Freeport-McMoRan 2008 Annual Report Download - page 66

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Consolidated Statements of Operations
64 FREEPORT-McMoRan COPPER & GOLD INC. 2008 Annual Report
Years Ended December 31, 2008 2007 2006
(In Millions, Except Per Share Amounts)
Revenues $ 17,796 $ 16,939 $ 5,791
Cost of sales:
Production and delivery 10,416 8,527 2,525
Depreciation, depletion and amortization 1,782 1,246 228
Lower of cost or market inventory adjustments 782 – –
Total cost of sales 12,980 9,773 2,753
Selling, general and administrative expenses 269 466 157
Exploration and research expenses 292 145 12
Goodwill impairment 5,987 – –
Long-lived asset impairments and other charges 10,978 – –
Total costs and expenses 30,506 10,384 2,922
Operating (loss) income (12,710) 6,555 2,869
Interest expense, net (584) (513) (76)
Losses on early extinguishment and conversion of debt, net (6) (173) (32)
Gains on sales of assets 13 85 31
Other (expense) income, net (22) 157 28
(Loss) income from continuing operations before income taxes, minority interests
and equity in affiliated companies’ net earnings (13,309) 6,111 2,820
Benefit from (provision for) income taxes 2,844 (2,400) (1,201)
Minority interests in consolidated subsidiaries (617) (791) (168)
Equity in affiliated companies’ net earnings 15 22 6
(Loss) income from continuing operations (11,067) 2,942 1,457
Income from discontinued operations, net of taxes – 35 –
Net (loss) income (11,067) 2,977 1,457
Preferred dividends and losses on induced conversions (274) (208) (61)
Net (loss) income applicable to common stock $ (11,341) $ 2,769 $ 1,396
Basic net (loss) income per share of common stock:
Continuing operations $ (29.72) $ 8.02 $ 7.32
Discontinued operations – 0.10 –
Basic net (loss) income per share of common stock $ (29.72) $ 8.12 $ 7.32
Diluted net (loss) income per share of common stock:
Continuing operations $ (29.72) $ 7.41 $ 6.63
Discontinued operations – 0.09 –
Diluted net (loss) income per share of common stock $ (29.72) $ 7.50 $ 6.63
Average common shares outstanding:
Basic 382 341 191
Diluted 382 397 221
Dividends declared per share of common stock $ 1.375 $ 1.375 $ 5.0625
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.