--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 5(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) July 25, 2001
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
--------------------------------------------------------------------------------
1
Item 5. Other Events
------------
The Registrant files, pursuant to Regulation FD, its earnings news
release dated July 25, 2001, entitled "DuPont Reports Second Quarter 2001
Earnings," a copy of which is below. This earnings news release is also filed in
connection with Debt and/or Equity Securities that may be offered on a delayed
or continuous basis under Registration Statements on Form S-3 (No. 33-53327,
No.33-61339, No. 33-60069 and No. 333-86363).
July 25, 2001 Contact: Clif Webb
WILMINGTON, Del. 302-774-4005
r-clifton.webb@usa.dupont.com
DUPONT REPORTS SECOND QUARTER 2001 EARNINGS
-------------------------------------------
Summary
-------
. Second quarter 2001 earnings excluding one-time items were $.41 per share,
54 percent below second quarter 2000 earnings of $.90 per share.
. Net income was principally reduced by $270 million from lower volume, $190
million from higher raw material costs, and a $35 million impact from the
stronger U.S. dollar.
. One-time items in the quarter total a net charge of $.62 per share,
principally for previously announced employee terminations, facilities
shutdowns, and asset write-downs.
. Segment sales in second quarter 2001 of $7.8 billion decreased 12 percent
versus second quarter 2000, principally reflecting significantly lower
volume.
. Worldwide local currency selling prices were up 1 percent. Adverse currency
effects, principally from the weaker euro and Japanese yen, reduced second
quarter worldwide segment sales by 2 percent.
. On June 7, 2001, the company announced an agreement to sell DuPont
Pharmaceuticals to Bristol-Myers Squibb Company for $7.8 billion. On July
12, 2001, the company completed the previously announced sale of selected
U.S. polyester businesses to Alpek S.A. de C.V.
Earnings Comparisons
---------------------
($ per share diluted)
--------------------------------------------
2Q'01 2Q'00
--------------------------------------------
Underlying .41 .90
--------------------------------------------
One-Time Items (.62) (.25)
--------------------------------------------
Reported (.21) .65
--------------------------------------------
2
"Industries important to many of our customers -- electronics, automotive,
textiles and chemicals -- have been particularly affected by the economic
downturn. This has temporarily reduced fundamental demand for our products,"
said Charles O. Holliday, Jr., DuPont chairman and chief executive officer. "In
response to lower levels of business activity, we have taken actions to reduce
costs and enrich product mix, and as a result, we expect significant earnings
leverage when demand improves."
Global Sales and Income
------------------------
For the quarter, consolidated sales totaled $7.0 billion compared to $7.9
billion in 2000. Segment sales, including transfers and a pro rata share of
sales by equity affiliates, were $7.8 billion, down 12 percent from $8.8 billion
in 2000. Net income before one-time items was $432 million versus $949 million
in 2000. The earnings decline reflects significantly lower results across all
the company's segments principally due to lower U.S. sales volumes, higher raw
material costs, and a stronger U.S. dollar.
Net income including one-time items was a loss of $213 million, compared to
earnings of $688 million in the second quarter of 2000.
One-Time Items
--------------
One-time items are described in the notes to the accompanying financial
statements and are summarized in the table below:
----------------------------------------------------------------------------------------------------------------------------
$MM Pretax $MM After-Tax ($ Per Share)
----------------------------------------------------------------------------------------------------------------------------
2001 2000 2001 2000 2001 2000
----------------------------------------------------------------------------------------------------------------------------
Pioneer - Purchase Accounting (220) (138) (.13)
----------------------------------------------------------------------------------------------------------------------------
Sale of Affiliate Stock 52 34 .03
----------------------------------------------------------------------------------------------------------------------------
Benlate(R) Accrual (100) (62) (.06)
----------------------------------------------------------------------------------------------------------------------------
Employee Separations/Facility Shutdowns (743) (98) (491) (61) (.47) (.06)
----------------------------------------------------------------------------------------------------------------------------
Asset Impairments (Principally Polyester) (303) (188) (.18)
----------------------------------------------------------------------------------------------------------------------------
2nd Quarter - Total (994) (418) (645) (261) (.62) (.25)
----------------------------------------------------------------------------------------------------------------------------
Restructuring actions announced on April 2 will eliminate 5,500 employee
positions and reduce the contractor work force by 1,300. Projected annualized
cost savings are expected to exceed $400 million by the end of 2002. The
company anticipates that about one-third of these savings would be realized by
year-end 2001.
