Xerox 2007 Annual Report Download - page 79
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XEROX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(in millions, except per-share data) 2007 2006 2005
Revenues
Sales ............................................................................ $ 8,192 $ 7,464 $ 7,400
Service, outsourcing and rentals ................................................... 8,214 7,591 7,426
Finance income .................................................................. 822 840 875
Total Revenues ............................................................. 17,228 15,895 15,701
Costs and Expenses
Cost of sales ..................................................................... 5,254 4,803 4,695
Cost of service, outsourcing and rentals ............................................ 4,707 4,328 4,207
Equipment financing interest ..................................................... 316 305 326
Research, development and engineering expenses .................................. 912 922 943
Selling, administrative and general expenses ....................................... 4,312 4,008 4,110
Restructuring and asset impairment charges ........................................ (6) 385 366
Other expenses, net .............................................................. 295 336 224
Total Costs and Expenses ................................................... 15,790 15,087 14,871
Income from Continuing Operations before Income Taxes, Equity Income,
Discontinued Operations and Cumulative Effect of Change in Accounting
Principle ...................................................................... 1,438 808 830
Income tax expenses (benefits) ................................................... 400 (288) (5)
Equity in net income of unconsolidated affiliates .................................... 97 114 98
Income from Continuing Operations before Discontinued Operations and
Cumulative Effect of Change in Accounting Principle ............................ 1,135 1,210 933
Income from Discontinued Operations, net of tax ................................... – – 53
Cumulative Effect of Change in Accounting Principle, net of tax ...................... – – (8)
Net Income ..................................................................... $ 1,135 $ 1,210 $ 978
Basic Earnings per Share
Income from Continuing Operations .......................................... $ 1.21 $ 1.25 $ 0.91
Basic Earnings per Share ..................................................... $ 1.21 $ 1.25 $ 0.96
Diluted Earnings per Share
Income from Continuing Operations .......................................... $ 1.19 $ 1.22 $ 0.90
Diluted Earnings per Share ................................................... $ 1.19 $ 1.22 $ 0.94
The accompanying notes are an integral part of these Consolidated Financial Statements.
Xerox Annual Report 2007 77