ST. LOUIS, Jan 21 (Reuters) -
Monsanto Co. and Subsidiaries
Statement of Consolidated Income
(Dollars in millions, except per share)
UNAUDITED
Three Months Ended Twelve Months Ended
Dec 31, Dec 31,
1998 1997 1998 1997
Net Sales $ 2,148$ 1,820 $ 8,648$ 7,514
Costs, Expenses and Other:
Cost of Goods Sold 971 749 3,593 3,091
Selling, General and
Administrative Expenses 675 557 2,421 2,023
Technological Expenses 391 326 1,358 1,044
Acquired In-Process Research
and Development 213 75 402 684
Amortization of Intangible Assets 281 59 487 173
Restructuring and Other
Special Charges - Net 307 272
Interest Expense 98 59 312 170
Interest Income (11) (9) (50) (45)
Other Expense - Net 69 7 96 8
Income (Loss) from Continuing
Operations Before Taxes (846) (3) (243) 366
Income Taxes (243) (8) 7 72
Income (Loss) from Continuing
Operations (603) 5 (250) 294
Income from Discontinued
Operations 176
Net Income (Loss) (603) 5 (250) 470
Basic Earnings/(Loss) Per Share
Continuing Operations (1.00) 0.01 (0.41) 0.50
Discontinued Operations 0.30
Total (1.00) 0.01 (0.41) 0.80
Diluted Earnings/(Loss) Per Share
Continuing Operations (1.00) 0.01 (0.41) 0.48
Discontinued Operations 0.29
Total (1.00) 0.01 (0.41) 0.77
Weighted Average Common Shares -Basic (in millions)
603.5 590.2
Weighted Average Common Shares - Diluted (in millions)
603.5 610.5
Earnings Before Interest and
Tax Expense (EBIT): (748) 56 69 536
For 1998, 23.5 million common equivalent shares are not
included in computing the diluted loss per share from
continuing operations because they are antidilutive.
NOTE: 1998 fourth quarter diluted earnings per share excluding
extraordinary items was $0.05. First Call consensus fourth
quarter estimate was $0.05 per share, excluding extraordinary
items.
Segment Data
(Dollars in millions)
UNAUDITED
Three Months Ended December 31,
1998 1997
Net Net
Segment: (1) Sales EBIT (2) Sales EBIT (2)
Agricultural Products $ 787 $ (79) $ 562 $ (82)
Nutrition & Consumer Products
362 51 399 77
Pharmaceuticals 953 179 789 157
Corporate & Other 46 (41) 70 (21)
Restructuring & Unusuals (858) (75)
Total 2,148 (748) 1,820 56
Twelve Months Ended December 31,
1998 1997
Net Net
Segment: (1) Sales EBIT (2) Sales EBIT (2)
Agricultural Products $ 4,032 $ 737$ 3,274 $ 731
Nutrition & Consumer Products
1,533 278 1,552 322
Pharmaceuticals 2,894 309 2,443 286
Corporate & Other 189 (195) 245 (119)
Restructuring & Unusuals (1,060) (684)
Total 8,648 69 7,514 536
(1) As a result of adopting Financial Accounting Standard
No. 131, which defines new segment reporting rules, Monsanto
changed its measure of segment profit from operating income to
EBIT (defined in note 2 below). In addition, Monsanto
transferred two small businesses that were previously reported
in Corporate & Other to Agricultural Products and
Pharmaceuticals. Prior-year segment information has been
reclassified to conform to the current presentation.
(2) EBIT (earnings before interest expense and taxes) is
income (loss) from continuing operations before taxes,
excluding interest expense. Segment EBIT excludes unusual
items. The unusual items included restructuring charges,
write-offs for in-process research and development, asset
impairments and other unusual items.
REUTERS
Rtr 09:56 01-21-99
Copyright 1999, Reuters News Service
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