Church & Dwight Reports Third Quarter Results

Church & Dwight Co., Inc. (NYSE:CHD) today reported netincome for the quarter ended September 30, 2005 of $34.6 million or$0.51 per share, an increase of $0.09 per share or 21% from lastyear's net income of $27.4 million or $0.42 per share. Last year'sresults included a $6.2 million pretax or $0.05 per share inventorycharge related to the acquisition of the 50% interest in Armkel LLCthat the Company did not already own. Excluding last year's charge,this year's earnings would have been $0.04 per share or approximately9% higher than last year's adjusted $0.47 per share.

James R. Craigie, President and Chief Executive Officer,commented, "We are very satisfied with the Company's third quarterperformance which, despite escalating costs, saw continued growth insales and earnings, the introduction of the new Elexa(R) feminine careline, and an agreement to acquire the SpinBrush(R) toothbrushbusiness. Additionally, we are in the process of implementing a seriesof further cost reductions and major pricing initiatives to offset theextraordinary cost increases we have incurred so far this year, and toachieve, in 2006, our long-term objective of improving gross margin byat least 100 basis points per year."

The Company noted that its income statements for the third quarterof 2004 and 2005 reflected several offsetting tax and litigationitems, which are described later in this release.

For the nine months, net income was $106.7 million or $1.58 pershare, an increase of $0.41 per share or 35% over last year's netincome of $76.9 million or $1.17 per share. Last year's resultsincluded pretax charges of $18.3 million or $0.17 per share,consisting of an inventory charge of $10.3 million and an $8.0 millioncharge for deferred financing costs, related to the acquisition ofArmkel on May 28, 2004. Excluding last year's charges, this year'searnings would have been $0.24 per share or 18% above last year'sadjusted $1.34 per share for the nine-month period.

Third quarter reported sales of $442.7 million were $22.4 millionor 5% above last year. Excluding foreign exchange gains, and promotionreserve adjustments, organic sales growth is also approximately 5%.Nine months sales of $1,305.2 million were substantially higher thanlast year's sales which excluded Armkel for the period prior to itsacquisition. On a combined basis, including Armkel prior to itsacquisition in May 2004 as well as other unconsolidated affiliates (anon-GAAP measure - see Supplementary Information for all non-GAAPmeasures in this release), organic sales growth for the nine months isapproximately 4%.

At the product line level, third quarter household product saleswere 5% higher due to strong growth for liquid laundry detergents andpet care products; and personal care sales were over 5% higher due tostrong growth for condoms and diagnostic kits, combined with flatdeodorants and toothpaste sales. Third quarter personal care salesalso benefited from pipeline shipments of the new Elexa product line.International sales were 6% higher primarily due to foreign exchangegains, and specialty products were 5% higher.

At the brand level, sales of Arm & Hammer(R) and Xtra(R)detergents, Arm & Hammer Super Scoop(R) cat litter, Trojan(R) condomsand First Response(R) pregnancy kits were all higher than last year,while sales of laundry detergent powder were lower.

As expected, third quarter gross profit margin declined to 37.8%,compared to the previous year's 38.2%. Excluding a $2.4 million plantobsolescence charge this year and the Armkel related inventory chargelast year, as well as promotion reserve adjustments in both years,this year's adjusted margin would have been 38.2%, a 130 basis pointsreduction from last year's adjusted 39.5% (a non-GAAP measure).

For the nine months, gross margin was 38.1%, substantially higherthan last year's margin which excluded Armkel for the first fivemonths. On a combined basis including Armkel and other affiliates (anon-GAAP measure), the Company's adjusted gross margin was 38.7%, a140 basis points reduction from the comparable margin last year. Themargin decline reflects substantially higher commodity costs,particularly for oil-based raw and packaging materials used in thehousehold and specialty products businesses, partially offset by costimprovement programs and pricing actions which the Company hasimplemented over the past twelve months.

Third quarter selling, general and administrative expenses of$61.6 million were $5.5 million above last year. During the quarter,the Company recorded a pretax charge of $8.3 million as a result of anadverse verdict in a recent lawsuit related to a contract dispute. Forthe nine months, on a combined basis including Armkel and otheraffiliates (a non-GAAP measure), selling, general and administrativeexpenses were flat with last year, and marketing expenses wereslightly higher than last year.

