UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): August 12, 2003
Commission file number: 1-07151
THE CLOROX COMPANY
 (Exact name of registrant as specified in its charter)

Delaware	
(State or other jurisdiction of	
incorporation or organization)	

1-07151	31-0595760	
(Commission File Number)	(I.R.S. Employer Idenfification No.)	

1221 Broadway , Oakland, California 94612-1888 
 (Address of principal executive offices)    (Zip code)
(510) 271-7000 
 (Registrant's telephone number, including area code)

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

         On August 12, 2003, The Clorox Company (the "Company") issued a news release with respect to earnings for the fiscal year ended June 30, 2003. 
Exhibit

99. News Release by The Clorox Company dated August 12, 2003.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

                                                                        THE CLOROX COMPANY

Date:  August 12, 2003                                      By:  /s/ PETER D. BEWLEY
                                                                               Peter D. Bewley
                                                                               Senior Vice President – General Counsel
                                                                               and Secretary

 
Clorox Earns $2.23 for 63% EPS Growth in Fiscal 2003;
Fourth-Quarter EPS Up 8%;
Confirms Fiscal 2004 Outlook

OAKLAND, Calif., Aug. 12, 2003 – The Clorox Company (NYSE:CLX) (PSE:CLX) today announced that strong gross margins, working capital and cash flows contributed to the company’s results for its fiscal fourth quarter and year, which ended June 30, 2003.
In accordance with generally accepted accounting principles in the United States (GAAP), the company reported fourth-quarter net earnings of $149 million, or 68 cents per diluted share, compared with prior-year fourth-quarter net earnings of $145 million, or 63 cents per diluted share, which represents an increase of 5 cents per diluted share, or 8 percent.
For the fiscal year, Clorox reported net earnings of $493 million (GAAP), or $2.23 per diluted share, compared with year-ago net earnings of $322 million, or $1.37 per diluted share, which represents an increase of 86 cents, or 63 percent.
“Clorox people delivered another solid quarter and a very strong year, demonstrating the effectiveness of our strategies and the organization’s focus on growth, innovation and margin expansion,” said President and CEO Jerry Johnston. “The results of their efforts are clearly reflected throughout our earnings statement and balance sheet, and in fiscal 2003, we achieved each of our financial targets.”
The attached earnings and balance sheet statements and segment information are reported in accordance with GAAP. To clarify the company’s results with respect to prior-year periods, Clorox has posted additional details regarding previously reported earnings on the company’s Web site at www.clorox.com/investors/qr.html.
Fourth-Quarter Results
Fourth-quarter sales increased 2 percent to $1.2 billion. Excluding divestitures, sales increased 3 percent compared to the year-ago quarter. Sales growth was driven by increased volume, notably record fourth-quarter shipments of Glad ® trash bags and Hidden Valley ® and K C Masterpiece ® food products.
Cost savings and increased volume drove a gross margin gain of 73 basis points. This is the company’s seventh consecutive quarter of gross margin improvement.
Improvements in managing inventories and receivables contributed to the company’s ability to achieve its fourth consecutive quarter of negative working capital and its 10 th consecutive quarter of year-over-year improvements in working capital. Working capital averaged –1.7 percent of net sales, a 170 basis point improvement, compared with zero percent of net sales in the prior year.
During the quarter, Clorox used its free cash flow to purchase 3.5 million shares of the company’s common stock at a total cost of  $152 million. A portion of the shares purchased was allocated to the board-authorized $1 billion repurchase program, bringing the total number of shares repurchased to 18.2 million at a total cost of  $773 million under that program. The remainder of shares purchased during the quarter was allocated to the company’s ongoing program to offset the potential impact of stock option dilution.
Fourth-Quarter Results by Segment
A summary of key fourth-quarter results by segment follows. All comparisons are with fourth quarter fiscal 2002.
Household Products – North America
§	2% volume growth
§	2% sales growth
§	9% pretax profit decline
Volume growth in this segment was primarily driven by all-time record shipments of Glad ® trash bags. Pretax profit results reflect increased volume and cost savings that were more than offset by unfavorable product mix, higher raw-material costs, increased trade-promotion spending, and increased R&D expenses to drive product innovation.

