AVON
PRODUCTS, INC. RECONCILIATION SCHEDULE
September 3, 2003
| (in
millions) |
|
| |
Three Months Ended
September 30, 2002 |
| |
Total
Revenue |
Operating
Profit |
Operating
Margin |
| |
|
|
|
| As reported |
$ 1,463.4 |
$ 154.7 |
10.6% |
| |
|
|
|
| Special Charge |
-- |
43.6 |
3.0% |
| |
|
|
|
| Reversal of 2001 Charge |
-- |
(7.3) |
-0.5% |
| |
|
|
|
| Adjusted |
$ 1,463.4 |
$ 191.0 |
13.1% |
|
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 a special
charge of $43.6 million recorded in the third quarter of 2002, primarily for
severance costs related to the Company’s Business Transformation
initiatives. Also excluded is a benefit of $7.3 million, primarily related
to severance costs, from an adjustment to the special charge for Business
Transformation initiatives recorded in the fourth quarter of 2001. These
items are unusual 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. |
