Baker Hughes 2009 Annual Report Download - page 111

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2009 Form 10-K 37
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
(In millions, except per share amounts) 2009 2008 2007
Revenues:
Sales $ 4,809 $ 5,734 $ 5,171
Services and rentals 4,855 6,130 5,257
Total revenues 9,664 11,864 10,428
Costs and expenses:
Cost of sales 3,858 4,081 3,517
Cost of services and rentals 3,539 3,873 3,328
Research and engineering 397 426 372
Marketing, general and administrative 1,120 1,046 933
Acquisition-related costs 18 – –
Litigation settlement – 62 –
Total costs and expenses 8,932 9,488 8,150
Operating income 732 2,376 2,278
Equity in income of affiliates – 2 1
Gain on sale of product line – 28 –
Gain (loss) on investments 4 (25) –
Interest expense (131) (89) (66)
Interest and dividend income 6 27 44
Income before income taxes 611 2,319 2,257
Income taxes (190) (684) (743)
Net income $ 421 $ 1,635 $ 1,514
Basic earnings per share $ 1.36 $ 5.32 $ 4.76
Diluted earnings per share $ 1.36 $ 5.30 $ 4.73
See Notes to Consolidated Financial Statements