Nike 2003 Annual Report Download - page 37

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NIKE, INC.
CONSOLIDATED STATEMENTS OF INCOME
Year Ended May 31,
2003 2002 2001
(In millions, except per share data)
Revenues ....................................................... $10,697.0 $9,893.0 $9,488.8
Cost of sales .................................................... 6,313.6 6,004.7 5,784.9
GrossMargin.................................................... 4,383.4 3,888.3 3,703.9
Selling and administrative .......................................... 3,137.6 2,820.4 2,689.7
Interest expense (Notes 6 and 7) ..................................... 42.9 47.6 58.7
Otherincome/expense,net(Notes1,12and13) ........................ 79.9 3.0 34.1
Income before income taxes and cumulative effect accounting change ....... 1,123.0 1,017.3 921.4
Incometaxes(Note8) ............................................. 382.9 349.0 331.7
Income before cumulative effect of accounting change ................... 740.1 668.3 589.7
Cumulative effect of accounting change, net of income taxes of ($-, $3.0 and
$-)(Note4,Note1) ............................................. 266.1 5.0 —
Netincome ..................................................... $ 474.0 $ 663.3 $ 589.7
Basic earnings per common share — before accounting change
(Notes1and11) ............................................... $ 2.80 $ 2.50 $ 2.18
Cumulative effect of accounting change ............................... 1.01 0.02 —
$ 1.79 $ 2.48 $ 2.18
Diluted earnings per common share — before accounting change
(Notes1and11) ............................................... $ 2.77 $ 2.46 $ 2.16
Cumulative effect of accounting change ............................... 1.00 0.02 —
$ 1.77 $ 2.44 $ 2.16
The accompanying notes to consolidated financial statements are an integral part of this statement.
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