Xerox 2008 Annual Report Download - page 49

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Xerox Corporation
Consolidated Statements of Income
Year Ended December 31,
(in millions, except per-share data) 2008 2007 2006
Revenues
Sales $ 8,325 $ 8,192 $ 7,464
Service, outsourcing and rentals 8,485 8,214 7,591
Finance income 798 822 840
Total Revenues 17,608 17,228 15,895
Costs and Expenses
Cost of sales 5,519 5,254 4,803
Cost of service, outsourcing and rentals 4,929 4,707 4,328
Equipment financing interest 305 316 305
Research, development and engineering expenses 884 912 922
Selling, administrative and general expenses 4,534 4,312 4,008
Restructuring and asset impairment charges 429 (6) 385
Other expenses, net 1,122 295 336
Total Costs and Expenses 17,722 15,790 15,087
(Loss) Income before Income Taxes and Equity Income (114) 1,438 808
Income tax (benefits) expenses (231) 400 (288)
Equity in net income of unconsolidated affiliates 113 97 114
Net Income $ 230 $ 1,135 $ 1,210
Basic Earnings per Share $ 0.26 $ 1.21 $ 1.25
Diluted Earnings per Share $ 0.26 $ 1.19 $ 1.22
The accompanying notes are an integral part of these Consolidated Financial Statements.
Xerox 2008 Annual Report 47