BLOOMINGTON, Minn. -- The Toro Company has reported net earnings of $5.0 million or $ .39 per diluted share on net sales of $275.4 million for its fiscal fourth quarter ended October 31, 2002. Results for the quarter include restructuring and other income of $1.0 million after tax or $ .08 per diluted share. Adjusted to exclude this income, the company's net earnings for the fourth quarter of fiscal 2002 totaled $ .31 per diluted share. In the comparable fiscal 2001 period, the company reported net earnings of $2.2 million or $ .17 per diluted share on net sales of $283.4 million. Adjusted to reflect the company's November 1, 2001 adoption of Statement of Financial Accounting Standards No. 142, "Goodwill and other Intangible Assets" (SFAS No. 142), net earnings for the fourth quarter of 2001 would have been $ 3.7 million or $ .29 per diluted share. For the year ended October 31, 2002, Toro reported net earnings of $35.3 million or $2.73 per diluted share on net sales of $1,399.3 million. Results for fiscal 2002 include the following previously reported three items: a one-time foreign sales tax corporation benefit of $1.8 million or $ .14 per diluted share, a non-cash charge of $24.6 million after tax or $1.90 per diluted share for the cumulative effect of a change in goodwill accounting related to the adoption of SFAS No. 142, and restructuring and other expenses of $5.6 million after tax or $.44 per share, which includes the previously announced benefit for the fourth quarter. Adjusted to exclude these items, the company's net earnings for fiscal 2002 totaled $4.93 per diluted share. In fiscal 2001, the company reported net earnings of $50.4 million or $3.86 per diluted share on net sales of $1,353.1 million. Results for the fiscal 2001 period include a benefit of $0.4 million after tax or $.03 per diluted share related to the reversal of a prior accrual for the closing of a facility. Adjusted to exclude this accrual reversal and to reflect the company's November 1, 2001 adoption of SFAS No. 142, net earnings for fiscal 2001 were $58.1 million or $4.44 per diluted share. "We are very pleased with results of the fourth quarter and year," said Kendrick B. Melrose, chairman and chief executive officer of The Toro Company. "While every business has been subject to trying conditions this past year, Toro has demonstrated solid earnings growth in spite of less than desirable weather conditions and an uncertain economy, both domestically and internationally." Melrose continued, "Our new product introductions combined with a continued focus on the customer fueled an increase, albeit modest, in net revenues for the year. On the other hand, our cost reduction initiatives led by our '5 by Five' programs have allowed us to deliver a double-digit increase in earnings for the year."