CDW 2004 Annual Report Download - page 5

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Financial Summary
For the years ended December 31, 2004, 2003, and 2002 (in millions, except per share data)
2004 Recognition
• No. 376 on the FORTUNE® 500
• NASDAQ-100 Index
• No. 14 – 100 Best Companies to Work For (FORTUNE® magazine)
• No. 1 – America’s Most Admired Company for Wholesalers: Electronics and Office Equipment (FORTUNE® magazine)
*U.S. Generally Accepted Accounting Principles
**2003 non-GAAP results exclude $22.3 million of total transition and transaction expenses associated with the purchase of selected U.S. assets and the Canadian operations of
Micro Warehouse in September 2003. The impact on 2003 results was $22.0 million on income from operations, $13.5 million on net income, and $0.16 per diluted share. These
non-GAAP measurements are included to provide a meaningful comparison to current and prior periods.
*** Non-applicable
2004 2003 2003 2002
Operating Results GAAP* GAAP* Non-GAAP** GAAP*
Net sales $ 5,738 $ 4,665 N/A*** $ 4,265
Income from operations $ 393 $ 284 $ 306 $ 298
Net income $ 241 $ 175 $ 189 $ 185
Earnings per share (diluted) $ 2.79 $ 2.03 $ 2.19 $ 2.10
Cash, cash equivalents
& marketable securities $ 604 $ 562 N/A*** $ 505
Shareholders' equity $ 1,241 $ 1,061
N/A*** $ 924
Highlights
$1,057
$829
$416
$615
'03
'02
'01
'00
Direct Web Sales (millions)
1,924
1,320
1,216 1,301
'03
'02
'01
'00
Sales Force, End-of-Period
$505
$203
$394
'03
'02
'01
'00
Cash,
Cash Equivalents & Marketable Securities (millions)
$1,526
'04
2,012
'04
$562
'04
$604
0
300
900
600
1,000
200
400
300
2,000
500
$600
1,200
$1,500
0
0
100
$250
'04
'03
'02
'01
'00
0.5
1.0
1.5
2.0
$3.0
$1.79 $1.89
$2.10
$2.03
$2.19**
$2.79
2.5
'03
'02
'01
'00
50
100
150
200
$162 $169
$185 $175
$189**
$241
'04
'03'02'01'00
1
2
3
4
5
‘04
$3.842 $3.962
$4.265
$4.665
$5.738
$6
Earnings per Diluted Share
Net Income (millions)Net Sales (billions)
00.0
0