3
Segment Sales
-------------
Regional segment sales and related variances for the second quarter 2001
compared with the second quarter 2000 are summarized below:
-----------------------------------------------------------------------------------------------------------------
Segment Sales % Change Due To
-----------------------------------------------------------------------------------------------------------------
Q2'01 % Change Local Currency Pharmaceuticals/
$B vs. Q2 `00 Price Effect Volume Other*
-----------------------------------------------------------------------------------------------------------------
Worldwide 7.8 (12) 1 (2) (9) (2)
-----------------------------------------------------------------------------------------------------------------
U.S. 3.9 (16) 1 0 (14) (3)
-----------------------------------------------------------------------------------------------------------------
Europe 1.9 (4) 3 (5) (2) 0
-----------------------------------------------------------------------------------------------------------------
Asia Pacific 1.1 (7) 1 (5) (3) 0
-----------------------------------------------------------------------------------------------------------------
Canada, Mexico,
S. America 0.8 (12) (4) (2) (4) (2)
-----------------------------------------------------------------------------------------------------------------
* Includes impact from reduced ownership in DuPont Photomasks. In
addition, the Pharmaceuticals segment has been isolated for
purposes of this analysis.
. Worldwide volumes declined 9 percent, excluding the lower sales attributable
to pharmaceuticals and portfolio changes.
. U.S. second quarter sales volume (excluding Pharmaceuticals/Other) declined
14 percent principally reflecting lower volumes in the Specialty Polymers,
Nylon, Specialty Fibers and Performance Coatings & Polymers segments.
. European volume declined 2 percent with local currency prices up 3 percent.
However, the stronger dollar reduced European sales by 5 percent.
. Asia Pacific sales continue to weaken, down 7 percent, reflecting lower
volume and the negative impact of weaker currencies, particularly the
Japanese yen.
Business Segment Performance
----------------------------
The following compares second quarter 2001 results before one-time items
for each segment with those for the second quarter 2000, reflecting the segment
realignments described in note(a) to the Consolidated Segment Information
accompanying this news release.
. Performance Coatings & Polymers - Sales were 12 percent lower than 2000
reflecting lower worldwide vehicle builds and lower refinish sales, as well
as the weak euro. Increased raw material costs were a significant factor in
lower results in Engineering Polymers and Elastomers, in addition to lower
volumes. Segment ATOI declined 59 percent.
4
. Specialty Fibers - Sales and ATOI were 11 percent and 46 percent lower,
respectively. Continued earnings growth from Advanced Fiber Systems was more
than offset by lower earnings from Apparel and Textile Sciences which
declined 85 percent, adversely affected by the weak euro, higher raw material
costs, and very weak U.S. apparel and textile markets. Earnings for Nonwovens
were essentially flat on modestly higher sales.
. Specialty Polymers - Sales were down 12 percent. Segment ATOI declined 54
percent with lower earnings in all strategic business units. Electronic
Technologies and Fluoropolymers were adversely affected by the significant
slowdown in electronics and related high-technology markets. The decline in
Packaging & Industrial Polymers earnings resulted from lower volumes and
higher raw materials costs. DuPont Surfaces and Imaging Technologies results
also reflect the economic downturn.
. Pigments & Chemicals - ATOI declined 34 percent on 8 percent lower sales with
lower earnings in all strategic business units reflecting 7 percent lower
worldwide volume. Segment earnings were also negatively affected by higher
raw material and energy costs in White Pigment & Mineral Products and DuPont
Chemical Solutions Enterprise.
. Polyester - Sales were 11 percent lower, reflecting depressed conditions in
worldwide markets. Margins continue to be reduced by higher raw material and
energy costs. The second quarter loss was $17 million.
. Nylon - Sales decreased 12 percent with ATOI down 97 percent, principally
reflecting the impact of 23 percent lower U.S. volumes and higher raw
material costs. Sales declines were principally due to lower flooring
volumes, particularly in the United States.
