| FINANCIALS: SUMMARY OF OPERATING DATA |
PAGE 1 OF 1 |
  |
 |
|
(in millions, except per
share data, shareholders and employees) |
2003 |
2002 |
2001 |
2000 |
1999 |
 |
| Net sales from continuing operations |
$13,317 |
$12,835 |
$13,229 |
$13,994 |
$14,089 |
| Earnings from continuing operations |
| before interest, other charges, net, |
| and income taxes |
371 |
1,220 |
352 |
2,214 |
1,990 |
| Earnings (loss) from |
| Continuing operations |
238(1) |
793(2) |
81(3) |
1,407(4) |
1,392(5) |
| Discontinued operations |
27(6) |
(23)(6) |
(5)(6) |
— |
— |
| Net earnings |
265 |
770 |
76 |
1,407 |
1,392 |
|
| Earnings and Dividends |
| Net earnings |
| –% of sales |
2.0% |
6.0% |
0.6% |
10.1% |
9.9% |
| –% return on average shareholders’ equity |
8.8% |
27.2% |
2.4% |
38.3% |
35.2% |
| Basic earnings (loss) per share |
| Continuing operations |
.83 |
2.72 |
.28 |
4.62 |
4.38 |
| Discontinued operations |
.09 |
(.08) |
(.02) |
— |
— |
| Total |
.92 |
2.64 |
.26 |
4.62 |
4.38 |
| Diluted earnings (loss) per share |
| Continuing operations |
.83 |
2.72 |
.28 |
4.59 |
4.33 |
| Discontinued operations |
.09 |
(.08) |
(.02) |
— |
— |
| Total |
.92 |
2.64 |
.26 |
4.59 |
4.33 |
| Cash dividends declared and paid |
| –on common shares |
330 |
525 |
643 545 |
563 |
| –per common share |
1.15 |
1.80 |
2.21 |
1.76 |
1.76 |
| Common shares outstanding at year end |
286.6 |
285.9 |
290.9 |
290.5 |
310.4 |
| Shareholders at year end |
85,712 |
89,988 |
91,893 |
113,308 |
131,719 |
|
| Statement of Financial Position Data |
| Operational working capital(7) |
$1,094 |
$474 |
$797 |
$1,420 |
$777 |
| Working capital |
148 |
(968) |
(737) |
(786) |
(385) |
| Property, plant and equipment, net |
5,094 |
5,420 |
5,659 |
5,919 |
5,947 |
| Total assets |
14,818 |
13,494 |
13,362 |
14,212 |
14,370 |
| Short-term borrowings and current |
| portion of long-term debt |
946 |
1,442 |
1,534 |
2,206 |
1,163 |
| Long-term debt, net of |
| current portion |
2,302 |
1,164 |
1,666 |
1,166 |
936 |
| Total shareholders’ equity |
3,264 |
2,777 |
2,894 |
3,428 |
3,912 |
|
| Supplemental Information |
| Net sales from continuing operations |
| –Photography |
$9,232 |
$9,002 |
$9,403 |
$10,231 |
$10,265 |
| –Health Imaging |
2,431 |
2,274 |
2,262 |
2,220 |
2,159 |
| –Commercial Imaging |
1,559 |
1,456 |
1,454 |
1,417 |
1,479 |
| –All Other |
95 |
103 |
110 |
126 |
186 |
| Research and development costs |
781 |
762 |
779 |
784 |
817 |
| Depreciation |
830 |
818 |
765 |
738 |
773 |
Taxes (excludes payroll, sales
and excise taxes) |
24 |
288 |
154 |
933 |
806 |
| Wages, salaries and employee benefits |
4,090 |
3,991 |
3,824 |
3,726 |
3,962 |
| Employees at year end |
| –in the U.S. |
35,400 |
39,000 |
42,000 |
43,200 |
43,300 |
| –worldwide |
63,900 |
70,000 |
75,100 |
78,400 |
80,650 |
 |
|
|
|
|
|
|
| (1) |
Includes $557 million of restructuring charges; $31 million of purchased R&D; $7 million for a charge related to asset impairments and other asset write-offs; a $12
million charge related to an intellectual property settlement; $14 million for a charge connected with the settlement of a patent infringement claim; $14 million for a
charge connected with a prior-year acquisition; $9 million for a charge to write down certain assets held for sale following the acquisition of the Burrell Companies;
$8 million for a donation to a technology enterprise; $8 million for legal settlements; a $9 million reversal for an environmental reserve; and a $13 million tax benefit
related to patent donations. These items reduced net earnings by $423 million. |
| (2) |
Includes $143 million of restructuring charges; $29 million reversal of restructuring charges; $50 million for a charge related to asset impairments and other asset
write-offs; and a $121 million tax benefit relating to the closure of the Company’s PictureVision subsidiary, the consolidation of the Company’s photofinishing operations
in Japan, asset write-offs and a change in the corporate tax rate. These items improved net earnings by $7 million. |
| (3) |
Includes $678 million of restructuring charges; $42 million for a charge related to asset impairments associated with certain of the Company’s photofinishing operations;
$15 million for asset impairments related to venture investments; $41 million for a charge for environmental reserves; $77 million for the Wolf bankruptcy; a
$20 million charge for the Kmart bankruptcy; $18 million of relocation charges related to the sale and exit of a manufacturing facility; an $11 million tax benefit related
to a favorable tax settlement; and a $20 million tax benefit representing a decline in the year-over-year effective tax rate. These items reduced net earnings by
$594 million. |
| (4) |
Includes accelerated depreciation and relocation charges related to the sale and exit of a manufacturing facility of $50 million, which reduced net earnings by $33
million. |
| (5) |
Includes $350 million of restructuring charges, and an additional $11 million of charges related to this restructuring program; $103 million of charges associated with
business exits; a gain of $95 million on the sale of The Image Bank; and a gain of $25 million on the sale of the Motion Analysis Systems Division. These items
reduced net earnings by $227 million. |
| (6) |
Refer to Note 22, “Discontinued Operations,” for a discussion regarding the earnings (loss) from discontinued operations. |
| (7) |
Excludes short-term borrowings and current portion of long-term debt. |
|
|
|
|
