EX-99 3 dex99.htm NEW SEGMENT REPORTING DISCLOSURE FOR 2003 AND 2002 New segment reporting disclosure for 2003 and 2002

Exhibit 99

 

Effective with the first quarter of 2004, Maytag has changed its segment reporting from two segments to three in order to align its reporting with new initiatives and accountabilities within the company. The new reporting segments are Major Appliances, Housewares, and Commercial Products. The Major Appliances segment includes those business units that manufacture, sell and service major appliances such as laundry, dishwasher, cooking, and refrigeration products. The Housewares segment is predominately comprised of floor care products manufactured and sold under the Hoover brand but also includes sales of small appliances. The Commercial Products segment includes manufacture and sale of vending, commercial laundry, and commercial and luxury residential cooking products. The following table provides net sales and operating income for the new segments reclassified for 2003 by quarter and 2002 full year. Restructuring and asset impairment charges have also been noted by segment.

NET SALES AND OPERATING INCOME COMPARISON (Unaudited)

AS RECLASSIFIED

 

NET SALES (in thousands)

 

    

Major

Appliances

    Housewares
   

Commercial

Products

   

General

Corporate

& Other

    Consolidated

2002 Year

    $ 3,408,986    $ 880,484    $ 376,561    $ —      $ 4,666,031

2003

                                   

1st Quarter

    $ 830,868    $ 213,970    $ 91,168    $ —      $ 1,136,006

2nd Quarter

      885,138      166,511      111,244             1,162,893

3rd Quarter

      939,885      180,008      101,374             1,221,267

4th Quarter

      983,070      208,758      79,872             1,271,700
    
  
  
  
  

Year

    $ 3,638,961    $ 769,247    $ 383,658    $ —      $ 4,791,866

 

OPERATING INCOME (LOSS) (in thousands)

 

    

Major

Appliances

    Housewares
    

Commercial

Products

    

General

Corporate

& Other

     Consolidated

2002 Year

    $ 198,770    $ 184,777     $ 25,206     $ (49,258 )   $ 359,495

2003

                                      

1st Quarter

    $ 45,137    $ 29,567     $ 5,250     $ (11,764 )   $ 68,190

2nd Quarter

      54,495      (1,266 )     12,062       (13,883 )     51,408

3rd Quarter

      56,796      8,244       8,457       (12,134 )     61,363

4th Quarter

      56,268      8,176       (1,226 )     (15,886 )     47,332
    
  
 
 
 

Year

    $ 212,696    $ 44,721     $ 24,543     $ (53,667 )   $ 228,293

 

INCLUDED IN OPERATING INCOME (LOSS) (in thousands)

 

     Major
Appliances
     Housewares
    Commercial
Products
    General
Corporate
& Other
    Consolidated
  

2002

                                      

Restructuring charges

    $ 67,112     $ —      $ —      $ —      $ 67,112  

Gain on sale of distribution center

      (8,276 )                          (8,276 )
    
 
  
  
  

Year

    $ 58,836     $ —      $ —      $ —      $ 58,836  

2003

                                      

1st Quarter-Restructuring charges

    $ 9,387     $ —      $ —      $ —      $ 9,387  

2nd Quarter-Restructuring charges

      17,141       9,516      132      1,139      27,928  

3rd Quarter-Restructuring charges

      13,060              83             13,143  

4th Quarter-Restructuring charges

      14,471                            14,471  

4th Quarter-Asset impairment

              11,217                    11,217  
    
 
  
  
  

Year

    $ 54,059     $ 20,733    $ 215    $ 1,139    $ 76,146  

 

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