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P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, Behind Balanced 5% Organic Sales and Volume Growth
Date:8/5/2008

lion in 2008 behind sales growth, operating margin expansion and a lower tax rate.

Fiscal Year 2009 Guidance

For fiscal year 2009, P&G expects its underlying business to deliver the company's annual target growth rates including organic sales growth of four to six percent and earnings per share growth of 10%. Fiscal year 2009 GAAP results will include several large impacts from the divestiture of the Folgers business. The gain on the sale of the business will increase EPS by an estimated $0.50 per share. This gain will be partially offset by a temporary increase in restructuring spending of approximately $400 million after tax, or about $0.12 per share. These restructuring programs are designed to generate savings to offset the earnings dilution from the loss of the Folgers business and related stranded overhead costs. Earnings dilution from Folgers is estimated to be $0.04 per share for the fiscal year. The one-time gain from the sale is expected to occur in the October - December 2008 quarter. The Folgers transaction is a non-cash event. It will not impact operating profit results, but will result in substantial additional share repurchase. The incremental restructuring costs will be incurred throughout the fiscal year and are expected to reduce fiscal year 2009 operating margins by approximately 50-basis points. The company estimates the incremental restructuring spending will affect quarterly EPS results by the following approximate amounts:

Quarterly EPS Impact from Incremental Restructuring

Jul - Sep Oct - Dec Jan - Mar Apr - Jun Fiscal Year

'08 '08 '09 '09 2009

~($0.04) ~($0.04) ~($0.02) ~($0.02) ~($0.12)

Fiscal year 2009 organic sales are expected to increase four to six percent. Organic volume is expected to grow two to three percent and the combination of pricing and product mix is also expected to contribute two
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SOURCE The Procter & Gamble Company
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