EDGAR has an 8-K dated 2/18/2000:
sec.gov
Here's a pertinent excerpt:
RALSTON PURINA COMPANY
PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS
YEAR ENDED SEPTEMBER 30, 1999
(Dollars in millions except per share data)
ADJUSTMENTS FOR
DISCONTINUED
OPERATIONS
---------------
Pro
Forma
As Battery Sub- Adjust- Pro
Reported Products total ments Forma
-------- ------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Net Sales. . . . . . . . . . . . . . . . . $4,720.5 $2,000.0 $2,720.5 $ - $2,720.5
Costs and Expenses
Cost of products sold. . . . . . . . . 2,269.8 1,111.1 1,158.7 - 1,158.7
Selling, general and administrative. . 947.3 463.4 483.9 - 483.9
Advertising and promotion. . . . . . . 740.8 164.9 575.9 - 575.9
Interest . . . . . . . . . . . . . . . 183.4 3.8 179.6 (24.9) (a) 154.7
Provisions/(reversals) for restructuring 95.2 98.4 (3.2) - (3.2)
Unrealized gain on SAILS debt. . . . . (123.5) - (123.5) - (123.5)
Gain on sale and conversion of stock . (86.0) - (86.0) - (86.0)
Other (income)/expense, net. . . . . . (22.3) 8.6 (30.9) - (30.9)
--------- --------- --------- ------- ---------
4,004.7 1,850.2 2,154.5 (24.9) 2,129.6
Earnings from Continuing Operations before
Income Taxes and Equity Earnings . . . . 715.8 149.8 566.0 24.9 590.9
Income Taxes . . . . . . . . . . . . . . . (246.6) (64.6) (182.0) (10.1)(b) (192.1)(d)
Equity Earnings, Net of Taxes. . . . . . . 35.9 - 35.9 - 35.9
--------- --------- --------- ------- ---------
Earnings from Continuing Operations. . . . $ 505.1(c) $ 85.2 $ 419.9 $ 14.8 $ 434.7 (c)
========= ========= ========= ======= =========
Earnings Per Share from Continuing Operations
Basic $ 1.63 $ 1.40
Diluted $ 1.60 $ 1.38
Average Shares Outstanding Used for Earnings Per Share Computation
Basic 307.8 307.8
Diluted 314.9 314.9
(a) To reflect reduction of interest expense based on Battery Products' net
debt of approximately $585 at an average annual short-term
rate of 5.3%. Assumes proceeds from Battery Products' issuance of debt are
used to pay-down Ralston's short-term debt.
(b) To reflect the tax effect of the above pro forma adjustment and Ralston's
tax rate post spin-off.
(c) Earnings from continuing operations (As Reported and Pro Forma) includes
several unusual items: an after-tax restructuring reversal of
$3.2, or $.01 per basic and diluted share; an unrealized after-tax gain
related to the Company's SAILS debt of $79.0, or $.26 and $.25 per
basic and diluted share, respectively; an after-tax gain on the sale and
conversion of the Company's investments in common stock of $55.0, or
$.18 and $.17 per basic and diluted share; and capital loss tax benefits
of $10.0, or $.03 per basic and diluted share. In addition, As
Reported earnings includes after-tax restructuring charges for Battery
Products of $64.6, or $.21 and $.20 per basic and diluted share.
(d) The effective tax rate for the year, excluding unusual items, is 33.5%.
</TABLE>
<TABLE>
<CAPTION>
RALSTON PURINA COMPANY
PRO FORMA CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1999
(Dollars in millions)
ADJUSTMENTS FOR
DISCONTINUED
OPERATIONS
---------------
Pro
Forma
As Battery Sub- Adjust- Pro
Reported Products total ments Forma
-------- ------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Current Assets -
Cash and cash equivalents. . . . . . $ 110.4 $ 19.9 $ 90.5 - $ 90.5
Receivables, less allowance
for doubtful accounts . . . . . 870.2 644.9 225.3 - 225.3
Inventories. . . . . . . . . . . . . 471.9 345.6 126.3 - 126.3
Other current assets . . . . . . . . 66.9 68.7 (1.8) - (1.8)
-------- ---------- --------- -------- --------
Total Current Assets . . . . . . 1,519.4 1,079.1 440.3 - 440.3
Investments and Other Assets . . . . . 2,922.2 401.9 2,520.3 - 2,520.3
Investment in Discontinued Operations. - (1,322.7) 1,322.7 (1,322.7)(a) -
Property at Cost . . . . . . . . . . . 2,202.7 1,016.9 1,185.8 - 1,185.8
Accumulated depreciation . . . . . . 1,133.4 547.7 585.7 - 585.7
-------- ---------- --------- ------- ---------
Net Property . . . . . . . . . . . 1,069.3 469.2 600.1 - 600.1
-------- ---------- --------- ------- ---------
Total. . . . . . . . . . . . . . $5,510.9 $ 627.5 $4,883.4 $(1,322.7) $3,560.7
======== ========== ========= ========== =========
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Current maturities of long-term debt $ 295.7 $ 0.3 $ 295.4 - $ 295.4
Notes payable. . . . . . . . . . . . 809.6 130.9 678.7 (474.1)(b) 204.6
Accounts payable . . . . . . . . . . 265.3 121.3 144.0 - 144.0
Other current liabilities. . . . . . 566.0 242.7 323.3 - 323.3
-------- ---------- --------- --------- ---------
Total Current Liabilities. . . . 1,936.6 495.2 1,441.4 (474.1) 967.3
Long-term Debt . . . . . . . . . . . . 1,251.2 1.4 1,249.8 - 1,249.8
Deferred Income Taxes. . . . . . . . . 461.0 7.3 453.7 - 453.7
Other Liabilities. . . . . . . . . . . 551.9 123.6 428.3 - 428.3
Shareholders Equity. . . . . . . . . . 1,310.2 - 1,310.2 (848.6) 461.6
-------- -------- --------- ---------- ---------
Total. . . . . . . . . . . . . . $5,510.9 $ 627.5 $4,883.4 $(1,322.7) $3,560.7
======== ========== ========= ========== =========
(a) To eliminate the Company's investment in the Battery Products segment.
(b) To reflect assumption of debt by Energizer. |
