Annual Report
Symbol: FO
Listed: NYSE
    Mar 09, 2010 4:01 PM
    Stock Price: 46.48
 
 
Financial Highlights Back
(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.



Corporate Responsibility

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