Specialty Products
§	3% volume growth, 5% growth excluding divestitures
§	1% sales growth, 3% growth excluding divestitures
§	6% pretax profit decline
Strong volume growth in this segment was primarily driven by record fourth-quarter shipments of Fresh Step ® and Scoop Away ® cat litters, Hidden Valley ® bottled salad dressing and K C Masterpiece ® barbecue sauce. The volume-to-sales variance was primarily driven by increased trade-promotion spending to launch new products, partially offset by a Kingsford ® charcoal price increase implemented earlier in the fiscal year. Pretax profit results reflect increased trade marketing and advertising costs to launch new products.

Household Products – Latin America/Other
§	3% volume growth, 4% growth excluding divestitures
§	6% sales growth, 7% growth excluding divestitures
§	117% pretax profit growth
Volume growth in this segment was primarily driven by increased shipments in Argentina and insecticides, home care and laundry products in Asia-Pacific, partially offset by declines in bags and wraps and auto care volume in Asia-Pacific. Sales growth outpaced volume growth due to reduced trade-promotion spending, price increases and favorable foreign exchange rates. Significant gross margin improvement and cost savings drove the segment’s pretax profit improvement, reflecting the steps Clorox has taken to mitigate unfavorable economic conditions in Latin America, which include taking price increases, reducing the size of the organization to improve the cost structure, cutting back on discretionary spending and aggressively managing working capital.
Fiscal Year 2003 Results
Fiscal-year sales increased 3 percent to $4.1 billion. Excluding divestitures, total company sales increased 5 percent and sales in North America rose 6 percent compared to the prior year.
Focusing on innovation and investing in core brands were key to the company’s top-line results. For the year, Clorox increased advertising spending by 17 percent and brought several new products to market, including Clorox ® bathroom cleaners with Teflon ® , Don’t Mop with Dirty Water Again!™ Pine-Sol ® cleaner, Formula 409 ® wipes, Brita ® pour-through pitchers with electronic filter change indicators, Hidden Valley ® BBQ Ranch dressing, K C Masterpiece ® Dip & Top™ sauces, Armor All ® car wash wipes and Scoop Away ® plus crystals cat litter.
For the fiscal year, significant gross margin increases in each segment drove overall gross margin growth of 296 basis points.
Improvements in managing inventories and receivables contributed to the company’s ability to achieve negative working capital, which averaged –1.6 percent of net sales, a 220 basis point improvement, compared with .6 percent in the prior year.
The company’s return on invested capital (ROIC) increased from 13.5 percent in fiscal 2002 to 14.7 percent in fiscal 2003. The company defines ROIC as after-tax operating profit (excluding deferred taxes and restructuring charges included in cost of goods sold) divided by average total invested capital.
Outlook for Fiscal 2004
Clorox continues to expect that fiscal year 2004 results will be consistent with the company’s previously communicated long-term expectations for double-digit earnings-per-diluted-share growth and 3 percent to 5 percent sales and volume growth. Specifically, for fiscal year 2004, the company’s preliminary expectations are for earnings per diluted share in the range of $2.47 to $2.57 (GAAP).
For the first quarter of fiscal 2004, the company continues to anticipate volume growth and increased cost savings versus the year-ago period. At the same time, first-quarter earnings are expected to be impacted by significant spending to launch new products, including Glad ® Press ’n Seal ™ food wrap, as well as higher raw-material costs and R&D investments as compared to the year-ago quarter. As a result, Clorox projects first-quarter earnings per diluted share in the range of 57 cents to 62 cents (GAAP), compared with 65 cents (GAAP) in the prior-year quarter.
For the second quarter, Clorox expects to deliver earnings per diluted share in the range of 46 cents to 51 cents (GAAP), compared with 40 cents (GAAP) in the prior-year quarter. The company expects this strong earnings growth to be driven by a strengthening top line offset by higher commodity costs and trade-promotion spending to support new products. Second-quarter earnings results will also benefit from comparison to the year-ago quarter, which included an asset impairment charge for the company’s business in Argentina that was slightly offset by lower trade spending related to closing out retailer promotion programs as the company converted to new systems.
As previously announced, the board of directors authorized the company to increase its share repurchase program by $700 million. In 2004, in accordance with its previously announced agreement with HC Investments Inc. (Henkel), Clorox expects to repurchase $100 million of its common stock from Henkel and another $250 million on the open market. Of the $350 million total share repurchases planned in fiscal 2004, a portion will be purchased under the more than $900 million available through the board-authorized share repurchase program, and the balance will be allocated to the company’s ongoing program to offset the potential impact of stock option dilution.
Today’s Webcast
Today, Clorox will host a live audio webcast of a discussion with the investment community regarding the company’s fourth-quarter and full-year results and its outlook. The webcast, which can be accessed at www.clorox.com, will begin at 10:30 a.m. Pacific time (1:30 p.m. Eastern time). A replay of the webcast will be archived for one week on the company’s Web site.
The Clorox Company
The Clorox Company is a leading manufacturer and marketer of consumer products with fiscal year 2003 revenues of $4.1 billion. Clorox markets some of consumers’ most trusted and recognized brand names, including its namesake bleach and cleaning products, Armor All ® and STP ® auto care products, Fresh Step ® and Scoop Away ® cat litters, Kingsford ® charcoal briquets, Hidden Valley ® and K C Masterpiece ® dressings and sauces, and Glad ® bags, wraps and containers. With 9,500 employees worldwide, the company manufactures products in 25 countries and markets them in more than 100 countries. Founded in 1980, The Clorox Company Foundation has awarded cash grants totaling more than $51 million to nonprofit organizations, schools and colleges; and in fiscal 2002 alone made product donations valued at nearly $5 million. For more information about Clorox, visit the company’s Web site at www.clorox.com.
Except for historical information, matters discussed above, including statements about future volume, sales and earnings growth, profitability, costs, cost savings or expectations, are forward-looking statements based on management’s estimates, assumptions and projections. Important factors that could cause results to differ materially from management’s expectations are described in “Forward-Looking Statements and Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” in the company’s SEC Form 10-K for the year ended June 30, 2002, as updated from time to time in the company’s SEC filings. Those factors include, but are not limited to, general economic and marketplace conditions and events; the company’s costs, including the impact of world events on raw material costs and/or supply disruption; risks inherent in litigation and international operations; the success of new products; the company’s ability to manage and obtain the benefits of joint venture activities; the success of information systems design and implementation; integration of acquisitions; and environmental, regulatory and intellectual property matters.
###

