EXHIBIT 28(b)
PRO FORMA FINANCIAL INFORMATION
The Company acquired the Cambridge Brands Division of Warner-Lambert Company on
October 15, 1993. The pro forma income statement data for the year ended
December 31, 1992 and the nine months ended September 30, 1993 presented below
have been prepared assuming the Company consummated the acquisition of Cambridge
Brands at the beginning of the period presented and reflect estimated purchase
accounting and other adjustments related to the acquisition. The pro forma
balance sheet data as of September 30, 1993 assumes the Company consummated the
acquisition of Cambridge Brands on September 30, 1993. The pro forma income
statement and balance sheet data presented below is unaudited. The pro forma
income statement data are not necessarily indicative of what the actual results
of operations would have been had the transactions occurred at the beginning of
the period presented, nor do the purport to indicate the results of future
operations. All amounts are in thousands except per share data.
INCOME STATEMENT DATA:
For the For the nine
year ended months ended
December 31, September 30,
1992 1993
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Net sales $ 303,576 $ 244,170
Cost of goods sold 158,216 122,307
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145,360 121,863
Operating expenses:
Marketing, selling and
advertising 55,219 45,598
Distribution and ware-
housing 20,013 15,801
General and administrative 17,828 13,000
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Earnings from operations 52,300 47,464
Other income, net 3,978 3,669
Provision for income taxes (22,107) (20,441)
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Net earnings $ 34,171 $ 30,692
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Net earnings per
common share $ 3.34 $ 2.91
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Average common shares
outstanding 10,229 10,534
BALANCE SHEET DATA:
September 30,
1993
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Assets
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Accounts receivable $ 51,644
Inventories 71,251
Other current assets 47,055
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169,950
Property, plant and
equipment 78,118
Other assets 112,114
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Total assets $ 360,182
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Liabilities and Shareholders' Equity
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Notes payable to banks $ 82,304
Other current liabilities 33,496
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115,800
Noncurrent liabilities 37,745
Shareholders' Equity
Common stock 7,315
Capital in excess of par value 111,108
Retained earnings 90,627
Equity adjustment from foreign
currency translation (2,413)
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206,637
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Total liabilities and shareholders'
equity $ 360,182
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