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. |