Contacts
The Clorox Company
Kathryn Caulfield – Media Relations, (510) 271-7209
Steve Austenfeld – Investor Relations, (510) 271-2270
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The Clorox Company								
Statements of Consolidated Earnings (Unaudited)								
In millions, except earnings-per-share amounts								

				Three Months Ended		Twelve Months Ended	
							
				6/30/03		6/30/02		6/30/03		6/30/02	
											
Net sales	$1,152		$1,128		$4,144		$4,022	
Cost of products sold	         630		        625		       2,225		     2,279	
											
Gross profit	         522		        503		       1,919		     1,743	
											
Selling and administrative expenses	         135		        122		          532		         526	
Advertising costs	         123		        113		          456		        391	
Research and development costs	            23		          20		             76		          66	
Restructuring and asset impairment costs	               -		             6		             33		        184	
Interest expense	              6		             8		             28		          38	
Other (income) expense, net	            (7)		             4		             (8)		         (23)	
											
Earnings before income taxes and discontinued operations	         242		        230		          802		        561	
Income taxes	            85		          76		          288		        204	
											
Net earnings from continuing operations	         157		        154		           514		        357	
Losses from discontinued operations, net of tax expense (benefit)								
	of $1 and ($19) for the three months, and ($5) and ($28) for the								
	twelve months ended June 30, 2003 and 2002, respectively	            (8)		            (9)		           (21)		         (35)	
											
Net earnings	$149		$145		$493		$322	

Earnings (losses) per common share								
	Basic								
		Continuing operations	$0.73		$0.68		$2.36		$1.54	
		Discontinued operations	       (0.04)		     (0.04)		(0.10)		     (0.15)	
											
	Basic net earnings per common share	$0.69		$0.64		$2.26		$1.39	

	Diluted								
		Continuing operations	$0.72		$0.67		$2.33		$1.52	
		Discontinued operations	(0.04)		(0.04)		(0.10)		(0.15)	
											
	Diluted net earnings per common share	$0.68		$0.63		$2.23		$1.37	

Weighted average common shares outstanding (in thousands)								
	Basic	215,134		228,146		218,174		231,849	
	Diluted	217,657		231,332		220,692		234,704	

The Clorox Company
Reconciliation Schedule
In millions
Fourth Quarter Net Sales (1)

