Consolidated Statement of Income

for the year ended November 30 (millions except per share data)

2005

2004

 

2003

 
Net sales      $ 2,592.0     $ 2,526.2       $ 2,269.6  
   Cost of goods sold   1,555.4   1,518.3     1,371.0  
Gross profit   1,036.6   1,007.9     898.6  
   Selling, general and administrative expense   681.9   677.7     597.6  
   Special charges (credits)   11.2   (2.5 )   5.5  
Operating income   343.5   332.7     295.5  
   Interest expense   48.2   41.0     38.6  
   Other income, net   0.4   2.1     13.1  
Income from consolidated operations before income taxes   295.7   293.8     270.0  
   Income taxes   96.7   89.0     83.4  
Net income from consolidated operations   199.0   204.8     186.6  
   Income from unconsolidated operations   20.6   14.6     16.4  
   Minority interest   4.7   4.9     3.8  
Net income from continuing operations   214.9   214.5     199.2  
   Discontinued operations, net of tax:                
      Net income   -   -     4.7  
      Gain on sale   -   -     9.0  
Net income before cumulative effect of accounting change   214.9   214.5     212.9  
   Cumulative effect of accounting change, net of tax   -   -     (2.1 )
Net income $ 214.9 $ 214.5   $ 210.8  
Earnings per share - basic:                
   Net income from continuing operations $ 1.60   1.57   $ 1.43  
   Net income from discontinued operations   -   -     .03  
   Gain on sale of discontinued operations   -   -     .06  
   Cumulative effect of accounting change   -   -     (.02 )
Net income $ 1.60 $ 1.57   $ 1.51  
Earnings per share - diluted:                
   Net income from continuing operations $ 1.56 $ 1.52   $ 1.40  
   Net income from discontinued operations   -   -     .03  
   Gain on sale of discontinued operations   -   -     .06  
   Cumulative effect of accounting change   -   -     (.01 )
Net income $ 1.56 $ 1.52   $ 1.48  

See Notes to Consolidated Financial Statements

 
McCORMICK & COMPANY 2005 ANNUAL REPORT