MCCORMICK & COMPANY 2004 ANNUAL REPORT 18. SELECTED QUARTERLY DATA (UNAUDITED) (millions except per share data) First Second Third Fourth 2004 Net sales $572.4  $596.2 $613.5 $744.1 Gross profit 221.7 231.9 239.2 315.1 Operating income 61.4 69.7 74.0 127.6 Net income 38.1 42.9 46.2 87.3 Basic earnings per share .28 .31 .34 .64 Diluted earnings per share .27 .30 .33 .62 Dividends paid per share – Common Stock and  Common Stock Non Voting .14 .14 .14 .14 Market Price – Common Stock High 31.25 35.45 35.97 37.50 Low 28.86 31.22 32.40 33.10 Market price – Common Stock  Non Voting High 31.27 35.56 36.07 37.41 Low 28.84 31.00 32.25 33.14 2003 Net sales $485.4 $527.9 $557.6 $698.7 Gross profit 186.1 197.8 212.5 302.2 Operating income 55.0 56.4 62.7 121.4 Net income from  continuing operations 33.4 38.5 40.1 87.2 Net income 35.1 40.0 51.3 84.4 Basic earnings per share Continuing operations .24 .28 .29 .63 Discontinued operations .01 .01 .01 – Gain on sale of  discontinued operations – – .07 – Cumulative effect  – – – (.02) Net income .25 .29 .37 .61 Diluted earnings per share Continuing operations .23 .27 .28 .61 Discontinued operations .01 .01 .01 – Gain on sale of  discontinued operations – – .07 – Cumulative effect  – – – (.01) Net income .25 .28 .36 .59 Dividends paid per share – Common Stock and  Common Stock Non Voting .11 .11 .12 .12 Market Price – Common Stock High 24.00 26.50 26.80 30.15 Low 22.05 23.00 25.35 26.26 Market price – Common Stock  Non Voting High 24.04 26.90 27.40 30.21 Low 22.10 23.11 25.30 26.43 In the second quarter of 2004, the Company settled a class action lawsuit in the Company’s favor, resulting in a net one- time gain of $8.7 million, included in special charges/(credits). See Note 4 for further information. In the fourth quarter of 2003, the Company consolidated the lessor of a leased distribution center in accordance with the provisions of FASB Interpretation No. 46, resulting in a cumulative effect of an accounting change of $(2.1) million, net of tax. See Note 1 for further information. Also in the fourth quarter of 2003, the Company sold its interest in non-strategic royalty agreements, which resulted in a one-time gain of  $5.2 million. In the third quarter of 2003, the Company disposed of its U.K. brokerage business and its packaging segment, result- ing in a net gain of $9.0 million. Financial information for previous quarters was reclassified to present the results of these discontinued operations separately from continuing operations. Refer to Note 3 for further information. 55