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Annual Report 1996


Financial Statements
Consolidated Statement of Earnings
Polaroid Corporation and Subsidiary Companies
 

Years ended December 31,

(In millions, except per share data)

1996

1995

1994


Net sales      
United States

$1,060.3

$1,019.0

$1,160.3

International

1,214.9

1,217.9

1,152.2

Total net sales

2,275.2

2,236.9

2,312.5

Cost of goods sold

1,283.8

1,298.6

1,324.2

Marketing, research, engineering and administrative expenses (Note 2)

796.6

849.1

788.0

Restructuring and other (Note 2)

110.0

247.0

-

Special charges (Note 2)

33.0

-

-

Total costs

2,223.4

2,394.7

2,112.2

Profit/(loss) from operations

51.8

(157.8)

200.3

Other income/(expense):      
Interest income

5.1

8.7

9.7

Other

21.7

(.2)

(2.7)

Total other income

26.8

8.5

7.0

Interest expense

47.4

52.1

46.6

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

31.2

(201.4)

160.7

Federal, state and foreign income tax expense/(benefit) (Note 4)

16.2

(61.2)

43.5

Earnings/(loss) before extraordinary item

15.0

(140.2)

117.2

Extraordinary item (Note 8)

(56.1)

-

-

Net earnings/(loss)

$(41.1)

$(140.2)

$117.2

Primary earnings/(loss) per common share: (Note 1)
Earnings/(loss) before extraordinary item

$.32

$(3.09)

$2.49

Extraordinary item

(1.21)

-

-

Net earnings/(loss)

$(.89)

$(3.09)

$2.49

Fully diluted earnings per common share (Note 1)

$-

$-

$2.42

Cash dividends per common share

$.60

$.60

$.60

See accompanying notes to consolidated financial statements.




Polaroid Corporation Annual Report 1996
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