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Ecolab 2 0 0 4

 

Annual Report

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Consolidated Statement of Income

  Year ended December 31 (thousands, except per share) 2004 2003 2002
  Net sales $4,184,933      $3,761,819      $3,403,585     
  Operating expenses
     Cost of sales (including special charges (income) of
          ($106) in 2004, ($76) in 2003 and $8,977 in 2002)
2,031,280      1,845,202      1,687,597     
     Selling, general and administrative expenses 1,615,064      1,433,551      1,283,091     
     Special charges 4,467      408      37,031     
  Operating income 534,122      482,658      395,866     
  Gain on sale of equity investment       11,105           
  Interest expense, net 45,344      45,345      43,895     
  Income from continuing operations before income taxes 488,778      448,418      351,971     
  Provision for income taxes 178,290      171,070      140,081     
  Income from continuing operations before cumulative
     effect of change in accounting
310,488      277,348      211,890     
  Cumulative effect of change in accounting             (4,002)    
  Gain from discontinued operations             1,882     
  Net income $   310,488      $   277,348      $   209,770     
  Basic income per common share
     Income from continuing operations before change in accounting
$          1.21      $          1.07      $          0.82     
     Change in accounting             (0.02)    
     Gain from discontinued operations             0.01     
     Net income $          1.21      $          1.07      $          0.81     
  Diluted income per common share
     Income from continuing operations before change in accounting
$          1.19      $          1.06      $          0.81     
     Change in accounting             (0.02)    
     Gain from discontinued operations             0.01     
     Net income $          1.19      $          1.06      $          0.80     
  Weighted-average common shares outstanding
     Basic
257,575      259,454      258,147     
     Diluted 261,776      262,737      261,574     

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








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