Summary
This 8-K/A filing from Deere & Company (DE) serves as an amendment to a previous report filed on November 20, 2001, primarily to correct typographical errors in financial data. The key financial information presented reflects corrections to various line items, including financing receivables, net sales and revenues across different segments, total costs and expenses, and borrowing figures. Investors should note that these are primarily corrective entries, not new operational or strategic announcements. The filing also includes updated financial statements and supplemental information for the fourth quarter and the full fiscal year ended October 31, 2001. Despite the corrective nature of this filing, the attached financial statements reveal significant financial performance for fiscal year 2001. Total net sales and revenues remained relatively flat, increasing by 1% to $13.29 billion. However, the company experienced a substantial shift in profitability, reporting a net loss of $64.0 million for the year, a stark contrast to the net income of $485.5 million in fiscal year 2000. This downturn is largely attributed to substantial "special items" costs related to early-retirement programs, exiting the hand-held consumer-products business, and restructuring of construction and forestry operations, which amounted to $344 million pre-tax, or $217 million after-tax, translating to a $0.91 per share impact.
Key Highlights
- 1Filing is an amendment to correct typographical errors in previously filed financial statements for the period ending October 31, 2001.
- 2Corrected financing receivables (net) for Financial Services as of October 31, 2000, to $10,099 million from $10,009 million.
- 3Fiscal year 2001 Net Sales and Revenues increased slightly by 1% to $13,293 million, compared to $13,137 million in fiscal year 2000.
- 4Reported a net loss of $64.0 million for the fiscal year ended October 31, 2001, a significant decline from a net income of $485.5 million in fiscal year 2000.
- 5Identified $344 million in pre-tax special item costs in fiscal year 2001 related to early-retirement programs, business exit, and restructuring.
- 6After-tax impact of these special items was $217 million, or $0.91 per diluted share.
- 7Consolidated short-term borrowings increased to $6,198.5 million as of October 31, 2001, from $5,758.5 million in the prior year.