HP 2007 Annual Report Download - page 164

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Quarterly Summary
(Unaudited)
Three-month periods ended
January 31 April 30 July 31 October 31
In millions, except per share amounts
2007
Net revenue........................................................................................................................................... $25,082 $25,534 $25,377 $28,293
Cost of sales(1) ....................................................................................................................................... 19,136 19,283 19,164 21,304
Research and development ................................................................................................................... 877 903 917 914
Selling, general and administrative ...................................................................................................... 2,908 3,044 3,002 3,272
Amortization of purchased intangible assets........................................................................................ 201 212 183 187
In-process research and development charges .....................................................................................167 19 — 4
Restructuring......................................................................................................................................... (41) 453 (5) (20)
Pension curtailments and pension settlements, net...............................................................................(9) (508) — —
Total costs and expenses....................................................................................................................... 23,239 23,406 23,261 25,661
Earnings from operations...................................................................................................................... 1,843 2,128 2,116 2,632
Interest and other, net ........................................................................................................................... 111 87 165 81
Gains (losses) on investments............................................................................................................... 10 13 5(14)
Earnings before taxes............................................................................................................................ 1,964 2,228 2,286 2,699
Provision for taxes ................................................................................................................................ 417 453 508 535
Net earnings .......................................................................................................................................... $1,547 $1,775 $1,778 $2,164
Net earnings per share:(2)
Basic ................................................................................................................................................. $0.57 $0.67 $0.68 $0.84
Diluted .............................................................................................................................................. $0.55 $0.65 $0.66 $0.81
Cash dividends paid per share .............................................................................................................. $0.08 $0.08 $0.08 $0.08
Range of per share closing stock prices on the New York Stock Exchange
Low................................................................................................................................................... $38.22 $38.67 $42.83 $46.01
High .................................................................................................................................................. $43.53 $43.13 $48.54 $52.87
2006
Net revenue........................................................................................................................................... $22,659 $22,554 $21,890 $24,555
Cost of sales(1) ....................................................................................................................................... 17,392 16,970 16,472 18,593
Research and development ................................................................................................................... 871 930 920 870
Selling, general and administrative ...................................................................................................... 2,692 2,858 2,830 2,886
Amortization of purchased intangible assets........................................................................................ 147 151 153 153
In-process research and development charges .....................................................................................50 2 — —
Restructuring......................................................................................................................................... 15 (14) 5152
Total costs and expenses....................................................................................................................... 21,167 20,897 20,380 22,654
Earnings from operations...................................................................................................................... 1,492 1,657 1,510 1,901
Interest and other, net ........................................................................................................................... 38 157 221 190
(Losses) gains on investments .............................................................................................................. (2) 6 714
Earnings before taxes............................................................................................................................ 1,528 1,820 1,738 2,105
Provision for (benefit from) taxes ........................................................................................................ 301 (79) 363 408
Net earnings .......................................................................................................................................... $1,227 $1,899 $1,375 $1,697
Net earnings per share:(2)
Basic ................................................................................................................................................. $0.43 $0.68 $0.50 $0.62
Diluted .............................................................................................................................................. $0.42 $0.66 $0.48 $0.60
Cash dividends paid per share .............................................................................................................. $0.08 $0.08 $0.08 $0.08
Range of per share closing stock prices on the New York Stock Exchange and Nasdaq Stock
Market:
Low................................................................................................................................................... $28.12 $30.27 $29.79 $31.67
High .................................................................................................................................................. $32.24 $34.36 $33.87 $39.87
(1) Cost of products, cost of services and financing interest.
(2) EPS for each quarter is computed using the weighted-average number of shares outstanding during that quarter, while
EPS for the fiscal year is computed using the weighted-average number of shares outstanding during the year. Thus, the
sum of the EPS for each of the four quarters may not equal the EPS for the fiscal year.
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