net       (6.0 )   0.1       (14.3 )   6.0       (14.4 )   15.9       (9.9 )   15.8  

 
 
 
 
     Total other expenses       3.1     18.1       4.0     38.9       15.2     61.6       27.9     73.5  
Income from continuing operations    
 before taxes, minority interest & cum effect       149.5     126.5       391.0     340.6       534.5     516.4       835.6     689.7  
Income taxes       52.1     44.5       136.1     119.2       187.5     179.8       292.3     240.3  

 
 
 
 
Income from continuing operations    
 before minority interest & cumulative effect       97.4     82.0       254.9     221.4       347.0     336.6       543.3     449.4  
Minority interest       (1.1 )   0.0       (3.6 )   (1.5 )     (5.4 )   (2.1 )     (8.7 )   (4.5 )
Cumulative effect of accounting change       0.0     (0.3 )     0.0     (0.3 )     0.0     (0.3 )     0.0     (0.3 )

 
 
 
 
Net income     $ 96.3   $ 81.7     $ 251.3   $ 219.6     $ 341.6   $ 334.2     $ 534.6   $ 444.6  

 
 
 
 
Diluted EPS     $ 0.40   $ 0.34     $ 1.04   $ 0.91     $ 1.42   $ 1.39     $ 2.22   $ 1.85  

 
 
 
 
 
QUARTER

                      2002
June
    2001
June
      2002
September
    2001
September
      2002
December
    2001
December
 

 
 
 
Net sales                   $ 1,513.5   $ 1,457.0     $ 1,448.8   $ 1,411.7     $ 1,836.2   $ 1,742.7  
Other revenue                     13.7     10.2       14.6     9.7       17.9     12.0  

 
 
 
     Total revenue                     1,527.2     1,467.2       1,463.4     1,421.4       1,854.1     1,754.7  
 
Cost of sales                     588.6     556.4       566.8     560.6       742.2     715.0  
Marketing, distribution and    
     administrative expenses                     696.2     675.9       741.9     662.3       798.1     854.5  

 
 
 
     Operating profit                     242.4     234.9       154.7     198.5       313.8     185.2  

 
 
 
 
Interest expense                     12.9     18.9       14.2     16.1       11.5     16.4  
Interest income                     (3.7 )   (4.0 )     (2.9 )   (3.3 )     (3.3 )   (4.4 )
Other (income) expense, net                     (8.3 )   5.9       (0.1 )   9.9       4.5     (0.1 )

 
 
 
     Total other expenses                     0.9     20.8       11.2     22.7       12.7     11.9  
Income from continuing operations    
 before taxes and minority interest                     241.5     214.1       143.5     175.8       301.1     173.3  
Income taxes                     84.0     74.7       51.4     60.6       104.8     60.5  

 
 
 
Income from continuing operations    
 before minority interest                     157.5     139.4       92.1     115.2       196.3     112.8  
Minority interest                     (2.5 )   (1.5 )     (1.8 )   (0.6 )     (3.3 )   (2.4 )

 
 
 
Net income                   $ 155.0   $ 137.9     $ 90.3   $ 114.6     $ 193.0   $ 110.4  

 
 
 
Diluted EPS                   $ 0.64   $ 0.57     $ 0.38   $ 0.48     $ 0.80   $ 0.46