Third quarter operating profit of $53.9 million was about flatwith last year's $53.4 million. Excluding the charges described above,this year's operating profit would have been $63.5 million or about 9%higher than last year. For the nine months, on a combined basisincluding Armkel and other affiliates (a non-GAAP measure), operatingprofit was $188.6 million, a $10.1 million or approximately 6%increase over last year's $178.5 million.

Below the operating profit line, third quarter other expense of$10.5 million, which primarily represents interest costs, was $5.9million lower than last year, due in part to the substantial debtpaydown over the last twelve months which more than compensated forhigher interest rates. Last year's expense included a $4.9 millioninterest payment connected with the settlement of a legal action.

This year's third quarter tax provision of $9.5 million benefitedfrom a $6.0 million adjustment to reduce tax reserves; last year'scharge benefited from the recognition of prior year tax credits of$2.0 million.

At quarter-end, the Company had total outstanding debt of $761million, and cash of $160 million, for a net debt position of $601million. This is a $155 million reduction from the net debt positionof $756 million at the comparable quarter-end last year.

Adjusted earnings before interest, taxes, depreciation andamortization as defined in the Company's bank loan agreement (anon-GAAP measure), which excludes certain non-cash items, areapproximately $234 million for the nine months, compared to $224million for the same period last year.

PRODUCT NEWS

As previously announced, during the third quarter, the Companylaunched a premium line of unique sexual health products for women,called Elexa by Trojan. The new line is located in the feminine careaisle of the store, and includes condoms and other products that aredesigned to provide women with the freedom to pursue a healthy andfulfilling sex life. The Company achieved its distribution goals forthe new line by quarter end, and will support the launch withsignificant advertising, display and other marketing programs in thefourth quarter.

The Company completed on October 31 the previously announcedacquisition of the SpinBrush battery-operated toothbrush line fromProcter & Gamble. Under the terms of the agreement, the seller willprovide transition services for several months. As a result, theCompany will not consolidate sales and will account for the net profitas other revenue within operating income during the transition period.While it is hard to predict, the Company currently expects theacquisition to become accretive late next year. SpinBrush sales forthe year ended June 30, 2005 were $110 million, and the Company viewsthe brand as a strategic addition to its oral care business.

FOURTH QUARTER COST REDUCTION AND PRICING INITIATIVES

Hurricanes Katrina and Rita, which occurred in September, only hada minor effect on third quarter results. However, the damage to oiland chemical production facilities in the Gulf region disruptedsupplies and resulted in additional price increases for oil-basedcommodities such as surfactants, resin and diesel fuel, on top ofthose already incurred earlier in the year. The Company has been ableto secure alternative supply sources, and maintain normal productionand customer service levels, but hurricane-related increases incommodity prices are expected to reduce fourth quarter earnings by$0.06-$0.07 per share.

The Company has taken significant cost reduction and pricingactions over the past year to offset the rise in commodity prices andrestore margins, and additional steps were planned in the fourthquarter even before the latest round of cost increases.

On the manufacturing side of the business, the Company hasrecently announced the closure, subject to regulatory approval, of asub-scale consumer products manufacturing operation abroad, and iscontinuing an active program of operational improvements at severalother facilities. These steps are expected to result in primarilynon-cash plant restructuring charges of $0.08-$0.10 per share duringthe fourth quarter, and lower operating costs beginning in the secondquarter of 2006.

On the pricing side, early in the fourth quarter, the Companyannounced increases ranging from 4% to over 10% for productsrepresenting about 35% of its U.S. consumer products portfolio,including Arm & Hammer and Xtra liquid laundry detergents, Arm &Hammer Super Scoop cat litter and Arm & Hammer baking soda. Theseincreases will come into effect during the first quarter of 2006.Additional price increases are also planned for certain specialtyproducts and international consumer product lines.

Mr. Craigie noted that the fourth quarter is normally theCompany's seasonally lowest earnings period, and that this year'sresults will also be affected by the hurricane-related and plantrestructuring charges described above, as well as the cost of theElexa launch. He added, "Due to these events, we think it prudent tomaintain our earnings objective for the year at $1.75 per share on aGAAP basis including charges. For 2006 and beyond, we remaincomfortable with our previously stated long-term objective of 10-12%EPS growth per year."

