AVON
PRODUCTS, INC. RECONCILIATION SCHEDULE
April 30, 2004
| ($ in
millions) |
|
| |
Quarter Ended
March 31
|
| |
Total
Revenue |
Gross
Profit |
Operating
Expenses |
Operating
Profit |
| 2004 |
|
|
|
|
| As reported |
$ 1,774.6 |
$ 1,112.4 |
$ 883.0 |
$ 229.4 |
| % vs. prior year as reported |
20% |
23% |
19% |
40% |
| % vs. prior year as adjusted |
20% |
22% |
20% |
26% |
| |
|
|
|
|
| 2003 |
|
|
|
|
| As reported |
$ 1,481.4 |
$ 907.2 |
$ 743.6 |
$ 163.6 |
| |
|
|
|
|
| Repositioning of beComing |
-- |
7.8 |
(10.4) |
18.2 |
| |
|
|
|
|
| Adjusted |
$ 1,481.4 |
$ 915.0 |
$ 733.2 |
181.8 |
|
This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the differences between the non-GAAP financial measures with the financial measures calculated and presented in accordance with GAAP.
This information is provided to assist in investors’ understanding of the Company’s results of operations. Results are adjusted to exclude expenses of $18.2 million incurred in the first quarter of 2003 to reposition the beComing brand, primarily severance costs and inventory and asset writedowns, which are nonrecurring in nature and materially impact the comparability of the Company’s results of operations. The adjusted information is intended to be more indicative of the ongoing operations of Avon's core direct selling business. |