. Agriculture & Nutrition - ATOI declined 26 percent on 8 percent lower sales.
Pioneer sales were $771 million, down 4 percent, while remaining sales in the
segment were down 12 percent. Crop Protection earnings were principally
affected by lower U.S. volumes and by currency in Europe and Asia.
. Pharmaceuticals - ATOI was $10 million versus $51 million last year,
primarily due to 23 percent lower sales. The DuPont share of
Cozaar(R)/Hyzaar(R) U.S. operating profits increased this quarter versus last
year. Major product sales are shown below:
---------------------------------------------------------------------------------------------
($ in millions) 2Q 2001 1Q 2001 2Q 2000
---------------------------------------------------------------------------------------------
Coumadin(R) 52 26 69
---------------------------------------------------------------------------------------------
Sustiva(TM) 87 55 141
---------------------------------------------------------------------------------------------
Cardiolite(R)/Miraluma(TM) 53 18 62
---------------------------------------------------------------------------------------------
Outlook
-------
The company maintains a cautious view of the broader business environment
in the second half of 2001, characterized by the following key elements:
. It does not appear that the second quarter marked the bottom of the current
economic downturn, and we expect conditions to continue to deteriorate into
the third quarter.
5
. We expect the U.S. economy to stabilize, but not to materially improve, by
the fourth quarter this year. We believe that any modest upturn in the U.S.
is likely to be offset by further declines in Europe, Asia, and South
America. We also expect the electronics markets to continue to decline
through the fourth quarter of 2001.
. Although we are hopeful that the burgeoning financial crisis in Argentina and
Brazil will not spread, we do expect it to affect fourth quarter southern
hemisphere agricultural sales and our other businesses in the region.
. For the second half of 2001, the company expects the purchased costs for raw
materials to remain at approximately current levels and the U.S. dollar to
stay in roughly its current exchange range versus trade weighted average
currencies.
Based on this view, the company anticipates that the third quarter 2001
will be substantially more challenging than the second quarter, as judged by
year-over-year earnings per share (EPS) comparisons. Accordingly, the company
expects earnings comparisons in the third quarter to show a sequential decline
at least as great as that seen in the second quarter. The company does expect
some mitigation of these downward trends in the fourth quarter of 2001, due to
savings from its restructuring activities and assuming stabilization in the U.S.
manufacturing sector.
"We cannot control the economy, but we can control how we operate," said
Holliday. "In today's economy that means accelerating cost savings from
restructuring, strictly limiting discretionary spending, reducing capital
expenditures and intensely focusing on stimulating sales into global markets."
Forward-Looking Statements: This news release contains forward-looking
statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about the
future, including statements about the company's strategy for growth, product
development, market position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors, including those discussed more fully elsewhere
in this release and in documents filed with the Securities and Exchange
Commission by DuPont, particularly its latest annual report on Form 10-K and
quarterly report on Form 10-Q, as well as others, could cause results to differ
materially from those stated. These factors include, but are not limited to
changes in the laws, regulations, policies and economic conditions, including
inflation, interest and foreign currency exchange rates, of countries in which
the company does business; competitive pressures; successful integration of
structural changes, including restructuring plans, acquisitions, divestitures
and alliances; cost of raw materials, research and development of new products,
including regulatory approval and market acceptance; and seasonality of sales of
agricultural products.
