Exhibit 99
In the third quarter of 2004, Maytag changed its segment reporting to reflect a reorganization announced in the second quarter. It now discloses two reporting segments: Home Appliances and Commercial Products. The Home Appliances segment manufactures, sells and services major appliances and floor care products. These products are sold primarily to major national retailers and independent retail dealers in North America and targeted international markets. The Commercial Products segment manufactures and sells vending equipment and commercial cooking products. These products are sold primarily to distributors and soft drink bottlers in North America and targeted international markets.
The following table provides net sales and operating income for the new segments reclassified for previously reported quarters in 2004, 2003 by quarter, and for the full year of 2003 and 2002. Restructuring, asset impairment charges, front-load washer litigation and gain on sale of distribution center have also been noted by segment.
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NET SALES AND OPERATING INCOME COMPARISON (Unaudited)
AS RECLASSIFIED
NET SALES (in thousands)
| | | | | | | | | |
| | | Home
Appliances
| | Commercial
Products
| | Consolidated
|
2002 Year | | $ | 4,377,485 | | $ | 288,546 | | $ | 4,666,031 |
2003 | | | | | | | | | |
1st Quarter | | $ | 1,063,588 | | $ | 72,418 | | $ | 1,136,006 |
2nd Quarter | | | 1,074,282 | | | 88,611 | | | 1,162,893 |
3rd Quarter | | | 1,145,856 | | | 75,411 | | | 1,221,267 |
4th Quarter | | | 1,214,929 | | | 56,771 | | | 1,271,700 |
| | |
|
| |
|
| |
|
|
Year | | $ | 4,498,655 | | $ | 293,211 | | $ | 4,791,866 |
2004 | | | | | | | | | |
1st Quarter | | $ | 1,144,786 | | $ | 74,158 | | $ | 1,218,944 |
2nd Quarter | | | 1,077,643 | | | 74,586 | | | 1,152,229 |
OPERATING INCOME (LOSS) (in thousands)
| | | | | | | | | | | | |
| | | Home
Appliances
| | | Commercial
Products
| | | Consolidated
| |
2002 Year | | $ | 341,528 | | | $ | 17,967 | | | $ | 359,495 | |
2003 | | | | | | | | | | | | |
1st Quarter | | $ | 64,215 | | | $ | 3,975 | | | $ | 68,190 | |
2nd Quarter | | | 41,538 | | | | 9,870 | | | | 51,408 | |
3rd Quarter | | | 55,813 | | | | 5,550 | | | | 61,363 | |
4th Quarter | | | 50,708 | | | | (3,376 | ) | | | 47,332 | |
| | |
|
|
| |
|
|
| |
|
|
|
Year | | $ | 212,274 | | | $ | 16,019 | | | $ | 228,293 | |
2004 | | | | | | | | | | | | |
1st Quarter | | $ | 60,345 | | | $ | 3,287 | | | $ | 63,632 | |
2nd Quarter | | | (23,741 | ) | | | (9,697 | ) | | | (33,438 | ) |
INCLUDED IN OPERATING INCOME (LOSS) (in thousands)
| | | | | | | | | | | |
| | | Home
Appliances
| | | Commercial
Products
| | Consolidated
| |
2002 | | | | | | | | | | | |
Restructuring charges | | $ | 67,112 | | | $ | — | | $ | 67,112 | |
Gain on sale of distribution center | | | (8,276 | ) | | | — | | | (8,276 | ) |
| | |
|
|
| |
|
| |
|
|
|
Year | | $ | 58,836 | | | $ | — | | $ | 58,836 | |
2003 | | | | | | | | | | | |
1st Quarter-Restructuring charges | | $ | 9,387 | | | $ | — | | $ | 9,387 | |
2nd Quarter-Restructuring charges | | | 27,796 | | | | 132 | | | 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 | |
| | |
|
|
| |
|
| |
|
|
|
Year | | $ | 75,931 | | | $ | 215 | | $ | 76,146 | |
2004 | | | | | | | | | | | |
1st Quarter-Restructuring charges | | $ | 7,995 | | | $ | — | | $ | 7,995 | |
2nd Quarter-Restructuring charges | | | 26,498 | | | | 69 | | | 26,567 | |
2nd Quarter-Front-load washer litigation | | | 18,500 | | | | — | | | 18,500 | |
2nd Quarter-Asset impairment | | | 1,285 | | | | — | | | 1,285 | |
2nd Quarter-Goodwill impairment | | | — | | | | 9,600 | | | 9,600 | |
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