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P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create Stand-Alone Coffee Company
Date:1/31/2008

tion of exchanging their P&G shares for shares in the newly formed coffee company.

Assuming a split-off, the company expects the deal to be dilutive to EPS by 3 to 5 cents on an annual basis. Also, a split-off transaction would result in a significant one-time gain which would be partially offset by one- time transition costs and a one-time increase in restructuring spending associated with eliminating stranded overhead costs and offsetting EPS dilution.

P&G expects to determine the final deal structure during the April-June 2008 quarter and complete the transaction during the July-December 2008 period. P&G said the deal structure will be dependent on market conditions, and P&G will execute the transaction only if it achieves sufficient market valuation.

"We greatly appreciate the contributions of our Coffee employees. For over 45 years the Coffee business has been an important contributor to the success of Procter and Gamble," said Mr. Lafley. "This separation allows us to focus on our core businesses and The Folgers Coffee Company to further develop and leverage its brand portfolio in a coffee-specific business model."

Key Financial Highlights

Net sales for the quarter increased nine percent to $21.6 billion behind five percent volume growth and a five point favorable foreign exchange impact. Disproportionate growth in developing regions resulted in a negative one percent mix impact. Organic sales were up five percent behind six percent organic volume growth. Growth was driven by continued success on initiative activity across the company. A number of the company's key brands, including Duracell, Febreze, Fusion, Head & Shoulders, Nice 'N Easy, Pampers, Prilosec and Tide, delivered double-digit volume growth.

Diluted net earnings per share increased 17 percent to $0.98. Net earnings increased 14 percent to $3.3 billion behind higher sales growth, increased operating profit and a lower tax rate. Operating margin was down sl
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SOURCE The Procter & Gamble Company
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