HP 2009 Annual Report Download - page 87
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Consolidated Statements of Earnings
For the fiscal years ended October 31
2009 2008 2007
In millions, except per share amounts
Net revenue:
Products ........................................... $ 74,051 $ 91,697 $ 84,229
Services ........................................... 40,124 26,297 19,699
Financing income .................................... 377 370 358
Total net revenue ................................... 114,552 118,364 104,286
Costs and expenses:
Cost of products ..................................... 56,503 69,342 63,435
Cost of services ...................................... 30,695 20,028 14,959
Financing interest .................................... 326 329 289
Research and development .............................. 2,819 3,543 3,611
Selling, general and administrative ........................ 11,613 13,326 12,430
Amortization of purchased intangible assets .................. 1,571 967 783
In-process research and development charges ................. 7 45 190
Restructuring charges ................................. 640 270 387
Acquisition-related charges .............................. 242 41 —
Pension curtailments and pension settlements, net ............. — — (517)
Total operating expenses .............................. 104,416 107,891 95,567
Earnings from operations ................................ 10,136 10,473 8,719
Interest and other, net .................................. (721) — 458
Earnings before taxes ................................... 9,415 10,473 9,177
Provision for taxes ..................................... 1,755 2,144 1,913
Net earnings ......................................... $ 7,660 $ 8,329 $ 7,264
Net earnings per share:
Basic ............................................. $ 3.21 $ 3.35 $ 2.76
Diluted ........................................... $ 3.14 $ 3.25 $ 2.68
Weighted-average shares used to compute net earnings per share:
Basic ............................................. 2,388 2,483 2,630
Diluted ........................................... 2,437 2,567 2,716
The accompanying notes are an integral part of these Consolidated Financial Statements.
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