	Three Months Ended June 30, 2003	Three Months Ended June 30, 2002	
	Total Sales (GAAP)	Sales of Divested Businesses	Sales
Excluding Divested Businesses	Total Sales (GAAP)	Sales of
Divested Businesses	Sales
Excluding Divested Businesses	
Household Products – North America	
$561	
($0)	
$561	
$551	
($0)	
$551	
Specialty Products	
453	
(0)	
453	
447	
(8)	
439	
Household Products – Latin America/Other	
138	
(0)	
138	
130	
(1)	
129	
Total Company	$1,152	($0)	$1,152	$1,128	($9)	$1,119	

Fiscal Year Net Sales (1)

	Twelve Months Ended June 30, 2003	Twelve Months Ended June 30, 2002	
	Total Sales (GAAP)	Sales of Divested Businesses	Sales
Excluding Divested Businesses	Total Sales (GAAP)	Sales of
Divested Businesses	Sales
Excluding Divested Businesses	
Household Products – North America	
$2,282	
($1)	
$2,281	
$2,198	
($34)	
$2,164	
Specialty Products	
1,369	
(13)	
1,356	
1,304	
(38)	
1,266	
Household Products – Latin America/Other	
493	
(2)	
491	
520	
(4)	
516	
Total Company	$4,144	($16)	$4,128	$4,022	($76)	$3,946	

(1) These tables provide a quantitative reconciliation of the differences between financial measures that are not presented in accordance with Generally Accepted Accounting Principles in the United States (GAAP) and those calculated and presented in accordance with GAAP. Management believes that the presentation of a comparison of historical sales excluding divested operations (a non-GAAP financial measure) with sales in the current period (a GAAP measure) provides useful information to investors about current trends in the ongoing business. Management does not use this non-GAAP measure for any other purpose.

The Clorox Company
Segment Information
In millions

													
													
		Net Sales		Earnings Before Income Taxes and Discontinued Operations	
		Three Months Ended		% 		Three Months Ended		% 	
		6/30/2003		6/30/2002		Change (1)		6/30/2003		6/30/2002		Change (1)	
													
Household Products:												
	North America	$561		$551		2%		$130		$142		-9%	
	Latin America/Other	138		130		6%		              28		              13		117%	
													
Specialty Products	453		447		1%		171		181		-6%	
													
Corporate	                 -		                 -		                 -		            (87)		          (106)		18%	
													
Total	$1,152		$1,128		2%		$242		$230		5%	

													
													
		Net Sales		Earnings Before Income Taxes and Discontinued Operations	
		Twelve Months Ended		% 		Twelve Months Ended		% 	
		6/30/2003		6/30/2002		Change (1)		6/30/2003		6/30/2002		Change (1)	
													
Household Products:												
	North America	$2,282		$2,198		4%		$607		$535		14%	
	Latin America/Other	493		520		-5%		66		(66)		200%	
													
Specialty Products	1,369		1,304		5%		521		517		1%	
													
Corporate	                 -		                 -		                 -		          (392)		          (425)		8%	
													
Total	$4,144		$4,022		3%		$802		$561		43%	

(1) Percentages based on numbers that were not rounded

The Clorox Company				
Consolidated Balance Sheets (Unaudited)				
In millions				
						
			6/30/2003		6/30/2002	
				
Assets				
Current assets				
	Cash and cash equivalents	$172		$177	
	Receivables, net	463		481	
	Inventories	264		252	
	Other current assets	46		83	
	Assets held for sale	6		51	
						
		Total current assets	951		1,044	
						
Property, plant and equipment, net	1,072		992	
						
Goodwill, net	730		728	
						
Trademarks and other intangible assets, net	651		573	
						
Other assets, net	248		187	
						
Total assets	$3,652		$3,524	

Liabilities and Stockholders' Equity				
Current liabilities				
	Notes and loans payable	$361		$330	
	Current maturities of long-term debt	213		2	
	Accounts payable	312		330	
	Accrued liabilities	537		510	
	Income taxes payable	28		54	
						
		Total current liabilities	1,451		1,226	
						
Long-term debt	495		678	
						
Other liabilities	376		231	
						
Deferred income taxes	115		23	
						
Stockholders' equity				
	Common stock	250		250	
	Additional paid-in capital	255		222	
	Retained earnings	2,565		2,270	
	Treasury shares, at cost	(1,507)		(1,070)	
	Accumulated other comprehensive net losses	(339)		(296)	
	Unearned compensation	(9)		(10)	
						
