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160, deduces baseball almanac Noncontrolling Interests shows in Consolidated Financial Statements, an amendment of ARB No. 51 ("SFAS 160"), as required.Prior year amounts have been recast to conform to the requirements of SFAS 160.N.M. - Not meaningfulUnaudited KIMBERLY-CLARK CORPORATION PERIODS ENDED JUNE 30(Millions of dollars, except per share amounts)Notes:1. (KCM).Although KCMdelivered high single-digit organic sales growth and improved its gross profitmargin, operating profit and net income comparisons were adversely affected bycurrency translation losses.Compared with the second quarter of 2008, theMexican peso depreciated on average by more than 20 percent versus the U.S.dollar.Net income attributable to noncontrolling interests was $27 million in thesecond quarter of 2009 compared with $34 million in the prior year.Thedecrease was primarily due to the acquisition of the remaining interest in thecompany's Andean affiliate in January 2009.Organization optimization initiative - updateAs announced in June of 2009, the company plans to reduce its worldwidesalaried workforce by approximately 1,600 positions by the end of the year. In the year-ago quarter, the effective tax rate was 29.8 percent and theadjusted effective tax rate, excluding the effects of charges for thecompany's strategic cost reduction plan, was 30.1 percent.A reconciliationof the 2008 effective tax rate calculation is provided in a separate sectionof this news release.Kimberly-Clark's share of net income of equity companies in the second quarterdecreased to $44 million from $49 million in 2008, mainly as a result of lowernet income at Kimberly-Clark de Mexico, S.A.B de C.V. Sales volumes climbed about 14 percent, while net selling prices were lower by1 percent and unfavorable currency exchange rates reduced sales by 4 percent. A breakdown of these costs by income statement line and business segment isincluded later in this news release.Pension expense rose by almost $50million in the second quarter, as expected, with a majority of the increasereflected in cost of sales.Meanwhile, currency effects reduced second quarter operating profit byapproximately $125 million in 2009 versus 2008.Translation losses arisingfrom changes in currency exchange rates totaled about $65 million, with anumber of key currencies weakening by more than 15 percent versus the U.S.dollar.In addition, cost of sales in the second quarter of 2009 includesabout $45 million of expense to recognize the U.S.
I'm particularly pleased with the improvement in gross margin, reflecting ourfocus on revenue realization and sustainable cost reduction.Moreover, wecontinued to deliver on our targeted growth initiatives, with double-digitorganic top-line growth in developing and emerging markets and excellentresults in Health Care.In addition, we continued to support our brands withnew product innovations and an increase in strategic marketing spending ofnearly $40 million in local currency terms.We also generated record cashflow, including strong benefits from our efforts to improve working capital baseball game tickets . Falk said, "Business conditionsremained challenging in the second quarter, as the economic environment andweak foreign currency rates continued to impact our results.However, theunderlying strength of our business performance was encouraging, as we wereable to mostly offset the significant drag from currency effects, higherpension expense and the charges for our organization optimization initiative . The increase in pension expense in the second quarter was equivalent toapproximately 8 cents per share, as expected.Adjusted earnings per share in the second quarter of 2008 exclude charges forstrategic cost reductions and an extraordinary loss related to therestructuring of certain contractual arrangements.Additional detail on theseitems and further information about adjusted earnings per share and why thecompany uses this non-GAAP financial measure are provided later in this newsrelease.Chairman and Chief Executive Officer Thomas J . 77.8%79.4% (1.6) pts.Breakeven load factor (a) 78.6%84.1%(5.5) pts . Investors should consider thesenon-GAAP financial measures in addition to, and not as a substitutefor, our financial performance measures prepared in accordance withGAAP.SOURCEJetBlue Airways CorporationInvestor Relations, +1-718-709-2202, ; or CorporateCommunications, +1-718-709-3089, . These positive factors contributed to an increase ingross profit margin of approximately 350 basis points versus the year-agoquarter, more than offsetting certain higher costs, particularly forproduction curtailment and pension expense.Operating profit and earnings pershare, however, were down compared with the prior year, mainly as a result ofunfavorable currency effects of approximately 25 cents per share and severancecosts to streamline the organization equivalent to about 19 cents per share.
Further information concerning these and other factors iscontained in the Company's Securities and Exchange Commission filings,including but not limited to, the Company's 2008 Annual Report on Form 10-K,Current Report on Form 8-K filed on June 1, 2009, and Quarterly Reports onForm 10-Q baseball tickets . or a furthereconomic downturn leading to a continuing or accelerated decrease in demandfor domestic and business air travel; and external geopolitical events andconditions . For information or reservations call 1-800-JETBLUE (1-800-538-2583),TTY/TDD 1-800-336-5530 or visit press release contains statements of a forward-looking nature whichrepresent our management's beliefs and assumptions concerning future events.When used in this document and in documents incorporated herein by reference,the words "expects," "plans," "anticipates," "indicates," "believes,""forecast," "guidance," "outlook," "may," "will," "should," "seeks," "targets"and similar expressions are intended to identify forward-looking statements.Forward-looking statements involve risks, uncertainties and assumptions, andare based on information currently available to us . Visit for details JetBlue serves56 cities with 650 daily flights .
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