# # #
7/25/01
6
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended Six Months Ended
CONSOLIDATED INCOME STATEMENT June 30 June 30
------------------------------ ------------------------------
(Dollars in millions, except per share) 2001 2000 2001 2000
------------ ----------- ------------- ------------
SALES $6,997 $7,914 $13,856 $15,507
Other Income(a) 216 218 386 566
------------ ----------- ------------- ------------
Total 7,213 8,132 14,242 16,073
------------ ----------- ------------- ------------
Cost of Goods Sold and Other Expenses(b) 4,615 5,028 9,101 9,884
Selling, General and Administrative Expenses 825 809 1,582 1,566
Depreciation 340 353 667 704
Amortization of Goodwill and Other Intangible Assets 113 109 225 216
Research and Development Expense 437 460 847 881
Interest and Debt Expense 166 210 344 411
Purchased In-Process Research and Development(c) - - - (11)
Employee Separation Costs and Write-Down of Assets(d) 1,046 98 1,046 98
------------ ----------- ------------- ------------
Total 7,542 7,067 13,812 13,749
------------ ----------- ------------- ------------
INCOME (LOSS) BEFORE INCOME TAXES AND
MINORITY INTERESTS (329) 1,065 430 2,324
Provision for Income Taxes (139) 355 133 794
Minority Interests in Earnings of Consolidated Subsidiaries 23 22 26 39
------------ ----------- ------------- ------------
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF A
CHANGE IN ACCOUNTING PRINCIPLE (213) 688 271 1,491
Cumulative Effect of a Change in Accounting Principle,
Net of Income Taxes(e) - - 11 -
------------ ----------- ------------- ------------
NET INCOME (LOSS) $ (213) $ 688 $ 282 $ 1,491
============ =========== ============= ============
---------------------------------------------------------------------------------------------------------------------------------
BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK(f)(g)
Income (Loss) before Cumulative Effect of a Change in
Accounting Principle $ (.21) $ .66 $ .26 $ 1.42
Cumulative Effect of a Change in Accounting Principle - - .01 -
------------ ----------- ------------- ------------
Net Income (Loss) $ (.21) $ .66 $ .27 $ 1.42
============ =========== ============= ============
DILUTED EARNINGS (LOSS) PER SHARE OF COMMON STOCK(f)
Income (Loss) before Cumulative Effect of a Change in
Accounting Principle $ (.21) $ .65 $ .25 $ 1.41
Cumulative Effect of a Change in Accounting Principle - - .01 -
------------ ----------- ------------- ------------
Net Income (Loss) $ (.21) $ .65 $ .26 $ 1.41
============ =========== ============= ============
DIVIDENDS PER SHARE OF COMMON STOCK $ .35 $ .35 $ .70 $ .70
============ =========== ============= ============
7
FOOTNOTES TO CONSOLIDATED INCOME STATEMENT
------------------------------------------
(a) Second quarter 2001 includes a $52 gain resulting from the Company's sale
of stock that reduced its ownership interest in DuPont Photomasks. Year-
to-date 2000 includes a $176 gain resulting from the sale of certain equity
securities classified as available for sale.
(b) In accordance with purchase accounting rules applied to the acquisition of
the remaining 80 percent ownership interest in Pioneer on October 1, 1999,
Pioneer inventory was increased to fair value. This inventory step-up
generated noncash charges to cost of goods sold as the inventory on hand at
the acquisition date was sold. Year-to-date 2001 charges were $133.
Second quarter and year-to-date 2000 charges were $220 and $567,
respectively.
During second quarter 2000, a charge of $100 was also recorded to increase
the Company's reserve for "Benlate" 50 DF fungicide litigation.
(c) Purchased in-process research and development represents the value assigned
in a purchase business combination to research and development projects of
the acquired business that were commenced but not yet completed at the date
of acquisition, for which technological feasibility has not yet been
established, and which have no alternative future use in research and
development activities or otherwise. Year-to-date 2000 includes a credit
of $11 that was recorded based on revisions of preliminary purchase price
allocations associated with the Pioneer acquisition.
(d) Second quarter 2001 charges of $1,046 include $441 associated with
separation costs for approximately 5,500 employees, $303 for asset
impairments (principally the write-down of polyester assets to be sold to
Alpek), and $302 related to the shutdown and dismantlement of several
facilities.
Second quarter 2000 charges of $98 result from the continued restructuring
of the performance coatings businesses. This includes charges of $73
attributable to employee separation costs for about 1,000 employees, $13
for the shutdown of related manufacturing facilities, and $12 for other
exit costs.
(e) On January 1, 2001, the company adopted SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities," as amended.
(f) Earnings per share are calculated on the basis of the following average
number of common shares outstanding:
Three Months Ended Six Months Ended
June 30 June 30
------------------------------- ------------------------------
Basic Diluted Basic Diluted
------------- ---------------- ------------ --------------
2001 1,041,759,701 1,041,759,701 1,041,962,856 1,047,878,439
2000 1,045,857,572 1,053,658,428 1,046,447,044 1,055,367,888
(g) Year-to-date earnings per share do not equal the sum of quarterly earnings
per share due to changes in average share calculations.
