Exhibit 99
Effective with the first quarter of 2004, Maytag has changed its segment reporting from two segments to three in order to align its reporting with new initiatives and accountabilities within the company. The new reporting segments are Major Appliances, Housewares, and Commercial Products. The Major Appliances segment includes those business units that manufacture, sell and service major appliances such as laundry, dishwasher, cooking, and refrigeration products. The Housewares segment is predominately comprised of floor care products manufactured and sold under the Hoover brand but also includes sales of small appliances. The Commercial Products segment includes manufacture and sale of vending, commercial laundry, and commercial and luxury residential cooking products. The following table provides net sales and operating income for the new segments reclassified for 2003 by quarter and 2002 full year. Restructuring and asset impairment charges have also been noted by segment.
NET SALES AND OPERATING INCOME COMPARISON (Unaudited)
AS RECLASSIFIED
NET SALES (in thousands)
| | | | | | | | | | | | | | | |
| | | Major Appliances
| | Housewares
| | Commercial Products
| | General Corporate & Other
| | Consolidated
|
2002 Year | | $ | 3,408,986 | | $ | 880,484 | | $ | 376,561 | | $ | — | | $ | 4,666,031 |
2003 | | | | | | | | | | | | | | | |
1st Quarter | | $ | 830,868 | | $ | 213,970 | | $ | 91,168 | | $ | — | | $ | 1,136,006 |
2nd Quarter | | | 885,138 | | | 166,511 | | | 111,244 | | | | | | 1,162,893 |
3rd Quarter | | | 939,885 | | | 180,008 | | | 101,374 | | | | | | 1,221,267 |
4th Quarter | | | 983,070 | | | 208,758 | | | 79,872 | | | | | | 1,271,700 |
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Year | | $ | 3,638,961 | | $ | 769,247 | | $ | 383,658 | | $ | — | | $ | 4,791,866 |
OPERATING INCOME (LOSS) (in thousands)
| | | | | | | | | | | | | | | | | | |
| | | Major Appliances
| | Housewares
| | | Commercial Products
| | | General Corporate & Other
| | | Consolidated
|
2002 Year | | $ | 198,770 | | $ | 184,777 | | | $ | 25,206 | | | $ | (49,258 | ) | | $ | 359,495 |
2003 | | | | | | | | | | | | | | | | | | |
1st Quarter | | $ | 45,137 | | $ | 29,567 | | | $ | 5,250 | | | $ | (11,764 | ) | | $ | 68,190 |
2nd Quarter | | | 54,495 | | | (1,266 | ) | | | 12,062 | | | | (13,883 | ) | | | 51,408 |
3rd Quarter | | | 56,796 | | | 8,244 | | | | 8,457 | | | | (12,134 | ) | | | 61,363 |
4th Quarter | | | 56,268 | | | 8,176 | | | | (1,226 | ) | | | (15,886 | ) | | | 47,332 |
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Year | | $ | 212,696 | | $ | 44,721 | | | $ | 24,543 | | | $ | (53,667 | ) | | $ | 228,293 |
INCLUDED IN OPERATING INCOME (LOSS) (in thousands)
| | | | | | | | | | | | | | | | | |
| | | Major
Appliances
| | | Housewares
| | Commercial
Products
| | General
Corporate
& Other
| | Consolidated
| |
2002 | | | | | | | | | | | | | | | | | |
Restructuring charges | | $ | 67,112 | | | $ | — | | $ | — | | $ | — | | $ | 67,112 | |
Gain on sale of distribution center | | | (8,276 | ) | | | | | | | | | | | | (8,276 | ) |
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Year | | $ | 58,836 | | | $ | — | | $ | — | | $ | — | | $ | 58,836 | |
2003 | | | | | | | | | | | | | | | | | |
1st Quarter-Restructuring charges | | $ | 9,387 | | | $ | — | | $ | — | | $ | — | | $ | 9,387 | |
2nd Quarter-Restructuring charges | | | 17,141 | | | | 9,516 | | | 132 | | | 1,139 | | | 27,928 | |
3rd Quarter-Restructuring charges | | | 13,060 | | | | | | | 83 | | | | | | 13,143 | |
4th Quarter-Restructuring charges | | | 14,471 | | | | | | | | | | | | | 14,471 | |
4th Quarter-Asset impairment | | | | | | | 11,217 | | | | | | | | | 11,217 | |
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Year | | $ | 54,059 | | | $ | 20,733 | | $ | 215 | | $ | 1,139 | | $ | 76,146 | |
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