MELROSE PARK, Ill., Oct. 27 /PRNewswire-FirstCall/ -- Alberto Culver
Company (NYSE: ACV), a leading manufacturer and marketer of personal care
products including TRESemme, Alberto VO5, Nexxus and St. Ives, today
announced strong record sales and pre-tax earnings from continuing
operations for its fourth quarter and fiscal year 2008. As a result of the
divestiture of Cederroth International, continuing operations excludes the
results for Cederroth. In addition, we are now reporting two business
segments, United States and International.
Fourth Quarter:
-- Net sales for the fourth quarter increased 7.3% to $386.0 million from
$359.7 million in the prior year quarter. Excluding the effect of
foreign exchange rates, organic sales increased 8.4% for the fourth
quarter.
-- Pre-tax income from continuing operations increased 20.2% to $45.4
million from $37.8 million in the prior year quarter. Excluding
restructuring of $1.6 million in the current quarter and $1.1 million
in the prior year quarter, pre-tax earnings from continuing operations
increased 21.0% to $47.0 million compared to $38.9 million in the prior
year quarter.
-- Diluted earnings per share from continuing operations were 20 cents
compared to 29 cents in the prior year quarter. Diluted earnings per
share from continuing operations, excluding restructuring and discrete
items (see detail in bullets below), increased to 31 cents compared to
26 cents in the prior year, an increase of 19.2%. The reported diluted
earnings per share from continuing operations includes the following
items:
-- The current quarter includes approximately 10 cents per share of
tax expense, primarily related to taxes on a local currency gain on
U.S. dollar denominated cash held in Sweden following the Cederroth
sale, while the prior year quarter includes approximately four
cents per share of discrete tax benefits, mainly due to the
favorable resolution of open tax items.
-- The current and prior year quarter both include approximately one
cent per share of restructuring expenses.
Fiscal Year:
-- Net sales for fiscal year 2008 increased 9.7% to $1.44 billion from
$1.32 billion in the prior year. Excluding the effect of foreign
exchange rates, organic sales increased 8.7% for the year.
-- Pre-tax income from continuing operations, which includes restructuring
and discrete items of $7.3 million in the current year and $33.1
million in the prior year, increased to $170.8 million from $100.8
million in the prior year. Excluding restructuring and discrete items,
pre-tax earnings from continuing operations increased 33.0% to $178.1
million compared to $133.9 million in the prior year.
-- Diluted earnings per share from continuing operations increased to
$1.05 from 74 cents in the prior year. Diluted earnings per share from
continuing operations, excluding restructuring and discrete items (see
detail in bullets below), increased to $1.18 compared to 91 cents in
the prior year, an increase of 29.7%. The reported diluted earnings
per share from continuing operations includes the following items:
-- The current year includes approximately eight cents per share of
discrete tax expense, primarily related to taxes on a local currency
gain on U.S. dollar denominated cash held in Sweden following the
Cederroth sale, while the prior year includes approximately five
cents per share of discrete tax benefits, primarily due to changes
in certain estimates related to fiscal year 2006 tax returns and the
favorable resolution of certain open tax items.
-- The current and prior year include approximately eight cents and 22
cents per share, respectively, of restructuring expenses.
-- The current year includes approximately three cents per share of
benefit from the reversal of a contingent liability that was settled
during the third quarter.
Commenting on the fourth quarter and fiscal year, Alberto Culver
President and Chief Executive Officer V. James Marino said, "We are very
pleased to have completed another year of record sales and pre-tax earnings
growth for Alberto Culver and our shareholders. Despite soft hair care
category trends in key markets like the U.S. and the U.K., we were able to
generate high single-digit organic revenue growth in both the quarter and
the year. In the fourth quarter, we also successfully completed the
divestiture of Cederroth International and, on October 1st, acquired
Noxzema, adding an iconic, well- known skin care brand to our portfolio."
The strong fourth quarter sales growth was driven mainly by growth in
TRESemme across all regions, strength in multi-cultural brands and healthy
growth in Latin America across all brands. This growth was partially offset
by decreases in Nexxus, as solid consumption growth trends were offset by
prior year club channel distribution gains, and softness in St. Ives in the
U.S.