8
E. I. DUPONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended Six Months Ended
CONSOLIDATED SEGMENT INFORMATION(a) June 30 June 30
------------------------------ -----------------------------
(Dollars in millions) 2001 2000 2001 2000
------------ ----------- ------------ ------------
SEGMENT SALES(b)
-------------
Agriculture & Nutrition $1,517 $1,650 $ 3,055 $ 3,199
Nylon 708 804 1,382 1,553
Performance Coatings & Polymers 1,514 1,716 2,972 3,369
Pharmaceuticals 304 394 509 783
Pigments & Chemicals 952 1,038 1,903 1,998
Polyester 543 613 1,046 1,129
Specialty Fibers 1,141 1,284 2,327 2,600
Specialty Polymers 1,009 1,151 2,048 2,242
Other 81 143 162 266
------------ ----------- ------------ ------------
Total Segment Sales 7,769 8,793 15,404 17,139
Elimination of Intersegment Transfers (127) (177) (273) (336)
Elimination of Equity Affiliate Sales (654) (703) (1,282) (1,298)
Miscellaneous 9 1 7 2
------------ ----------- ------------ ------------
CONSOLIDATED SALES $6,997 $7,914 $13,856 $15,507
------------ ----------- ------------ ------------
AFTER-TAX OPERATING INCOME (LOSS)(c)
---------------------------------
Agriculture & Nutrition(d) $ 126 $ 78 $ 292 $ 216
Nylon (141) 74 (124) 141
Performance Coatings & Polymers(e) 17 129 149 308
Pharmaceuticals 10 51 (54) 105
Pigments & Chemicals 93 186 217 350
Polyester (281) 8 (289) 12
Specialty Fibers 74 191 225 418
Specialty Polymers 53 183 183 348
Other(f) (7) 6 (4) 6
------------ ----------- ------------ ------------
Total Segment ATOI (56) 906 595 1,904
Interest & Exchange Gains and Losses (88) (136) (185) (259)
Corporate Expenses (69) (82) (139) (154)
------------ ----------- ------------ ------------
INCOME (LOSS) FROM OPERATIONS $ (213) $ 688 $ 271 $ 1,491
============ =========== ============ ============
9
FOOTNOTES TO CONSOLIDATED SEGMENT INFORMATION
---------------------------------------------
(a) Certain reclassifications of segment data have been made to reflect changes
in organizational structure. The Agriculture & Nutrition segment now
includes the Pioneer business. The Specialty Fibers segment now includes the
new Apparel & Textile Sciences SBU, which comprises the former Lycra(R)
business, nylon apparel and specialty textile businesses, and the polyester
branded specialties businesses.
(b) Includes pro rata share of equity affiliate sales and intersegment
transfers. Excludes sales of intermediates by DuPont to joint ventures
within the Nylon and Polyester segments.
(c) Second quarter 2001 charges of $679 result from employee terminations,
facility shutdowns, and asset impairments in the following segments:
Agriculture & Nutrition - $80; Nylon - $143; Performance Coatings &
Polymers -$60; Pigments & Chemicals - $30; Polyester - $264; Specialty
Fibers - $30; Specialty Polymers - $32; and Other - $40.
(d) Second quarter 2000 includes a charge of $138 resulting from the sale of
acquired Pioneer inventories which, in accordance with purchase accounting
rules, were recorded at fair value on October 1, 1999 and a charge of $62 to
increase the Company's reserve for "Benlate" 50 DF fungicide litigation.
Year-to-date 2001 and 2000 include noncash charges of $83 and $353,
respectively, resulting from the sale of acquired Pioneer inventories.
Year-to-date 2000 also includes the $62 charge for "Benlate" litigation
discussed above, a $109 gain resulting from the sale of certain equity
securities classified as available for sale, and a credit of $11 to reduce
the preliminary purchase price allocated to acquired in-process research and
development.
(e) Second quarter 2000 includes a charge of $61 related to employee separation
costs for about 1,000 employees, the shutdown of related manufacturing
facilities, and other exit costs.
