IBM 1998 Annual Report Download - page 7

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5
TOTAL EXPENSES AS A
PERCENTAGE OF REVENUE
(after adjustments)
’94 ’95 ’96 ’97 ’98
32.0
28.8 28.3 27.5 26.7
FINANCIAL HIGHLIGHTS International Business Machines Corporation and Subsidiary Companies
(Dollars in millions except per share amounts) 1998 1997
For the year:
Revenue $X81,667 $X78,508
Income before income taxes $X..9,040 $..X9,027
Income taxes $X..2,712 $..X2,934
Net income $X..6,328 $..X6,093
Earnings per share of common stock—basic $X....6.75 $....X6.18
Earnings per share of common stock—assuming dilution $X....6.57 $....X6.01
Cash dividends paid on common stock $X.....814 $.....X763
Per share of common stock $......X.86 $....X.775
Investment in plant, rental machines and other property $..X6,520 $..X6,793
Average number of common shares outstanding (in millions)
Basic 935 983
Assuming dilution 960 1,011
At year end:
Total assets $X86,100 $X81,499
Net investment in plant, rental machines and other property $X19,631 $X18,347
Working capital $..X5,533 $..X6,911
Total debt $X29,413 $X26,926
Stockholders’ equity $X19,433 $X19,816
Number of employees in IBM / wholly owned subsidiaries 291,067 269,465
Number of common stock holders 616,800 623,537
NET INCOME
($ in billions)
’94 ’95 ’96 ’97 ’98
3.0
4.2
5.4
6.1 6.3