EXHIBIT 99
[LOGO] FOR IMMEDIATE RELEASE
CONTACT: CONWAY G. IVY
SENIOR VICE PRESIDENT, CORPORATE
PLANNING AND DEVELOPMENT
216-566-2102
NEWS:
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The Sherwin-Williams Company - 101 Prospect Avenue, N.W.,
Cleveland, Ohio 44115 - (216) 566-2140
CLEVELAND, OHIO, September 27, 2002 - The Sherwin-Williams Company (NYSE: SHW)
is updating its expectations for the third quarter and year 2002 which were last
announced on July 18, 2002.
Consolidated net sales for the third quarter are expected to increase
approximately 4.0 to 4.3 percent versus the same quarter last year due to
increased sales volume. On July 18, 2002, the consolidated net sales increase
for the quarter was anticipated to be in the low single digits over the third
quarter of 2001. Diluted net income per common share for the third quarter of
2002 is expected to be in the range of $.70 to $.73 per share due to anticipated
gross margin improvement. The July expectation for the third quarter of 2002 was
$.65 to $.70 per share. The Company will release its third quarter and
year-to-date results on October 22, 2002.
Annual sales increases for 2002 are expected to be in the low single digits over
2001. With annual sales at that level, diluted net income per common share for
2002, before cumulative effect of change in accounting principle, is anticipated
to be within the range of $2.00 to $2.06 per share. On July 18, 2002, annual
sales were anticipated to be slightly higher than 2001 and diluted net income
per common share for 2002, before cumulative effect of change in accounting
principle, was anticipated to be within the range of $1.92 to $2.03.
Net income was $90,322,000 and diluted net income per common share was $.58 per
share in the third quarter of 2001. Net income for the year 2001 was
$263,160,000 and diluted net income per common share was $1.68 per share. Adding
back goodwill amortization to 2001 net income to be comparable with the new
accounting standard effective in 2002, net income would have been $96,299,000
and $287,250,000 for the third quarter and year, respectively. Diluted net
income per common share after adding back goodwill amortization would have been
$.62 per share in the third quarter 2001 and $1.83 per share for the year.
The Company purchased 1,950,000 shares of its common stock during the third
quarter of 2002 bringing the total purchased to 5,192,200 shares for the first
nine months as we continue to believe the stock is a good value. The Company has
remaining authorization to purchase 11,807,800 shares.
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The Sherwin-Williams Company, founded in 1866, is one of the world's leading
companies engaged in the manufacture, distribution and sale of coatings and
related products to professional, industrial, commercial and retail customers.
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This press release contains certain "forward-looking statements" with respect to
sales, earnings and other matters. These forward-looking statements are based
upon management's expectations and beliefs concerning future events.
Forward-looking statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of the Company, that could
cause actual results to differ materially from such statements. These risks,
uncertainties and other factors include such things as: general business
conditions, strengths of retail economies and the growth in the coatings
industry; changes in the Company's relationships with customers and suppliers;
raw material pricing; unusual weather conditions; and other risks and
uncertainties described from time to time in the Company's reports filed with
the Securities and Exchange Commission. Any forward-looking statement speaks
only as of the date on which such statement is made, and the Company undertakes
no obligation to update any forward-looking statement, whether as a result of
new information, future events or otherwise.
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