The Company reported that its gross profit margin increased to 51.7%
compared to 51.4% in the prior year quarter, mainly due to more effective
inventory management and manufacturing efficiencies, partially offset by
higher input costs. As pointed out in the footnotes to the attached
financial statements, certain freight costs were reclassified into cost of
products sold for both years with no impact to earnings. Advertising and
other marketing investments were essentially flat quarter to quarter while
selling and administrative expenses as a percentage of net sales increased
70 basis points to 22.1% compared to 21.4% in the prior year quarter. This
was mainly due to expenditures related to the implementation of a new
worldwide ERP system, costs associated with the start-up of our Jonesboro,
Arkansas manufacturing facility and higher stock option and other incentive
expenses. For fiscal year 2008, gross profit margin increased to 52.5%
compared to 51.2% in the prior year period, while advertising and other
marketing investments increased 6.9% to $265.0 million from $247.8 million
in the prior year. Selling and administrative expenses as a percentage of
net sales decreased 30 basis points to 22.2% compared to 22.5% in the prior
year.
Carol Lavin Bernick, Executive Chairman of the Company, stated,
"Throughout fiscal 2008 we were able to excel and continue to grow. I am
extremely proud of our team who, in a difficult economic environment,
continues to find opportunities to build our brands and execute very well.
We remain committed to investing in our core brands, pursuing growth
opportunities and building long-term shareholder value."
Mrs. Bernick also announced the Company's board of directors approved
the regular 6.5 cent quarterly cash dividend. The dividend will be paid on
November 20, 2008 to shareholders of record on November 6, 2008.
On May 18, 2008, the Company entered into an agreement to sell its
Cederroth business to CapMan, a Nordic based private equity firm. Pursuant
to the transaction agreement, on July 31, 2008 a company owned by two funds
controlled by CapMan purchased all of the issued and outstanding shares of
Cederroth International for 159.5 million Euros, which were delivered to
Alberto Culver AB, a wholly-owned Swedish subsidiary of the Company. The
Euros were immediately converted to $243.8 million based on the deal
contingent Euro forward contract entered into by the Company in connection
with the transaction. The overall gain on the sale of Cederroth included in
discontinued operations in fiscal year 2008 is $110.7 million (net of tax).
On November 16, 2006, the Company closed a transaction that separated
its consumer products business from its beauty supply distribution business
and resulted in the formation of two separate and independent
publicly-traded companies: new Alberto Culver, a worldwide manufacturer and
marketer of leading beauty care and other personal care products, and Sally
Beauty Holdings, Inc., a leading distributor of professional beauty
supplies. As a result of the transaction, beginning in the first quarter of
fiscal year 2007, the results of operations of Sally Beauty and Beauty
Systems Group are reported as discontinued operations.
The Company reported earnings from discontinued operations of $126.9
million (net of tax) in the fourth quarter of fiscal 2008 compared to
earnings of $7.1 million (net of tax) during the fourth quarter of fiscal
2007. The 2008 fourth quarter results include a gain on the sale of
Cederroth ($126.2 million, net of tax), normal Cederroth operations through
July 31, 2008 and favorable adjustments to self-insurance reserves for
pre-separation Sally claims retained by Alberto Culver. Discontinued
operations in the fourth quarter of 2007 include the entire quarter results
of the Cederroth business and favorable self-insurance adjustments related
to Sally. For fiscal year 2008, the Company reported earnings from
discontinued operations of $122.1 million (net of tax) compared to earnings
from discontinued operations of $5.7 million (net of tax) in the prior
year. The fiscal 2008 results include a gain on the sale of Cederroth
($110.7 million, net of tax), normal Cederroth operations through July 31,
2008 ($7.0 million, net of tax) and favorable self-insurance adjustments
related to Sally ($4.4 million, net of tax). Discontinued operations in
fiscal 2007 include the results of the Cederroth business for the entire
period and the beauty supply distribution business through November 16,
2006 together with other fees and expenses associated with the Separation,
as well as favorable self-insurance adjustments related to Sally. The
diluted earnings per share from discontinued operations was $1.28 this
quarter versus seven cents in the prior year quarter, while fiscal year
2008 diluted earnings per share from discontinued operations was $1.22
compared to six cents in the prior year. Including continuing and
discontinued operations, the Company reported net earnings of $147.1
million or $1.48 per share on a fully diluted basis this quarter, compared
to net earnings of $36.5 million or 36 cents per fully diluted share in the
fourth quarter of fiscal 2007. Net earnings for fiscal year 2008 were
$228.2 million or $2.27 per diluted share compared to net earnings of $78.3
million or 80 cents per diluted share in 2007.
