Kraft 2003 Annual Report Download - page 43

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41
Kraft Foods Inc. Consolidated Statements of Earnings
(in millions of dollars, except per share data)
For the years ended December 31, 2003 2002 2001
Net revenues $31,010 $29,723 $29,234
Cost of sales 18,828 17,720 17,566
Gross profit 12,182 12,003 11,668
Marketing, administration and research costs 6,200 5,709 5,748
Integration costs and a loss on sale of a food factory (13) 111 82
Asset impairment and exit costs 6142
Gains on sales of businesses (31) (80) (8)
Amortization of intangibles 97962
Operating income 6,011 6,114 4,884
Interest and other debt expense, net 665 847 1,437
Earnings before income taxes and minority interest 5,346 5,267 3,447
Provision for income taxes 1,866 1,869 1,565
Earnings before minority interest 3,480 3,398 1,882
Minority interest in earnings, net 44
Net earnings $3,476 $3,394 $ 1,882
Per share data:
Basic earnings per share $2.01 $1.96 $ 1.17
Diluted earnings per share $2.01 $1.96 $ 1.17
See notes to consolidated financial statements.