| Consolidated
Statements of Operations |
|
|
Years Ended December 31, |
| In millions, except per
share amounts |
1997 |
1996 |
1995 |
|
| Net sales |
$12,738.2 |
$10,944.8 |
$9,763.4 |
| Cost of goods sold, buying and
warehousing costs |
9,298.5 |
7,892.7 |
7,016.5 |
|
| Gross margin |
3,439.7 |
3,052.1 |
2,746.9 |
| Selling, general and
administrative expenses |
2,575.4 |
2,309.7 |
2,180.3 |
| Depreciation and amortization |
221.8 |
188.8 |
170.4 |
| Merger, restructuring and other
non-recurring charges |
442.7 |
12.8 |
165.5 |
|
| Total operating expenses |
3,239.9 |
2,511.3 |
2,516.2 |
|
| Operating profit |
199.8 |
540.8 |
230.7 |
|
| Gain on sale of securities |
-- |
121.4 |
-- |
| Dividend income |
-- |
5.6 |
-- |
| Interest expense, net |
(44.8) |
(75.7) |
(114.5) |
|
| Other (expense) income, net |
(44.8) |
51.3 |
(114.5) |
|
| Earnings from continuing
operations before income taxes and extraordinary item |
155.0 |
592.1 |
116.2 |
| Income tax provision |
(117.7) |
(251.3) |
(58.4) |
|
| Earnings from continuing
operations before extraordinary item |
37.3 |
340.8 |
57.8 |
| Discontinued operations:
|
|
|
|
Loss from operations, net of tax
benefit of $31.0 and
$171.4 in 1996 and 1995, respectively |
-- |
(54.8) |
(607.4) |
| Loss on disposal, net of tax
(provision) benefit of $(12.4), $56.2 and $9.9
in 1997, 1996 and 1995, respectively and
minority interest of $22.2 and $38.4 in 1996 and
1995, respectively |
17.5 |
(109.4) |
(23.2) |
|
| Earnings (loss) from discontinued operations |
17.5 |
(164.2) |
(630.6) |
|
| Earnings (loss) before extraordinary item |
54.8 |
176.6 |
(572.8) |
| Extraordinary item, loss related to early
retirement of debt, net of income tax benefit of
$11.4 |
(17.1) |
-- |
-- |
|
| Net earnings (loss) |
37.7 |
176.6 |
(572.8) |
| Preference dividends, net of tax benefit |
(13.7) |
(14.5) |
(17.0) |
|
| Net earnings (loss) available to common
shareholders |
$ 24.0 |
$ 162.1 |
$ (589.8) |
|
|
|
|
|
| Basic earnings (loss) per common
share: |
|
|
|
| Earnings from continuing
operations before extraordinary item |
$ 0.14 |
$ 1.97 |
$ 0.25 |
| Earnings (loss) from discontinued
operations |
0.10 |
(0.99) |
(3.85) |
| Extraordinary item, net of tax
benefit |
(0.10) |
-- |
-- |
|
| Net earnings (loss) |
$ 0.14 |
$ 0.98 |
$ (3.60) |
|
| Weighted average common shares
outstanding |
169.8 |
165.3 |
163.7 |
|
|
|
|
|
| Diluted earnings (loss) per
common share: |
|
|
|
| Earnings from continuing
operations before extraordinary item |
$ 0.14 |
$ 1.92 |
$ 0.25 |
| Earnings (loss) from discontinued
operations |
0.10 |
(0.94) |
(3.84) |
| Extraordinary item, net of tax
benefit |
(0.10) |
-- |
-- |
|
| Net earnings (loss) |
$ 0.14 |
$ 0.98 |
$ (3.59) |
|
| Weighted average common shares
outstanding |
173.0 |
173.2 |
164.3 |
|
| Dividends per common share |
$ 0.44 |
$ 0.44 |
$ 1.52 |
|
See accompanying notes to
consolidated financial statements.
|
