Xerox 2003 Annual Report Download - page 40

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38
Consolidated Statements of Income
Year ended December 31, (in millions, except per-share data) 2003 2002 2001
Revenues
Sales $ 6,970 $ 6,752 $ 7,443
Service, outsourcing and rentals 7,734 8,097 8,436
Finance income 997 1,000 1,129
Total Revenues 15,701 15,849 17,008
Costs and Expenses
Cost of sales 4,436 4,233 5,170
Cost of service, outsourcing and rentals 4,311 4,494 4,880
Equipment financing interest 362 401 457
Research and development expenses 868 917 997
Selling, administrative and general expenses 4,249 4,437 4,728
Restructuring and asset impairment charges 176 670 715
Gain on sale of half of interest in Fuji Xerox –– (773)
Gain on affiliate’s sale of stock (13) – (4)
Provision for litigation 239 ––
Other expenses, net 637 593 510
Total Costs and Expenses 15,265 15,745 16,680
Income before Income Taxes, Equity Income
and Cumulative Effect of Change in
Accounting Principle 436 104 328
Income taxes 134 4 473
Income (Loss) before Equity Income
and Cumulative Effect of Change in Accounting Principle 302 100 (145)
Equity in net income of unconsolidated affiliates 58 54 53
Income (Loss) before Cumulative Effect
of Change in Accounting Principle 360 154 (92)
Cumulative effect of change in accounting principle –(63) (2)
Net Income (Loss) 360 91 (94)
Less: Preferred stock dividends, net (71) (73) (12)
Income (Loss) available to common shareholders $ 289 $ 18 $ (106)
Basic Earnings (Loss) per Share
Income (Loss) before Cumulative Effect
of Change in Accounting Principle $ 0.38 $ 0.11 $ (0.15)
Net Earnings (Loss) per Share $ 0.38 $ 0.02 $ (0.15)
Diluted Earnings (Loss) per Share
Income (Loss) before Cumulative Effect
of Change in Accounting Principle $ 0.36 $ 0.10 $ (0.15)
Net Earnings (Loss) per Share $ 0.36 $ 0.02 $ (0.15)
The accompanying notes are an integral part of the Consolidated Financial Statements.