Xerox 2005 Annual Report Download - page 54

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CONSOLIDATED STATEMENTS OF INCOME
46
(in millions, except per-share data)
Year ended December 31, 2005 2004 2003
Revenues
Sales $ 7,400 $ 7,259 $ 6,970
Service, outsourcing and rentals 7,426 7,529 7,734
Finance income 875 934 997
Total Revenues 15,701 15,722 15,701
Costs and Expenses
Cost of sales 4,695 4,545 4,346
Cost of service, outsourcing and rentals 4,207 4,295 4,307
Equipment financing interest 326 345 362
Research, development and engineering expenses 943 914 962
Selling, administrative and general expenses 4,110 4,203 4,249
Restructuring and asset impairment charges 366 86 176
Gain on affiliate’s sale of stock – – (13)
Other expenses, net 224 369 876
Total Costs and Expenses 14,871 14,757 15,265
Income from Continuing Operations before
Income Taxes, Equity Income, Discontinued Operations
and Cumulative Effect of Change in Accounting Principle 830 965 436
Income tax (benefits) expenses (5) 340 134
Equity in net income of unconsolidated affiliates 98 151 58
Income from Continuing Operations before Discontinued Operations
and Cumulative Effect of Change in Accounting Principle 933 776 360
Income from Discontinued Operations, net of tax 53 83 –
Cumulative Effect of Change in Accounting Principle, net of tax (8) – –
Net Income 978 859 360
Less: Preferred stock dividends, net (58) (73) (71)
Income Available to Common Shareholders $ 920 $ 786 $ 289
Basic Earnings per Share
Income from Continuing Operations $ 0.91 $ 0.84 $ 0.38
Basic Earnings per Share $ 0.96 $ 0.94 $ 0.38
Diluted Earnings per Share
Income from Continuing Operations $ 0.90 $ 0.78 $ 0.36
Diluted Earnings per Share $ 0.94 $ 0.86 $ 0.36
The accompanying notes are an integral part of these Consolidated Financial Statements.
Xerox Annual Report 2005