AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON May 8, 2003

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

FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): May 8,  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 Identification No.)	

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

NOTE:  This Form 8-K/A amends the Form 8-K filed earlier today, May 8, 2003, only to add the required signature to the earlier filing, which was inadvertently omitted due to technical error.  All other text remains the same.

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

         On May 8, 2003, The Clorox Company (the "Company") issued a news release with respect to earnings for the quarter ended March 31, 2003. 
Exhibit

99. News Release by The Clorox Company dated May 8, 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:  May 8, 2003                                                                    By:  /s/ PETER D. BEWLEY
                                                                                                       Peter D. Bewley
                                                                                                       Senior Vice President – General Counsel
                                                                                                       and Secretary

 
Clorox Earns 50 Cents for 150% EPS Growth in Third Quarter;
Confirms Fourth-Quarter and Fiscal 2003 Outlook;
Provides Preliminary Fiscal 2004 Outlook
Oakland , Calif., May 8, 2003 – The Clorox Company (NYSE: CLX) (PSE: CLX) today announced that strong gross margins, working capital and cash flows contributed solidly to the company’s results for its fiscal third quarter, which ended March 31, 2003.
“We’re very pleased with Clorox’s third-quarter and year-to-date performance,” said Clorox Chairman and CEO Craig Sullivan. “Positive trends across our business have been driven by the organization’s focus on growth, margin expansion, cost savings and working capital management.”
Excluding prior-year divestitures, overall company volume increased 2 percent compared to the year-ago quarter, driven by a 3 percent increase in the combined Household Products–North America and Specialty Products segments, partially offset by declines in the Household Products–Latin America/Other segment. Also excluding divestitures, overall company net sales increased 1 percent. Including divestitures, overall company volume was flat and net sales decreased 1 percent to $1.019 billion compared to $1.023 billion in the year-ago quarter.
Third-quarter gross margin of 45.5 percent increased by 300 basis points compared to the prior-year period due to cost-saving activities and favorable product mix. This was the sixth consecutive quarter of gross margin improvement for the company.
Clorox reported third-quarter net earnings of $110 million, or 50 cents per diluted share. This compares with net earnings of $46 million in the year-ago quarter, or 20 cents per diluted share, for an increase of 30 cents per diluted share, or 150 percent.
The current period net earnings include a $7 million charge related to a stock-performance incentive plan set in place in fiscal 1999, as referenced in Clorox’s Form10-Q for the quarter ended Dec. 31, 2002. This expense, which is recorded on the selling and administration line of the company’s earnings statement, had been previously forecasted for the fourth quarter of fiscal 2003. However, given recent stock performance, Clorox recognized this expense in the third quarter based on its expectation that compensation awards under this plan will almost certainly be earned.
The company’s year-ago pre-tax earnings include net charges of $67 million related to a $100 million goodwill impairment charge for its Argentina business, partially offset by a $33 million gain on divestitures.
Clorox delivered its ninth consecutive quarter of year-over-year improvements in working capital. Average working capital was –1.8 percent of sales for the quarter due to improvements in managing inventories and receivables.

