Consolidated Statement of Operations
| |
|
Year Ended December 31 |
|
| |
2003 |
2002 |
2001 |
|
| (Thousands of dollars, except per share data) |
|
|
| Net sales |
$ 3,788,097 |
$ 2,550,075 |
$ 2,447,178 |
| Cost of products sold |
3,156,475 |
2,080,498 |
2,046,458 |
|
| Gross Profit |
631,622 |
469,577 |
400,720 |
|
|
|
|
| Selling, administrative and general expenses |
514,221 |
358,866 |
363,683 |
| Impairment and restructuring charges |
19,154 |
32,143 |
54,689 |
|
| Operating Income (Loss) |
98,247 |
78,568 |
(17,652) |
|
|
|
|
| Interest expense |
(48,401) |
(31,540) |
(33,401) |
| Interest income |
1,123 |
1,676 |
2,109 |
| Receipt of Continued Dumping & Subsidy Offset Act (CDSOA) payment |
65,559 |
50,202 |
29,555 |
| Other expense – net |
(55,726) |
(13,388) |
(7,494) |
|
| Income (Loss) Before Income Taxes and Cumulative Effect of Change in Accounting Principle |
60,802 |
85,518 |
(26,883) |
| Provision for income taxes |
24,321 |
34,067 |
14,783 |
|
| Income (Loss) Before Cumulative Effect of Change in Accounting Principle |
$ 36,481 |
$ 51,451 |
$ (41,666) |
|
| Cumulative effect of change in accounting principle (net of income tax benefit of $7,786) |
- |
(12,702) |
- |
|
| Net Income (Loss) |
$ 36,481 |
$ 38,749 |
$ (41,666) |
|
|
|
|
| Earnings Per Share: |
|
|
|
| Income (loss) before cumulative effect of change in accounting principle |
$ 0.44 |
$ 0.84 |
$(0.69) |
| Cumulative effect of change in accounting principle |
- |
(0.21) |
- |
|
| Earnings Per Share |
$ 0.44 |
$ 0.63 |
$(0.69) |
|
|
|
|
| Earnings Per Share–Assuming Dilution: |
|
|
|
| Income (loss) before cumulative effect of change in accounting principle |
$ 0.44 |
$ 0.83 |
$(0.69) |
| Cumulative effect of change in accounting principle |
- |
(0.21) |
- |
|
| Earnings Per Share–Assuming Dilution |
$ 0.44 |
$ 0.62 |
$(0.69) |
|
|
|
|
| See accompanying Notes to Consolidated Financial Statements on pages 38 through 57. |
Financial Summary • Letter to Shareholders • Soaring with Opportunities • Driving New Opportunities
Beyond Boundaries • Boundless Innovation • Boundless Drive to Excel • Corporate Profile
Financial Information • Directors • Officers and Executives • Shareholder Information
2003 Annual Report in Print Friendly Format (600K - PDF format)
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