Return On Equity: Our ROE at December 31, 2007 was 20.6%, continuing to exceed our 20% goal.
Share Repurchase: Another 1.0 million shares were acquired during Q4 2007 at an average price of $51.51 per share. Since beginning the program in late 1999, 84.0 million shares have been acquired at an average purchase price of $20.46 per share. There were 129.4 million shares outstanding at December 31, 2007. The Company expects to repurchase 6.0 million more shares, but the timing and number of shares purchased, if any, will depend upon market conditions and other factors.
Cash Flow, Working Capital and Debt: Cash flow from operations for 2007 compared to 2006 increased by $88.7 million, or 26.8%, to $419.1 million. The purchase of 4.0 million shares in 2007 used $184.3 million of cash. Capital expenditures were $79.7 million for 2007, $5.2 million higher than spending in 2006 as we've invested to upgrade our web site and in several other large information technology projects. Acquisitions used another $67.6 million of cash.
Short-term borrowings were $331.3 million at a weighted average interest rate of 4.5% and long-term debt was $207.0 million at a weighted average interest rate of 6.4% at December 31, 2007. Our debt to capital ratio at December 31, 2007 was 25.0%.
Accounts receivable days sales outstanding at December 31, 2007 were 50 days, equivalent to the December 31, 2006 level, and well below the 55 days at September 30, 2007 which was due primarily to the impact of quarter-end currency rates on accounts receivable balances and a temporary increase related to the timing of customer payments. Inventory months on hand were 7.3 months at December 31, 2007, a 3.9% improvement from the 7.6 month level at year-end 2006.
About Sigma-Aldrich: Sigma-Aldrich is a leading Life Science and High
Technology company. Our biochemical and organic chemical products and kits
are used in
|SOURCE Sigma-Aldrich Corporation|
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