Exhibit 99.3 INTERNATIONAL FLAVORS & FRAGRANCES INC. |
2003 | Quarter-to-date | Year-to-date | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1st Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | |||||||||||||||||
Net sales | $ | 466,224 | $ | -- | $ | 466,224 | ||||||||||||||
Cost of goods sold | 270,447 | -- | 270,447 | |||||||||||||||||
Gross margin on sales | 195,777 | -- | 195,777 | |||||||||||||||||
Research &development | 38,962 | -- | 38,962 | |||||||||||||||||
Selling and administrative | 76,115 | -- | 76,115 | |||||||||||||||||
Amortization | 3,158 | -- | 3,158 | |||||||||||||||||
77,542 | -- | 77,542 | ||||||||||||||||||
Restructuring and other charges | (20,389 | ) | -- | (20,389 | ) | |||||||||||||||
Interest expense | (8,113 | ) | -- | (8,113 | ) | |||||||||||||||
Other income (expense), net | (2,526 | ) | -- | (2,526 | ) | |||||||||||||||
Pretax income | 46,514 | -- | 46,514 | |||||||||||||||||
Income taxes | 14,497 | -- | 14,497 | |||||||||||||||||
Net Income | $ | 32,017 | $ | -- | $ | 32,017 | ||||||||||||||
2nd Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 482,611 | $ | -- | $ | 482,611 | $ | 948,835 | $ | -- | $ | 948,835 | ||||||||
Cost of goods sold | 275,235 | -- | 275,235 | 545,682 | -- | 545,682 | ||||||||||||||
Gross margin on sales | 207,376 | -- | 207,376 | 403,153 | -- | 403,153 | ||||||||||||||
Research & development | 38,897 | -- | 38,897 | 77,859 | -- | 77,859 | ||||||||||||||
Selling and administrative | 72,888 | -- | 72,888 | 149,003 | -- | 149,003 | ||||||||||||||
Amortization | 3,158 | -- | 3,158 | 6,316 | -- | 6,316 | ||||||||||||||
92,433 | -- | 92,433 | 169,975 | -- | 169,975 | |||||||||||||||
Restructuring and other charges | (6,715 | ) | -- | (6,715 | ) | (27,104 | ) | -- | (27,104 | ) | ||||||||||
Interest expense | (7,957 | ) | -- | (7,957 | ) | (16,070 | ) | -- | (16,070 | ) | ||||||||||
Other income (expense), net | (2,371 | ) | -- | (2,371 | ) | (4,897 | ) | -- | (4,897 | ) | ||||||||||
Pretax income | 75,390 | -- | 75,390 | 121,904 | -- | 121,904 | ||||||||||||||
Income taxes | 23,992 | -- | 23,992 | 38,489 | -- | 38,489 | ||||||||||||||
Net Income | $ | 51,398 | $ | -- | $ | 51,398 | $ | 83,415 | $ | -- | $ | 83,415 | ||||||||
3rd Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 480,886 | $ | 7,412 | $ | 473,474 | $ | 1,429,721 | $ | 7,412 | $ | 1,422,309 | ||||||||
Cost of goods sold | 278,191 | 5,272 | 272,919 | 823,873 | 5,272 | 818,601 | ||||||||||||||
Gross margin on sales | 202,695 | 2,140 | 200,555 | 605,848 | 2,140 | 603,708 | ||||||||||||||
Research & development | 39,184 | 152 | 39,032 | 117,043 | 152 | 116,891 | ||||||||||||||
Selling and administrative | 75,638 | 456 | 75,182 | 224,641 | 456 | 224,185 | ||||||||||||||
Amortization | 3,158 | -- | 3,158 | 9,474 | -- | 9,474 | ||||||||||||||
84,715 | 1,532 | 83,183 | 254,690 | 1,532 | 253,158 | |||||||||||||||
Restructuring and other charges | (3,916 | ) | -- | (3,916 | ) | (31,020 | ) | -- | (31,020 | ) | ||||||||||
Interest expense | (6,532 | ) | -- | (6,532 | ) | (22,602 | ) | -- | (22,602 | ) | ||||||||||
Other income (expense), net | 446 | -- | 446 | (4,451 | ) | -- | (4,451 | ) | ||||||||||||
Pretax income | 74,713 | 1,532 | 73,181 | 196,617 | 1,532 | 195,085 | ||||||||||||||
Income taxes | 23,642 | 517 | 23,125 | 62,131 | 517 | 61,614 | ||||||||||||||
Net Income | $ | 51,071 | $ | 1,015 | $ | 50,056 | $ | 134,486 | $ | 1,015 | $ | 133,471 | ||||||||
4th Quarter | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | As reported | Germany, Switzerland and France Fruit Business | Pro-Forma | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | $ | 471,799 | $ | 18,923 | $ | 452,876 | $ | 1,901,520 | $ | 26,335 | $ | 1,875,185 | ||||||||
Cost of goods sold | 268,583 | 15,049 | 253,534 | 1,092,456 | 20,321 | 1,072,135 | ||||||||||||||
Gross margin on sales | 203,216 | 3,874 | 199,342 | 809,064 | 6,014 | 803,050 | ||||||||||||||
Research & development | 42,243 | 530 | 41,713 | 159,286 | 682 | 158,604 | ||||||||||||||
Selling and administrative | 84,310 | 1,333 | 82,977 | 308,951 | 1,789 | 307,162 | ||||||||||||||
Amortization | 3,158 | -- | 3,158 | 12,632 | -- | 12,632 | ||||||||||||||
73,505 | 2,011 | 71,494 | 328,195 | 3,543 | 324,652 | |||||||||||||||
Restructuring and other charges | (11,401 | ) | -- | (11,401 | ) | (42,421 | ) | -- | (42,421 | ) | ||||||||||
Interest expense | (5,875 | ) | -- | (5,875 | ) | (28,477 | ) | -- | (28,477 | ) | ||||||||||
Other income (expense), net | (986 | ) | -- | (986 | ) | (5,437 | ) | -- | (5,437 | ) | ||||||||||
Pretax income | 55,243 | 2,011 | 53,232 | 251,860 | 3,543 | 248,317 | ||||||||||||||
Income taxes | 17,132 | 641 | 16,491 | 79,263 | 1,158 | 78,105 | ||||||||||||||
Net Income | $ | 38,111 | $ | 1,370 | $ | 36,741 | $ | 172,597 | $ | 2,385 | $ | 170,212 | ||||||||
NOTE: Income taxes for the businesses disposed of was calculated using the full year corporate effective tax rate. |