Raytheon 2004 Annual Report Download - page 74

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56
RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions except per share amounts) Years Ended December 31: 2004 2003 2002
Net sales $20,245 $18,109 $16,760
Cost of sales 16,933 15,000 13,358
Administrative and selling expenses 1,433 1,306 1,170
Research and development expenses 491 487 449
Total operating expenses 18,857 16,793 14,977
Operating income 1,388 1,316 1,783
Interest expense 418 537 497
Interest income (45) (50) (27)
Other expense, net 436 67 237
Non-operating expense, net 809 554 707
Income from continuing operations before taxes 579 762 1,076
Federal and foreign income taxes 140 227 320
Income from continuing operations 439 535 756
Loss from discontinued operations, net of tax (63) (170) (887)
Income (loss) before accounting change 376 365 (131)
Cumulative effect of change in accounting principle, net of tax 41 — (509)
Net income (loss) $ 417 $ 365 $ (640)
Earnings per share from continuing operations
Basic $ 1.00 $ 1.30 $ 1.88
Diluted 0.99 1.29 1.85
Earnings (loss) per share
Basic $ 0.95 $ 0.88 $ (1.59)
Diluted 0.94 0.88 (1.57)
The accompanying notes are an integral part of the financial statements.