		Stockholders' equity	1,215		1,366	
						
Total liabilities and stockholders' equity	$3,652		$3,524	

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Q4 Supplementary Financial Information

		The Clorox Company	
		Condensed Consolidated Statements of Earnings (unaudited) - Q4	
										
		In millions, except earnings-per-share amounts							
		 	 		 	 	 	 		
		 	 		GAAP	 		
		 	 		 	 	 	 	Drivers of change	
		 	 		Three Months Ended	 		
		 	 		6/30/03	6/30/02	Var	 		
		 	 		(a)	(a)	(b)	 		
		Net sales		$1,152	$1,128	2%	 	Higher volume	
		 	Cost of products sold		630	625	1%	 	Volume increase offset by cost savings initiatives	
		Gross profit		522	503	4%	 		
		 	Selling and administrative expenses		135	122	11%	 	Project Delta and higher compensation expenses	
		 	Advertising costs		123	113	9%	 	Increased spending in base business and new products	
		 	Research and development costs		23	20	15%	 	Increased investment to drive innovation	
		Operating profit		241	248	-3%	 		
		 	Restructuring and asset impairment costs		0	6		 		
		 	Interest expense		6	8		 	Lower interest rates	
		 	Other (income) expense, net		(7)	4		 	Gain on sale of Black Flag and favorable FX movement	
		Earnings before income taxes and discontinued operations		242	230	5%	 		
		 	Income taxes		85	76		 		
		Net earnings from continuing operations		$157	154	1%	 		
		 	Losses from discontinued operations, net of taxes		(8)	(9)		 	Brazil discontinued operations	
		Net earnings		$149	$145	2%	 		
		 	 		 			 		
		 	Effective income tax rate		35.2%	33.1%		 	Year-ago tax rate impacted by Argentina asset impairment	
		 	 		 			 	and gain on divestitures	
		Earnings (losses) per common share		 			 		
		 	Basic		 			 		
		 	      Continuing operations		$0.73	$0.68	$0.05	 		
		 	      Discontinued operations		-$0.04	-$0.04	$0.00	 	Brazil discontinued operations	
		 	  Basic net earnings per common share		$0.69	$0.64	$0.05	 		
		 	 		 			 		
		 	Diluted		 			 		
		 	      Continuing operations		$0.72	$0.67	$0.05	 		
		 	      Discontinued operations		-$0.04	-$0.04	$0.00	 	Brazil discontinued operations	
		 	  Diluted net earnings per common share		$0.68	$0.63	$0.05	 		
		 	 		 			 		
		Weighted average common shares outstanding (in thousands)		 			 		
		 	Basic		215,134	228,146		 		
		 	Diluted		217,657	231,332		 	Share repurchases	
		 	 		 			 		
		Ratios as % of Net Sales		 		var bps	 		
		 	Gross profit		45.3%	44.6%	73	 		
		 	Selling and administrative expenses		11.8%	10.8%	95	 		
		 	Advertising costs		10.7%	10.0%	63	 		
		 	Research and development costs		2.0%	1.8%	23	 		
		 	Operating profit		20.9%	21.9%	(107)	 		
		 	Earnings before income tax		20.9%	20.4%	48	 		
		 	 		 	 	 	 		
		(a)	Operating results of the Brazil business are presented as discontinued operations.					
		(b)	Percentages based on numbers prior to rounding.							

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	The Clorox Company	
	Condensed Consolidated Statements of Earnings (unaudited) - Fiscal Year Ended June 30	
											
	In millions, except earnings-per-share amounts									
	 	 		 	 	 	 			For Information Purposes:        FY02          Pro-Forma (c)	
	 	 		GAAP	 				
	 	 		 	 	 	 	Drivers of change			
	 	 		Year Ended	 			Year Ended	
	 	 		6/30/03	6/30/02	Var	 			6/30/02	
	 	 		(a)	(a)	(b)	 	See Q1, Q2, Q3 and Q4 detailed comments for year to date change.		(a)	
	Net sales		$4,144	$4,022	3%	 			$4,022	
	 	Cost of products sold		2,225	2,279	-2%	 			               2,282	
	Gross profit		1,919	1,743	10%	 			1,740	
	 	Selling and administrative expenses		532	526	1%	 			                   526	
	 	Advertising costs		456	391	17%	 			                  391	
	 	Research and development costs		76	66	15%	 			                    67	
	Operating profit		855	760	12%	 			756	
	 	Restructuring and asset impairment costs		33	184		 			                      6	
	 	Interest expense		28	38		 			                    39	
	 	Other (income) expense, net		(8)	(23)		 			                     9	
	Earnings before income taxes and discontinued operations		$802	561	43%	 			                 702	
	 	Income taxes		288	204		 			                  237	
	Net earnings from continuing operations		$514	357	44%	 			                 465	
	 	Losses from discontinued operations, net of taxes		(21)	(35)		 			                  (14)	
	Net earnings		$493	$322	53%	 			                 451	
	 	 		 			 			 	
