Exhibit 1

Financial Ratios for Selected Consumer Products Companies

American
Bristol-Myers Home
Kimberly- Johnson & Procter &
Gillette
Squibb
Products
Clark
Johnson
Gamble
(12/31/94)
(12/31/94)
(12/31/94) (12/31/94)
(1/1/95)
(6/30/95)
1. Profitability Ratios
Profit margin
Return on assets
Return on equity

11.50%
13.65%
39.93%

15.37%
15.06%
31.64%

17.04%
10.88%
37.59%

7.27%
9.35%
21.18%

12.75%
14.99%
31.62%

7.91%
10.95%
27.24%

2. Activity Ratios
Asset turnover
Days' receivables
Inventory turnover

114.57%
78
2.45

95.83%
59
2.30

61.07%
77
1.74

112.45%
39
6.23

112.75%
55
2.73

124.61%
36
6.20

1.72
27.29
183

1.26
38.57
77

4.09
18.65
64

1.59
7.29
25

1.20
19.88
67

1.66
9.20
50

1.54
0.80

1.57
1.04

1.69
0.94

0.88
0.42

1.57
0.77

1.25
0.66

26
1.39%

19
5.03%

15
4.52%

16
3.26%

20
2.26%

20
2.30%

3. Leverage Ratios
Debt to equity
Times interest earned
Days' payables
4. Liquidity Ratios
Current ratio
Quick ratio
5. Market Ratios
Price earnings ratio
Dividend yield

Average
of Six
Companies

11.97%
12.48%
31.53%

103.55%
57
3.61

1.92
20.15
78

1.42
0.77

19
3.13%

Exhibit 2

Common Size Balance Sheets for Selected Consumer Products Companies

American
Bristol-Myers
Home
KimberlyGillette
Squibb
Products
Clark
(12/31/94)
(12/31/94)
(12/31/94) (12/31/94)
Total current assets
Land, builidings and equipment
Other assets
Total assets

50.00%
25.68
24.32
100.0%

51.97%
28.40
19.63
100.0%

36.08%
17.59
46.33
100.0%

26.95%
62.52
10.53
100.0%

Total current liabilities

Long-term debt
Deferred income taxes
Other liabilities
Total liabilities

32.46%
13.01
3.40
14.42
63.29

33.11%
4.99
17.72
55.82

21.31%
46.01
4.50
8.55
80.37

30.66%
13.85
9.13
7.73
61.37

11.12
51.51
-19.06

3.49
58.87
-15.85

5.18
14.89
0.00

3.41
40.99
-1.15

-6.86

-2.33

-0.44

-4.62

36.71

44.18

19.63

38.63

100.0%

100.0%

100.0%

100.0%

Common stock
Retained earnings
Common stock in treasury
Cumulative foreign exchange
earnings adjsutments
Total equity
Total liabilities and stockholders' equity
Total assets ($ millions)

$ 5,494.0

12,910.0

$ 21,674.0

$ 6,716.0

Johnson & Procter &

Average
Johnson
Gamble
of Six
(1/1/95)
(6/30/95) Companies
42.63%
31.34
26.03
100.0%

38.55%
39.20
22.25
100.0%

41.03%
34.12
24.85
100.0%

27.23%
14.03
0.83
12.45
54.54

30.75%
18.35
1.89
11.36
62.35

29.25%
18.37
3.29
12.04
62.95

4.43
57.23
-15.98

11.71
25.71
0.00

6.56
41.53
-8.67

-0.22

0.23

-2.37

45.46

37.65

37.05

100.0%

100.0%

100.0%

$ 15,668.0

$ 28,125.0

Exhibit 3

Common Size Income Statements for Selected Consumer Products Companies

Gillette
(12/31/94)
Sales

Bristol-Myers
Squibb
(12/31/94)

American
Home
Products
(12/31/94)

100.0%

100.0%

100.0%

Costs and expenses

Cost of sales
SG&A
Interest expense
Total costs and expenses

36.61
43.19
0.69
80.49

26.05
53.33
0.57
79.95

31.18
44.54
1.28
77.00

Operating income
Other income

19.51
-1.32

20.05
1.27

23.00
-0.36

18.19

21.32

22.64

6.69

5.95

5.60

11.50

15.37

17.04

0.00

0.00

0.00

11.50

15.37

17.04

Income before taxes

Income taxes
Income from continuing operations
Discontinued operations
Net earnings
% of revenue by marketing segment

Blades/
razors
39%
Personal
care
26%
Stationery
products 12%
Household
appliances 23%

Pharmaceutical Health
(58%) care
(88%)
Medical
Food
devices (14%)
products (11%)
Nonprescription Agricultural
health (17%)
(1%)
Beauty aids
(11%)

KimberlyClark
(12/31/94)

Johnson &
Johnson
(1/1/95)

Procter &
Gamble
(6/30/95)

Average
of Six
Companies

100.0%

100.0%

100.0%

100.0%

66.88
22.00
1.75
90.63

33.68
48.76
0.90
83.34

58.69
28.81
1.46
88.96

42.18
40.11
1.11
83.40

9.37
0.69

16.66
0.38

11.04
0.92

16.61
0.26

10.06

17.04

11.96

16.87

3.76

4.29

4.05

4.06

6.30

12.75

7.91

11.81

-0.96

0.00

0.00

-0.16

7.27

12.75

7.91

11.97

Disposable
Consumer
(33%)
diapers
(23%)
Pharmaceutical
Household
(33%)
tissue
(24%)
Professional
Feminine care
(34%)
(10%)
Other
(43%)

