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POTASH CORP OF SASKATCHEWAN INC - 10-Q - 20040507 - INCOME_STATEMENT
These interim consolidated financial statements
do not include all disclosures normally provided in annual
consolidated financial statements and should be read in
conjunction with the most recent annual consolidated financial
statements. In management’s opinion, the unaudited
consolidated financial information includes all adjustments
(consisting solely of normal recurring adjustments) necessary to
present fairly such information. Interim results are not
necessarily indicative of the results expected for the fiscal
year.
Potash Corporation of Saskatchewan
Inc.
Consolidated Statements of Operations and
Retained Earnings
(in millions of US dollars except per-share
amounts)
(unaudited)
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Three Months Ended
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March 31
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2004
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2003
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Sales
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$
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728.4
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$
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661.8
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Less: Freight
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58.1
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64.4
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Transportation
and distribution
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23.0
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23.0
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Cost
of goods sold
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523.3
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493.3
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Gross Margin
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124.0
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81.1
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Selling and administrative
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26.2
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23.7
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Provincial mining and other taxes
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15.1
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18.1
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Provision for plant shutdowns
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—
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2.2
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Foreign exchange (gain) loss
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(8.2
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16.9
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Other income
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(6.9
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(4.5
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26.2
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56.4
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Operating Income
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97.8
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24.7
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Interest Expense
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22.1
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19.4
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Income Before Income Taxes
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75.7
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5.3
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Income Taxes (Note 7)
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25.0
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2.1
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Net Income
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50.7
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3.2
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Retained Earnings, Beginning of
Period
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462.8
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641.4
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Dividends
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(13.5
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(13.0
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Retained Earnings, End of Period
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$
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500.0
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$
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631.6
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Net Income Per Share (Note 8)
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Basic
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$
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0.95
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$
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0.06
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Diluted
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$
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0.94
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$
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0.06
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Dividends Per Share
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$
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0.25
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$
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0.25
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