Historical Financial Summary
| (millions except per share and ratio data) | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Year Net sales |
$ | 2,716.4 | $ | 2,592.0 | $ | 2,526.2 | $ | 2,269.6 | $ | 2,044.9 | |||||
| Percent increase | 4.8 | % | 2.6 | % | 11.3 | % | 11.0 | % | 5.5 | % | |||||
| Operating income | 269.6 | 343.5 | 332.7 | 295.5 | 262.4 | ||||||||||
| Income from unconsolidated operations | 19.9 | 20.6 | 14.6 | 16.4 | 22.4 | ||||||||||
| Net income from continuing operations | 202.2 | 214.9 | 214.5 | 199.2 | 173.8 | ||||||||||
| Net income | 202.2 | 214.9 | 214.5 | 210.8 | 179.8 | ||||||||||
| Per Common Share Earnings per share – diluted Continuing operations |
$ | 1.50 | $ | 1.56 | $ | 1.52 | $ | 1.40 | $ | 1.22 | |||||
| Discontinued operations | – | – | – | .09 | .04 | ||||||||||
| Accounting change | – | – | – | (.01 | ) | – | |||||||||
| Net income | 1.50 | 1.56 | 1.52 | 1.48 | 1.26 | ||||||||||
| Earnings per share – basic | 1.53 | 1.60 | 1.57 | 1.51 | 1.29 | ||||||||||
| Common dividends declared | .74 | .66 | .58 | .49 | .425 | ||||||||||
| Market Non-Voting closing price – end of year | 38.72 | 31.22 | 36.45 | 28.69 | 23.79 | ||||||||||
| Book value per share | 7.17 | 6.03 | 6.57 | 5.50 | 4.23 | ||||||||||
| At Year-End Total assets |
$ | 2,568.0 | $ | 2,272.7 | $ | 2,369.6 | $ | 2,145.5 | $ | 1,930.8 | |||||
| Current debt | 81.4 | 106.1 | 173.2 | 171.0 | 137.3 | ||||||||||
| Long-term debt | 569.6 | 463.9 | 465.0 | 448.6 | 450.9 | ||||||||||
| Shareholders’ equity | 933.3 | 799.9 | 889.7 | 755.2 | 592.3 | ||||||||||
| Total capital | 1,587.9 | 1,399.1 | 1,558.9 | 1,397.0 | 1,199.4 | ||||||||||
| Other Financial Measures Percentage of net sales Gross profit |
41.0 | % | 40.0 | % | 39.9 | % | 39.6 | % | 39.1 | % | |||||
| Operating income | 9.9 | % | 13.3 | % | 13.2 | % | 13.0 | % | 12.8 | % | |||||
| Capital expenditures | $ | 84.8 | $ | 66.8 | $ | 62.7 | $ | 83.0 | $ | 92.4 | |||||
| Depreciation and amortization | 86.8 | 74.6 | 72.0 | 65.3 | 53.4 | ||||||||||
| Common share repurchases | 155.9 | 185.6 | 173.8 | 120.6 | 6.8 | ||||||||||
| Debt-to-total-capital | 41.1 | % | 40.7 | % | 40.9 | % | 44.4 | % | 49.0 | % | |||||
| Average shares outstanding Basic |
131.8 | 134.5 | 137.0 | 139.2 | 139.5 | ||||||||||
| Diluted | 135.0 | 138.1 | 141.3 | 142.6 | 142.3 | ||||||||||
The historical financial summary includes the following impact of restructuring charges, and in 2004 the net gain from a special credit:
| (millions except per share data) | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating income | $ | (84.1 | ) | $ | (11.2 | ) | $ | 2.5 | ($5.5 | ) | ($7.5 | ) | |||
| Net income | (30.3 | ) | (7.5 | ) | 1.2 | (3.6 | ) | (5.5 | ) | ||||||
| Earnings per share | (.22 | ) | (.05 | ) | .01 | (.03 | ) | (.04 | ) | ||||||
In 2006, McCormick began to record stock-based compensation expense as explained in note 3 of the financial statements. Prior year results have not been adjusted. Stock-based compensation reduced operating income by $22.0 million, net income by $15.1 million and earnings per share by $0.11.
In 2003, McCormick sold its packaging segment and Jenks Sales Brokers in the U.K. and 2002 was restated for these discontinued operations. Also in 2003, McCormick consolidated the lessor of a leased distribution center which was recorded as an accounting change.
Total capital includes debt, minority interest and shareholders’ equity.
An eleven-year financial summary is available at ir.mccormick.com, as well as a report on EVA (Economic Value Added) and return on invested capital.