Lockheed Martin 2001 Annual Report Download - page 37

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Lockheed Martin Corporation
CONSOLIDATED STATEMENT OF OPERATIONS
Year ended December 31,
(In millions, except per share data) 2001 2000 1999
Net sales $23,990 $24,541 $24,999
Cost of sales 22,447 22,881 23,346
Earnings from operations 1,543 1,660 1,653
Other income and expenses, net (655) (409) 344
888 1,251 1,997
Interest expense 700 919 809
Earnings from continuing operations before income taxes,
extraordinary items and cumulative effect of change in accounting 188 332 1,188
Income tax expense 109 714 459
Earnings (loss) from continuing operations before extraordinary items
and cumulative effect of change in accounting 79 (382) 729
Discontinued operations (1,089) (42) 8
Extraordinary loss on early extinguishments of debt (36) (95) —
Cumulative effect of change in accounting ——(355)
Net (loss) earnings $ (1,046) $ (519) $ 382
Earnings (loss) per common share:
Basic:
Continuing operations before extraordinary items and
cumulative effect of change in accounting $ 0.18 $ (0.95) $ 1.91
Discontinued operations (2.55) (0.10) 0.02
Extraordinary loss on early extinguishments of debt (0.08) (0.24) —
Cumulative effect of change in accounting ——(0.93)
$ (2.45) $ (1.29) $ 1.00
Diluted:
Continuing operations before extraordinary items and
cumulative effect of change in accounting $ 0.18 $ (0.95) $ 1.90
Discontinued operations (2.52) (0.10) 0.02
Extraordinary loss on early extinguishments of debt (0.08) (0.24) —
Cumulative effect of change in accounting ——(0.93)
$ (2.42) $ (1.29) $ 0.99
See accompanying Notes to Consolidated Financial Statements.
Lockheed Martin Annual Report >>> 44