IBM 2004 Annual Report Download - page 8

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06
chairman’s letter
International Business Machines Corporation and Subsidiary Companies
(Dollars in millions except per share amounts)
FOR THE YEAR 2004 2003
Revenue $««96,293 $««89,131
Income from continuing operations 8,448 7,613
Loss from discontinued operations 18 30
Net income 8,430 7,583
Earnings/(loss) per share
of common stock:
Assuming dilution:
Continuing operations 4.94 4.34
Discontinued operations (0.01) (0.02)
Total 4.93 4.32
Basic:
Continuing operations 5.04 4.42
Discontinued operations (0.01) (0.02)
Total 5.03 4.40
Net cash provided by operating activities
from continuing operations 15,406 14,569
Investment in plant, rental machines
and other property 4,368 4,393
Cash dividends paid on common stock 1,174 1,085
Per share of common stock 0.70 0.63
FINANCIAL HIGHLIGHTS
AT YEAR END 2004 2003
Cash, cash equivalents and
marketable securities $««10,570 $««««7,647
Total assets 109,183 104,457
Working capital 7,172 7,039*
Total debt 22,927 23,632
Stockholders’ equity 29,747 27,864
Common shares outstanding (in millions) 1,646 1,695
Market capitalization 162,223 157,047
Stock price per common share 98.58 92.68
Number of employees in IBM/
wholly owned subsidiaries 329,001 319,273
**Reclassified to conform with 2004 presentation.
*