Medtronic 2007 Annual Report Download - page 91

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Fiscal Year
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Operating Results for the Fiscal Year:
Net sales $ 12,299 $ 11,292 $10,055 $ 9,087 $ 7,665
Cost of products sold 3,168 2,815 2,446 2,253 1,890
Gross margin percentage 74.275.1% 75.7% 75.2% 75.3%
Research and development expense $ 1,239 $ 1,113 $ 951 $ 852 $ 750
Selling, general and administrative expense 4,153 3,659 3,214 2,801 2,372
Special charges 98 100 Ñ (5) 11
Restructuring charges 28 ÑÑÑÑ
Certain litigation charges 40 Ñ 654 Ñ (8)
Purchased in-process research and development charges Ñ364 Ñ 41 114
Other expense, net 212 167 291 351 188
Interest income, net (154) (87) (45) (3) 7
Earnings before income taxes 3,515 3,161 2,544 2,797 2,341
Provision for income taxes 713 614 740 838 741
Net earnings $ 2,802 $ 2,547 $ 1,804 $ 1,959 $ 1,600
Per Share of Common Stock:
Basic earnings $ 2.44 $ 2.11 $ 1.49 $ 1.61 $ 1.31
Diluted earnings 2.41 2.09 1.48 1.60 1.30
Cash dividends declared 0.44 0.39 0.34 0.29 0.25
Financial Position at Fiscal Year-end:
Working capital& $ 5,355 $ 5,971 $ 4,042 $ 1,072 $ 2,792
Current ratio& 3.1:1.0 2.4:1.0 2.2:1.0 1.3:1.0 2.5:1.0
Total assets $ 19,512 $ 19,665 $ 16,617 $ 14,111 $ 12,406
Long-term debt 5,578 5,486 1,973 1.1 1,980
ShareholdersÕ equity 10,977 9,383 10,450 9,077 7,906
Additional Information:
Full-time employees at year-end 34,554 32,280 29,835 27,868 26,732
Full-time equivalent employees at year-end 37,800 35,733 33,067 30,900 29,581
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