Xerox 2002 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 of the 2002 Xerox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

38
Consolidated Statements of Income
Year ended December 31, (in millions, except per-share data) 2002 2001 2000
Revenues
Sales $ 6,752 $ 7,443 $ 8,839
Service, outsourcing and rentals 8,097 8,436 8,750
Finance income 1,000 1,129 1,162
Total Revenues 15,849 17,008 18,751
Costs and Expenses
Cost of sales 4,197 5,170 6,080
Cost of service, outsourcing and rentals 4,530 4,880 5,153
Equipment financing interest 401 457 498
Research and development expenses 917 997 1,064
Selling, administrative and general expenses 4,437 4,728 5,518
Restructuring and asset impairment charges 670 715 475
Gain on sale of half of interest in Fuji Xerox –(773) –
Gain on affiliate’s sale of stock –(4) (21)
Gain on sale of China operations –– (200)
Other expenses, net 445 444 551
Total Costs and Expenses 15,597 16,614 19,118
Income (Loss) before Income Taxes (Benefits), Equity Income,
Minorities‘ Interests and Cumulative Effect of Change in
Accounting Principle 252 394 (367)
Income taxes (benefits) 60 497 (70)
Income (Loss) before Equity Income, Minorities‘ Interests
and Cumulative Effect of Change in Accounting Principle 192 (103) (297)
Equity in net income of unconsolidated affiliates 54 53 66
Minorities’ interests in earnings of subsidiaries (92) (42) (42)
Income (Loss) before Cumulative Effect
of Change in Accounting Principle 154 (92) (273)
Cumulative effect of change in accounting principle (63) (2) –
Net Income (Loss) $ 91 $ (94) $ (273)
Less: Preferred stock dividends, net (73) (12) (46)
Income (Loss) available to common shareholders $ 18 $ (106) $ (319)
Basic Earnings (Loss) per Share
Income (Loss) before Cumulative Effect
of Change in Accounting Principle $ 0.11 $ (0.15) $ (0.48)
Net Earnings (Loss) per Share $ 0.02 $ (0.15) $ (0.48)
Diluted Earnings (Loss) per Share
Income (Loss) before Cumulative Effect
of Change in Accounting Principle $ 0.10 $ (0.15) $ (0.48)
Net Earnings (Loss) per Share $ 0.02 $ (0.15) $ (0.48)
The accompanying notes are an integral part of the consolidated financial statements.