This excerpt taken from the BAX 8-K filed Jan 27, 2005.
Full-Year 2004 Results
Baxters income from continuing operations for full-year 2004 totaled $383 million, or $0.62 per diluted share, including restructuring and other special charges. Excluding the charges, Baxter reported 2004 income from continuing operations of $1.042 billion, or $1.69 per diluted share.
Cash flow from continuing operations totaled approximately $1.4 billion. Free cash flow (cash flow from continuing operations, less capital expenditures) for the full-year increased $181 million to $814 million. Capital spending of $558 million declined 30 percent compared to 2003, and the company reduced net debt by $464 million, resulting in a net-debt-to-capital ratio of 34.2 percent compared to 39.9 percent in the prior year.
In 2004 we focused on meeting commitments, strengthening the balance sheet and improving the overall quality of earnings and cash flow, said John Greisch, chief financial officer. We exceeded the free cash flow objectives set for the year by improving working capital management and capital spending efficiency. We remain committed to delivering sustainable improvements in earnings and free cash flow in 2005 and beyond.
For the full-year, worldwide sales increased 7 percent to $9.5 billion (including a 4 percentage point benefit from foreign exchange). Domestic sales grew 4 percent in
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