Five Year Financial Highlights
(millions except for per share data) |
2002 |
|
2001 |
|
2000 |
|
1999 |
|
1998 |
|
|
Earnings
Net Sales under EITF 01-09(1) |
$ |
2,320.0 |
|
$ |
2,218.5 |
|
$ |
2,041.9 |
|
|
|
|
|
|
|
| Net Sales previously reported(1) |
|
|
|
|
2,372.3 |
|
|
2,123.5 |
|
$ |
2,006.9 |
|
$ |
1,881.1 |
|
| Percent increase |
|
4.6 |
% |
|
11.7 |
% |
|
5.8 |
% |
|
6.7 |
% |
|
4.4 |
% |
| Gross profit margin under EITF 01-09(1) |
|
36.9 |
% |
|
35.9 |
% |
|
34.8 |
% |
| Gross profit margin previously reported(1) |
|
|
|
|
40.9 |
% |
|
37.9 |
% |
|
35.7 |
% |
|
34.5 |
% |
| Operating income(2) |
|
277.7 |
|
|
240.6 |
|
|
225.0 |
|
|
170.1 |
|
|
182.1 |
| Net income(2) |
|
179.8 |
|
|
146.6 |
|
|
137.5 |
|
|
103.3 |
|
|
103.8 |
| Earnings per share diluted(3) |
|
1.26 |
|
|
1.05 |
|
|
.99 |
|
|
.72 |
|
|
.71 |
| Earnings per share diluted |
| excluding amortization(3) |
|
1.26 |
|
|
1.13 |
|
|
| Balance sheet |
| Total assets |
$ |
1,930.8 |
|
$ |
1,772.0 |
|
$ |
1,659.9 |
|
$ |
1,188.8 |
|
$ |
1,259.1 |
| Current debt |
|
137.3 |
|
|
210.8 |
|
|
551.9 |
|
|
100.6 |
|
|
163.6 |
| Long-term debt |
|
453.9 |
|
|
454.1 |
|
|
160.2 |
|
|
241.4 |
|
|
250.4 |
| Shareholder's equity |
|
592.3 |
|
|
463.1 |
|
|
359.3 |
|
|
382.4 |
|
|
388.1 |
|
| Statistics & Ratios |
| Depreciation and amortization |
$ |
66.8 |
|
$ |
73.0 |
|
$ |
61.3 |
|
$ |
57.4 |
|
$ |
54.8 |
| Capital expenditures |
|
110.7 |
|
|
112.1 |
|
|
53.6 |
|
|
49.3 |
|
|
54.8 |
| Economic Value Added (EVA)(4) |
|
89.6 |
|
|
78.7 |
|
|
68.2 |
|
|
42.3 |
|
|
33.1 |
| Return on invested capital |
|
15.7 |
% |
|
15.4 |
% |
|
17.3 |
% |
|
15.1 |
% |
|
14.8 |
% |
| Debt-to-total-capital(5) |
|
49.2 |
% |
|
58.3 |
% |
|
65.8 |
% |
|
47.2 |
% |
|
51.6 |
% |
| Dividend payout ratio(6) |
|
32.2 |
% |
|
36.3 |
% |
|
38.3 |
% |
|
40.2 |
% |
|
44.9 |
% |
| Avg. shares outstanding diluted(3) |
|
142.3 |
|
|
140.2 |
|
|
139.2 |
|
|
144.0 |
|
|
147.6 |
|
| (1) |
|
In 2002, the Company implemented EITF 01-09. Results have been reclassified for 2001 and 2000. |
| (2) |
|
In 2002, the Company adopted SFAS No. 142, Goodwill and Other Intangible Assets. Prior year results have not been adjusted. |
| (3) |
|
All share data adjusted for 2-for-1 stock split effective April 2002. |
| (4) |
|
An EVA mark is owned by Stern Stewart & Co. |
| (5) |
|
Total capital includes interest bearing debt, minority interest and shareholders' equity. |
| (6) |
|
Includes fourth quarter dividends which, in some years, were declared in December following the close of the fiscal year. |
| (1) |
|
McCormick adopted EITF 01-09 in 2002. The graph displays gross profit margin for 2000 and 2001 as reclassified to reflect this change, and as previously
reported. |
|