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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.        




Polaroid Corporation Annual Report 1996
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