Proctor and Gamble 2013 Annual Report Download - page 78

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76 The Procter & Gamble Company
Amounts in millions of dollars except per share amounts or as otherwise specified.
NOTE 14
QUARTERLY RESULTS (UNAUDITED)
Quarters Ended Sept 30 Dec 31 Mar 31 Jun 30 Total Year
NET SALES 2012-2013 $20,739 $ 22,175 $20,598 $ 20,655 $84,167
2011-2012 21,530 21,744 20,194 20,212 83,680
OPERATING INCOME 2012-2013 3,951 4,492 3,405 2,633 (3) 14,481
2011-2012 4,250 2,680 (3) 3,299 3,063 13,292
GROSS MARGIN 2012-2013 50.1% 50.9% 49.8% 47.5% 49.6%
2011-2012 49.8 % 50.1 % 49.3 % 48.1 % 49.3 %
NET EARNINGS:
Net earnings from continuing operations 2012-2013 $ 2,853 $ 4,076 (2) $ 2,591 $ 1,882 (3) $11,402
2011-2012 2,999 1,672 (3) 2,433 2,213 9,317
Net earnings from discontinued operations 2012-2013 — — — — —
2011-2012 58 41 34 1,454 (4) 1,587
Net earnings attributable to Procter & Gamble 2012-2013 2,814 4,057 (2) 2,566 1,875 (3) 11,312
2011-2012 3,024 1,690 (3) 2,411 3,631 10,756
DILUTED NET EARNINGS PER
COMMON SHARE: (1)
Earnings from continuing operations 2012-2013 $ 0.96 $ 1.39 $ 0.88 $ 0.64 $ 3.86
2011-2012 1.01 0.56 0.81 0.74 3.12
Earnings from discontinued operations 2012-2013 — — — — —
2011-2012 0.02 0.01 0.01 0.50 0.54
Net earnings 2012-2013 0.96 1.39 0.88 0.64 3.86
2011-2012 1.03 0.57 0.82 1.24 3.66
(1) Diluted net earnings per share is calculated on earnings attributable to Procter & Gamble.
(2) The Company acquired the balance of its Baby Care and Feminine Care joint venture in Iberia in October 2012 resulting in a non-
operating gain of $623.
(3) During the fourth quarter of fiscal year 2013 and the second quarter of fiscal year 2012, the Company recorded goodwill and indefinite-
lived intangible assets impairment charges of $308 million and $1.6 billion, respectively. For additional details, see Note 2.
(4) The Company divested its snacks business in May 2012. See Note 13 for details of the transaction.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
Not applicable.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures.
The Company's President and Chief Executive Officer, A. G.
Lafley, and the Company's Chief Financial Officer, Jon R.
Moeller, performed an evaluation of the Company's
disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) of the Securities Exchange Act of
1934 (Exchange Act)) as of the end of the period covered by
this Annual Report on Form 10-K.
Messrs. Lafley and Moeller have concluded that the
Company's disclosure controls and procedures were
effective to ensure that information required to be disclosed
in reports we file or submit under the Exchange Act is
(1) recorded, processed, summarized and reported within the
time periods specified in Securities and Exchange
Commission rules and forms, and (2) accumulated and
communicated to our management, including Messrs. Lafley
and Moeller, to allow their timely decisions regarding
required disclosure.
Changes in Internal Control over Financial Reporting.
There were no changes in our internal control over financial
reporting that occurred during the Company's fourth fiscal
quarter that have materially affected, or are reasonably likely
to materially affect, the Company's internal control over
financial reporting.
Item 9B. Other Information.
Not applicable.