| |
Consolidated Statements of Operations
| Land O'Lakes, Inc. |
($ in thousands)
|
| Years Ended December 31 |
|
2003
|
|
2002 |
|
2001 |
|
|
| Net sales |
$ |
6,320,456 |
$ |
5,846,864 |
$ |
5,864,858 |
|
| Cost of sales |
5,735,247
|
5,350,423 |
5,378,605 |
|
|
| Gross profit |
585,209
|
496,441 |
486,253 |
|
| Selling, general and administrative |
468,341
|
470,648 |
382,329 |
|
| Restructuring and impairment charges |
7,486
|
31,412 |
3,733 |
|
|
| Earnings (Loss) from operations |
109,382
|
|
(5,619 |
) |
100,191 |
|
| Interest expense, net |
82,948
|
78,671 |
55,684 |
|
| Gain on legal settlements |
(22,842
|
) |
(155,544 |
) |
(2,996 |
) |
| Other (income) expense, net |
(1,586
|
) |
(8,243 |
) |
23,117 |
|
| Equity in earnings of affiliated companies |
(57,145
|
) |
(22,675 |
) |
(48,583 |
) |
| Minority interest in earnings of subsidiaries
|
6,366
|
5,487 |
|
6,882 |
|
|
| Earnings before income taxes |
101,641
|
96,685 |
66,087 |
|
| Income tax expense (benefit) |
18,103
|
|
(2,202 |
) |
(5,401 |
) |
|
| Net earnings |
$ |
83,538 |
$ |
98,887 |
$ |
71,488 |
|
|
| |
| Applied to: |
|
|
Member equities |
|
|
|
Allocated patronage refunds |
$ |
40,045 |
$ |
96,900 |
$ |
70,552 |
|
|
|
|
Deferred equities |
986
|
|
(10,336 |
) |
2,708 |
|
|
| |
41,031
|
| 86,564 |
73,260 |
|
|
|
Retained earnings |
42,507
|
|
12,323 |
|
(1,772 |
) |
|
| |
$ |
83,538 |
$ |
98,887 |
$ |
71,488 |
|
|
| See accompanying notes
to consolidated financial statements. |
|
|
