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The Clorox Company




Condensed Consolidated Statements of Earnings (Unaudited)
Dollars in millions, except per share amounts


                                                                  Three Months Ended                Nine Months Ended
                                                                3/31/2008       3/31/2007        3/31/2008           3/31/2007


Net sales                                                   $       1,353   $       1,241    $       3,778       $       3,503
Cost of products sold                                                 815             704            2,233               2,006


Gross profit                                                          538             537            1,545               1,497


Selling and administrative expenses                                   182             162              505                 477
Advertising costs                                                     123             121              350                 347
Research and development costs                                         27              26               78                  79
Restructuring and asset impairment costs                                7               9               34                  13
Interest expense                                                       46              28              125                  86
Other expense (income), net                                             2              (2)                   -              (9)


Earnings from continuing operations before income taxes               151             193              453                 504
Income taxes on continuing operations                                  51              64              150                 172


Earnings from continuing operations                                   100             129              303                 332


Earnings from discontinued operations                                   -               -                -                   5


Net earnings                                                $         100   $         129    $         303       $         337



Earnings per common share
    Basic
        Continuing operations                               $        0.72   $        0.85    $        2.16       $        2.20
        Discontinued operations                                         -               -                -                0.03


        Basic net earnings per common share                 $        0.72   $        0.85    $        2.16       $        2.23



    Diluted
        Continuing operations                               $        0.71   $        0.84    $        2.12       $        2.16
        Discontinued operations                                         -               -                -                0.03


        Diluted net earnings per common share               $        0.71   $        0.84    $        2.12       $        2.19



Weighted average common shares outstanding (in thousands)
    Basic                                                         138,008         151,469          140,179             151,341
    Diluted                                                       140,300         153,970          142,413             153,822




Page 1 of 3
The Clorox Company




 Segment Information
 (Unaudited)
 Dollars in millions



 Third Quarter
                                                                                         Earnings/(Losses) from Continuing
                                                    Net Sales                             Operations Before Income Taxes
                                        Three Months Ended              %               Three Months Ended                 %
                                                                              (1)                                               (1)
                                      3/31/2008         3/31/2007    Change         3/31/2008        3/31/2007        Change


 North America                    $                 $                       8%      $               $                          -3%
                                         1,143             1,056                           296               306


 International                             210               185         14%                32                38             -16%


 Corporate                                     -                 -              -        (177)              (151)            17%


 Total Company                    $      1,353      $      1,241            9%      $      151      $        193             -22%




 Year To Date                                                                            Earnings/(Losses) from Continuing
                                                    Net Sales                             Operations Before Income Taxes
                                         Nine Months Ended              %               Nine Months Ended                  %
                                                                              (1)                                               (1)
                                   3/31/2008         3/31/2007       Change         3/31/2008        3/31/2007        Change


 North America                    $                 $                       6%      $               $                          -1%
                                         3,169             2,979                           839               847


 International                                                           16%                                                   1%
                                           609               524                           107               106


 Corporate                                     -                 -              -        (493)              (449)            10%


 Total Company                    $      3,778      $      3,503            8%      $      453      $        504             -10%



 (1)
       Percentages based on rounded numbers.




Page 2 of 3
The Clorox Company




Condensed Consolidated Balance Sheets (Unaudited)
Dollars in millions
                                                       3/31/2008     6/30/2007    3/31/2007
Assets
Current assets
                                                       $             $            $
     Cash and cash equivalents                               282          182          171
     Receivables, net                                        456          460          426
     Inventories, net                                        423          309          346
     Other current assets                                    108           81           75
           Total current assets                            1,269         1,032        1,018
Property, plant and equipment, net                           943          976          965
Goodwill                                                   1,664         1,025        1,007
Trademarks, net                                              563          254          250
Other intangible assets, net                                 125           94          106
                                                             186          200          253
Other assets

                                                       $   4,750     $   3,581    $   3,599
Total assets


Liabilities and Stockholders’ (Deficit) Equity
Current liabilities
                                                       $             $            $
     Notes and loans payable                                 959           74          206
     Current maturities of long-term debt                       -         500          501
     Accounts payable                                        340          329          292
     Accrued liabilities                                     406          507          460
     Income taxes payable                                     70           17           24
           Total current liabilities                       1,775         1,427        1,483
Long-term debt                                             2,721         1,462        1,463
Other liabilities                                            596          516          556
Deferred income taxes                                        130             5            5


                                                           5,222         3,410        3,507
           Total liabilities


Contingencies
Stockholders’ (deficit) equity
                                                             159          159          159
     Common stock
                                                             518          481          452
     Additional paid-in capital
                                                             295          185           85
     Retained earnings
                                                           (1,282)        (445)        (404)
     Treasury shares
                                                            (162)         (209)        (200)
     Accumulated other comprehensive net losses

