Loss per share for the fourth quarter was $(0.39) on an as-reported basis, and was $(0.18) on an ongoing basis. Earnings per share (EPS) for fiscal year 2007 were $1.79 on an as-reported basis, and $2.00 on an ongoing basis. (For a reconciliation of ongoing EPS, see page 1. See note 2 for a discussion of ongoing EPS.) As reported EPS results for both periods reflect the effect of discontinued operations for the Stoneville(R) and NexGen(R) cottonseed businesses, as well as the D&PL IPR&D charge.
The company's results also reflect a lower tax rate for continuing operations in 2007 primarily resulting from the resolution of several tax audits and the company's ability to use net operating loss carry forwards in Argentina. These positive factors were partially offset by approximately 4 points attributable to non-deductible IPR&D charges associated with the company's recent acquisition of D&PL.
For fiscal year 2007, net cash provided by operating activities was $1.9 billion, compared with $1.7 billion in the same period in 2006. Net cash required by investing activities was $1.9 billion in fiscal year 2007, compared with net cash required of $625 million for the same period last year. As a result, free cash flow was a use of $57 million for fiscal year 2007, compared with a source of $1 billion in fiscal year 2006. (For a reconciliation of free cash flow, see note 2.) Free cash flow in fiscal year 2007 reflected higher net income and higher spending on acquisitions when compared with fiscal year 2006. Net cash required by financing activities was $583 million for fiscal year 2007, compared with net cash required of $117 million last year.'/>"/>
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