08.08.01
The Clorox Company today announced earnings of $108 million, or 45 cents per diluted share, before special charges, for its fiscal fourth quarter ended June 30, 2001. This compares to earnings of $138 million, or 58 cents per diluted share, before merger-related charges, in the prior-year quarter.
For the full year, net earnings before special charges were $390 million, or $1.63 per diluted share, compared with $420 million, or $1.75 per diluted share, in fiscal 2000. Unit volume grew by 1% year over year. Total sales decreased 2% to $3.9 billion, compared to $4 billion the previous year. Had it not been for the foreign-currency impact, sales for the year would have declined by 1%.
In fiscal year 2001, Clorox achieved record levels of cash provided by operations due to improved working capital results. The company's board of directors has authorized Clorox to use its free cash flow to finance a $500 million repurchase of the company's common stock over a two- to three-year period.
"In the fourth quarter, we continued to make progress on strengthening core brands and accelerating top-line and market-share growth," said chairman and chief executive officer Craig Sullivan. "We stepped up our support of base businesses and we're seeing some encouraging trends; for example, the highest shares in four years for Clorox bleach; record volume and shares for Kingsford charcoal, Armor All auto appearance products and Fresh Step cat litter; and the highest shares for Glad trash bags since Clorox acquired the business in January 1999. While we're encouraged by some positive momentum, we know we need to demonstrate sustained stronger performance going forward."
Separately, the company today announced that the controlling shareholders of Bombril S.A., Brazil's leading cleaning utensils and household cleaners business, have informed Clorox that they cannot satisfy their obligations under the terms of the companies' agreement to enter into a joint venture and, therefore, the transaction will not move forward.
For the full year, net earnings before special charges were $390 million, or $1.63 per diluted share, compared with $420 million, or $1.75 per diluted share, in fiscal 2000. Unit volume grew by 1% year over year. Total sales decreased 2% to $3.9 billion, compared to $4 billion the previous year. Had it not been for the foreign-currency impact, sales for the year would have declined by 1%.
In fiscal year 2001, Clorox achieved record levels of cash provided by operations due to improved working capital results. The company's board of directors has authorized Clorox to use its free cash flow to finance a $500 million repurchase of the company's common stock over a two- to three-year period.
"In the fourth quarter, we continued to make progress on strengthening core brands and accelerating top-line and market-share growth," said chairman and chief executive officer Craig Sullivan. "We stepped up our support of base businesses and we're seeing some encouraging trends; for example, the highest shares in four years for Clorox bleach; record volume and shares for Kingsford charcoal, Armor All auto appearance products and Fresh Step cat litter; and the highest shares for Glad trash bags since Clorox acquired the business in January 1999. While we're encouraged by some positive momentum, we know we need to demonstrate sustained stronger performance going forward."
Separately, the company today announced that the controlling shareholders of Bombril S.A., Brazil's leading cleaning utensils and household cleaners business, have informed Clorox that they cannot satisfy their obligations under the terms of the companies' agreement to enter into a joint venture and, therefore, the transaction will not move forward.