Exhibit 99.1 INTERNATIONAL FLAVORS & FRAGRANCES INC. |
2002 | Quarter-to-date | Year-to-date | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1st Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | |||||||||||||||||||||||
Net sales | $ | 445,844 | $ | 16,576 | $ | 429,268 | ||||||||||||||||||||
Cost of goods sold | 259,864 | 13,015 | 246,849 | |||||||||||||||||||||||
Gross margin on sales | 185,980 | 3,561 | 182,419 | |||||||||||||||||||||||
Research & development | 35,170 | 490 | 34,680 | |||||||||||||||||||||||
Selling and administrative | 75,386 | 1,271 | 74,115 | |||||||||||||||||||||||
Amortization | 3,158 | -- | 3,158 | |||||||||||||||||||||||
72,266 | 1,800 | 70,466 | ||||||||||||||||||||||||
Restructuring and other charges | -- | -- | -- | |||||||||||||||||||||||
Interest expense | (10,427 | ) | -- | (10,427 | ) | |||||||||||||||||||||
Other income (expense), net | 1,965 | -- | 1,965 | |||||||||||||||||||||||
Pretax income | 63,804 | 1,800 | 62,004 | |||||||||||||||||||||||
Income taxes | 21,857 | 617 | 21,240 | |||||||||||||||||||||||
Net Income | $ | 41,947 | $ | 1,183 | $ | 40,764 | ||||||||||||||||||||
2nd Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 476,336 | $ | 19,192 | $ | 457,144 | $ | 922,180 | $ | 35,768 | $ | 886,412 | ||||||||
Cost of goods sold | 272,612 | 14,925 | 257,687 | 532,476 | 27,940 | 504,536 | ||||||||||||||
Gross margin on sales | 203,724 | 4,267 | 199,457 | 389,704 | 7,828 | 381,876 | ||||||||||||||
Research & development | 35,022 | 515 | 34,507 | 70,192 | 1,005 | 69,187 | ||||||||||||||
Selling and administrative | 78,921 | 1,360 | 77,561 | 154,307 | 2,631 | 151,676 | ||||||||||||||
Amortization | 3,158 | -- | 3,158 | 6,316 | -- | 6,316 | ||||||||||||||
86,623 | 2,392 | 84,231 | 158,889 | 4,192 | 154,697 | |||||||||||||||
Restructuring and other charges | (9,242 | ) | -- | (9,242 | ) | (9,242 | ) | -- | (9,242 | ) | ||||||||||
Interest expense | (9,294 | ) | -- | (9,294 | ) | (19,721 | ) | -- | (19,721 | ) | ||||||||||
Other income (expense), net | 807 | -- | 807 | 2,772 | -- | 2,772 | ||||||||||||||
Pretax income | 68,894 | 2,392 | 66,502 | 132,698 | 4,192 | 128,506 | ||||||||||||||
Income taxes | 23,493 | 816 | 22,677 | 45,350 | 1,433 | 43,917 | ||||||||||||||
Net Income | $ | 45,401 | $ | 1,576 | $ | 43,825 | $ | 87,348 | $ | 2,759 | $ | 84,589 | ||||||||
3rd Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 462,777 | $ | 18,594 | $ | 444,183 | $ | 1,384,957 | $ | 54,362 | $ | 1,330,595 | ||||||||
Cost of goods sold | 261,075 | 15,935 | 245,140 | 793,551 | 43,875 | 749,676 | ||||||||||||||
Gross margin on sales | 201,702 | 2,659 | 199,043 | 591,406 | 10,487 | 580,919 | ||||||||||||||
Research & development | 37,664 | 548 | 37,116 | 107,856 | 1,553 | 106,303 | ||||||||||||||
Selling and administrative | 75,142 | 2,350 | 72,792 | 229,449 | 4,981 | 224,468 | ||||||||||||||
Amortization | 3,158 | -- | 3,158 | 9,474 | -- | 9,474 | ||||||||||||||
85,738 | (239 | ) | 85,977 | 244,627 | 3,953 | 240,674 | ||||||||||||||
Restructuring and other charges | (2,495 | ) | -- | (2,495 | ) | (11,737 | ) | -- | (11,737 | ) | ||||||||||
Interest expense | (8,947 | ) | -- | (8,947 | ) | (28,668 | ) | -- | (28,668 | ) | ||||||||||
Other income (expense), net | 561 | -- | 561 | 3,333 | -- | 3,333 | ||||||||||||||
Pretax income | 74,857 | (239 | ) | 75,096 | 207,555 | 3,953 | 203,602 | |||||||||||||
Income taxes | 25,258 | (81 | ) | 25,339 | 70,607 | 1,352 | 69,255 | |||||||||||||
Net Income | $ | 49,599 | $ | (158 | ) | $ | 49,757 | $ | 136,948 | $ | 2,601 | $ | 134,347 | |||||||
4th Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 424,292 | $ | 17,836 | $ | 406,456 | $ | 1,809,249 | $ | 72,198 | $ | 1,737,051 | ||||||||
Cost of goods sold | 242,284 | 13,178 | 229,106 | 1,035,835 | 57,053 | 978,782 | ||||||||||||||
Gross margin on sales | 182,008 | 4,658 | 177,350 | 773,414 | 15,145 | 758,269 | ||||||||||||||
Research & development | 36,171 | 534 | 35,637 | 144,027 | 2,087 | 141,940 | ||||||||||||||
Selling and administrative | 75,707 | 1,810 | 73,897 | 305,156 | 6,791 | 298,365 | ||||||||||||||
Amortization | 3,158 | -- | 3,158 | 12,632 | -- | 12,632 | ||||||||||||||
66,972 | 2,314 | 64,658 | 311,599 | 6,267 | 305,332 | |||||||||||||||
Restructuring and other charges | -- | -- | -- | (11,737 | ) | -- | (11,737 | ) | ||||||||||||
Interest expense | (8,368 | ) | -- | (8,368 | ) | (37,036 | ) | -- | (37,036 | ) | ||||||||||
Other income (expense), net | 258 | -- | 258 | 3,591 | -- | 3,591 | ||||||||||||||
Pretax income | 58,862 | 2,314 | 56,548 | 266,417 | 6,267 | 260,150 | ||||||||||||||
Income taxes | 19,866 | 781 | 19,085 | 90,473 | 2,133 | 88,340 | ||||||||||||||
Net Income | $ | 38,996 | $ | 1,533 | $ | 37,463 | $ | 175,944 | $ | 4,134 | $ | 171,810 | ||||||||
NOTE: Income taxes for the businesses disposed of was calculated using the full year corporate effective tax rate. |