Summary
3M Company (MMM) filed an 8-K on January 20, 2004, reporting its fourth quarter and full-year 2003 sales and earnings results. The filing primarily furnished a press release detailing these financial outcomes. Investors should note that 3M also presented non-GAAP financial results, excluding "special items," which the company believes offer a more useful perspective on ongoing operational trends. These non-GAAP measures are not recognized under U.S. GAAP and may not be comparable to similar measures from other companies, but 3M commits to providing reconciliations to GAAP figures.
Key Highlights
- 13M announced its Q4 and full-year 2003 financial results via an 8-K filing dated January 20, 2004.
- 2The company's results were presented using both U.S. Generally Accepted Accounting Principles (GAAP) and a non-GAAP basis that excludes 'special items'.
- 33M stated its belief that excluding special items provides a more useful analysis of ongoing operating trends.
- 4Special items are defined as significant charges or credits impacting the understanding of the company's ongoing operations.
- 5The company will continue to provide reconciliations between its non-GAAP and GAAP financial reporting.
- 6Non-GAAP earnings per share and other amounts before special items are not recognized under U.S. GAAP.
- 7The determination of 'special items' may not be comparable to similarly titled measures used by other companies.