As previously reported, at its November 2 Board meeting, theCompany declared a quarterly dividend of $0.06 per share. The dividendis payable December 1, 2005 to stockholders of record at the close ofbusiness on November 14, 2005. This is the Company's 419th regularquarterly dividend.

The Company noted that a conference call with the investmentcommunity is scheduled for 10:00 a.m. (ET). To listen, please visitthe Investor Relations Section of the Company's website atwww.churchdwight.com or dial 866-770-7120, access code: 81966556. Areplay will be available two hours after the call. The replay numberis 888-286-8010, access code 50860373. In addition, the replay can beheard at www.churchdwight.com

Church & Dwight Co., Inc. manufactures and markets a wide range ofpersonal care, household and specialty products, under the Arm &Hammer brand name and other well-known trademarks.

This release contains forward-looking statements relating, amongothers, to short- and long-term financial objectives, sales andearnings growth, margin improvement, marketing, advertising anddisplay spending, pricing changes in certain of its products, possibleoperational improvement initiatives, the effect of the SpinBrushacquisition, cost reduction initiatives, the effect of increases incommodity prices, the receipt of regulatory approval for the foreignplant closing and earnings per share. These statements represent theintentions, plans, expectations and beliefs of Church & Dwight, andare subject to risks, uncertainties and other factors, many of whichare outside the Company's control and could cause actual results todiffer materially from such forward-looking statements. Theuncertainties include assumptions as to market growth and consumerdemand (including the effect of political and economic events onconsumer demand), raw material and energy prices, the financialcondition of major customers, and increased marketing spending. Withregard to the new product introductions referred to in this release,there is particular uncertainty relating to trade, competitive andconsumer reactions. Other factors, which could materially affect theresults, include the outcome of contingencies, including litigation,pending regulatory proceedings, environmental remediation and thedivestiture of assets. For a description of additional cautionarystatements, see Church & Dwight's quarterly and annual reports filedwith the SEC.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended Nine Months Ended
----------------------------------------------------------------------
(In thousands, except Sept. 30, Oct. 1, Sept. 30, Oct. 1,
per share data) 2005 2004 2005 2004
----------------------------------------------------------------------
Net Sales $ 442,743 $ 420,310 $1,305,232 $1,057,086
Cost of sales 275,213 259,721 808,564 680,259
----------------------------------------------------------------------
Gross profit 167,530 160,589 496,668 376,827
Marketing expenses 51,989 51,019 140,699 111,325
Selling, general and
administrative
expenses 61,652 56,169 175,098 132,213
----------------------------------------------------------------------
Income from Operations 53,889 53,401 180,871 133,289
Equity in earnings of
affiliates 709 1,143 3,879 13,759
Other income
(expense), net (10,494) (16,375) (30,699) (34,772)
----------------------------------------------------------------------
Income before minority
interest and taxes 44,104 38,169 154,051 112,276
Income taxes 9,514 10,764 47,397 35,379
Minority Interest (8) 4 (25) 17
----------------------------------------------------------------------
Net Income $ 34,598 $ 27,401 $ 106,679 $ 76,880
----------------------------------------------------------------------
Net Income per share -
Basic $0.54 $0.44 $1.67 $1.25
Net Income per share -
Diluted $0.51 $0.42 $1.58 $1.17
----------------------------------------------------------------------
Dividend per share $0.06 $0.06 $0.18 $0.17
Weighted average
shares outstanding -
Basic 64,102 62,005 63,698 61,641
Weighted average
shares outstanding -
Diluted 69,534 68,161 69,254 67,980
----------------------------------------------------------------------



CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)


(Dollars in thousands) Sept. 30, 2005 Oct. 1, 2004
----------------------------------------------------------------------
Assets
----------------------------------------------------------------------
Current Assets
Cash, equivalents and securities $ 159,796 $ 145,440
Accounts receivable 201,142 198,141
Inventories 159,687 152,666
Other current assets 21,545 30,531
----------------------------------------------------------------------
Total Current Assets 542,170 526,778
----------------------------------------------------------------------
Property, Plant and Equipment (Net) 332,865 330,827
Equity Investment in Affiliates 11,571 13,223
Intangibles and other assets 1,050,832 994,551
----------------------------------------------------------------------
Total Assets $ 1,937,438 $ 1,865,379
----------------------------------------------------------------------
Liabilities and Stockholders' Equity
----------------------------------------------------------------------
Short-Term Debt $ 114,662 $ 112,158
Other Current Liabilities 274,886 266,280
----------------------------------------------------------------------
Total Current Liabilities 389,548 378,438
----------------------------------------------------------------------
Long-Term Debt 646,277 789,676
Other Long-Term Liabilities 215,450 165,557
Stockholders' Equity 686,163 531,708
----------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 1,937,438 $ 1,865,379
----------------------------------------------------------------------



