ECOLAB

 

Ecolab 2 0 0 3

 

Annual Report

TABLE OF CONTENTS:  




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consolidated statement of income

Year ended December 31 (thousands, except per share) 2003   2002   2001  

Net sales
  $3,761,819     $3,403,585     $2,320,710  
Operating expenses
   Cost of sales (including special charges (income) of
      ($76) in 2003, $8,977 in 2002 and
      ($566) in 2001)
  1,845,202     1,687,597     1,120,254  
   Selling, general and administrative expenses   1,433,551     1,283,091     881,453  
   Special charges   408     37,031     824  
Operating income   482,658     395,866     318,179  
Gain on sale of equity investment   11,105            
Interest expense, net   45,345     43,895     28,434  
Income from continuing operations
   before income taxes and equity in earnings of Henkel-Ecolab
  448,418     351,971     289,745  
Provision for income taxes   171,070     140,081     117,408  
Equity in earnings of Henkel-Ecolab             15,833  
Income from continuing operations before
   cumulative effect of change in accounting
  277,348     211,890     188,170  
Cumulative effect of change in accounting        (4,002)      
Gain from discontinued operations        1,882       
Net income   $   277,348     $   209,770     $   188,170  
Basic income per common share
   Income from continuing operations
      before change in accounting
  $          1.07     $          0.82     $          0.74  
   Change in accounting        (0.02)      
   Gain from discontinued operations        0.01       
   Net income   $          1.07     $          0.81     $          0.74  
Diluted income per common share
   Income from continuing operations
      before change in accounting
  $          1.06     $          0.81     $          0.72  
   Change in accounting        (0.02)      
   Gain from discontinued operations        0.01       
Net income   $          1.06     $          0.80     $          0.72  
              
Weighted-average common shares outstanding
   Basic
  259,454     258,147     254,832  
   Diluted   262,737     261,574     259,855  

The accompanying notes are an integral part of the consolidated financial statements.








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