McCORMICK & COMPANY 2007 ANNUAL REPORT
McCORMICK & COMPANY 2007 ANNUAL REPORT |
| HISTORICAL FINANCIAL SUMMARY | ||
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| The historical financial summary includes the following impact of restructuring activities, and in 2004 the net gain from a special credit: | ||
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| In 2006, McCormick began to record stock-based compensation expense as explained in note 9 of the financial
statements. Prior year results have not been adjusted. Stock-based compensation reduced operating income by
$21.2 million, net income by $14.7 million and earnings per share by $0.11 in 2007. Stock-based compensation
reduced operating income by $22.0 million, net income by $15.1 million and earnings per share by $0.11 in 2006. In 2003, McCormick sold its packaging segment and Jenks Sales Brokers in the U.K. and 2002 was restated for these discontinued operations. Also in 2003, McCormick consolidated the lessor of a leased distribution center which was recorded as an accounting change. Total capital includes debt, minority interest and shareholders’ equity. An eleven-year financial summary is available at ir.mccormick.com, as well as a report on EVA (Economic Value Added) and return on invested capital. |
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McCormick & Company 2007 Annual Report 60 |
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