SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 12, 2002 COLGATE-PALMOLIVE COMPANY (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 1-644-2 13-1815595 ------- ---------- (Commission File Number) (IRS Employer Identification No.) 300 Park Avenue New York, NY 10022 ---------------------------- ----- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (212) 310-2000 -------------- Total number of sequentially numbered pages in this filing, including exhibits thereto: 6
Item 5. Other Events The Emerging Issues Task Force (EITF) recently enacted new accounting requirements that affect most consumer products companies. The Company's results for the first quarter of 2002 will reflect the new methods. The new requirements, EITF 00-14 "Accounting for Certain Sales Incentives" and EITF 00-25 "Vendor Income Statement Characterization of Consideration Paid to a Reseller of the Vendor's Products", result in the reclassification of certain sales incentives and promotional expenses from selling, general and administrative expenses to a reduction of net sales and cost of sales, but have no impact on the Company's earnings before interest and taxes (EBIT), net income or earnings per share. The Company is providing the accompanying reclassified income statement information for 2001 and 2000 to enable comparison between 2002 results and the prior years. For 2001 and 2000, these reclassifications reduced net sales by $343.5 million and $353.5 million, respectively, and decreased cost of sales by $2.0 million and $8.5 million, respectively, with an offsetting reduction in selling, general and administrative expenses. The reclassifications had no impact on the Company's EBIT or reported net income or earnings per share for 2001 or 2000.
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COLGATE-PALMOLIVE COMPANY Date: April 12, 2002 By: /s/ STEPHEN C. PATRICK ---------------------------------- Stephen C. Patrick Chief Financial Officer
Colgate-Palmolive Company Reclassified Financial Information (unaudited) (Dollars in millions except per share amounts) 2001 --------------------------------------------------- As Reported As Reclassified Change ------------- ----------------- -------------- Net sales $9,427.8 $ 9,084.3 $ (343.5) Cost of sales 4,236.9 4,234.9 (2.0) ------------- ---------------- -------------- Gross profit 5,190.9 4,849.4 (341.5) Gross profit margin 55.1% 53.4% -1.7% Selling, general and administrative expenses 3,261.6 2,920.1 (341.5) Other expense, net 94.5 94.5 - Interest expense, net 166.1 166.1 - ------------- ---------------- -------------- Income before income taxes 1,668.7 1,668.7 - Provision for income taxes 522.1 522.1 - ------------- ---------------- -------------- Net income $1,146.6 $ 1,146.6 $ - ============= ================ ============== Earnings per common share, basic $ 2.02 $ 2.02 $ - ============= ================ ============== Earnings per common share, diluted $ 1.89 $ 1.89 $ - ============= ================ ============== Return on capital 29.7% 29.7% - 2001 Reclassified --------------------------------------------------------------------------------------- First Quarter Second Quarter Third Quarter Fourth Quarter Full Year --------------- ---------------- --------------- -------------- --------------- Worldwide Net Sales by Business Segment and Geographic Region Oral, Personal and Household Care North America (1) (3) $ 556.9 $ 560.6 $ 593.7 $ 588.7 $ 2,299.9 Latin America (3) 565.1 591.1 596.7 603.1 2,356.0 Europe 448.2 453.0 466.5 467.3 1,835.0 Asia/Africa 378.8 364.1 373.8 367.6 1,484.3 ------------- ---------------- -------------- ------------- --------------- Total Oral, Personal and Household Care 1,949.0 1,968.8 2,030.7 2,026.7 7,975.2 Total Pet Nutrition (2) 263.2 269.9 274.2 301.8 1,109.1 ------------- ---------------- -------------- ------------- --------------- Total Net Sales $2,212.2 $ 2,238.7 $2,304.9 $2,328.5 $ 9,084.3 ============= ================ ============== ============= =============== (1) Net sales in the United States for Oral, Personal and Household Care were $1,976.7 for 2001. (2) Net sales in the United States for Pet Nutrition were $723.7 for 2001. (3) Net sales for certain businesses in the Caribbean of $44.1 which were previously reported in Latin America have been reclassified to North America. 