|
 
|
|
Land O'Lakes, Inc.
|
($ in thousands)
|
|
Years Ended December 31
|
|
2002
|
|
2001
|
|
2000
|
|
|
|
Net sales
|
$
|
5,846,864
|
$
|
5,864,858
|
$
|
5,672,774
|
|
|
Cost of sales
|
5,350,423
|
5,378,605
|
5,146,110
|
|
|
|
Gross profit
|
496,441
|
486,253
|
526,664
|
|
|
|
|
Selling and administration
|
481,406
|
381,993
|
389,290
|
|
|
Restructuring and impairment charges
|
31,412
|
3,733
|
54,226
|
|
|
|
(Loss)Earnings from operations
|
(16,377
|
)
|
100,527
|
(83,148
|
)
|
|
|
|
Interest expense, net
|
68,846
|
55,684
|
52,439
|
|
|
Gain on legal settlements
|
(155,544
|
)
|
(2,996
|
)
|
-
|
|
|
Gain on sale of intangible
|
(4,184
|
)
|
-
|
|
-
|
|
|
Gain from divestiture of businesses
|
(4,992
|
)
|
-
|
|
(89,034
|
)
|
|
Loss (gain) on extinguishment of debt
|
-
|
23,453
|
|
(4,450
|
)
|
|
Equity in (earnings) loss of affiliated companies
|
(22,675
|
)
|
(48,583
|
)
|
35,556
|
|
|
Minority interest in earnings (loss) of subsidiaries
|
5,487
|
6,882
|
|
(1,405
|
)
|
|
|
Earnings before income taxes
|
96,685
|
66,087
|
90,032
|
|
|
Income tax benefit
|
(2,202
|
)
|
(5,401
|
)
|
(12,900
|
|
|
|
Net earnings
|
$
|
98,887
|
$
|
71,488
|
$
|
102,932
|
|
|
|
|
|
Applied to:
|
|
|
Member equities
|
|
|
|
Allocated patronage refunds
|
$
|
96,900
|
$
|
70,552
|
$
|
142,271
|
|
|
|
|
Deferred equities
|
(10,336
|
)
|
2,708
|
(5,347
|
)
|
|
|
|
86,564
|
|
73,260
|
136,924
|
|
|
Retained earnings
|
12,323
|
|
(1,772
|
)
|
(33,992
|
)
|
|
|
|
$
|
98,887
|
$
|
71,488
|
$
|
102,932
|
|
|
|
See accompanying notes to consolidated financial statements.
|
|
|
