Lockheed Martin 1999 Annual Report Download - page 33

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40
CONSOLIDATED STATEMENT OF EARNINGS
Lockheed Martin Corporation
Year ended December 31,
(In millions, except per share data)
1999 1998 1997
Net sales
$25,530 $26,266 $28,069
Cost of sales 23,865 23,914 25,772
Earnings from operations 1,665 2,352 2,297
Other income and expenses, net 344 170 482
2,009 2,522 2,779
Interest expense 809 861 842
Earnings before income taxes and cumulative effect
of change in accounting 1,200 1,661 1,937
Income tax expense 463 660 637
Earnings before cumulative effect of change in accounting 737 1,001 1,300
Cumulative effect of change in accounting (355) — —
Net earnings
$ 382 $ 1,001 $ 1,300
Earnings (loss) per common share:*
Basic:
Before cumulative effect of change in accounting $ 1.93 $ 2.66 $ (1.56)
Cumulative effect of change in accounting (.93) — —
$ 1.00 $ 2.66 $ (1.56)
Diluted:
Before cumulative effect of change in accounting $ 1.92 $ 2.63 $ (1.56)
Cumulative effect of change in accounting (.93) — —
$ .99 $ 2.63 $ (1.56)
*As more fully described in Notes 3 and 5, in 1997 the Corporation reacquired all of its outstanding Series A preferred stock resulting in a
deemed dividend of $1,826 million. For purposes of computing net loss applicable to common stock for basic and diluted loss per share, the
deemed preferred stock dividend was deducted from 1997 net earnings.
See accompanying Notes to Consolidated Financial Statements.