SUPPLEMENTARY INFORMATION
-------------------------

The following discussion addresses the reconciliations below andin this press release that reconcile non-GAAP and other measures usedin this press release to the most directly comparable GAAP measures:

Reported and Combined Adjusted Organic Net Sales

The press release provides information regarding reported andcombined organic sales adjusted to exclude the effect of foreignexchange adjustments and the impact of changes in estimates ofpromotion reserves. Management believes that the presentation ofadjusted reported and combined organic net sales is useful toinvestors because it enables them to assess, on a consistent basis,sales of Church & Dwight and unconsolidated equity investees productsthat were marketed by Church & Dwight or its unconsolidated equityinvestees during the entirety of relevant periods. In addition, theexclusion of the effect of foreign exchange adjustments and thechanges in estimates of promotion reserves is useful to investorssince they are not necessarily reflective of day-to-day operationswithin a discrete period.
(Dollars in Millions)
Three Months Ended Percent
9/30/2005 10/1/2004 Change
--------------------------------

Net Sales As Reported $ 442.7 $ 420.3 5%
Less:
Foreign Exchange (2.1) -
Reversal of Promotion
Reserves (1.1) (1.3)
-----------------------

Adjusted Net Sales $ 439.5 $ 419.0 5%


Nine Months Ended Percent
9/30/2005 10/1/2004 Change
--------------------------------

Net Sales As Reported $ 1,305.2 $ 1,057.1 23%
Plus: Armkel - 192.7
Other Equity
Investees 46.0 41.4
Less: Inter Company
Eliminations (7.3) (6.6)
-----------------------
Combined Net Sales Including
Investees 1,343.9 1,284.6 5%

Less:
Foreign Exchange (10.3) -
Reversal of Promotion
Reserves (4.9) (4.9)
-----------------------

Adjusted Combined Net Sales $ 1,328.7 $ 1,279.7 4%

Reported and Combined Adjusted Gross Profit and Reported AdjustedOperating Profit

The press release also provides information regarding reported andcombined adjusted gross profit and reported adjusted operating profit.Management believes this presentation is useful to investors becauseit eliminates accounting adjustments that are not reflective of theday to day operations within a discrete period and because thebusinesses of the Company and its unconsolidated equity investees aremanaged on a combined basis. Management uses combined performancemeasures to analyze performance and develop financial objectives.Moreover, since the results of operations of the former Armkelbusiness have been included in Church & Dwight's consolidatedstatements of income beginning on May 29, 2004, the informationenhances comparability over the relevant periods.
(Dollars in Millions)
Three Months Ended Percentage
9/30/2005 10/1/2004 Change
----------------------------------

Gross Profit As Reported $ 167.5 $ 160.6
Less:
Reversal of Promotion
Reserves (1.1) (1.3)
Plant Obsolescence Charge 2.4 -
Foreign Exchange (1.1) -
Armkel Related Inventory Charge - 6.2
-----------------------

Adjusted Gross Profit $ 167.7 $ 165.5
Percent of Adjusted Net Sales 38.2% 39.5% -130 bps


Nine Months Ended Percentage
9/30/2005 10/1/2004 Change
----------------------------------

Gross Profit As Reported $ 496.7 $ 376.8
Plus: Armkel - 109.9
Other Equity
Investees 11.6 9.7
Adjustments* 13.3 11.8
-----------------------
Combined Gross Profit Including
Investees 521.6 508.2

Less:
Reversal of Promotion
Reserves (4.9) (4.9)
Plant Obsolescence Charge 2.4 -
Foreign Exchange (5.2) -
Armkel Related Inventory Charge - 10.3
-----------------------

Adjusted Gross Profit $ 513.9 $ 513.6
Percent of Adjusted Net Sales 38.7% 40.1% -140 bps


* Adjustments include the reclassification of the administrative cost
of production planning and logistics functions that are not directly
attributable to the manufacturing process from Cost of Sales to SG&A.




