Intel 1998 Annual Report Download - page 34

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Page 14
CONSOLIDATED STATEMENTS OF INCOME
THREE YEARS ENDED DECEMBER 26, 1998
(IN MILLIONS--EXCEPT PER SHARE AMOUNTS)
SEE ACCOMPANYING NOTES.
1998 1997 1996
------- ------- -------
NET REVENUES $26,273 $25,070 $20,847
------- ------- -------
Cost of sales 12,144 9,945 9,164
Research and development 2,509 2,347 1,808
Marketing, general and administrative 3,076 2,891 2,322
Purchased in-process research and
development 165 - -
------- ------- -------
Operating costs and expenses 17,894 15,183 13,294
------- ------- -------
OPERATING INCOME 8,379 9,887 7,553
Interest expense (34) (27) (25)
Interest income and other, net 792 799 406
------- ------- -------
INCOME BEFORE TAXES 9,137 10,659 7,934
Provision for taxes 3,069 3,714 2,777
------- ------- -------
NET INCOME $ 6,068 $ 6,945 $ 5,157
======= ======= =======
BASIC EARNINGS PER COMMON SHARE $ 1.82 $ 2.12 $ 1.57
======= ======= =======
DILUTED EARNINGS PER COMMON SHARE $ 1.73 $1.93 $1.45
======= ======= =======
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 3,336 3,271 3,290
Dilutive effect of:
Employee stock options 159 204 187
1998 Step-Up Warrants 22 115 74
------- ------- -------
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING, ASSUMING DILUTION 3,517 3,590 3,551
======= ======= =======