During the quarter, Clorox acquired approximately 1 million shares of the company’s common stock at a total cost of about $ 41 million under the board-authorized $1 billion repurchase program. This brings the total number of shares repurchased under this program to approximately 14.8 million at a total cost of about $621 million.
The attached earnings statements and segment information are reported in accordance with U.S. generally accepted accounting principles (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.
Third-Quarter Results by Business Segment
A summary of key third-quarter results by segment follows. All comparisons are with third quarter fiscal year 2002.
Household Products – North America
2% volume decline, 0% change excluding divestitures
5 % sales decline, 3 % decline excluding divestitures
4% pretax earnings decline
Volume and sales results in this segment were impacted by unusually high shipments and sales in the year-ago quarter due to the introduction of Clorox ® ReadyMop ™ self-contained mopping systems, which were partially offset in the current quarter by increased shipments of Brita ® water-filtration systems and Glad ® bags and wraps, including all-time record trash bag volume. The variance between volume and sales is due to disproportionate sales of higher-priced Clorox ® ReadyMop ™ starter kits in the prior year when the product was launched. Pretax earnings results were primarily driven by lower sales and increased advertising to launch eight new products, partially offset by cost savings and favorable product mix.
Specialty Products
5% volume growth, 9% growth excluding divestitures
6% sales growth, 9% growth excluding divestitures
12% pretax earnings decline
Strong volume growth was driven by increases in charcoal, auto products, food and cat litter, partially offset by a decline in insecticide shipments. Kingsford ® charcoal delivered its eighth consecutive quarter of record quarterly volume behind increased distribution.  Armor All ® auto appearance products and Scoop Away ® cat litter delivered all-time record shipments. Achieving record third-quarter volume were Fresh Step ® regular and scoopable cat litter, Hidden Valley ® bottled dressings and K C Masterpiece ® barbecue sauce. While pre-tax earnings reflect strong sales growth and a 12 percent increase in operating profit in the current quarter, the decline is driven by a $36 million gain on the sale of Maxforce ® insecticides recorded in the year-ago quarter.
Household Products – Latin America & Other
4% volume decline, 4% decline excluding divestitures
4 % sales growth, 4% growth excluding divestitures
141 % pretax earnings improvement
Continued weak economic conditions in South America drove volume declines in this segment. Sales growth was driven by strong results in the company’s Asia-Pacific Division due to positive mix and favorable foreign-exchange rates, and pricing leverage in the Latin America Division. The pretax earnings improvement reflects cost-saving initiatives and greater pricing leverage in South America in the current quarter, compared with prior-year pretax earnings, which included a $100 million pre-tax asset-impairment charge for the company’s business in Argentina. The company’s efforts to aggressively manage working capital resulted in a nearly 8-point improvement as a percent of sales in its Latin America Division for the quarter.
Fourth-Quarter and Full-Year Outlook
For the fourth quarter, including a 1 percent negative impact from divestitures, Clorox continues to expect low- to mid-single-digit volume and sales growth compared with the year-ago quarter. Clorox also continues to expect earnings per diluted share in the range of 67 cents to 70 cents (GAAP). As previously communicated, this estimate reflects an overall increase in the company’s effective tax rate as a result of the second-quarter Argentina impairment charge. The fourth-quarter 2003 outlook compares with 63 cents (GAAP) in the fourth quarter of fiscal year 2002.

For fiscal 2003, the company continues to expect low-single-digit volume and sales growth. Clorox now expects earnings per diluted share in the range of $ 2.2 2 to $ 2.25 (GAAP) compared with $1.37 (GAAP) in fiscal 2002. Fiscal 2003 earnings expectations include an estimated reduction of 20 cents (of which 18 cents is reflected in the company’s results through the third quarter) for noncash charges associated with the company’s Latin America business and related tax effects. The year-ago earnings per share included net charges of 55 cents primarily related to asset-impairment charges for the company’s businesses in Latin America, costs associated with plant closures and costs associated with reducing the size of the company’s workforce, which were partially offset by gains on divestitures.

Preliminary Fiscal 2004 Expectations
At this time, Clorox expects 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 anticipates 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 ™ , 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.
“As we look ahead to 2004, we expect to achieve our top-line and earnings targets for the year,” said Sullivan. “Although the first quarter presents a tough comparison, we expect year-over-year volume increases each quarter in fiscal 2004, and top-line growth is projected to accelerate through the year behind significant new-product activity as we remain focused on our priority to drive growth . Our strategy to cut costs everywhere is expected to again deliver a high level of cost savings in fiscal 2004.”
Today’s Webcast
Today, at 1:30 p.m. Eastern time, Clorox will host a live audio webcast of its discussion with the investment community regarding the company’s results in the fiscal third quarter. The webcast can be accessed at www.clorox.com/investors. Following the live discussion, 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 2002 revenues of $4.0 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 grants totaling more than $51 million to nonprofit organizations, schools and colleges; and in fiscal 2002 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

 
The Clorox Company Statements of Consolidated Earnings
(Unaudited)
In millions, except earnings-per-share amounts

				Three Months Ended		Nine Months Ended	
							
				3/31/2003		3/31/2002		3/31/2003		3/31/2002	
											
Net sales	$1,019		$1,023		$2,992		$2,894	
Cost of products sold	555		589		1,595		1,653	
											
Gross profit	464		434		1,397		1,241	
											
Selling and administrative expenses	150		140		397		404	
Advertising costs	119		103		333		278	
Research and development costs	20		15		53		47	
Restructuring and asset impairment costs	          -  		100		        33  		178	
Interest expense	6		7		22		31	
Other income	(4)		(30)		(1)		(28)	
											
Earnings before income taxes and discontinued operations	173		99		560		331	
Income taxes	61		49		203		128	
											
Earnings from continuing operations	112		50		357		203	
											
Losses from discontinued operations, net of tax benefits								
	of $0  and $2  for the three-month, and $7  and $9  for the nine-								
	month periods ended March 31, 2003, and 2002, respectively	(2)		(4)		(13)		(26)	
											
