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Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Lexmark International, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
For the years ended December 31, 2014, 2013, and 2012
(In Millions, Except Per Share Amounts)
2014 2013 2012
Revenue:
Product $ 3,203.9 $ 3,242.3 $ 3,447.5
Service 506.6 425.3 350.1
Total Revenue 3,710.5 3,667.6 3,797.6
Cost of revenue:
Product 1,931.3 1,880.3 2,064.0
Service 360.1 321.9 284.0
Restructuring-related costs 9.3 21.5 47.8
Total Cost of revenue 2,300.7 2,223.7 2,395.8
Gross profit 1,409.8 1,443.9 1,401.8
Research and development 354.5 287.2 369.1
Selling, general and administrative 888.2 810.1 805.1
Gain on sale of inkjet-related technology and assets – (73.5) –
Restructuring and related charges 17.9 10.9 36.1
Operating expense 1,260.6 1,034.7 1,210.3
Operating income 149.2 409.2 191.5
Interest expense (income), net 31.6 33.0 29.6
Other expense (income), net 4.2 4.5 (0.5)
Loss on extinguishment of debt – 3.3 –
Earnings before income taxes 113.4 368.4 162.4
Provision for income taxes 34.3 106.6 54.8
Net earnings $ 79.1 $ 261.8 $ 107.6
Net earnings per share:
Basic $ 1.28 $ 4.16 $ 1.57
Diluted $ 1.25 $ 4.08 $ 1.55
Shares used in per share calculation:
Basic 62.0 63.0 68.6
Diluted 63.2 64.1 69.5
Cash dividends declared per common share $ 1.38 $ 1.20 $ 1.15
See notes to consolidated financial statements.
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