EMC 2003 Annual Report Download - page 36

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Property, plant and equipment, net 1,610,182 1,624,396
Intangible assets, net 475,295 70,206
Other assets, net 426,472 295,351
Goodwill, net 2,711,677 205,030
Deferred income taxes 72,019 43,926
Total assets $14,092,860 $9,590,447
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and current portion of long-term obligations $ 7,104 $ 27,507
Accounts payable 414,251 429,732
Accrued expenses 1,009,696 948,357
Income taxes payable 436,434 187,695
Deferred revenue 679,044 448,359
Total current liabilities 2,546,529 2,041,650
Long-term convertible debt 129,966 –
Deferred revenue 451,296 156,412
Other liabilities 80,348 166,383
Commitments and contingencies
Stockholders' equity:
Series preferred stock, par value $.01; authorized 25,000 shares; none outstanding – –
Common stock, par value $.01; authorized 6,000,000 shares; issued 2,476,821 and 2,235,930 shares 24,768 22,359
Additional paid-in capital 6,894,823 3,580,025
Deferred compensation (94,068) (10,762)
Retained earnings 4,566,157 4,070,049
Accumulated other comprehensive income (loss), net 2,197 (53,488)
Treasury stock, at cost; 62,082 and 50,555 shares (509,156) (382,181)
Total stockholders' equity 10,884,721 7,226,002
Total liabilities and stockholders' equity $14,092,860 $9,590,447
The accompanying notes are an integral part of the consolidated financial statements.
52
EMC CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
For the Year Ended December 31,
2003 2002 2001
Revenues:
Net sales $4,723,554 $4,219,156 $5,915,695
Services 1,513,254 1,219,196 1,174,938
6,236,808 5,438,352 7,090,633
Costs and expenses:
Cost of sales 2,664,162 2,614,482 3,525,145
Cost of services 730,588 705,028 721,897
Research and development 718,470 781,457 928,701
Selling, general and administrative 1,656,164 1,680,814 2,214,223
Restructuring and other special charges 66,267 150,402 398,508
Operating income (loss) 401,157 (493,831) (697,841)
Investment income 187,803 256,153 265,285
Interest expense (3,030) (11,415) (11,338)
Other expense, net (14,907) (47,394) (133,141)
Income (loss) before taxes 571,023 (296,487) (577,035)
Income tax provision (benefit) 74,915 (177,781) (69,323)
Net income (loss) $ 496,108 $ (118,706) $ (507,712)