Laundry and
cleaning
Paper
Beauty care

(32%)
(28%)
(19%)

Food and
beverage
Health care

(12%)
(9%)

Exhibit 4

Income Statements for Selected Consumer Products Companies ($ in millions)

Sales

American
Bristol-Myers Home
KimberlyGillette
Squibb
Products
Clark
(12/31/94)
(12/31/94)
(12/31/94) (12/31/94)

Johnson &
Johnson
(1/1/95)

6,070

11,984

8,966

7,364

15,734

Costs and expenses

Cost of sales
SG&A
Interest expense
Total costs and expenses

2,222
2,622
42
4,886

3,122
6,391
68
9,581

2,796
3,993
115
6,904

4,925
1,620
129
6,674

5,299
7,672
142
13,113

Operating income
Other income

1,184
-80

2,403
152

2,062
-32

690
51

2,621
60

1,104

2,555

2,030

741

2,681

Income taxes

406

713

502

277

675

Income from continuing operations

698

1,842

1,528

464

2,006

Income before taxes

Discontinued operations
Net earnings

-71
$

698

1,842

1,528

535

2,006

Procter &
Gamble
(6/30/95)
$

33,434

19,623
9,632
488
29,743
3,691
309
4,000
1,355
2,645

2,645

Exhibit 5

Balance Sheet for Selected Consumer Products Companies ($ in millions)

American
Bristol-Myers Home
KimberlyGillette
Squibb
Products
Clark
(12/31/94)
(12/31/94)
(12/31/94) (12/31/94)
Total current assets
Land, buildings and equipment
Other assets
Total assets

Total current liabilities

Long-term debt
Deferred income taxes
Other liabilities
Total assets

Common stock
Retained earnigns
Common stock in treasury
Cumulative foreign exchange
earnings adjsutments
Total equity
Total liabilities and stockholders' equity

2,747 $
1,411
1,336
5,494 $

6,710 $ 7,821 $
3666
3812
2534
10041
12,910 $ 21,674 $

1,783 $
715
187
792
3,477 $

4,274 $
644

611
2,830
-1,047

451
7,600
-2,046

1,123
3,226

229
2,753
-77

-377

-301

-95

-310

2,017

5,704

4,254

2,595

5,494

4,618 $
9,973
975
2,288
1,854
7,206 $ 17,420 $

1,810
4199
707
6,716

12,910

$ 21,674

2,059
930
613
519
4,121

6,716

Johnson & Procter &

Johnson
Gamble
(1/1/95)
(6/30/95)
$

$
$

6,680 $ 10,842
4910
11,026
4078
6,257
15,668 $ 28,125
4,266 $ 8,648
2,199
5,161
130
531
1,951
3,196
8,546 $ 17,536
694
8,966
-2,503

3,293
7,231

-35

65

7,122

10,589

15,668

$ 28,125

Exhibit 3

Common Size Income Statements for Selected Consumer Products Companies

1996

1995

Sales

8749

8358

Costs and expenses

Cost of sales
SG&A
Interest expense
Total costs and expenses

4451
3146
197
7794

4353
3436
205
7994

955

364

955

364

Income taxes

320

192

Income from continuing operations

635

172

635

172

21.4
146.6
4.185539
1.88
92.25

21.6
145.2
1.035813
1.76
70.25

Operating income
Other income
Income before taxes

Discontinued operations
Net earnings
% of revenue by marketing segment

preffered stock dividend(net of related t

weighteage avg no of shares
EPS
dividend pers share
common stock- closing price

31-Dec-96

31-Dec-95

31-Dec-94

Total current assets

Land, buildings and equipment
Other assets
Total assets

2,372
2,429
3,100
7,901

2,360
2,155
3,126
7,641

Total current liabilities

Long-term debt
Deferred income taxes
Other liabilities
Total assets

1,904
2787
234
942
5,867

1,753
2992
237
980
5,962

Common stock
Retained earnigns
Common stock in treasury
Cumulative foreign exchange
earnings adjsutments
Total equity

2,178
1,988
1,977
6,142

1,529
1751.5
295.4
743.4
4,319.50

1678
2,360
-1469

1620
2,014
-1442

1612
2,113
-1462.4

-535

-513

-439.3

2,034

1,679

1,823

Total liabilities and stockholders' equity $

7,901

cash
receivable (not of allowance)
inventory
accounts payable

248.2
1064.4
770.7
751.7

7,641

208.8
116.9
74.8
738.7

6,142

169.9
10496
713.9
694.9

1. Profitability Ratios
Profit margin
Return on assets
Return on equity
2. Activity Ratios
Asset turnover
Days' receivables
Inventory turnover
3. Leverage Ratios
Debt to equity
Times interest earned
Days' payables
4. Liquidity Ratios
Current ratio
Quick ratio
5. Market Ratios
Price earnings ratio
Dividend yield

1996

1995

7.257972 2.057909
9.69%
4.28%
34.2
9.82

1.13 $
46
5.76

2.88
5.85
61.17

average of 6 companies

11.97
12.48
31.53

1.21
47
5.85

1.04
57
3.61

3.55
2.78
59.27

1.92
20.15
78

1.245798 1.346264

22.04017 67.82114
0.020379 0.025053

avg of 7 companies

10.14
11

Sales

100.00

Costs and expenses

Cost of sales
4451
SG&A
3146
Interest expense
197
Total costs and expenses
7794
Operating income
Other income

8358

4353
3436
205
7994

955

364

Income before taxes 955

364

Income taxes

320

Income from continuing operations

635

192
172