Slide 1: Clorox Earns 60 Cents EPS in First Quarter; Updates Second-Quarter Outlook
For release Nov., 6, 2003, at 5:30 a.m. Pacific time CLOROX EARNS 60 CENTS EPS IN FIRST QUARTER; UPDATES SECOND-QUARTER OUTLOOK OAKLAND, Calif., Nov. 6, 2003 – The Clorox Company (NYSE: CLX) (PSE: CLX) today reported results in line with its previously communicated expectations for the first quarter
Slide 2: First-Quarter Results by Business Segment
The company achieved its fifth consecutive quarter of negative working capital, which averaged -2 percent of sales compared with -1 percent in the year-ago quarter, for an improvement of 100 basis points. First-quarter cash provided by operations was $140 million compared with $204 million in the ye
Slide 3: Household Products – Latin America & Other; Outlook
The segment’s strong volume growth was driven by increases in shipments of food products, cat litter and charcoal. Delivering record first-quarter shipments were Hidden Valley® bottled salad dressing, Fresh Step® scoopable cat litter, and Kingsford® and Match Light® charcoal. Scoop Away® cat litters
Slide 4: Today's Webcast; The Clorox Company
Today’s Webcast Today at 10:30 a.m. Pacific time (1:30 p.m. Eastern time), Clorox will host a live audio webcast of a discussion with the investment community regarding the company’s first-quarter results. The webcast can be accessed at www.clorox.com/investors. Following a live discussion, a replay
Slide 5: Condensed Consolidated Statements of Earnings
THE CLOROX COMPANY Condensed Consolidated Statements of Earnings (Unaudited) In millions, except share and per-share amounts Three Months Ended 9/30/2003 9/30/2002 Net sales $1,048 $1,047 Cost of products sold 591 544 Gross profit 457 503 Selling and administrative expenses 122 116 Advertising costs
Slide 6: Reconciliation Schedule
Basic net earnings per common share $0.61 $0.65 Diluted Continuing operations $0.60 $0.71 Discontinued operations (0.00) (0.06) Diluted net earnings per common share $0.60 $0.65 Weighted average shares outstanding (in thousands) Basic 212,654 221,883 Diluted 214,807 224,051 Dividends per common shar
Slide 7: Segment Information
Specialty Products 318 0 318 306 (7) 299 Household Products -Latin 127 0 127 113 (1) 112 America / Other Total Company $1,048 $0 $1,048 $1,047 ($8) $1,039 (1) These tables provide a quantitative reconciliation of the differences between financial measures that are not presented in accordance with Ge
Slide 8: Supplemental Volume Growth Information
Corporate - - - (94) (92) -3% Total Company $1,048 $1,047 0% $201 $244 -18% (1) Percentages based on numbers that are not rounded. The Clorox Company Supplemental Volume Growth Information Business Unit Major drivers of change FY03 FY04 Q1 Q2 Q3 Q4 FY Q1 Laundry Care 3% -4% -3% 1% 0% 2% Growth drive
Slide 9: Supplemental Volume Growth Information (continued)
Seasonal Products 0% -9% 5% 1% 1% 5% 10th consecutive quarter of higher charcoal shipments. Seasonal, excluding divestitures 8% 5% 10% 2% 6% 8% Maxforce business sold in Q3/FY02. Black Flag sold in Q4/FY03. Cat Litter -3% 3% 2% 1% 1% 6% Record Q1 shipments for Fresh Step and Scoop Away brands behind
Slide 10: Working Capital Update
Working Capital (WC) Update Inventories 273 249 +24 41 41 0 days Accounts payable 282 279 +3 45 50 -5 days Accrued liabilities 490 450 +40 Total WC1 -70 -60 -10 Avg W % Net Sales2 -2.0% -1.0% -1.0 pts 1 Current assets minus current liabilities excluding cash and short term debt. 2 Based on a two poi
Slide 11: Preliminary estimates note
*Preliminary estimates. Final numbers will be published in our Form 10-Q.