Net earnings	$110		$46		$344		$177	

Earnings (losses) per common share								
	Basic								
		Continuing operations	$0.52		$0.22		$1.64		$0.87	
		Discontinued operations	(0.01)		(0.02)		(0.06)		(0.11)	
											
		Basic net earnings per common share	$0.51		$0.20		$1.58		$0.76	

	Diluted								
		Continuing operations	$0.51		$0.21		$1.62		$0.86	
		Discontinued operations	(0.01)		(0.01)		(0.06)		(0.11)	
											
		Diluted net earnings per common share	$0.50		$0.20		$1.56		$0.75	

Weighted Average Common Shares Outstanding (in thousands)								
	Basic	  216,414		  231,508		  218,528		  233,084	
	Diluted	  218,696		  234,625		  221,078		  236,311	

 
The Clorox Company Reconciliation Schedule
In millions

Net Sales (1)

	Quarter Ended March 31, 2003	Quarter Ended March 31, 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	
$549	
-	
$549	
$578	
($11)	
$567	
Specialty Products	
344	
-	
344	
324	
(7)	
317	
Household Products – Latin America/Other	
126	
-	
126	
121	
-	
121	
Total Company	$1,019	-	$1,019	$1,023	($18)	$1,005	

(1) This table provides 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 quarter (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

								Earnings Before Income Taxes	
		Net Sales		and Discontinued Operations	
					
		Three Months Ended				Three Months Ended			
				%				%	
		3/31/03		3/31/02		Change (1)		3/31/03		3/31/02		Change (1)	

Household Products:												
	North America	$549		$578		-5%		$122		$127		-4%	
	Latin America/Other	126		121		4%		30		(73)		141%	
													
Specialty Products	344		324		6%		135		153		-12%	
													
Corporate	             -		              -		                -		    (114)		    (108)		-6%	
													
Total	$1,019		$1,023		-1%		$173		$99		74%	

(1) Percentages based on numbers that were not rounded.

Q3 Supplementary Financial Information

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			
 		 	 	 	 	 		 		 			
Laundry Care		2%	0%	3%	-3%	1%		3%	-4%	-3%		Softness in Clorox 2 partially offset by Clorox Oxygen Action	
Home Care		-1%	-3%	29%	17%	11%		20%	11%	-3%		High base period due to Ready Mop launch partially offset by 6 new products introduced in the current quarter	
Brita		4%	3%	-15%	-5%	-4%		11%	4%	14%		Strong growth in faucet mount and pour-through systems behind new Brita pitcher introduced earlier in the year	
Bags & Wraps		10%	12%	2%	-3%	5%		-1%	6%	5%		Record shipments of Glad trash bags behind new products and new distribution	
Total Household Products - North America		3%	3%	11%	2%	5%		7%	3%	-2%			
Household, excluding divestitures		3%	2%	11%	4%	5%		9%	5%	0%		Himoline  trash liner business was sold in Q3/FY02	
 		 	 	 	 	 		 		 			
Seasonal Products		8%	-11%	-5%	0%	-1%		0%	-9%	5%		Continued strong charcoal shipment growth partially offset by sale of Maxforce business in Q3/FY02	
Seasonal, excluding divestitures		17%	20%	8%	6%	10%		8%	5%	10%		Maxforce  business was sold in Q3/FY02	
Cat Litter		11%	7%	-2%	4%	5%		-3%	3%	2%		Increased shipments behind line extensions, formula improvements and merchandising activity	
Cat Litter, excluding divestitures		14%	11%	-1%	6%	7%		-2%	7%	13%		Jonny Cat  cat litter business was sold in Q2/FY03	
Auto Care		26%	7%	-1%	1%	7%		0%	-1%	7%		All-time record shipments behind introduction of Armor All car wash wipes	
Dressing & Sauces		9%	-6%	6%	3%	3%		15%	12%	7%		Growth driven by line extension, advertising and merchandising initiatives	
Total Specialty Products		13%	0%	-1%	2%	3%		2%	2%	5%			
Specialty, excluding divestitures		17%	7%	3%	5%	7%		4%	6%	9%		Maxforce  business was sold in Q3/FY02; Jonny Cat business was sold in Q2/FY03	
 		 	 	 	 	 		 		 			
Total Household Products - Latin America/Other		6%	2%	0%	-5%	0%		-7%	-9%	-4%		Latin America economic softness and portfolio rationalization	
LatAm/Other, excluding divestitures		6%	2%	1%	-3%	1%		-6%	-8%	-4%			
 		 	 	 	 	 		 	 	 			
Total Clorox		6%	2%	5%	1%	3%		3%	1%	0%			
Total, excluding divestitures		7%	4%	7%	3%	5%	 	5%	3%	2%			
Total North America, excl. divestitures		8%	4%	8%	4%	6%	 	7%	5%	3%			
Note: Household Products - Latin America/Other and total Clorox figures are restated to reflect Brazil discontinued operations.	

