Percent Change
(thousands, except per share)	2004	2003	2002	2004	2003
Net Sales	$4,184,933	$3,761,819	$3,403,585	11%	11%
Net Income	310,488	277,348	209,770	12	32
Percent of Sales	7.4%	7.4%	6.2%
Diluted Net Income Per Common Share	1.19	1.06	0.80	12	33
Diluted Weighted-Average Common Shares Outstanding	261,776	262,737&	261,574	--	--
Cash Dividends Declared Per Common Share	0.3275	0.2975	0.2750	10	8
Cash Provided by Operating Activities	582,464	529,199	423,326	10	25
Capital Expenditures	275,871	212,035	212,757	30	--
Shareholders' Equity	1,562,519	1,295,426	1,099,751	21	18
Return on Beginning Equity	24.0%	25.2%	23.8%
Total Debt	701,577	674,644	699,842	4	(4)
Total Debt to Capitalization	31.0%	34.2%	38.9%
Total Assets	$3,716,174	$3,228,918	$2,865,907	15%	13%

Customers/Markets Served

Ecolab Stock Performance

	2002		2003		2004
Quarter	Low	High	Low	High	Low	High
First	$19.43	$23.94	$23.08	$26.00	$26.12	$28.61
Second	21.25	24.00	24.21	27.92	27.95	31.77
Third	18.27	24.51	23.78	26.80	29.04	31.80
Fourth	20.71	25.20	25.15	27.89	31.32	35.59

Sales-and-Service Associates

(December 31)	2002	2003	2004
Institutional*	3,125	3,190	3,055
Kay	245	275	325
Pest Elimination	1,555	1,645	1,725
Professional Products**	175	180	95
Healthcare**	--	--	70
GCS Service	530	535	470
Textile Care	85	80	75
Food & Beverage	395	405	450
Water Care Services	100	95	95
Vehicle Care	100	100	100
Europe/Africa/ME	3,370	3,285	3,915
Asia Pacific	925	1,015	960
Canada	320	340	355
Latin America	485	540	590
Total	11,410	11,685	12,280
*2004 decrease of 250 associates due to the sale of a grease management product line. **2004 reflects the separation of Healthcare from Professional Products.