ADT 2005 Annual Report Download - page 157

TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF INCOME
Years ended September 30, 2005, 2004 and 2003
(in millions, except per share data)
2005 2004 2003
Revenue from product sales ................................. $31,955 $30,337 $27,114
Service revenue .......................................... 7,772 8,074 7,142
Net revenue ........................................... 39,727 38,411 34,256
Cost of product sales ...................................... 21,192 19,515 17,783
Cost of services .......................................... 4,767 5,145 4,435
Selling, general and administrative expenses ...................... 8,231 8,141 8,131
Restructuring and other charges (credits), net .................... 10 206 (73)
Impairment of long-lived assets ............................... 6 52 825
(Gains) losses and impairments on divestitures, net ................ (274) 116 —
Goodwill impairment ...................................... — — 278
Operating income ....................................... 5,795 5,236 2,877
Interest income .......................................... 123 91 107
Interest expense .......................................... (815) (956) (1,147)
Other expense, net ........................................ (911) (286) (223)
Income from continuing operations before income taxes and minority
interest ............................................. 4,192 4,085 1,614
Income taxes ............................................ (984) (1,123) (729)
Minority interest ......................................... (9) (14) (3)
Income from continuing operations .......................... 3,199 2,948 882
(Loss) income from discontinued operations, net of income taxes ...... (188) (69) 173
Income before cumulative effect of accounting change ............. 3,011 2,879 1,055
Cumulative effect of accounting change, net of income taxes ......... 21 — (75)
Net income ............................................ $ 3,032 $ 2,879 $ 980
Basic earnings per share:
Income from continuing operations .......................... $ 1.59 $ 1.47 $ 0.44
(Loss) income from discontinued operations .................... (0.09) (0.03) 0.09
Income before cumulative effect of accounting change ............ 1.50 1.44 0.53
Cumulative effect of accounting change ....................... 0.01 — (0.04)
Net income ........................................... $ 1.51 $ 1.44 $ 0.49
Diluted earnings per share:
Income from continuing operations .......................... $ 1.51 $ 1.38 $ 0.44
(Loss) income from discontinued operations .................... (0.09) (0.03) 0.09
Income before cumulative effect of accounting change ............ 1.42 1.35 0.53
Cumulative effect of accounting change ....................... 0.01 — (0.04)
Net income ........................................... $ 1.43 $ 1.35 $ 0.49
Weighted-average number of shares outstanding:
Basic ................................................ 2,012 2,001 1,995
Diluted .............................................. 2,167 2,221 2,049
See Notes to Consolidated Financial Statements.
2005 Financials 81