Xerox 2009 Annual Report Download - page 44

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42 Xerox 2009 Annual Report
Xerox Corporation
Consolidated Statements of Income
Year Ended December 31,
(in millions, except per-share data) 2009 2008 2007
Revenues
Sales $ 6,646 $ 8,325 $ 8,192
Service, outsourcing and rentals 7,820 8,485 8,214
Finance income 713 798 822
Total Revenues 15,179 17,608 17,228
Costs and Expenses
Cost of sales 4,395 5,519 5,254
Cost of service, outsourcing and rentals 4,488 4,929 4,707
Equipment financing interest 271 305 316
Research, development and engineering expenses 840 884 912
Selling, administrative and general expenses 4,149 4,534 4,312
Restructuring and asset impairment charges (8) 429 (6)
Acquisition-related costs 72 — —
Other expenses, net 345 1,087 265
Total Costs and Expenses 14,552 17,687 15,760
Income (Loss) before Income Taxes and Equity Income 627 (79) 1,468
Income tax expense (benefit) 152 (231) 400
Equity in net income of unconsolidated affiliates 41 113 97
Net Income 516 265 1,165
Less: Net income attributable to noncontrolling interests 31 35 30
Net Income Attributable to Xerox $ 485 $ 230 $ 1,135
Basic Earnings per Share $ 0.56 $ 0.26 $ 1.21
Diluted Earnings per Share $ 0.55 $ 0.26 $ 1.19
The accompanying notes are an integral part of these Consolidated Financial Statements.