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Annual Report 1996


Ten Year Financial Summary 87-91 (Unaudited)
Polaroid Corporation and Subsidiary Companies
Years ended December 31          
(Dollars amounts in millions, except per share data)  1991  1990  1989  1988  1987*

Consolidated Statement of Earnings          
Net sales          
United States

$1,113.6

$1,058.3

$1,091.8

$1,048.3

$1,009.3

International

957.0

913.4

812.9

814.6

754.6

Total net sales

2,070.6

1,971.7

1,904.7

1,862.9

1,763.9

Cost of goods sold

1,082.5

1,011.8

966.0

1,003.1

956.2

Marketing, research,engineering and administrative expenses

741.5

675.6

634.5

686.0

653.9

Restructuring and other

-

-

40.5

151.9

-

Special Charges          
Total costs

1,824.0

1,687.4

1,641.0

1,841.0

1,610.1

Profit/(loss) from operations

246.6

284.3

263.7

21.9

153.8

Litigation settlement, net of employee incentives

871.6

-

-

-

-

Other income

23.4

15.0

35.1

28.0

16.7

Interest expense

58.4

81.3

86.2

29.0

15.0

Earnings/(loss) before income tax expense/(benefit)

1,083.2

218.0

212.6

20.9

155.5

Federal, state and foreign income tax expense/(benefit)

399.5

67.0

67.6

43.5

30.3

Earnings/(loss) before extraordinary item and cumulative effect of changes in accounting principle

$683.7

$151.0

$145.0

$(22.6)

$125.2

Net earnings/(loss)

$683.7

$151.0

$145.0

$(22.6)

$125.2

Primary earning/(loss) per common share before extraordinary item and cumulative effect of changes in accounting principles

$12.54

$2.20

$1.96

$(.34)

$2.02

Primary earnings/(loss) per common share

$12.54

$2.20

$1.96

$(.34)

$2.02

Fully diluted earnings per common share **

$10.88

-

-

-

-

Cash dividends per common share

$.60

$.60

$.60

$.60

$.60

Common shares outstanding at end of year (in thousands)

48,919

50,070

52,110

71,635

61,918

Selected Balance Sheet Information          
Working capital

$684.7

$600.7

$635.2

$946.4

$623.4

Net property, plant and equipment

549.4

461.0

430.9

433.8

395.6

Total assets

1,889.3

1,701.3

1,776.7

1,957.2

1,599.4

Long-term debt

471.8

513.8

602.2

402.3

-

Redeemable preferred stock equity

-

348.6

321.9

-

-

Common stockholders' equity

772.9

207.7

148.8

1,011.5

1,048.2

Other Statistical Data          
Additions to property, plant and equipment

$175.8

$120.9

$94.5

$127.0

$116.6

Depreciation

$85.5

$87.2

$87.4

$81.9

$75.7

Payroll and benefits

$690.6

$587.6

$546.7

$725.9

$585.0

Number of employees, end of year

12,003

11,768

11,441

11,613

13,662

Return on average common stockholders' equity***

148.6%

63.3%

33.5%

(2.2)%

12.5%

           
* 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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