Texas Instruments 2007 Annual Report Download - page 62

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60 TEXAS INSTRUMENTS 2007 ANNUAL REPORT
QUARTERLY FINANCIAL DATA
(Millions of dollars, except per-share amounts)
Quarter
2007 1st 2nd 3rd 4th
Net revenue........................................................ $ 3,191 $ 3,424 $ 3,663 $ 3,556
Gross profit ........................................................ 1,637 1,784 1,984 1,926
Profit from operations ............................................... 680 809 1,013 996
Income from continuing operations..................................... $ 516 $ 614 $ 758 $ 753
Net income ........................................................ $ 516 $ 610 $ 776 $ 756
Diluted earnings per share:
Income from continuing operations .................................. $ 0.35 $ 0.42 $ 0.52 $ 0.54
Net income ...................................................... $ 0.35 $ 0.42 $ 0.54 $ 0.54
Quarter
2006 1st 2nd 3rd 4th
Net revenue ........................................................ $ 3,334 $ 3,697 $ 3,761 $ 3,463
Gross profit......................................................... 1,672 1,907 1,932 1,748
Profit from operations ................................................. 718 953 930 767
Income from continuing operations . ...................................... $ 542 $ 739 $ 686 $ 671
Net income ......................................................... $ 585 $ 2,387 $ 702 $ 668
Diluted earnings per share:
Income from continuing operations ..................................... $ 0.33 $ 0.47 $ 0.45 $ 0.45
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.36 $ 1.50 $ 0.46 $ 0.45
Included in the results above were the following items:
Quarter
2007 1st 2nd 3rd 4th
Gain on sale of asset (a).............................................. $ — $ — $ (39) $ —
Quarter
2006 1st 2nd 3rd 4th
Royalty settlement benefit (b) ........................................... $ — $ (60) $ — $ —
Sales tax refund benefit (c)............................................. —(77) — —
Research tax credit (d) ................................................ — — — (72)
a) In the third quarter of 2007, we sold our broadband digital subscriber line (DSL) customer-premises equipment semiconductor product line to Infineon Technologies AG for $61 million.
The amount in the above table is the pretax gain on this sale, which was recognized in cost of revenue.
b) Settlement of patent-related litigation with Conexant Systems, Inc.
c) Settlement of an audit of Texas state sales and use taxes paid on various purchases over a nine-year period.
d) The 2006 U.S. federal research tax credit was reinstated in December 2006 and was retroactive to the beginning of 2006.