UPS 2004 Annual Report Download - page 46
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44 UPS Annual Report 2004
Statements of consolidated income
Years Ended December 31,
(In millions, except per share amounts) 2004 2003 2002
Revenue $ 36,582 $ 33,485 $ 31,272
Operating Expenses:
Compensation and benefits 20,916 19,328 17,940
Other 10,677 9,712 9,236
31,593 29,040 27,176
Operating Profit 4,989 4,445 4,096
Other Income and (Expense):
Investment income 82 18 63
Interest expense (149) (121) (173)
Gain on redemption of long-term debt — 28 —
Tax assessment reversal — — 1,023
(67) (75) 913
Income Before Income Taxes And Cumulative Effect of Change
in Accounting Principle 4,922 4,370 5,009
Income Taxes 1,589 1,472 1,755
Income Before Cumulative Effect of Change in Accounting Principle 3,333 2,898 3,254
Cumulative Effect of Change in Accounting Principle, Net of Taxes — — (72)
Net Income $ 3,333 $ 2,898 $ 3,182
Basic Earnings Per Share Before Cumulative Effect of Change
in Accounting Principle $ 2.95 $ 2.57 $ 2.91
Basic Earnings Per Share $ 2.95 $ 2.57 $ 2.84
Diluted Earnings Per Share Before Cumulative Effect of Change
in Accounting Principle $ 2.93 $ 2.55 $ 2.87
Diluted Earnings Per Share$2.93 $2.55 $2.81
See notes to consolidated financial statements.