Dell 2001 Annual Report Download - page 19

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Table of Contents
ITEM 6 — SELECTED FINANCIAL DATA
The following selected financial data should be read in conjunction "Item 7 — Management's Discussion and Analysis of Financial Condition and Results of
Operations" and "Item 8 — Financial Statements and Supplementary Data."
Fiscal Year Ended
February 1, February 2, January 28, January 29, February 1,
2002(a) 2001(b) 2000(c) 1999 1998
(in millions, except per share data)
Results of Operations Data:
Net revenue $ 31,168 $ 31,888 $ 25,265 $ 18,243 $ 12,327
Gross margin 5,507 6,443 5,218 4,106 2,722
Operating income 1,789 2,663 2,263 2,046 1,316
Income before cumulative effect of change in accounting principle(d) 1,246 2,236 1,666 1,460 944
Net income $ 1,246 $ 2,177 $ 1,666 $ 1,460 $ 944
Earnings per common share:
Before cumulative effect of change in accounting principle:
Basic $ 0.48 $ 0.87 $ 0.66 $ 0.58 $ 0.36
Diluted $ 0.46 $ 0.81 $ 0.61 $ 0.53 $ 0.32
After cumulative effect of change in accounting principle:
Basic $ 0.48 $ 0.84 $ 0.66 $ 0.58 $ 0.36
Diluted $ 0.46 $ 0.79 $ 0.61 $ 0.53 $ 0.32
Number of weighted average shares outstanding:
Basic 2,602 2,582 2,536 2,531 2,631
Diluted 2,726 2,746 2,728 2,772 2,952
Balance Sheet Data:
Working capital $ 358 $ 2,948 $ 2,489 $ 2,112 $ 758
Total assets 13,535 13,670 11,560 6,966 4,282
Long-term debt 520 509 508 512 17
Total stockholders' equity $ 4,694 $ 5,622 $ 5,308 $ 2,321 $ 1,293
(a) Includes a charge of $742 million. Approximately $482 million relates to employee termination benefits, facilities closure costs, and other asset
impairments and exit costs, while the balance of $260 million relates to other-than-temporary declines in the fair value of equity securities.
(b) Includes a charge of $105 million related to employee termination benefits and facilities closure costs.
(c) Includes a charge of $194 million related to a purchase of in-process research and development.
(d) Effective January 29, 2000, the Company changed its accounting for revenue recognition in accordance with the Securities and Exchange Commission's
Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements ("SAB 101"). The cumulative effect of the change on retained
earnings as of the beginning of fiscal 2001 resulted in a charge to fiscal 2001 income of $59 million (net of income taxes of $25 million). With the
exception of the cumulative effect adjustment, the effect of the change on the net income for fiscal year ended February 2, 2001 and all prior years
presented was not material. See Note 1 of Notes to Consolidated Financial Statements included in "Item 8 — Financial Statements and Supplementary
Data." 16