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Campbell Reports Fourth-Quarter And Full-Year Results

In fiscal 2011, the company recorded pre-tax restructuring charges of $63 ($41 after tax or $.12 per share) associated with the initiatives announced in June 2011 to improve supply chain efficiency, reduce overhead costs across the organization, and exit the Russian market.

 
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(millions, except per share amounts)
 
TWELVE MONTHS ENDED
July 29, 2012   July 31, 2011
Net sales $ 7,707   $ 7,719
Costs and expenses
Cost of products sold 4,715 4,616
Marketing and selling expenses 1,020 1,007
Administrative expenses 611 612
Research and development expenses 125 129
Other expenses 14 13
Restructuring charges 10   63
Total costs and expenses 6,495   6,440
Earnings before interest and taxes 1,212 1,279
Interest, net 106   111
Earnings before taxes 1,106 1,168
Taxes on earnings 342   366
Net earnings 764 802
Net loss attributable to noncontrolling interests 10   3
Net earnings attributable to Campbell Soup Company $ 774   $ 805
Per share - basic
Net earnings attributable to Campbell Soup Company $ 2.43   $ 2.44
Dividends $ 1.16   $ 1.145
Weighted average shares outstanding - basic 317   326
Per share - assuming dilution
Net earnings attributable to Campbell Soup Company $ 2.41   $ 2.42
Weighted average shares outstanding - assuming dilution 319   329

In fiscal 2012, the company recorded pre-tax restructuring charges of $10 ($6 after tax or $.02 per share) associated with the initiatives announced in June 2011 to improve supply chain efficiency, reduce overhead costs across the organization, and exit the Russian market. In fiscal 2011, the company recorded pre-tax restructuring charges of $63 ($41 after tax or $.12 per share) associated with the initiatives.

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