Alcoa 2003 Annual Report Download - page 44

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42
Statement of ConsolidatedIncome Alcoa and subsidiaries
(in millions, except per-share amounts)
For the year ended December 31 2003 2002 2001
Sales (A and P) $21,504 $20,351 $22,576
Cost of goods sold 17,138 16,327 17,611
Selling, general administrative, and other expenses 1,295 1,157 1,264
Research and development expenses 194 214 203
Provision for depreciation, depletion, and amortization (A and E) 1,194 1,111 1,237
Impairment of goodwill (E) —44 —
Special items (D) (26) 425 566
Interest expense (U) 314 350 371
Other income, net (N) (274) (179) (309)
19,835 19,449 20,943
Income from continuing operations before taxes on income 1,669 902 1,633
Provision for taxes on income (S) 404 291 521
Income from continuing operations before minority interests’ share 1,265 611 1,112
Less: Minority interests’ share 231 135 208
Income from continuing operations 1,034 476 904
(Loss) income from discontinued operations (B) (49) (90) 4
Cumulative effect of accounting change (C and E) (47) 34 —
Net Income $ 938 $ 420 $ 908
Earnings (loss) per Share (R)
Basic:
Income from continuing operations $ 1.21 $ .56 $ 1.05
(Loss) income from discontinued operations (.06) (.11) .01
Cumulative effect of accounting change (.06) .04 —
Net income $ 1.09 $ .49 $ 1.06
Diluted:
Income from continuing operations $ 1.20 $ .56 $ 1.04
(Loss) income from discontinued operations (.06) (.11) .01
Cumulative effect of accounting change (.06) .04 —
Net income $ 1.08 $ .49 $ 1.05
The accompanying notes are an integral part of the consolidated financial statements.