Baker Hughes 2009 Annual Report Download - page 139

2009 Form 10-K 65
NOTE 17. QUARTERLY DATA (UNAUDITED)
First Quarter Second Quarter Third Quarter Fourth Quarter Total Year
2009
Revenues $ 2,668 $ 2,336 $ 2,232 $ 2,428 $ 9,664
Gross profit(1) 599 437 383 451 1,870
Net income 195 87 55 84 421
Basic earnings per share 0.63 0.28 0.18 0.27 1.36
Diluted earnings per share 0.63 0.28 0.18 0.27 1.36
Dividends per share 0.15 0.15 0.15 0.15 0.60
Common stock market prices:
High 38.08 42.33 44.01 47.67
Low 26.58 29.22 33.41 38.04
2008
Revenues $ 2,670 $ 2,998 $ 3,010 $ 3,186 $ 11,864
Gross profit(1) 798 895 879 912 3,484
Net income 395 379 429 432 1,635
Basic earnings per share 1.28 1.24 1.40 1.41 5.32
Diluted earnings per share 1.27 1.23 1.39 1.41 5.30
Dividends per share 0.13 0.13 0.15 0.15 0.56
Common stock market prices:
High 81.34 89.56 88.57 60.54
Low 63.90 68.50 60.93 26.02
(1) Represents revenues less cost of sales, cost of services and rentals and research and engineering.
ITEM 9. CHANGES IN AND DISAGREEMENTS
WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this annual report,
we have evaluated the effectiveness of the design and opera-
tion of our disclosure controls and procedures pursuant to
Rule 13a-15 of the Exchange Act of 1934, as amended (the
“Exchange Act”). This evaluation was carried out under the
supervision and with the participation of our management,
including our principal executive officer and principal financial
officer. Based on this evaluation, these officers have concluded
that, as of December 31, 2009, our disclosure controls and
procedures, as defined by Rule 13a-15(e) of the Exchange Act,
are effective at a reasonable assurance level.
Disclosure controls and procedures are our controls and
other procedures that are designed to ensure that information
required to be disclosed by us in the reports that we file or
submit under the Exchange Act, such as this annual report, is
recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms. Disclosure con-
trols and procedures include, without limitation, controls and
procedures designed to ensure that information required to be
disclosed by us in the reports that we file under the Exchange
Act is accumulated and communicated to our management,
including our principal executive officer and principal financial
officer, as appropriate, to allow timely decisions regarding
required disclosure.
Design and Evaluation of Internal Control
Over Financial Reporting
Pursuant to Section 404 of the Sarbanes-Oxley Act of
2002, our management included a report of their assessment
of the design and effectiveness of our internal controls over
financial reporting as part of this Annual Report on Form 10-K
for the fiscal year ended December 31, 2009. Deloitte & Tou-
che LLP, the Company’s independent registered public account-
ing firm, has issued an attestation report on the effectiveness
of the Company’s internal control over financial reporting.
Management’s report and the independent registered public
accounting firm’s attestation report are included in Item 8
under the caption entitled “Management’s Report on Internal
Control Over Financial Reporting” and “Report of Independent
Registered Public Accounting Firm” and are incorporated
herein by reference.
Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over finan-
cial reporting during the quarter ended December 31, 2009
that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.