IFF reports favourable 4Q

- Last updated on GMT

Related tags: United states dollar

US flavour company International Flavors & Fragrances Inc. this
week reported an increase in fourth quarter 2001 earnings per share
of $.30 (€0.34), increasing 100 per cent and 67 per cent compared
to the fourth quarter of 2000.

US flavour company International Flavors & Fragrances Inc. this week reported an increase in fourth quarter 2001 earnings per share of $.30 (€0.34), increasing 100 per cent and 67 per cent compared to the fourth quarter of 2000.

Consistent with expectations, earnings per share for the full year 2001 were $1.40 (€1.62), excluding the effect of certain nonrecurring charges associated with the company's purchase of Bush Boake Allen in 2000. Including these nonrecurring charges, earnings per share were $1.20 (€1.39).

Net income for the fourth quarter and full year 2001, excluding the effect of certain nonrecurring charges, totalled $29.2 million(€33.8m) and $135.1 million (€156.7m), respectively. Sales for the fourth quarter 2001 totalled $419.2 million (€486.3m), in comparison to pro-forma and reported sales of $444.1 million (€515.2m), and $384.5 million (€446.1m), in the fourth quarter 2000, respectively. Full year 2001 sales totalled $1,843.8 million (€2138.9m), in comparison to pro-forma and reported sales of $1,880.6 million(€2,181.6m), and $1,462.8 million (€1696.9m), for the full year 2000, respectively.

IFF reported that fourth quarter 2001 sales were favourably impacted by approximately 1 per cent due to currency translation. On a full year basis, local currency sales increased 1 per cent although these gains were unfavourably impacted on translation into the stronger U.S. dollar, resulting in a 2 per cent decrease in reported sales in comparison to 2000 pro-forma results.

The company acquired Bush Boake Allen (BBA) effective November 3, 2000 and BBA's sales and operating results are included in the Company's consolidated results from that date; pro-forma results are prepared as though the acquisition of BBA occurred January 1, 2000.

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