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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
January 31, February 1, February 2, January 28, January 29,
2003 2002(a) 2001(b) 2000(c)(d) 1999(d)
(in millions, except per share data)
Results of Operations:
Net revenue $ 35,404 $ 31,168 $ 31,888 $ 25,265 $ 18,243
Gross margin 6,349 5,507 6,443 5,218 4,106
Operating income 2,844 1,789 2,663 2,263 2,046
Income before cumulative effect of change in accounting principle(e) 2,122 1,246 2,236 1,666 1,460
Net income $ 2,122 $ 1,246 $ 2,177 $ 1,666 $ 1,460
Earnings per common share:
Before cumulative effect of change in accounting principle:
Basic $ 0.82 $ 0.48 $ 0.87 $ 0.66 $ 0.58
Diluted $ 0.80 $ 0.46 $ 0.81 $ 0.61 $ 0.53
After cumulative effect of change in accounting principle:
Basic $ 0.82 $ 0.48 $ 0.84 $ 0.66 $ 0.58
Diluted $ 0.80 $ 0.46 $ 0.79 $ 0.61 $ 0.53
Number of weighted average shares outstanding:
Basic 2,584 2,602 2,582 2,536 2,531
Diluted 2,644 2,726 2,746 2,728 2,772
Balance Sheet Data:
Cash and investments $ 9,905 $ 8,287 $ 7,853 $ 6,853 $ 3,181
Total assets 15,470 13,535 13,670 11,560 6,966
Long-term debt 506 520 509 508 512
Total stockholders' equity $ 4,873 $ 4,694 $ 5,622 $ 5,308 $ 2,321
(a) Includes a pre-tax 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 pre-tax charge of $105 million related to employee termination benefits and facilities closure costs.
(c) Includes a pre-tax charge of $194 million related to a purchase of in-process research and development.
(d) Share and per share information has been restated to reflect 2 for 1 splits of the common stock in March and September 1998, and March 1999.
(e) Effective January 29, 2000, Dell 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 net income for the fiscal year ended February 2, 2001 was not material. See Note 1 of Notes to
Consolidated Financial Statements included in "Item 8 — Financial Statements and Supplementary Data."
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