(Dollars in Millions)
Three Months Ended Percent
9/30/2005 10/1/2004 Change
---------- ---------- ----------

Operating Profit As Reported $ 53.9 $ 53.4 1%
Less:
Armkel Related Inventory Charge - 6.2
Litigation 8.3 -
Plant Obsolescence Charge 2.4 -
Reversal of Promotion
Reserves (1.1) (1.3)
---------- ----------

Adjusted Operating Profit $ 63.5 $ 58.3 9%

Adjusted EBITDA

Management believes that Adjusted EBITDA is an important measureto investors because it indicates the Company's ability to generateliquidity in a fashion that will enable it to satisfy an importantfinancial covenant in the Company's principal credit agreement. Setforth below is a reconciliation of the Company's Adjusted EBITDA tonet cash flow provided by operating activities, the most directlycomparable GAAP measure.

Adjusted EBITDA

Reconciliation of Net Cash Provided By
Operating Activities to Adjusted EBITDA
(Dollars in Millions)

Net Cash Provided by Operating Activities $ 131.2
Interest Expense 32.3
Current Income Tax Provision 42.2
Change in Working Capital &
Other Liabilities 24.7
Investment Income (2.6)
Other 6.4
--------------
Church & Dwight Adjusted EBITDA $ 234.2
==============

Combined Product Line Information

The following tables reconcile the Company's reported product linenet sales, gross profit, marketing expenses, SG&A expenses andoperating profit to the combined amounts for the Company and itsunconsolidated equity investees for the quarters and nine months endedSeptember 30, 2005, and October 1, 2004. The reconciliation reflectsthe elimination of intercompany sales and the reclassification of theadministrative costs of production planning and logistics functions.Management believes this information is useful to investors becausethe businesses of the Company and its unconsolidated equity investeesare managed on a combined basis, and management uses combinedperformance measures to analyze performance and develop financialobjectives. Moreover, since the results of operations of the formerArmkel business have been included in Church & Dwight's consolidatedstatements of income beginning on May 29, 2004, the informationenhances comparability over the relevant periods.

Church & Dwight Co., Inc
Product Line Net Sales, Gross Profit and Operating Profit
Including Unconsolidated Affiliates
3rd Quarter and Nine Months 2005 vs. 2004
Dollars in Millions


Three Months Ended September 30, 2005
-----------------------------------------------
Other
CHD As Equity CHD &
Reported Armkel Affiliates Adj's** Affiliates
--------- ------- ---------- ------- ----------
Household Products $ 183.4 $ - $ - $ - $ 183.4
Personal Care Products $ 131.5 $ - $ - $ - $ 131.5
-------- ------ --------- ------ ---------
Consumer Domestic $ 314.9 $ - $ - $ - $ 314.9
Consumer International $ 74.3 $ - $ - $ - $ 74.3
-------- ------ --------- ------ ---------
Total Consumer Net
Sales $ 389.2 $ - $ - $ - $ 389.2
Specialty Products
Division $ 53.5 $ - $ 13.7 $ (2.3) $ 64.9
-------- ------ --------- ------ ---------
Total Net Sales $ 442.7 $ - $ 13.7 $ (2.3) $ 454.1

Gross Profit $ 167.5 $ - $ 2.8 $ 4.5 $ 174.8
% of Net Sales 37.8% 20.7% 38.5%

Marketing $ 52.0 $ - $ 0.1 $ - $ 52.1
% of Net Sales 11.7% 0.8% 11.5%

SG&A $ 61.6 $ - $ 1.3 $ 4.5 $ 67.4
% of Net Sales 13.9% 9.6% 14.8%

Operating Profit $ 53.9 $ - $ 1.4 $ - $ 55.3
% of Net Sales 12.2% 10.3% 12.2%



Three Months Ended October 1, 2004
-----------------------------------------------
Other
CHD As Equity CHD &
Reported Armkel Affiliates Adj's** Affiliates
--------- ------- ---------- ------- ----------
Household Products $ 174.6 $ - $ - $ - $ 174.6
Personal Care Products $ 124.6 $ - $ - $ - $ 124.6
-------- ------ --------- ------ ---------
Consumer Domestic $ 299.2 $ - $ - $ - $ 299.2
Consumer International $ 70.0 $ - $ - $ - $ 70.0
-------- ------ --------- ------ ---------
Total Consumer Net
Sales $ 369.2 $ - $ - $ - $ 369.2
Specialty Products
Division $ 51.1 $ - $ 14.0 $ (2.1) $ 63.0
-------- ------ --------- ------ ---------
Total Net Sales $ 420.3 $ - $ 14.0 $ (2.1) $ 432.2

