SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended May 31, 2005
Commission File Number 001-14920
McCORMICK & COMPANY, INCORPORATED
(Exact name of registrant as specified in its charter)
|
MARYLAND |
|
52-0408290 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
incorporation or organization) |
|
Identification No.) |
|
|
|
|
|
18 Loveton Circle, P. O. Box 6000, Sparks, MD |
|
21152-6000 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code (410) 771-7301
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
|
|
Shares Outstanding |
|
|
|
|
May 31, 2005 |
|
|
|
|
|
|
|
Common Stock |
|
14,810,349 |
|
|
|
|
|
|
|
Common Stock Non-Voting |
|
119,078,805 |
|
TABLE OF CONTENTS
2
PART I – FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
McCORMICK & COMPANY, INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(in thousands except per share amounts)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
|
|
May 31, |
|
May 31, |
|
||||||||
|
|
|
2005 |
|
2004 |
|
2005 |
|
2004 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales |
|
$ |
628,571 |
|
$ |
596,164 |
|
$ |
1,232,195 |
|
$ |
1,168,526 |
|
|
Cost of goods sold |
|
387,225 |
|
364,238 |
|
762,680 |
|
714,913 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross profit |
|
241,346 |
|
231,926 |
|
469,515 |
|
453,613 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Selling, general and administrative expense |
|
170,864 |
|
168,652 |
|
339,775 |
|
328,885 |
|
||||
|
Special (credits)/charges |
|
(670 |
) |
(6,448 |
) |
630 |
|
(6,379 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income |
|
71,152 |
|
69,722 |
|
129,110 |
|
131,107 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense |
|
11,942 |
|
9,695 |
|
23,026 |
|
19,267 |
|
||||
|
Other (income)/expense, net |
|
97 |
|
(536 |
) |
43 |
|
(684 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from consolidated operations before income taxes |
|
59,113 |
|
60,563 |
|
106,041 |
|
112,524 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income taxes |
|
18,916 |
|
18,713 |
|
33,933 |
|
34,769 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income from consolidated operations |
|
40,197 |
|
41,850 |
|
72,108 |
|
77,755 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from unconsolidated operations |
|
3,802 |
|
1,825 |
|
9,258 |
|
5,085 |
|
||||
|
Minority interest |
|
(1,205 |
) |
(822 |
) |
(2,537 |
) |
(1,881 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income |
|
$ |
42,794 |
|
$ |
42,853 |
|
$ |
78,829 |
|
$ |
80,959 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per common share - basic |
|
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.58 |
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average shares outstanding - basic |
|
134,742 |
|
137,679 |
|
135,193 |
|
137,519 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per common share - diluted |
|
$ |
0.31 |
|
$ |
0.30 |
|
$ |
0.56 |
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average shares outstanding - diluted |
|||||||||||||