Due to the disclosure of organic sales and financial results excluding
restructuring and discrete items, this press release contains certain
non-GAAP financial measures as defined by Regulation G of the Securities
and Exchange Commission. A description of the Company's restructuring
activities and discrete items, as well as a reconciliation of non-GAAP
financial measures to the most directly comparable GAAP measures, is
included as a schedule to this release and can also be found on the
Company's web site at http://www.alberto.com.
The Company will discuss its fourth quarter and fiscal year 2008
results with investors in a call to be held later today (Monday, October
27) at 11 a.m. Eastern Time. The dial-in numbers for the call are
866-742-2281 or 660- 422-4763 and the conference ID is 67301132. The
numbers for a replay of the conference call are 800-642-1687 or
706-645-9291 and will be available through Thursday, November 27, 2008. The
conference ID is 67301132. The call and a replay will also be available on
the internet for 30 days at http://www.alberto.com in the Investing Section, and
at http://www.earnings.com.
Alberto Culver Company manufactures, distributes and markets leading
beauty care and other personal care products including TRESemme, Alberto
VO5, Nexxus, St. Ives and Noxzema in the United States and internationally.
It is also the second largest producer in the world of products for the
ethnic hair care market with leading brands including Motions and Soft &
Beautiful. Several of its household/grocery products such as Mrs. Dash and
Static Guard are niche category leaders in the U.S.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are based on management's current expectations and assessments
of risks and uncertainties and reflect various assumptions concerning
anticipated results, which may or may not prove to be correct. Some of the
factors that could cause actual results to differ materially from estimates
or projections contained in such forward-looking statements include: the
pattern of brand sales; competition within the relevant product markets;
loss of one or more key customers; loss of one or more key employees;
inability of efficiency initiatives to improve the company's margins, such
as the decision to close the manufacturing facility and relocate the
commercial office in Puerto Rico; increases in costs of raw materials and
inflation rates; risks inherent in expanding in existing geographic
locations and entering new geographic locations; risks inherent in
acquisitions, divestitures and strategic alliances; adverse changes in
currency exchange rates; the effects of a prolonged United States or global
economic downturn or recession; events that negatively affect the intended
tax free nature of the distribution of shares of Alberto Culver Company in
connection with the separation of the consumer products business from the
beauty supply distribution business on November 16, 2006; changes in costs;
the costs and effects of unanticipated legal or administrative proceedings;
the risk that the expected cost savings related to the reorganizations and
restructurings may not be realized; health epidemics; adverse weather
conditions; loss of distributorship rights; sales by unauthorized
distributors in the company's exclusive markets; and variations in
political, economic or other factors such as interest rates, availability
of credit, tax changes, legal and regulatory changes or other external
factors over which the company has no control. These forward-looking
statements speak only as of the date of this press release, and there is no
undertaking to update or revise them as more information becomes available.
Additional factors that could cause Alberto Culver's results to differ
materially from those described in the forward-looking statements can be
found in the Company's 2007 Annual Report on Form 10-K filed on November
28, 2007 with the SEC and available at the SEC's internet site
(http://www.sec.gov).
Consolidated Condensed Statements of Earnings (Unaudited)
(in thousands, except per share data)
Three Months Ended September 30, 2008
and 2007 2008 2007
Net sales $385,987 359,717
Cost of products sold (1) 186,495 174,921
Gross profit 199,492 184,796
Advertising, marketing, selling and
administrative (1) 155,570 147,809
Restructuring and other (2) 1,600 1,067
Operating earnings 42,322 35,920
Interest income, net (3,110) (1,878)
Earnings from continuing operations
before income taxes 45,432 37,798
Provision for income taxes (3) 25,257 8,383
Earnings from continuing operations 20,175 29,415
Discontinued operations, net of
income taxes (4) 126,912 7,075
Net earnings $147,087 36,490
Basic earnings per share:
Continuing operations $.21 .30
Discontinued operations 1.30 .07
Total $1.51 .37
Diluted earnings per share:
Continuing operations (2) (3) $.20 .29
Discontinued operations 1.28 .07
Total $1.48 .36
Weighted average shares outstanding:
Basic 97,269 97,681
Diluted 99,131 100,067
(1) The company reclassified certain freight expenses from advertising,
marketing, selling and administrative expenses to cost of products
sold for all periods presented. The reclassifications had no effect
on earnings.