(f) Second quarter 2001 includes a gain of $34 resulting from the Company's sale
of stock that reduced its ownership interest in DuPont Photomasks.
10
E. I. DUPONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
SEGMENT SALES(a)
(2nd QUARTER 2001 VS. 2nd QUARTER 2000)
Segment Sales
Three Months Ended Percentage Change Due to:
June 30 -------------------------
------------------------------ U.S. $
$ % Change Price Volume Other(b)
----------- -------------- --------- ------------ --------------
Agriculture & Nutrition $1,517 (8) (3) (5)
Nylon 708 (12) 1 (13)
Performance Coatings & Polymers 1,514 (12) (1) (11)
Pharmaceuticals 304 (23) 0 (23)
Pigments & Chemicals 952 (8) (1) (7)
Polyester 543 (11) 1 (12)
Specialty Fibers 1,141 (11) (3) (8)
Specialty Polymers 1,009 (12) 0 (12)
Other 81 (43) 0 0 (43)
-----------
Total $7,769 (12) (2) (9) (1)
===========
___________________________
(a) Includes intersegment transfers and pro rata share of equity affiliate
sales.
(b) Reflects reduced interest in DuPont Photomasks, Inc.
SEGMENT INFORMATION Three Months Ended Six Months Ended
EXCLUDING IMPACT OF ONE-TIME ITEMS - June 30 June 30
----------------------------------- ---------------------------------
(Dollars in millions) 2001 2000 % Chg. 2001 2000 % Chg.
--------- --------- ---------- --------- -------- -----------
AFTER-TAX OPERATING INCOME (LOSS)
Agriculture & Nutrition $ 206 $ 278 (26) $ 455 $ 511 (11)
Nylon 2 74 (97) 19 141 (87)
Performance Coatings & Polymers 77 190 (59) 209 369 (43)
Pharmaceuticals 10 51 (80) (54) 105 N/M
Pigments & Chemicals 123 186 (34) 247 350 (29)
Polyester (17) 8 N/M (25) 12 N/M
Specialty Fibers 104 191 (46) 255 418 (39)
Specialty Polymers 85 183 (54) 215 348 (38)
Other (1) 6 N/M 2 6 (67)
------- -------- -------- --------
Total Segment ATOI 589 1,167 (50) 1,323 2,260 (41)
Interest & Exchange Gains (Loss) (88) (136) (185) (259)
Corporate Expenses (69) (82) (139) (154)
------- -------- -------- --------
INCOME FROM OPERATIONS $ 432 $ 949 (54) $ 999 $1,847 (46)
======= ======== ======== ========
11
E. I. DUPONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
FINANCIAL SUMMARY
-----------------
(Dollars in millions, except per share)
Three Months Ended Six Months Ended
June 30 June 30
-------------------------------------------- --------------------------------------
2001 2000 % Chg. 2001 2000 % Chg.
----------- ----------- ------------ ------------ ------------ -------
Selected Income Statement Data -
Excluding Impact of One-Time Items
And Cumulative Effect of a Change
In Accounting Principle
Consolidated Sales $6,997 $7,914 (12)% $13,856 $15,507 (11)%
Segment Sales 7,769 8,793 (12) 15,404 17,139 (10)
Segment ATOI 589 1,167 (50) 1,323 2,260 (41)
EBIT 846 1,709 (51) 1,932 3,345 (42)
EBITDA 1,299 2,171 (40) 2,824 4,265 (34)
Income from Operations 432 949 (54) 999 1,847 (46)
EPS - Diluted 0.41 0.90 (54) 0.95 1.75 (46)
2nd Quarter 2001 Vs.
2nd Quarter 2000
----------------
Segment ATOI Variance Analysis -
Excluding Impact of One-Time Items
----------------------------------
Local Prices $ 35
Volume (270)
Costs (315)
Currency (35)
Other 7
-----
Total $(578)
=====
Six Sigma Estimated Annualized Benefits - $ Pretax
--------------------------------------------------
From Ongoing Projects $ 600
From Completed Projects $ 650
12
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
E. I. DUPONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
-----------------------------------------
D. B. Smith
Assistant Controller
July 25, 2001
13