Financials
Nike's earnings releases and other financial information are available on the Internet at NikeBiz.com.
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED MAY 31,1999
(in millions, except per share data)
INCOME QUARTER ENDING YEAR TO DATE ENDING
STATEMENT 5/31/1999 5/31/1998 % Chg 5/31/1999 5/31/1998 % Chg
Revenues $2,182.3 $2,307.8 -5% $8,776.9 $9,553.1 -8%
Cost of Sales 1,336.4 1,561.7 -14% 5,493.5 6,065.5 -9%
Gross Profit 845.9 746.1 13% 3,283.4 3,487.6 -6%
38.8% 32.3% 37.4% 36.5%
SG&A 672.3 720.4 -7% 2,426.6 2,623.8 -8%
30.8% 31.2% 27.6% 27.5%
Interest Expense 9.4 16.3 -42% 44.1 60.0 -27%
Other (15.2) (10.0) 52% 21.5 20.9 3%
Restructuring
charge 23.4 129.9 -82% 45.1 129.9 -65%
Pre-tax Income 156.0 (110.5) 241% 746.1 653.0 14%
Income Taxes 61.6 (42.8) 244% 294.7 253.4 16%
39.5% 38.7% 39.5% 38.8%
Net Income $94.4 ($67.7) 239% $451.4 $399.6 13%
Diluted EPS $0.33 ($0.23) 243% $1.57 $1.35 16%
Basic EPS $0.33 ($0.23) 243% $1.59 $1.38 15%
Weighted Average Common Shares Outstanding:
Diluted 287.3 292.6 288.3 295.0
Basic 282.1 287.1 283.3 288.7
Dividend $0.12 $0.12 $0.48 $0.46
BALANCE SHEET 5/31/1999 5/31/1998
ASSETS
Cash & Investments $198.1 $108.6
Accounts Receivable 1,540.1 1,674.4
Inventory 1,199.3 1,396.6
Deferred Taxes 120.6 156.8
Income taxes receivable 15.9 0.0
Prepaid Expenses 190.9 196.2
Current Assets 3,264.9 3,532.6
Fixed Assets 2,001.3 1,819.6
Depreciation 735.5 666.5
Net Fixed Assets 1,265.8 1,153.1
Identifiable Intangible
Assets and Goodwill 426.6 435.8
Other Assets 290.4 275.9
Total Assets $5,247.7 $5,397.4
LIAB AND EQUITY
Current Long-Term Debt $1.0 $1.6
Payable to Banks 419.1 480.2
Accounts Payable 373.2 584.6
Accrued Liabilities 653.6 608.5
Income Taxes Payable 0.0 28.9
Current Liabilities 1,446.9 1,703.8
Long-term Debt 386.1 379.4
Def Inc Taxes & Oth Liab 79.8 52.3
Preferred Stock 0.3 0.3
Common Equity 3,334.6 3,261.6
Total Liab. & Equity $5,247.7 $5,397.4
SOURCE: NIKE, Inc.
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