Annual Report 1996 |
Ten Year Financial Summary 92-96 (Unaudited) |
Polaroid Corporation and Subsidiary Companies |
Years ended December 31 | |||||
(Dollars amounts in millions, except per share data) | 1996 |
1995 |
1994 |
1993 |
1992 |
Consolidated Statement of Earnings | |||||
Net sales | |||||
United States | $1,060.3 |
$1,019.0 |
$1,160.3 |
$1,178.8 |
$1,145.7 |
International | 1,214.9 |
1,217.9 |
1,152.2 |
1,066.1 |
1,006.6 |
Total net sales | 2,275.2 |
2,236.9 |
2,312.5 |
2,244.9 |
2,152.3 |
Cost of goods sold | 1,283.8 |
1,298.6 |
1,324.2 |
1,296.5 |
1,178.0 |
Marketing, research,engineering and administrative expenses | 796.6 |
849.1 |
788.0 |
763.0 |
760.5 |
Restructuring and other | 110.0 |
247.0 |
- |
44.0 |
- |
Special Charges | 33.0 |
- |
- |
- |
- |
Total costs | 2,223.4 |
2,394.7 |
2,112.2 |
2,103.5 |
1,938.5 |
Profit/(loss) from operations | 51.8 |
(157.8) |
200.3 |
141.4 |
213.8 |
Litigation settlement, net of employee incentives | - |
- |
- |
- |
- |
Other income | 26.8 |
8.5 |
7.0 |
8.2 |
7.8 |
Interest expense | 47.4 |
52.1 |
46.6 |
47.9 |
58.5 |
Earnings/(loss) before income tax expense/(benefit) | 31.2 |
(201.4) |
160.7 |
101.7 |
163.1 |
Federal, state and foreign income tax expense/(benefit) | 16.2 |
(61.2) |
43.5 |
33.8 |
64.1 |
Earnings/(loss) before extraordinary item and cumulative effect of changes in accounting principle | $ 15.0 |
$(140.2) |
$ 117.2 |
$67.9 |
$99.0 |
Net earnings/(loss) | $(41.1) |
$(140.2) |
$117.2 |
$(51.3) |
$ 99.0 |
Primary earning/(loss) per common share before extraordinary item and cumulative effect of changes in accounting principles | $.32 |
$(3.09) |
$2.49 |
$1.45 |
$2.06 |
Primary earnings/(loss) per common share | $(.89) |
$(3.09) |
$2.49 |
$(1.10) |
$2.06 |
Fully diluted earnings per common share ** | $- |
$- |
$2.42 |
$- |
$2.02 |
Cash dividends per common share | $.60 |
$.60 |
$.60 |
$.60 |
$.60 |
Common shares outstanding at end of year (in thousands) | 44,819 |
45,533 |
45,998 |
46,806 |
46,668 |
Selected Balance Sheet Information | |||||
Working capital | $623.3 |
$730.3 |
$879.7 |
$826.7 |
$778.5 |
Net property, plant and equipment | 666.2 |
691.0 |
747.3 |
718.2 |
657.3 |
Total assets | 2,201.6 |
2,261.8 |
2,316.7 |
2,212.3 |
2,008.1 |
Long-term debt | 489.9 |
526.7 |
566.0 |
602.3 |
637.4 |
Redeemable preferred stock equity | - |
- |
- |
- |
- |
Common stockholders' equity | 658.2 |
717.7 |
864.4 |
767.3 |
808.9 |
Other Statistical Data | |||||
Additions to property, plant and equipment | $121.8 |
$167.9 |
$146.7 |
$165.6 |
$201.5 |
Depreciation | $118.3 |
$132.7 |
$118.2 |
$100.3 |
$89.1 |
Payroll and benefits | $641.2 |
$709.3 |
$720.6 |
$699.2 |
$670.2 |
Number of employees, end of year | 10,046 |
11,662 |
12,104 |
12,048 |
12,359 |
Return on average common stockholders' equity*** | (6.2)% |
(17.8)% |
14.7% |
9.3% |
12.7% |
* Restated for FAS 96. | |||||
** Fully diluted earnings per common share are not disclosed for 1996, 1995, 1993 and years prior to 1991 because they are either greater than primary earnings per common share or they do not include dilutive securities. | |||||
*** 1993 is shown prior to the cumulative effects of FAS 106, 109 and 112. |