Alcoa 1998 Annual Report Download - page 41

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39
Statement of Consolidated Income Alcoa and subsidiaries
(in millions, except per-share amounts)
For the year ended December 31 1998 1997 1996
Revenues
Sales (O) $15,339.8 $13,319.2 $13,061.0
Other income, principally interest 149.6 162.5 67.4
15,489.4 13,481.7 13,128.4
Costs and Expenses
Cost of goods sold 11,804.8 10,155.8 9,966.0
Selling, general administrative and other expenses 768.8 670.6 708.8
Research and development expenses 128.4 143.2 165.5
Provision for depreciation, depletion and amortization 842.4 734.9 747.2
Special items (D) —(95.5) 198.9
Interest expense (S) 197.9 140.9 133.7
Taxes other than payroll taxes 142.3 130.1 126.6
13,884.6 11,880.0 12,046.7
Earnings
Income before taxes on income 1,604.8 1,601.7 1,081.7
Provision for taxes on income (P) 513.5 528.7 360.7
Income from operations 1,091.3 1,073.0 721.0
Minority interests (238.3) (267.9) (206.1)
Net Income $ 853.0 $ 805.1 $ 514.9
Earnings per Share (M)
Basic $ 2.44 $ 2.33 $ 1.47
Diluted $ 2.42 $ 2.31 $ 1.46
The accompanying notes are an integral part of the financial statements.