		The Clorox Company	
		Condensed Consolidated Statements of Earnings (unaudited) - Q3	
												
		In millions, except earnings-per-share amounts									
		 	 		 	 	 	 			For Information Purposes:
FY02
Pro-Forma (c)	
		 	 		GAAP	 				
		 	 		 	 	 	 	Drivers of change			
		 	 		Three Months Ended	 			Three Months Ended	
		 	 		3/31/03	3/31/02	Var	 			                     3/31/02	
		 	 		(a)	(a)	(b)	 	High base period due to Clorox ReadyMop launch, lower		(a)	
		Net sales		$1,019	$1,023	-1%	 	promotional expenses offset by devaluation and divestitures		$1,023	
		 	Cost of products sold		555	589	-6%	 	Cost savings initiatives		589	
		Gross profit		464	434	7%	 			434	
		 	Selling and administrative expenses		150	140	7%	 	Project Delta expenses and stock incentive plan		140	
		 	Advertising costs		119	103	15%	 	Increased spending in base business and new products		103	
		 	Research and development costs		20	15	36%	 	Increased investment behind new initiatives		15	
		Operating profit		175	176	-2%	 			176	
		 	Restructuring and asset impairment costs		0	100		 	Year-ago period includes Argentina asset impairment		0	
		 	Interest expense		6	7		 	Lower interest rates		7	
		 	Other (income) expense, net		(4)	(30)		 	Year-ago includes gain on divestitures, increase in environmental reserve and foreign exchange gain in Argentina		3	
		Earnings before income taxes and discontinued operations		173	99	74%	 			166	
		 	Income Taxes		61	49		 			57	
		Earnings from continuing operations		112	50	123%	 			109	
		 	Losses from discontinued operations, net of tax benefits		(2)	(4)		 	Brazil discontinued operation		(4)	
		Net Earnings		$110	$46	138%	 			$105	
		 	 		 			 			 	
		 	Effective Income Tax Rate		35.3%	49.5%		 	Year ago tax rate impacted by Argentina asset impairment		34.2%	
		 	 		 			 	and gain on divestitures		 	
		 	      Continuing operations		$0.52	$0.22	$0.30	 			$0.47	
		 	      Discontinued operations		-$0.01	-$0.02	$0.01	 			-$0.02	
		 	  Basic Net Earnings per Common Share		$0.51	$0.20	$0.31	 			$0.45	
		 	 		 			 			 	
		 	      Continuing operations		$0.51	$0.21	$0.30	 			$0.47	
		 	      Discontinued operations		-$0.01	-$0.01	$0.00	 			-$0.02	
		 	  Diluted Net Earnings per Common Share		$0.50	$0.20	$0.30	 			$0.45	
		 	 		 			 			 	
		Weighted Average Common Shares Outstanding (in thousands)		 			 			 	
		 	Basic		216.414	231.508		 			231.508	
		 	Diluted		218.696	234.625		 	Share repurchases		234.625	
		 	 		 			 			 	
		Ratios as % of Net Sales		 		var bps	 			 	
		 	Gross profit		45.5%	42.5%	300	 			42.5%	
		 	Selling and administrative expenses		14.7%	13.6%	110	 			13.6%	
		 	Advertising costs		11.7%	10.1%	160	 			10.1%	
		 	Research and development costs		2.0%	1.5%	50	 			1.5%	
		 	Operating profit		17.1%	17.3%	(20)	 			17.2%	
		 	Earnings before income tax		17.1%	9.7%	740	 			16.3%	
		 	 		 	 	 	 			 	
		(a)	Operating results of the Brazil business are presented as discontinued operations.					
		(b)	Percentages based on numbers prior to rounding.									
		(c)	Pro-forma amounts exclude Argentina asset impairment of $100 million (pretax) or $82 million (after-tax) and gain on divestitures of $33 million (pretax) or $23 million (after-tax).	