	 	Effective income tax rate		35.9%	36.3%		 			32.4%	
	 	 		 			 			 	
	Earnings (losses) per common share		 			 			 	
	 	Basic		 			 			 	
	 	      Continuing operations		$2.36	$1.54	$0.82	 			$2.01	
	 	      Discontinued operations		-$0.10	-$0.15	$0.05	 			-$0.06	
	 	  Basic net earnings per common share		$2.26	$1.39	$0.87	 			$1.95	
	 	 		 			 			 	
	 	Diluted		 			 			 	
	 	      Continuing operations		$2.33	$1.52	$0.81	 			$1.98	
	 	      Discontinued operations		-$0.10	-$0.15	$0.05	 			-$0.06	
	 	  Diluted net earnings per common share		$2.23	$1.37	$0.86	 			$1.92	
	 	 		 			 			 	
	Weighted average common shares outstanding (in thousands)		 			 			 	
	 	Basic		218,174	231,849		 			231,849	
	 	Diluted		220,692	234,704		 			234,704	
	 	 		 			 			 	
	Ratios as % of Net Sales		 		var bps	 			 	
	 	Gross profit		46.3%	43.4%	296	 			43.3%	
	 	Selling and administrative expenses		12.9%	13.1%	(23)	 			13.1%	
	 	Advertising costs		11.0%	9.7%	128	 			9.7%	
	 	Research and development costs		1.8%	1.7%	19	 			1.7%	
	 	Operating profit		20.6%	18.9%	172	 			18.8%	
	 	Earnings before income tax		19.3%	14.0%	539	 			17.5%	
	 	 		 	 	 	 			 	
	(a)	Operating results of the Brazil business are presented as discontinued operations.							
	(b)	Percentages based on numbers prior to rounding.									
	(c)	Pro-forma amounts excludes Argentina asset impairment of $100 million (pretax) or $82 million (after-tax), gain on divestitures of $33 million (pretax) or $23 million (after-tax)			
		and special charges of $74 million (pretax) or $70 million (after-tax).								

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	The Clorox Company	
	Supplemental Volume Growth Information	
																
	Business Unit		% Change vs. Prior Year		Major drivers of change	
			FY02	 	FY03	 	 	 	 			
			Q1	Q2	Q3	Q4	FY	 	Q1	Q2	Q3	Q4	FY			
	 		 	 	 	 	 		 		 	 	 			
	Laundry Care		2%	0%	3%	-3%	1%		3%	-4%	-3%	1%	0%		Q4 growth driven by merchandising support for Clorox 2.  Full-year decline in Clorox 2 shipments offset by volume growth for Clorox Oxygen Action.	
	Home Care		-1%	-3%	29%	17%	11%		20%	11%	-3%	-1%	6%		Q4 decline due primarily to high base for Clorox ReadyMop offset by recent product launches.  Full-year growth driven by new products and advertising and promotion investments .	
	Water Filtration		4%	3%	-15%	-5%	-4%		11%	4%	14%	0%	8%		Full-year improvement behind new pitchers and strong faucet-mount growth.	
	Bags & Wraps		10%	12%	2%	-3%	5%		-1%	6%	5%	11%	5%		Record Q4 and full-year shipments of Glad trash bags behind distribution gains and merchandising.	
	Total Household Products - North America		3%	3%	11%	2%	5%		7%	3%	-2%	2%	2%			
	Household, excluding divestitures		3%	2%	11%	4%	5%		9%	5%	0%	2%	4%		Himolene trash liner business was sold in Q3/FY02	
	 		 	 	 	 	 		 		 	 	 			
