Annual Report
Symbol: FO
Listed: NYSE
    Nov 20, 2008 4:14 PM
    Stock Price: 31.36
 
 
Financial Highlights Back
(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.



Corporate Responsibility

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