                                                            (472)         171           92
           Stockholders’ (deficit) equity

                                                       $   4,750     $   3,581    $   3,599
Total liabilities and stockholders’ (deficit) equity




Page 3 of 3

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CLOrox 1.%20Consolidated%20Earnings%20Segment%20Information%20and%20Consolidated%20Balance%20Sheets

  • 1. The Clorox Company Condensed Consolidated Statements of Earnings (Unaudited) Dollars in millions, except per share amounts Three Months Ended Nine Months Ended 3/31/2008 3/31/2007 3/31/2008 3/31/2007 Net sales $ 1,353 $ 1,241 $ 3,778 $ 3,503 Cost of products sold 815 704 2,233 2,006 Gross profit 538 537 1,545 1,497 Selling and administrative expenses 182 162 505 477 Advertising costs 123 121 350 347 Research and development costs 27 26 78 79 Restructuring and asset impairment costs 7 9 34 13 Interest expense 46 28 125 86 Other expense (income), net 2 (2) - (9) Earnings from continuing operations before income taxes 151 193 453 504 Income taxes on continuing operations 51 64 150 172 Earnings from continuing operations 100 129 303 332 Earnings from discontinued operations - - - 5 Net earnings $ 100 $ 129 $ 303 $ 337 Earnings per common share Basic Continuing operations $ 0.72 $ 0.85 $ 2.16 $ 2.20 Discontinued operations - - - 0.03 Basic net earnings per common share $ 0.72 $ 0.85 $ 2.16 $ 2.23 Diluted Continuing operations $ 0.71 $ 0.84 $ 2.12 $ 2.16 Discontinued operations - - - 0.03 Diluted net earnings per common share $ 0.71 $ 0.84 $ 2.12 $ 2.19 Weighted average common shares outstanding (in thousands) Basic 138,008 151,469 140,179 151,341 Diluted 140,300 153,970 142,413 153,822 Page 1 of 3
  • 2. The Clorox Company Segment Information (Unaudited) Dollars in millions Third Quarter Earnings/(Losses) from Continuing Net Sales Operations Before Income Taxes Three Months Ended % Three Months Ended % (1) (1) 3/31/2008 3/31/2007 Change 3/31/2008 3/31/2007 Change North America $ $ 8% $ $ -3% 1,143 1,056 296 306 International 210 185 14% 32 38 -16% Corporate - - - (177) (151) 17% Total Company $ 1,353 $ 1,241 9% $ 151 $ 193 -22% Year To Date Earnings/(Losses) from Continuing Net Sales Operations Before Income Taxes Nine Months Ended % Nine Months Ended % (1) (1) 3/31/2008 3/31/2007 Change 3/31/2008 3/31/2007 Change North America $ $ 6% $ $ -1% 3,169 2,979 839 847 International 16% 1% 609 524 107 106 Corporate - - - (493) (449) 10% Total Company $ 3,778 $ 3,503 8% $ 453 $ 504 -10% (1) Percentages based on rounded numbers. Page 2 of 3
  • 3. The Clorox Company Condensed Consolidated Balance Sheets (Unaudited) Dollars in millions 3/31/2008 6/30/2007 3/31/2007 Assets Current assets $ $ $ Cash and cash equivalents 282 182 171 Receivables, net 456 460 426 Inventories, net 423 309 346 Other current assets 108 81 75 Total current assets 1,269 1,032 1,018 Property, plant and equipment, net 943 976 965 Goodwill 1,664 1,025 1,007 Trademarks, net 563 254 250 Other intangible assets, net 125 94 106 186 200 253 Other assets $ 4,750 $ 3,581 $ 3,599 Total assets Liabilities and Stockholders’ (Deficit) Equity Current liabilities $ $ $ Notes and loans payable 959 74 206 Current maturities of long-term debt - 500 501 Accounts payable 340 329 292 Accrued liabilities 406 507 460 Income taxes payable 70 17 24 Total current liabilities 1,775 1,427 1,483 Long-term debt 2,721 1,462 1,463 Other liabilities 596 516 556 Deferred income taxes 130 5 5 5,222 3,410 3,507 Total liabilities Contingencies Stockholders’ (deficit) equity 159 159 159 Common stock 518 481 452 Additional paid-in capital 295 185 85 Retained earnings (1,282) (445) (404) Treasury shares (162) (209) (200) Accumulated other comprehensive net losses (472) 171 92 Stockholders’ (deficit) equity $ 4,750 $ 3,581 $ 3,599 Total liabilities and stockholders’ (deficit) equity Page 3 of 3