Xerox 2003 Annual Report Download - page 94

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92
Quarterly Results of Operations
(Unaudited)
First Second Third Fourth Full
In millions, except per-share data Quarter Quarter Quarter Quarter Year
2003(1)
Revenues $3,757 $3,920 $3,732 $4,292 $15,701
Costs and Expenses(2) 3,903 3,810 3,590 3,962 15,265
(Loss) Income before Income Taxes (Benefits)
and Equity Income (146) 110 142 330 436
Income taxes (benefits) (67) 40 38 123 134
Equity in net income of unconsolidated affiliates 14 16 13 15 58
Net (Loss) Income $ (65) $ 86 $ 117 $ 222 $ 360
Basic (Loss) Earnings per Share(3) $ (0.10) $ 0.10 $ 0.12 $ 0.25 $ 0.38
Diluted (Loss) Earnings per Share(3) $ (0.10) $ 0.09 $ 0.11 $ 0.22 $ 0.36
2002(1)
Revenues $3,858 $3,952 $3,793 $4,246 $15,849
Costs and Expenses(4) 3,958 3,830 3,647 4,310 15,745
(Loss) Income before Income Taxes (Benefits),
Equity Income and Cumulative Effect of Change
in Accounting Principle (100) 122 146 (64) 104
Income taxes (benefits) (38) 50 64 (72) 4
Equity in net income of unconsolidated affiliates 11 15 17 11 54
(Loss) Income before Cumulative Effect of Change
in Accounting Principle (51) 87 99 19 154
Cumulative effect of change in accounting principle (63) – – – (63)
Net (Loss) Income $ (114) $ 87 $ 99 $ 19 $ 91
Basic (Loss) Earnings per share before
Cumulative Effect of Change in Accounting Principle $ (0.07) $ 0.12 $ 0.05 $ 0.01 $ 0.11
Basic (Loss) Earnings per Share(3) $ (0.16) $ 0.12 $ 0.05 $ 0.01 $ 0.02
Diluted (Loss) Earnings per Share before
Cumulative Effect of Change in Accounting Principle $ (0.07) $ 0.11 $ 0.04 $ 0.01 $ 0.10
Diluted (Loss) Earnings per Share(3) $ (0.16) $ 0.11 $ 0.04 $ 0.01 $ 0.02
(1) The quarterly results of operations presented herein have been modified to reflect the adoption of FIN 46R (as described in Note 1 to the Consolidated
Financial Statements). As such, certain amounts herein are different from those originally reported in our Quarterly Reports on Form 10-Q as filed with the
SEC. There was no effect on net income (loss) or earnings per share in any period, however.
(2) Costs and expenses include restructuring and asset impairment charges of $8, $37, $11 and $120 for the first, second, third and fourth quarters of 2003,
respectively. Cost and expenses include a provision for litigation of $300 and $(61) in the first quarter and fourth quarter of 2003, respectively.
(3) The sum of quarterly (loss) earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because
securities that are anti-dilutive in certain quarters may not be anti-dilutive on a full-year basis.
(4) Costs and expenses included restructuring and asset impairment charges of $146, $53, $63 and $408 for the first, second, third and fourth quarters of 2002,
respectively.