	Seasonal Products		8%	-11%	-5%	0%	-1%		0%	-9%	5%	1%	1%		9th consecutive quarter of higher charcoal shipments despite poor spring weather.  Full-year charcoal volume at record levels.	
	Seasonal, excluding divestitures		17%	20%	8%	6%	10%		8%	5%	10%	2%	6%		Maxforce business sold in Q3/FY02.  Black Flag sold in Q4/FY03.	
	Cat Litter		11%	7%	-2%	4%	5%		-3%	3%	2%	1%	1%		Litter growth for the quarter and year behind line extensions, formula enhancements and promotional support.	
	Cat Litter, excluding divestitures		14%	11%	-1%	6%	7%		-2%	7%	13%	10%	7%		Jonny Cat litter business sold in Q2/FY03.	
	Auto Care		26%	7%	-1%	1%	7%		0%	-1%	7%	-3%	1%		Q4 decline due to adverse weather impact on Armor All business and softness in the performance category.  Full year improvement driven by support behind Armor All Wipes and launch of Armor All Car Wash Wipes.	
	Dressing & Sauces		9%	-6%	6%	3%	3%		15%	12%	7%	16%	12%		Record Q4 shipments behind strong Q4 and full-year growth for both Hidden Valley bottled salad dressing and K C Masterpiece sauces driven by new products, line extensions and advertising support.	
	Total Specialty Products		13%	0%	-1%	2%	3%		2%	2%	5%	3%	3%			
	Specialty, excluding divestitures		17%	7%	3%	5%	7%		4%	6%	9%	5%	6%		Maxforce business sold in Q3/FY02, Jonny Cat litter business sold in Q2/FY03 and Black Flag sold in Q4/FY03.	
	 		 	 	 	 	 		 		 	 	 			
	Total Household Products - Latin America/Other		6%	2%	0%	-5%	0%		-7%	-9%	-4%	3%	-4%		Q4 volume gains in Latin America and Asia Pacific.  Full-year decline primarily due to economic softness and portfolio rationalization in Latin America.	
	LatAm/Other, excluding divestitures		6%	2%	1%	-3%	1%		-6%	-8%	-4%	4%	-3%			
	 		 	 	 	 	 		 	 	 	 	 			
	Total Clorox		6%	2%	5%	1%	3%		3%	1%	0%	2%	2%			
	Total, excluding divestitures		7%	4%	7%	3%	5%	 	5%	3%	2%	4%	4%			
	Total North America, excl. divestitures		8%	4%	8%	4%	6%	 	7%	5%	3%	3%	5%			
	Note: Household Products - Latin America/Other and total Clorox figures are restated to reflect Brazil discontinued operations.	

*********************************************************

The Clorox Company
Supplemental Balance Sheet and Cash Flow Information – Preliminary* (unaudited)
For the quarter ended June 30, 2003

Working Capital (WC) Update

	Q4 ’03
($ million)	Q4 ’02
($ million)	Change
($ million)	Days
’03	Days
’02	Change	
Receivables, net	463	481	-18	36	39	-3 days	
Inventories	264	252	+12	41	41	0 days	
Accounts payable	312	330	-18	47	51	-4 days	
Accrued liabilities	537	510	+27				
Total WC (1)	-98	-27	-71				
Avg WC% Net sales (2)	-1.7%	0.0%	-1.7 pts				

·	Accounts receivable declined due to continued improvement in collections and Clorox’s terms program.
·	Inventory was higher primarily to increases in Dressings and Sauces behind new product launches and in Charcoal relating to a new sourcing agreement.
·	Accounts payables and accrued liabilities taken together increased slightly as a result of higher tax-related accruals offset by declines in accruals for professional services following SAP Phase I implementation.
Capital expenditures were $70 million

·	$49 million related to infrastructure improvements, cost savings and new products.
·	$21 million for process and system implementation (“Project Delta”).

Depreciation and amortization was $49 million

Cash provided by operations

·	Preliminary cash provided by continuing operations is $315 million, 27% of sales and 5% below the year-ago quarter, when the company had very strong working capital improvement.

Share repurchases

·	This quarter the company repurchased a total of about 3.5 million shares at a cost of about $152 million

*Preliminary estimates. Final full year numbers will be published in our annual Form 10-K.
(1) Current assets minus current liabilities excluding cash and short term debt.
(2) Based on a two points average working capital divided by annualized Net sales (current quarter Net sales x 4).