Dell 2002 Annual Report Download - page 35

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Table of Contents
DELL COMPUTER CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share amounts)
Fiscal Year Ended
January 31, February 1, February 2,
2003 2002 2001
Net revenue $ 35,404 $ 31,168 $ 31,888
Cost of revenue 29,055 25,661 25,445
Gross margin 6,349 5,507 6,443
Operating expenses:
Selling, general and administrative 3,050 2,784 3,193
Research, development and engineering 455 452 482
Special charges — 482 105
Total operating expenses 3,505 3,718 3,780
Operating income 2,844 1,789 2,663
Investment and other income (loss), net 183 (58) 531
Income before income taxes and cumulative effect of change in accounting principle 3,027 1,731 3,194
Provision for income taxes 905 485 958
Income before cumulative effect of change in accounting principle 2,122 1,246 2,236
Cumulative effect of change in accounting principle, net — — 59
Net income $ 2,122 $ 1,246 $ 2,177
Earnings per common share:
Before cumulative effect of change in accounting principle:
Basic $ 0.82 $ 0.48 $ 0.87
Diluted $ 0.80 $ 0.46 $ 0.81
After cumulative effect of change in accounting principle:
Basic $ 0.82 $ 0.48 $ 0.84
Diluted $ 0.80 $ 0.46 $ 0.79
Weighted average shares outstanding:
Basic 2,584 2,602 2,582
Diluted 2,644 2,726 2,746
The accompanying notes are an integral part of these consolidated financial statements.
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