HP 2005 Annual Report Download - page 35

Download and view the complete annual report

Please find page 35 of the 2005 HP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 155

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155

ITEM 6. Selected Financial Data.
The information set forth below is not necessarily indicative of results of future operations, and
should be read in conjunction with Item 7, ‘‘Management’s Discussion and Analysis of Financial
Condition and Results of Operations,’’ and the Consolidated Financial Statements and notes thereto
included in Item 8, ‘‘Financial Statements and Supplementary Data,’’ of this Form 10-K, which are
incorporated herein by reference, in order to understand further the factors that may affect the
comparability of the financial data presented below.
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Selected Financial Data(1)
For the fiscal years ended October 31,
2005 2004 2003 2002 2001
In millions, except per share amounts
Net revenue .............................. $86,696 $79,905 $73,061 $56,588 $45,226
Earnings (loss) from operations(2) .............. 3,473 4,227 2,896 (1,012) 1,439
Net earnings (loss) before cumulative effect of
change in accounting principle(2)(3) ............ 2,398 3,497 2,539 (903) 680
Net earnings (loss) per share before cumulative
effect of change in accounting principle:(2)(3)
Basic ................................. $ 0.83 $ 1.16 $ 0.83 $ (0.36) $ 0.35
Diluted ................................ 0.82 1.15 0.83 (0.36) 0.35
Cumulative effect of change in accounting principle,
net of taxes(4) ...........................————(272)
Net loss per share for cumulative effect of change in
accounting principle, net of taxes:
Basic .................................————(0.14)
Diluted ................................————(0.14)
Cash dividends declared per share .............. 0.32 0.32 0.32 0.32 0.32
At year-end:
Total assets ............................. $77,317 $76,138 $74,716 $70,710 $32,584
Long-term debt .......................... 3,392 4,623 6,494 6,035 3,729
(1) HP’s Consolidated Financial Statements and notes thereto reflect HP’s acquisition of Compaq on
May 3, 2002. The occurrence of the acquisition in the middle of fiscal 2002 affects the
comparability of financial information for fiscal 2005, 2004 and 2003 to prior fiscal years. Certain
amounts have been reclassified to conform to the current year presentation.
(2) Earnings (loss) from operations includes the following items:
2005 2004 2003 2002 2001
In millions
Restructuring charges ....................... $1,684 $114 $ 800 $1,780 $384
Pension curtailment ........................ (199) — — — —
In-process research and development charges ...... 2 37 1 793 35
Amortization of purchased intangible assets ....... 622 603 563 402 174
Acquisition-related charges ................... — 54 280 701 25
Acquisition-related inventory write-downs ........ — — — 147 —
Total charges before taxes .................... $2,109 $808 $1,644 $3,823 $618
Total charges, net of taxes .................... $1,512 $571 $1,127 $3,031 $493
31