Land O'Lakes, Inc.
($ in thousands)
Years Ended December 31				2001		2000		1999
Net sales			$	5,973,433	$	5,768,790	$	5,615,794
Cost of sales			5,378,614		5,146,110		5,100,414
Gross profit			594,819		622,680		515,380
Selling and administration			487,161		485,306		506,921
Restructuring and impairment charges			3,733		54,226		3,856
Earnings from operations			103,925		83,148		4,603
Interest expense, net			56,086		52,439		44,702
Gain from divestiture of businesses			-		(89,034		)	(54,175	)
Equity in (earnings) loss of affiliated companies			(48,583		)	35,566	(7,282		)
Minority interest in earnings (loss) of subsidiaries			6,882		(1,405		)	(140	)
Earnings before income taxes and extraordinary item			89,540		85,582		21,498
Income tax expense (benefit)			3,601		(13,715		)	99
Earnings before extraordinary item			85,939		99,297		21,399
Extraordinary loss (gain) on early extinguishment of    debt, net of income tax (benefit) expense of    $(9,002) and $815 in 2001 and 2000, respectively			14,451		(3,635		)	-
Net earnings			$	71,488	$	102,932	$	21,399
Applied to:
	Member equities
		Allocated patronage refunds	$	70,552	$	142,271	$	34,860
		Deferred equities	2,708		(5,347		)	(7,547	)
			73,260		136,924		27,313
	Retained earnings		(1,772		)	(33,992	)	(5,914	)
			$	71,488	$	102,932	$	21,399
See accompanying notes to consolidated financial statements.