2001 Reclassified --------------------------------------------------------------------------------------- First Quarter Second Quarter Third Quarter Fourth Quarter Full Year --------------- ---------------- --------------- -------------- --------------- Quarterly Consolidated Income Statement Information Net sales $2,212.2 $ 2,238.7 $2,304.9 $2,328.5 $ 9,084.3 Cost of sales 1,031.8 1,050.5 1,072.5 1,080.1 4,234.9 ------------- ---------------- -------------- ------------- --------------- Gross profit 1,180.4 1,188.2 1,232.4 1,248.4 4,849.4 Gross profit margin 53.4% 53.1% 53.5% 53.6% 53.4% Selling, general and administrative expenses 738.9 718.6 757.0 800.1 3,014.6 Interest expense 47.4 45.9 46.2 38.5 178.0 Interest income (3.8) (3.0) (2.7) (2.4) (11.9) ------------- ---------------- -------------- ------------- --------------- Income before income taxes (unchanged) $ 397.9 $ 426.7 $ 431.9 $ 412.2 $ 1,668.7 ============= ================ ============== ============= ===============
Colgate-Palmolive Company Reclassified Financial Information (unaudited) (Dollars in millions except per share amounts) 2000 --------------------------------------------------- As Reported As Reclassified Change ------------- ---------------- -------------- Net sales $9,357.9 $ 9,004.4 $ (353.5) Cost of sales 4,265.5 4,257.0 (8.5) ------------- ---------------- -------------- Gross profit 5,092.4 4,747.4 (345.0) Gross profit margin 54.4% 52.7% -1.7% Selling, general and administrative expenses 3,299.6 2,954.6 (345.0) Other expense, net 52.3 52.3 - Interest expense, net 173.3 173.3 - ------------- ---------------- -------------- Income before income taxes 1,567.2 1,567.2 - Provision for income taxes 503.4 503.4 - ------------- ---------------- -------------- $1,063.8 $ 1,063.8 $ - ============= ================ ============== Earnings per common share, basic $ 1.81 $ 1.81 $ - ============= ================ ============== Earnings per common share, diluted $ 1.70 $ 1.70 $ - ============= ================ ============== Return on capital 26.4% 26.4% - 2000 Reclassified --------------------------------------------------------------------------------------- First Quarter Second Quarter Third Quarter Fourth Quarter Full Year --------------- ---------------- --------------- -------------- --------------- Worldwide Net Sales by Business Segment and Geographic Region Oral, Personal and Household Care North America (1) (3) $ 521.4 $ 539.9 $ 578.7 $ 576.5 $ 2,216.5 Latin America (3) 566.3 609.6 597.5 633.2 2,406.6 Europe 449.7 464.8 466.5 444.8 1,825.8 Asia/Africa 367.3 370.4 387.1 371.8 1,496.6 ------------- ---------------- -------------- ------------- --------------- Total Oral, Personal and Household Care 1,904.7 1,984.7 2,029.8 2,026.3 7,945.5 Total Pet Nutrition (2) 253.3 260.5 256.4 288.7 1,058.9 ------------- ---------------- -------------- ------------- --------------- Total Net Sales $2,158.0 $2,245.2 $2,286.2 $2,315.0 $ 9,004.4 ============= ================ ============== ============= =============== (1) Net sales in the United States for Oral, Personal and Household Care were $1,896.7 for 2000. (2) Net sales in the United States for Pet Nutrition were $680.2 for 2000. (3) Net sales for certain businesses in the Caribbean of $49.1 which were previously reported in Latin America have been reclassified to North America. 2000 Reclassified --------------------------------------------------------------------------------------- First Quarter Second Quarter Third Quarter Fourth Quarter Full Year --------------- ---------------- --------------- -------------- --------------- Quarterly Consolidated Income Statement Information Net sales $2,158.0 $ 2,245.2 $2,286.2 $2,315.0 $ 9,004.4 Cost of sales 1,018.2 1,062.1 1,071.8 1,104.9 4,257.0 ------------- ---------------- -------------- -------------- --------------- Gross profit 1,139.8 1,183.1 1,214.4 1,210.1 4,747.4 Gross profit margin 52.8% 52.7% 53.1% 52.3% 52.7% Selling, general and administrative expenses 735.3 745.0 772.8 753.8 3,006.9 Interest expense 49.1 51.2 54.8 44.6 199.7 Interest income (8.0) (7.0) (6.5) (4.9) (26.4) ------------- ---------------- -------------- -------------- --------------- Income before income taxes (unchanged) $ 363.4 $ 393.9 $ 393.3 $ 416.6 $ 1,567.2 ============= ================ ============== ============= ===============
Colgate-Palmolive Company Reclassified Financial Information (unaudited) (Dollars in millions) Consolidated 5-year summary 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- Net sales $ 8,786.8 $ 8,660.8 $ 8,801.5 $ 9,004.4 $ 9,084.3 Gross profit 4,336.3 4,382.5 4,586.7 4,747.4 4,849.4 Net income (unchanged) 740.4 848.6 937.3 1,063.8 1,146.6