Alcoa 2004 Annual Report Download - page 43

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41
Statement of Consolidated Income Alcoa and subsidiaries
(in millions, except per-share amounts)
For the year ended December 31 2004 2003 2002
Sales (A and Q) $23,478 $21,092 $19,934
Cost of goods sold 18,623 16,754 15,928
Selling, general administrative, and other expenses 1,284 1,250 1,108
Research and development expenses 182 190 209
Provision for depreciation, depletion, and amortization (A and E) 1,204 1,175 1,096
Restructuring and other charges (D) (21) (27) 414
Interest expense (V) 270 314 350
Other income, net (O) (268) (274) (178)
21,274 19,382 18,927
Income from continuing operations before taxes on income 2,204 1,710 1,007
Provision for taxes on income (T) 557 417 317
Income from continuing operations before minority interests’ share 1,647 1,293 690
Less: Minority interests’ share 245 238 172
Income from continuing operations 1,402 1,055 518
Loss from discontinued operations (B) (92) (70) (132)
Cumulative effect of accounting change (C and E) —(47) 34
Net Income $ 1,310 $ 938 $ 420
Earnings (loss) per Share (S)
Basic:
Income from continuing operations $ 1.61 $ 1.23 $ .61
Loss from discontinued operations (.11) (.08) (.16)
Cumulative effect of accounting change —(.06) .04
Net income $ 1.50 $ 1.09 $ .49
Diluted:
Income from continuing operations $ 1.60 $ 1.22 $ .61
Loss from discontinued operations (.11) (.08) (.16)
Cumulative effect of accounting change —(.06) .04
Net income $ 1.49 $ 1.08 $ .49
The accompanying notes are an integral part of the consolidated financial statements.