(2) Restructuring and other expenses includes severance and other costs
incurred related to the Company's plan to close its manufacturing
facility, reduce its headcount and relocate to a smaller commercial
office in Puerto Rico which was announced in May 2008 and the
Company's plan to close its manufacturing facility in Toronto, Canada
which was announced in October 2007. In addition, restructuring and
other expenses includes severance and other costs incurred related to
the Company's reorganization plan announced following the separation
of the consumer products business from the beauty supply distribution
business. During the fourth quarter of fiscal year 2008,
restructuring and other expenses reduced earnings from continuing
operations (net of tax) by $1,097 and diluted earnings per share from
continuing operations by 1 cent. During the fourth quarter of fiscal
year 2007, restructuring and other expenses reduced earnings from
continuing operations (net of tax) by $478 and diluted earnings per
share from continuing operations by 1 cent.
(3) The provision for income taxes in the fourth quarter of fiscal year
2008 includes $9,972 of discrete tax expense, primarily related to
taxes on a local currency gain on U.S. dollar denominated cash held in
Sweden following the Cederroth sale, which reduced diluted earnings
per share from continuing operations by 10 cents. The provision for
income taxes in the fourth quarter of fiscal year 2007 includes $3,867
of discrete tax benefits, primarily due to the favorable resolution of
open tax items, which increased diluted earnings per share from
continuing operations by 4 cents.
(4) Discontinued operations includes the gain on the sale of the Cederroth
in 2008 and the earnings of the Cederroth business through July 31,
2008, as well as favorable adjustments to self-insurance reserves for
pre-separation Sally claims retained by Alberto Culver.
Consolidated Condensed Statements of Earnings (Unaudited)
(in thousands, except per share data)
Twelve Months Ended September 30,
2008 and 2007 2008 2007
Net sales $1,443,456 1,315,449
Cost of products sold (1) 686,175 642,172
Gross profit 757,281 673,277
Advertising, marketing, selling and
administrative (1) 584,875 543,314
Restructuring and other (2) 11,185 33,099
Operating earnings 161,221 96,864
Interest income, net (9,586) (3,918)
Earnings from continuing operations
before income taxes 170,807 100,782
Provision for income taxes (3) 64,768 28,218
Earnings from continuing operations 106,039 72,564
Discontinued operations, net of
income taxes (4) 122,115 5,700
Net earnings $228,154 78,264
Basic earnings per share:
Continuing operations $1.08 .76
Discontinued operations 1.24 .06
Total $2.32 .82
Diluted earnings per share:
Continuing operations (2) (3) $1.05 .74
Discontinued operations 1.22 .06
Total $2.27 .80
Weighted average shares outstanding:
Basic 98,424 95,896
Diluted 100,644 98,358
(1) The company reclassified certain freight expenses from advertising,
marketing, selling and administrative expenses to cost of products
sold for all periods presented. The reclassifications had no effect
on earnings.
(2) Restructuring and other expenses includes severance and other costs
incurred related to the Company's plan to close its manufacturing
facility, reduce its headcount and relocate to a smaller commercial
office in Puerto Rico which was announced in May 2008 and the
Company's plan to close its manufacturing facility in Toronto, Canada
which was announced in October 2007. In addition, restructuring and
other expenses includes severance and other costs incurred related to
the Company's reorganization plan announced following the separation
of the consumer products business from the beauty supply distribution
business, as well as other transaction-related expenses. During
fiscal year 2008, restructuring and other expenses reduced earnings
from continuing operations (net of tax) by $7,193 and diluted earnings
per share from continuing operations by 8 cents. During fiscal year
2007, restructuring and other expenses reduced earnings from
continuing operations (net of tax) by $21,847 and diluted earnings per
share from continuing operations by 22 cents.
(3) The provision for income taxes in fiscal year 2008 includes $8,511 of
discrete tax expense, primarily related to taxes on a local currency
gain on U.S. dollar denominated cash held in Sweden following the
Cederroth sale, which reduced diluted earnings per share from
continuing operations by 8 cents. The provision for income taxes in
fiscal year 2007 includes $4,930 of discrete tax benefits, primarily
due to changes in certain estimates related to fiscal year 2006 tax
returns and the favorable resolution of open tax items, which
increased diluted earnings per share from continuing operations by 5
cents.
(4) Discontinued operations in 2008 includes the gain on the sale of
Cederroth and the results of the Cederroth business through July 31,
2008, as well as favorable adjustments to self-insurance reserves for
pre-separation Sally claims retained by Alberto Culver. In 2007,
discontinued operations includes the results of the Cederroth business
for the entire period and the beauty supply distribution business
through November 16, 2006, together with other fees and expenses
associated with the separation, as well as favorable adjustments to
self-insurance reserves for pre-separation Sally claims retained by
Alberto Culver.
