MKC FY 2007 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC

FY 2007 Earnings

Reported May 28, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$2.9B	—	$2.7B	—	7.4%
Op. Income	$354M	—	$270M	—	31.4%
Gross Margin	40.9%	—	41.0%	—	-0.2pp
Net Margin	7.9%	—	7.4%	—	0.4pp
EPS (Diluted)	$0.86	—	$0.75	—	14.7%
Free Cash Flow	$146M	—	$226M	—	-35.4%

Revenue Flow

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.7B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$807M
Other Expenses	$31M
Operating Expenses	$838M
Cost & Expenses	$2.6B
OPERATING INCOME	$354M
Interest Income	$0
Interest Expense	$60M
Other Income/Expenses	-$32M
INCOME BEFORE TAX	$322M
Income Tax Expense	$92M
Net Income from Continuing Ops	$230M
Net Income from Discontinued Ops	$0
Other Adjustments	$700.0K
NET INCOME	$230M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$230M
D&A	$83M
EBIT	$385M
EBITDA	$468M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.7B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$807M
Other Expenses	$31M
Operating Expenses	$838M
Cost & Expenses	$2.6B
OPERATING INCOME	$354M
Interest Income	$0
Interest Expense	$60M
Other Income/Expenses	-$32M
INCOME BEFORE TAX	$322M
Income Tax Expense	$92M
Net Income from Continuing Ops	$230M
Net Income from Discontinued Ops	$0
Other Adjustments	$700.0K
NET INCOME	$230M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$230M
D&A	$83M
EBIT	$385M
EBITDA	$468M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$230M
Depreciation & Amortization	$83M
Stock-Based Compensation	$0
Deferred Income Tax	-$12M
Other Non-Cash Items	$21M
Change in Working Capital	-$97M
OPERATING CASH FLOW	$225M
Capital Expenditure	-$79M
Acquisitions (Net)	-$16M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$93M
Net Debt Issuance	$66M
Common Stock Repurchased	-$157M
Common Dividends Paid	-$104M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$152M
FREE CASH FLOW	$146M
Net Change in Cash	-$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$46M
Short-Term Investments	$0
Net Receivables	$457M
Inventory	$430M
Other Current Assets	$40M
TOTAL CURRENT ASSETS	$983M
PP&E (Net)	$488M
Goodwill	$880M
Intangible Assets	$208M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$230M
TOTAL NON-CURRENT ASSETS	$1.8B
TOTAL ASSETS	$2.8B
Account Payables	$243M
Short-Term Debt	$150M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$861M
Long-Term Debt	$574M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$55M
Other Non-Current Liabilities	$213M
TOTAL NON-CURRENT LIABILITIES	$841M
TOTAL LIABILITIES	$1.7B
Common Stock	$0
Additional Paid-In Capital	$501M
Retained Earnings	$324M
Treasury Stock	$0
Accum. Other Comp. Income	$260M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$2.8B
Total Debt	$723M
Net Debt	$677M