Toro posts increase in third quarter

The Toro Co. reported net earnings of $21.9 million or $1.68 per diluted share on net sales of $375.6 million for its fiscal third quarter ended Aug. 2, 2002. In the comparable fiscal 2001 period, the company reported net earnings of $16.9 million or $1.30 per diluted share on net sales of $329.7 million. Adjusted to reflect the company’s Nov. 1, 2001, adoption of Statement of Financial Accounting Standards No. 142, “Goodwill and other Intangible Assets,” net earnings for the third quarter of 2001 would have been $19.2 million of $1.47 per diluted share.

For the nine months ended Aug. 2, 2002, Toro reported net earnings of $30.3 million or $2.34 per diluted share on net sales of $1.1 million. Results for the first nine months of fiscal 2002 included the following previously reported three items: a one-time foreign sales corporation tax benefit of $1.8 million or 14 cents per share; a non-cash charge of $24.6 million or $1.90 per share, reflecting the cumulative effect of a change in accounting principle related to the adoption of SFAS No. 142; and restructuring and other expense of $6.7 million or 52 cents per share.

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