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands)
September 30,
Assets 2008 2007
Cash, cash equivalents and short-term
investments $453,730 328,666
Accounts receivable, net 244,316 238,541
Inventories 149,512 154,546
Other current assets 32,822 26,438
Current assets of discontinued operations (1) - 108,355
Total current assets 880,380 856,546
Property, plant and equipment, net 221,667 198,341
Goodwill and trade names 234,015 227,565
Long-term investments 57,443 -
Other assets 70,685 80,049
Non-current assets of discontinued
operations (1) - 125,059
Total assets $1,464,190 1,487,560
Liabilities and Stockholders' Equity
Current portion of long-term debt $184 120,127
Accounts payable, accrued expenses and
income taxes 281,816 261,413
Current liabilities of discontinued
operations (1) - 34,510
Total current liabilities 282,000 416,050
Long-term debt 683 359
Other liabilities and income taxes 65,176 54,719
Non-current liabilities of discontinued
operations (1) - 32,661
Total liabilities 347,859 503,789
Stock options subject to redemption 5,725 10,407
Stockholders' equity 1,110,606 973,364
Total liabilities and stockholders'
equity $1,464,190 1,487,560
(1) The assets and liabilities of discontinued operations in 2007 include
the assets and liabilities related to the Cederroth business.
Segment Data (Unaudited)
(in thousands)
Three Months Ended September 30, 2008
and 2007 2008 2007
Net Sales:
United States $223,763 221,368
International 162,224 138,349
$385,987 359,717
Earnings From Continuing Operations Before
Income Taxes:
United States $30,407 29,749
International 14,293 7,698
Segment operating profit 44,700 37,447
Stock option expense (778) (460)
Restructuring and other (1) (1,600) (1,067)
Interest income, net 3,110 1,878
$45,432 37,798
Twelve Months Ended September 30, 2008
and 2007 2008 2007
Net Sales:
United States $862,975 821,573
International 580,481 498,084
Eliminations - (4,208)
$1,443,456 1,315,449
Earnings From Continuing Operations Before
Income Taxes:
United States $120,216 104,760
International 56,771 28,750
Segment operating profit 176,987 133,510
Stock option expense (4,581) (3,547)
Restructuring and other (1) (11,185) (33,099)
Interest income, net 9,586 3,918
$170,807 100,782
(1) Restructuring and other expenses includes severance and other costs
incurred related to the Company's plan to close its manufacturing
facility, reduce its headcount and relocate to a smaller commercial
office in Puerto Rico which was announced in May 2008 and the
Company's plan to close its manufacturing facility in Toronto, Canada
which was announced in October 2007. In addition, restructuring and
other expenses includes severance and other costs incurred related to
the Company's reorganization plan announced following the separation
of the consumer products business from the beauty supply distribution
business, as well as other transaction-related expenses.
Schedule - Reconciliation of Non-GAAP Financial Measures
The Company's press release announcing results of operations for the
three and twelve months ended September 30, 2008 includes references to
certain of the following "non-GAAP financial measures" as defined by
Regulation G of the Securities and Exchange Commission:
-- Pre-tax earnings from continuing operations excluding restructuring and
discrete items
-- Earnings from continuing operations excluding restructuring and
discrete items
-- Diluted earnings per share from continuing operations excluding
restructuring and discrete items
-- Organic sales growth
On December 1, 2006, the Company announced a reorganization plan
following the completion of the separation. All costs incurred related to
this plan, as well as certain other charges recorded in connection with the
closing of the separation, are classified as "restructuring and other" on
the statement of operations. During fiscal year 2007, the Company recorded
restructuring costs of $33.1 million ($21.8 million after taxes or 22 cents
per diluted share from continuing operations) with $1.1 million ($478,000
after taxes or 1 cent per diluted share from continuing operations) in the
fourth quarter. The pre-tax amount consisted primarily of severance related
to the restructuring ($14.7 million), charges related to the acceleration
of vesting of stock options and restricted stock ($11.4 million) and
contractual termination benefits for the Company's former President and
Chief Executive Officer relating to the separation ($9.9 million),
partially offset by gains on the sale of the corporate airplane and the
Company's interest in a Net Jets airplane ($5.9 million). During fiscal
year 2008, the Company recorded additional restructuring costs related to
this plan of $2.7 million ($297,000 in the fourth quarter).
