 |
(In millions,
except per-share amounts) |
2007 |
2006 |
Change
|
2005 |
Net Sales |
|
|
|
|
Spirits |
$2,606.8 |
$2,513.4 |
|
$1,471.8 |
Home & Hardware |
4,550.9 |
4,694.2 |
|
4,153.4 |
Golf |
1,405.4 |
1,313.4 |
|
1,265.8 |
 |
|
|
|
$8,563.1 |
$8,521.0 |
0.5% |
$6,891.0 |
|
|
|
Operating Income |
|
|
|
|
|
|
|
Spirits |
$766.7 |
$660.6 |
|
$388.4 |
Home & Hardware |
503.0 |
695.4 |
|
655.1 |
Golf |
165.5 |
166.0 |
|
171.5 |
Less: Corporate Expenses |
58.9 |
74.1 |
|
63.7 |
|
|
|
|
$1,376.3 |
$1,447.9 |
(4.9%) |
$1,151.3 |
|
|
|
Net Income |
$762.6 |
$830.1 |
(8.1%) |
$621.1 |
Earnings per common share |
|
|
|
|
Basic |
$4.98 |
$5.56 |
(10.4%) |
$4.26 |
Diluted |
$4.87 |
$5.42 |
(10.1%) |
$4.13 |
Net Income from Continuing Operations |
$749.5 |
$812.1 |
(7.7%) |
$577.5 |
Income from Discontinued Operations |
13.1 |
18.0 |
|
43.6 |
|
|
|
Earnings per common share from continuing operations |
|
|
|
|
Basic |
$4.89 |
$5.44 |
(10.1%) |
$3.96 |
Diluted |
$4.79 |
$5.31 |
(9.8%) |
$3.84 |
|
|
|
Other Data |
|
|
|
|
Operating Income |
$1,376.3 |
$1,447.9 |
(4.9%) |
$1,151.3 |
Less: |
|
|
|
|
Interest expense |
293.6 |
308.8 |
|
153.6 |
Other income, net |
(37.5) |
(40.2) |
|
78.4 |
Income taxes |
346.3 |
299.3 |
|
321.8 |
Minority interests |
24.4 |
67.9 |
|
20.0 |
|
|
|
Free Cash Flow(1) |
$518.9 |
$577.3 |
|
$385.5 |
Add: |
|
|
|
|
Capital expenditures, net |
197.8 |
181.4 |
|
215.6 |
Dividends paid |
248.6 |
224.0 |
|
201.6 |
|
|
|
Cash Flow from Operations |
$965.3 |
$982.7 |
|
$802.7 |
|
|
|
Dividends paid per common share |
$1.62 |
$1.50 |
8.0% |
$1.38 |
|
|
|
Actual number of common shares outstanding |
153.9 |
151.9 |
|
146.3 |
Average number of common shares outstanding (diluted) |
156.5 |
153.0 |
|
150.5 |
(1) “Free cash flow” is cash flow from operations less net capital expenditures and dividends paid to stockholders. Free cash flow is not a measure under generally accepted
accounting principles (GAAP) and should not be considered as a substitute for any measure 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 also be inconsistent with similar measures presented by other companies.
CEO and CFO Certifications
In 2007, 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 2007 reports.
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