		The Clorox Company	
		Condensed Consolidated Statements of Earnings (unaudited) - Q3 Year to date	
												
		In millions, except earnings-per-share amounts									
		 	 		 	 	 	 			For Information Purposes:
FY02
Pro-Forma (c)	
		 	 		GAAP	 				
		 	 		 	 	 	 	Drivers of change			
		 	 		Nine Months Ended	 			                Nine Months Ended	
		 	 		3/31/03	3/31/02	Var	 			                     3/31/02	
		 	 		(a)	(a)	(b)	 	See Q1, Q2 and Q3 detailed comments for year to date change.		                             (a)	
		Net sales		$2,992	$2,894	3%	 			$2,894	
		 	Cost of products sold		1,595	1,653	-4%	 			1,656	
		Gross profit		1,397	1,241	13%	 			1,238	
		 	Selling and administrative expenses		397	404	-2%	 			404	
		 	Advertising costs		333	278	20%	 			278	
		 	Research and development costs		53	47	15%	 			47	
		Operating profit		614	512	20%	 			509	
		 	Restructuring and asset impairment costs		33	178		 			0	
		 	Interest expense		22	31		 			31	
		 	Other (income) expense, net		(1)	(28)		 			6	
		Earnings before income taxes and discontinued operations		560	331	70%	 			472	
		 	Income Taxes		203	128		 			161	
		Earnings from continuing operations		357	203	76%	 			311	
		 	Losses from discontinued operations, net of
tax benefits		(13)	(26)		 			(5)	
		Net Earnings		$344	$177	95%	 			$306	
		 	 		 			 			 	
		 	Effective Income Tax Rate		36.2%	38.5%		 			34.1%	
		 	 		 			 			 	
		 	      Continuing operations		$1.64	$0.87	$0.77	 			$1.33	
		 	      Discontinued operations		-$0.06	-$0.11	$0.05	 			-$0.02	
		 	  Basic Net Earnings per Common Share		$1.58	$0.76	$0.82	 			$1.31	
		 	 		 			 			 	
		 	      Continuing operations		$1.62	$0.86	$0.76	 			$1.31	
		 	      Discontinued operations		-$0.06	-$0.11	$0.05	 			-$0.02	
		 	  Diluted Net Earnings per Common Share		$1.56	$0.75	$0.81	 			$1.29	
		 	 		 			 			 	
		Weighted Average Common Shares Outstanding (in thousands)		 			 			 	
		 	Basic		218.528	233.084		 			233.084	
		 	Diluted		221.078	236.311		 			236.311	
		 	 		 			 			 	
		Ratios as % of Net Sales		 		var bps	 			 	
		 	Gross profit		46.7%	42.9%	380	 			42.8%	
		 	Selling and administrative expenses		13.3%	14.0%	(70)	 			14.0%	
		 	Advertising costs		11.1%	9.6%	150	 			9.6%	
		 	Research and development costs		1.8%	1.6%	20	 			1.6%	
		 	Operating profit		20.5%	17.7%	280	 			17.6%	
		 	Earnings before income tax		18.7%	11.4%	730	 			16.3%	
		 	 		 	 	 	 			 	
		(a)	Operating results of the Brazil business are presented as discontinued operations.					
		(b)	Percentages based on numbers prior to rounding.									
		(c)	Pro-forma amounts exclude 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).							

												

The Clorox Company
Supplemental Balance Sheet and Cash Flow Information – Preliminary* (unaudited)
For the quarter ended Mar. 31, 2003

Working Capital (WC) Update

	Q3 ’02
($ million)	Q3 ’03
($ million)	Change
($ million)	Days
’02	Days
’03	Change	
Inventories	316	303	-13	51	47	-4 days	
Payables	302	308	+6	50	44	-6 days	
Receivables	488	458	-30	38	35	-3 days	
Accrued Liabilities	451	505	+54				
Total WC (1)	29	-56	-85				
Avg. WC%NCS (2)	0.3%	-1.8%	-2.1 pts				

·	Inventory dropped in most business units driven by SKU rationalization and improved inventory management. Charcoal inventories were below target due to continuing strong sales.
·	Accounts payables increased slightly as a result of higher marketing expenses.
·	Accounts receivables dropped primarily due to the implementation of more disciplined terms program in Latin America and the Charcoal business.
Capital expenditures were $43 million

·	$24 million related to infrastructure improvements, cost savings and new products.
·	$19 million for process and system implementation (“Project Delta”).

Depreciation and amortization was $53 million

Cash provided by operations

·	Preliminary cash provided by operations is $83 million or 48% below year-ago quarter primarily due to a $54 million contribution to the company’s pension plan.

Share repurchases

·	This quarter the company repurchased a total of about 1.0 million shares at a cost of about $41 million

*Preliminary estimates. Final numbers will be published in our quarterly 10Q.
(1) Current assets minus current liabilities excluding cash and short term debt.
(2) Based on a two points average working capital divided by annualized NCS (current quarter NCS x 4).