On October 29, 2007, the Company announced that it expected to close
its manufacturing facility in Toronto, Canada. All costs incurred related
to this plan are also classified as "restructuring and other" on the
statement of earnings. During fiscal year 2008, the Company recorded
restructuring costs related to this plan of $4.0 million (none in the
fourth quarter) consisting of severance ($2.5 million) and fixed asset
write-offs and charges net of a gain on the sale of the Toronto plant ($1.5
million).
On May 29, 2008, the Company announced that it expects to close its
manufacturing facility, reduce its headcount and relocate to a smaller
commercial office in Puerto Rico. All costs incurred related to this plan
are also classified as "restructuring and other" on the statement of
earnings. During fiscal year 2008, the company recorded restructuring costs
related to this new plan of $4.5 million ($1.3 million in the fourth
quarter), which included severance ($1.7 million) and fixed asset
write-offs and charges related to the Puerto Rico manufacturing facility
($2.8 million).
In total, the Company recorded restructuring and other costs during
fiscal year 2008 of $11.2 million ($7.2 million after taxes or 8 cents per
diluted share from continuing operations) with $1.6 million ($1.1 million
after taxes or 1 cent per diluted share from continuing operations) in the
fourth quarter.
The Company's fiscal year 2008 provision for income taxes included net
discrete tax expense of $8.5 million (8 cents per diluted share from
continuing operations) and the fourth quarter's provision for income taxes
included discrete tax expense of $10.0 million (10 cents per diluted share
from continuing operations). Both the full year and fourth quarter amounts
primarily related to taxes on a local currency gain on U.S. dollar
denominated cash held in Sweden following the Cederroth sale. The Company's
fiscal year 2007 provision for income taxes included discrete tax benefits
of $4.9 million (5 cents per diluted share from continuing operations),
with $3.9 million (4 cents per diluted share from continuing operations) in
the fourth quarter, primarily due to changes in certain estimates related
to fiscal year 2006 tax returns and the favorable resolution of open tax
items.
During fiscal year 2008, the Company benefited from the reversal of a
$3.9 million contingent liability that was favorably settled during the
third quarter ($2.6 million after taxes or 3 cents per diluted share from
continuing operations).
Schedule - Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliations of these non-GAAP financial measures to their most
directly comparable financial measures under GAAP for the three and twelve
months ended September 30, 2008 and 2007 are as follows (in thousands, except
per share data):
Three Months Ended Twelve Months Ended
September 30 September 30
2008 2007 2008 2007
Pre-tax earnings from
continuing operations,
as reported 45,432 37,798 $170,807 100,782
Restructuring and other 1,600 1,067 11,185 33,099
Reversal of contingent
liability - - (3,880) -
Pre-tax earnings from
continuing operations,
excluding restructuring
and discrete items $47,032 38,865 $178,112 133,881
Earnings from
continuing operations
(net of income taxes),
as reported $20,175 29,415 $106,039 72,564
Restructuring and
other, net of income
taxes 1,097 478 7,193 21,847
Discrete tax items 9,972 (3,867) 8,511 (4,930)
Reversal of contingent
liability, net of
income taxes - - (2,588) -
Earnings from continuing
operations (net of
income taxes), excluding
restructuring and
discrete items $31,244 26,026 $119,155 89,481
Diluted earnings per
share from continuing
operations, as reported $.20 .29 $1.05 .74
Restructuring and
other, net of income
taxes .01 .01 .08 .22
Discrete tax items .10 (.04) .08 (.05)
Reversal of contingent
liability - - (.03) -
Diluted earnings per
share from continuing
operations, excluding
restructuring and
discrete items $.31 .26 $1.18 .91
Three Months Ended Twelve Months Ended
September 30 September 30
2008 2007 2008 2007
Net sales growth, as
reported 7.3% 15.6% 9.7% 10.9%
Effect of foreign exchange 1.1 (3.0) (1.0) (1.9)
Organic sales growth 8.4% 12.6% 8.7% 9.0%
Management uses these non-GAAP financial measures to evaluate the
performance of the Company and believes the presentation of these amounts
provides the reader with information necessary to analyze the Company's
normal operations for the periods compared.
SOURCE Alberto Culver Company
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Related links:
http://www.alberto.com
CONTACT:
Doug Craney, +1-708-450-3117, for Alberto
Culver Company
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