| Five-Year Financial Summary |
|
| In millions,
except per share amounts |
1997 |
1996 |
1995 |
1994 |
1993 |
|
| Results of
operations: (3) |
|
|
|
|
|
| Net sales |
$12,738.2 |
$10,944.8 |
$9,763.4 |
$8,762.0 |
$6,452.2 |
| Operating profit |
199.8 |
540.8 |
230.7 |
376.3 |
284.9 |
| Comparable operating
profit(1) |
717.5 |
553.6 |
445.7 |
376.3 |
284.9 |
Earnings from
continuing
operations before
extraordinary item |
37.3 |
340.8 |
57.8 |
161.3 |
134.9 |
Comparable earnings
from
continuing operations before
extraordinary item(2) |
380.1 |
275.2 |
184.7 |
161.3 |
134.9 |
| Net earnings (loss) |
37.7 |
176.6 |
(572.8) |
375.7 |
374.8 |
Net earnings (loss)
available to
common shareholders |
24.0 |
162.1 |
(589.8) |
358.7 |
358.0 |
| Dividends declared |
82.2 |
68.6 |
184.3 |
185.4 |
184.9 |
|
| Per common
share: |
|
|
|
|
|
Earnings from continuing
operations before
extraordinary item: |
|
|
|
|
|
| Basic |
$0.14 |
$1.97 |
$0.25 |
$0.89 |
$0.79 |
| Diluted |
0.14 |
1.92 |
0.25 |
0.88 |
0.78 |
Comparable earnings from
continuing operations:(2) |
|
|
|
|
|
| Basic |
2.16 |
1.58 |
1.02 |
0.89 |
0.79 |
| Diluted |
2.12 |
1.55 |
1.02 |
0.88 |
0.78 |
| Net earnings (loss): |
|
|
|
|
|
| Basic |
0.14 |
0.98 |
(3.60) |
2.21 |
2.39 |
| Diluted |
0.14 |
0.98 |
(3.59) |
2.20 |
2.38 |
| Dividends |
0.44 |
0.44 |
1.52 |
1.52 |
1.52 |
|
| Financial
Position: |
|
|
|
|
|
| Total assets |
$5,636.9 |
$5,693.7 |
$6,335.6 |
$6,885.3 |
$5,318.8 |
| Current liabilities |
2,855.0 |
2,122.8 |
2,561.1 |
2,332.2 |
1,633.3 |
Total long-term
obligations and
redeemable preferred stock |
274.1 |
1,254.6 |
1,092.6 |
991.4 |
565.9 |
|
| Percentage of
net sales: |
|
|
|
|
|
| Operating profit |
1.6% |
4.9% |
2.4% |
4.3% |
4.4% |
| Comparable operating
profit (1) |
5.6 |
5.1 |
4.6 |
4.3 |
4.4 |
Earnings from
continuing
operations before
extraordinary item |
0.3 |
3.1 |
0.6 |
1.8 |
2.1 |
Comparable
earnings from
continuing operations before
extraordinary item (2) |
3.0 |
2.5 |
1.9 |
1.8 |
2.1 |
| Net earnings (loss) |
0.3 |
1.6 |
(5.9) |
4.3 |
5.8 |
|
(1) Comparable operating profit excludes the pre-tax effect of the following
non-recurring charges: (i) in 1997, $411.7 million ($273.7 million after-tax) related to
the CVS/Revco Merger, $75.0 million ($49.9 million after-tax) related to the markdown of
non-compatible Revco merchandise and $31.0 million ($19.1 million after-tax) related to
the
restructuring of Big B, Inc., (ii) in 1996, $12.8 million ($6.5 million after-tax) related
to the failed merger of Rite Aid Corporation and Revco and (iii) in 1995, $165.5 million
($97.7 million after-tax) related to the CVS Strategic Restructuring Program and the early
adoption of SFAS No. 121 and $49.5 million ($29.1 million after-tax) related to the
Company changing its policy from capitalizing internally developed software cost to
expensing the costs as incurred, outsourcing certain technology functions and retaining
certain employees until their respective job functions were transitioned.
(2) Comparable earnings from continuing operations before extraordinary item and
comparable earnings per common share from continuing operations before extraordinary
item excludes the after-tax effect of the charges discussed in Note (1) above and the
$121.4 million ($72.1 million after-tax) gain on sale of securities in 1996.
(3) Prior to the CVS/Revco Merger, Revco's fiscal year ended on the Saturday
closest to May 31. In recording the business combination, Revco's consolidated financial
statements have been restated to a December 31 year-end, to conform with CVS' fiscal
year-end. As permitted by the rules and regulations of the Securities and Exchange
Commission, Revco's fiscal years ended June 3, 1995 and May 28, 1994 have been combined
with CVS' fiscal years ended December 31, 1994 and 1993.
|
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