 |
(In millions,
except per-share amounts) |
2008 |
2007 |
% change
|
2006 |
Net Sales |
|
|
|
|
Spirits |
$2,480.9 |
$2,606.8 |
|
$2,513.4 |
Home & Hardware |
3,759.1 |
4,550.9 |
|
4,694.2 |
Golf |
1,368.9 |
1,405.4 |
|
1,313.4 |
 |
|
|
|
$7,608.9 |
$8,563.1 |
(11.1) |
$8,521.0 |
|
|
|
Operating Income |
|
|
|
|
Spirits |
$543.7 |
$766.7 |
|
$660.6 |
Home & Hardware |
(465.6) |
503.0 |
|
695.4 |
Golf |
125.3 |
165.5 |
|
166.0 |
Less: Corporate Expenses |
57.8 |
58.9 |
|
74.1 |
|
|
|
|
$145.6 |
$1,376.3 |
(89.4) |
$1,447.9 |
|
|
|
Net Income |
$311.1 |
$762.6 |
(59.2) |
$830.1 |
Earnings per common share |
|
|
|
|
Basic |
$2.05 |
$4.98 |
(58.8) |
$5.56 |
Diluted |
$2.02 |
$4.87 |
(58.5) |
$5.42 |
|
|
|
Net Income from Continuing Operations |
$158.6 |
$749.5 |
(78.8) |
$812.1 |
Income from Discontinued Operations |
152.5 |
13.1 |
|
18.0 |
Earnings per common share from continuing operations |
|
|
|
|
Basic |
$1.04 |
$4.89 |
(78.7) |
$5.44 |
Diluted |
$1.03 |
$4.79 |
(78.5) |
$5.31 |
|
|
|
Other Data |
|
|
|
|
Operating Income |
$145.6 |
$1,376.3 |
(89.4) |
$1,447.9 |
Less: |
|
|
|
|
Interest expense |
237.1 |
293.6 |
|
308.8 |
Other income, net |
(279.9) |
(37.5) |
|
(40.2) |
Income taxes |
95.6 |
346.3 |
|
299.3 |
Minority interest (income) expense |
(65.8) |
24.4 |
|
67.9 |
|
|
|
Free Cash Flow(1) |
$430.3 |
$518.9 |
|
$577.3 |
Add: |
|
|
|
|
Discontinued operations—sale of wine business |
(31.0) |
–– |
|
–– |
Capital expenditures, net |
157.1 |
197.8 |
|
181.4 |
Dividends paid |
261.2 |
248.6 |
|
224.0 |
|
|
|
Cash Flow from Operations |
$817.6 |
$965.3 |
|
$982.7 |
|
|
|
Dividends paid per common share |
$1.72 |
$1.62 |
6.2 |
$1.50 |
|
|
|
Actual number of common shares outstanding |
150.1 |
153.9 |
|
151.9 |
Average number of common shares outstanding (diluted) |
151.6 |
156.5 |
|
153.0 |
(1) Free Cash Flow is Cash Flow from Operations less net capital expenditures and dividends paid to stockholders. It additionally excludes credits and payments of taxes on the discontinued operation sale of the wine business. Free Cash Flow is a measure not derived in accordance with GAAP. Management believes that Free Cash Flow provides investors with helpful supplemental information about the company’s ability to fund internal growth, make acquisitions, repay debt and repurchase common stock. This measure may be inconsistent with similar measures presented by other companies.
CEO and CFO Certifications
In 2008, Fortune Brands’ chief executive officer (CEO) provided to the New York Stock Exchange the annual CEO certification regarding Fortune Brands’ compliance with the New York Stock Exchange’s corporate governance listing standards. In addition, Fortune Brands’ CEO and chief financial officer filed with the United States Securities and Exchange Commission all required certifications regarding the quality of Fortune Brands’ public disclosure in its fiscal 2008 reports.
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