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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

tax rate. Operating margin improved 30-basis points as the company was able to more than offset a commodity cost driven decline in gross margin by focusing on overhead productivity improvements. Diluted net earnings per share increased 20 percent to $3.64 including a $0.14 benefit from a number of significant adjustments to previously existing tax reserves. The elimination of prior year Gillette dilution effects contributed an estimated four percentage points to EPS growth for the fiscal year.

Gross margin was down 70-basis points to 51.3% during the fiscal year. Higher commodity and energy costs had a negative impact of about 200-basis points. These were largely offset by scale leverage from volume growth, cost savings projects and pricing.

Total selling, general and administrative expenses (SG&A) were down 100- basis points as a percentage of net sales due to volume scale leverage, a focus on overhead productivity and Gillette synergy savings. Advertising spending remained constant as a percent of sales for the year.

Operating cash flow was $15.8 billion for the fiscal year, an increase of 18 percent behind earnings growth and an improvement in both accounts receivable and accounts payable. Inventory was up for the year primarily due to higher material costs from increased commodity prices. Free cash flow was $12.8 billion for the year and 106% of net earnings, well-ahead of the company's 90% annual target. Capital expenditures were 3.6% of net sales, better than the company's 4.0% target.

The company has repurchased $10.0 billion of P&G stock since the inception of the previously announced three-year $24 - $30 billion share repurchase program. Combined with $4.7 billion in dividends, P&G distributed nearly $15 billion to shareholders in the fiscal year and over 120% of net earnings.

Fiscal Year Business Segment Discussion

Beauty GBU

-- Beauty net sales increased nine percent in 2008 to $19.5 billion. Net sales inc
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SOURCE The Procter & Gamble Company
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