HP 2005 Annual Report Download - page 75
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Consolidated Statements of Earnings
For the fiscal years ended October 31
2005 2004 2003
In millions, except per share amounts
Net revenue:
Products ........................................... $68,945 $64,046 $58,779
Services ........................................... 17,380 15,470 13,815
Financing income .................................... 371 389 467
Total net revenue ................................... 86,696 79,905 73,061
Costs and expenses:
Cost of products ..................................... 52,550 48,659 43,999
Cost of services ...................................... 13,674 11,962 10,186
Financing interest .................................... 216 190 208
Research and development .............................. 3,490 3,563 3,686
Selling, general and administrative ........................ 11,184 10,496 10,442
Pension curtailment ................................... (199) — —
Restructuring charges ................................. 1,684 114 800
Amortization of purchased intangible assets ................. 622 603 563
In-process research and development charges ................ 2 37 1
Acquisition-related charges .............................. — 54 280
Total operating expenses .............................. 83,223 75,678 70,165
Earnings from operations ................................ 3,473 4,227 2,896
Interest and other, net .................................. 189 35 21
(Losses) gains on investments ............................. (13) 4 (29)
Dispute settlement ..................................... (106) (70) —
Earnings before taxes ................................... 3,543 4,196 2,888
Provision for taxes ..................................... 1,145 699 349
Net earnings .......................................... $ 2,398 $ 3,497 $ 2,539
Net earnings per share:
Basic ............................................. $ 0.83 $ 1.16 $ 0.83
Diluted ............................................ $ 0.82 $ 1.15 $ 0.83
Weighted average shares used to compute net earnings per share:
Basic ............................................. 2,879 3,024 3,047
Diluted ............................................ 2,909 3,055 3,063
The accompanying notes are an integral part of these Consolidated Financial Statements.
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