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The Black & Decker Corporation and Subsidiaries
Amounts in Millions Except Per Share Data
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| Year Ended December 31 |
2001(a) |
2000(b) |
1999 |
| Sales |
$4,333.1 |
$4,560.8 |
$4,520.5 |
| Operating Income |
247.8 |
503.3 |
536.3 |
| Net Earnings |
108.0 |
282.0 |
300.3 |
| Net Earnings Per Common Share - Assuming Dilution |
$1.33 |
$3.34 |
$3.40 |
| Dividends Per Share |
$.48 |
$.48 |
$.48 |
| Shares Used In Computing Diluted Earnings Per Share (in millions) |
81.1 |
84.4 |
88.4 |
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(a) Earnings for 2001 include a restructuring charge of $99.8 million before taxes ($70.6 million after taxes). Excluding this non-recurring item, net earnings would have been $178.6 million ($2.20 per share on a diluted basis).
(b) Earnings for 2000 include a restructuring charge of $39.1 million before taxes ($27.6 million after taxes) and a gain on sale of business of $20.1 million before taxes ($13.1 million after taxes). Excluding these non-recurring items, net earnings would have been $296.5 million ($3.51 per share on a diluted basis).
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Reported 3% Sales Decline, Excluding Foreign Currency Effects, and Recurring Earnings of
$2.20 Per Share in Weak Economic Environment |
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Retained Leading Market Positions Based on Powerful Brands, Innovative Products, Intense
End-User Focus, and Unmatched Customer Relationships |
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| Reduced Costs; Generated Savings of $83 Million Through Six Sigma Initiatives |
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Increased Free Cash Flow More Than $100 Million to $257 Million, Driven by $132 Million
Reduction in Inventory |
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| Maintained Strong Balance Sheet; Reduced Net Debt Approximately $150 Million |
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Initiated Comprehensive Restructuring Plan to Achieve World-Class Cost Base and
Improve Competitiveness |
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