Gross Profit $ 160.6 $ - $ 3.5 $ 4.6 $ 168.7
% of Net Sales 38.2% 25.0% 39.0%

Marketing $ 51.0 $ - $ 0.1 $ - $ 51.1
% of Net Sales 12.1% 0.7% 11.8%

SG&A $ 56.2 $ - $ 1.1 $ 4.6 $ 61.9
% of Net Sales 13.4% 7.9% 14.3%

Operating Profit $ 53.4 $ - $ 2.3 $ - $ 55.7
% of Net Sales 12.7% 16.4% 12.9%


Nine Months Ended September 30, 2005
-----------------------------------------------
Other
CHD As Equity CHD &
Reported Armkel Affiliates Adj's** Affiliates
--------- ------- ---------- ------- ----------
Household Products $ 530.0 $ - $ - $ - $ 530.0
Personal Care Products $ 389.7 $ - $ - $ - $ 389.7
-------- ------ --------- ------ ---------
Consumer Domestic $ 919.7 $ - $ - $ - $ 919.7
Consumer International $ 221.8 $ - $ - $ - $ 221.8
-------- ------ --------- ------ ---------
Total Consumer Net
Sales $1,141.5 $ - $ - $ - $ 1,141.5
Specialty Products
Division $ 163.7 $ - $ 46.0 $ (7.3) $ 202.4
-------- ------ --------- ------ ---------
Total Net Sales $1,305.2 $ - $ 46.0 $ (7.3) $ 1,343.9

Gross Profit $ 496.7 $ - $ 11.6 $ 13.3 $ 521.6
% of Net Sales 38.1% 25.3% 38.8%

Marketing $ 140.7 $ - $ 0.3 $ - $ 141.0
% of Net Sales 10.8% 0.7% 10.5%

SG&A $ 175.1 $ - $ 3.6 $ 13.3 $ 192.0
% of Net Sales 13.4% 7.9% 14.3%

Operating Profit $ 180.9 $ - $ 7.7 $ - $ 188.6
% of Net Sales 13.9% 16.8% 14.0%


Nine Months Ended October 1, 2004
-----------------------------------------------
Other
CHD As Equity CHD &
Reported Armkel Affiliates Adj's** Affiliates
--------- ------- ---------- ------- ----------
Household Products $ 509.6 $ - $ - $ - $ 509.6
Personal Care Products $ 284.6 $ 92.1 $ - $ - $ 376.7
-------- ------ --------- ------ ---------
Consumer Domestic $ 794.2 $ 92.1 $ - $ - $ 886.3
Consumer International $ 107.8 $100.6 $ - $ (0.7) $ 207.7
-------- ------ --------- ------ ---------
Total Consumer Net
Sales $ 902.0 $192.7 $ - $ (0.7) $ 1,094.0
Specialty Products
Division $ 155.1 $ - $ 41.4 $ (5.9) $ 190.6
-------- ------ --------- ------ ---------
Total Net Sales $1,057.1 $192.7 $ 41.4 $ (6.6) $ 1,284.6

Gross Profit $ 376.8 $109.9 $ 9.7 $ 11.8 $ 508.2
% of Net Sales 35.6% 57.0% 23.4% 39.6%

Marketing $ 111.3 $ 25.7 $ 0.3 $ - $ 137.3
% of Net Sales 10.5% 13.3% 0.7% 10.7%

SG&A $ 132.2 $ 45.0 $ 3.4 $ 11.8 $ 192.4
% of Net Sales 12.6% 23.4% 8.2% 15.0%

Operating Profit $ 133.3 $ 39.2 $ 6.0 $ - $ 178.5
% of Net Sales 12.6% 20.3% 14.5% 13.9%

** Adjustments include: elimination of intercompany sales with
unconsolidated affiliates, reclassification of the administrative
costs of production planning and logistics functions that are not
directly attributable to the manufacturing process, from cost of
sales to SG&A.