Fluor 2004 Annual Report Download - page 72

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FLUOR CORPORATION
CONSOLIDATED STATEMENT OF EARNINGS
Year Ended December 31
(in thousands, except per share amounts) 2004 2003 2002
TOTAL REVENUES $ 9,380,277 $ 8,805,703 $ 9,958,956
TOTAL COST OF REVENUES 8,960,236 8,399,477 9,544,785
OTHER (INCOME) AND EXPENSES
Corporate administrative and general expense 142,388 141,465 160,097
Interest expense 15,446 10,109 8,925
Interest income (18,951) (13,329) (15,375)
Total cost and expenses 9,099,119 8,537,722 9,698,432
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES 281,158 267,981 260,524
INCOME TAX EXPENSE 94,463 88,526 90,548
EARNINGS FROM CONTINUING OPERATIONS 186,695 179,455 169,976
EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES – 1,488 (500)
LOSS ON DISPOSAL, NET OF TAXES – (13,104) (5,861)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE – (10,389) –
NET EARNINGS $ 186,695 $ 157,450 $ 163,615
BASIC EARNINGS (LOSS) PER SHARE
Continuing operations $ 2.29 $ 2.25 $ 2.14
Discontinued operations – (0.15) (0.08)
Cumulative effect of change in accounting principle – (0.13) –
Net earnings $ 2.29 $ 1.97 $ 2.06
DILUTED EARNINGS (LOSS) PER SHARE
Continuing operations $ 2.25 $ 2.23 $ 2.13
Discontinued operations – (0.15) (0.08)
Cumulative effect of change in accounting principle – (0.13) –
Net earnings $ 2.25 $ 1.95 $ 2.05
SHARES USED TO CALCULATE EARNINGS PER SHARE
Basic
Diluted
81,562
82,795
79,796
80,539
79,344
79,853
See Notes to Consolidated Financial Statements.
F-5