Baker Hughes 2007 Annual Report Download - page 102

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2007 Form 10-K 19
ITEM 6. SELECTED FINANCIAL DATA
The Selected Financial Data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data,” both contained herein.
Year Ended December 31,
(In millions, except per share amounts) 2007 2006 2005 2004 2003
Revenues $ 10,428.2 $ 9,027.4 $ 7,185.5 $ 6,079.6 $ 5,233.3
Costs and expenses:
Cost of revenues 6,845.6 5,876.4 5,023.7 4,428.3 3,867.2
Research and engineering 372.0 338.9 299.6 271.7 253.9
Marketing, general and administrative 932.8 877.8 628.8 563.2 511.0
Impairment of investment in affiliate – – – – 45.3
Restructuring charge reversals – – – – (1.1)
Total costs and expenses 8,150.4 7,093.1 5,952.1 5,263.2 4,676.3
Operating income 2,277.8 1,934.3 1,233.4 816.4 557.0
Equity in income (loss) of affiliates 1.2 60.4 100.1 36.3 (137.8)
Gain on sale of interest in affiliate – 1,743.5 – – –
Interest expense (66.1) (68.9) (72.3) (83.6) (103.1)
Interest and dividend income 43.8 67.5 18.0 6.8 5.3
Income from continuing operations before
income taxes 2,256.7 3,736.8 1,279.2 775.9 321.4
Income taxes (742.8) (1,338.2) (404.8) (250.6) (145.6)
Income from continuing operations 1,513.9 2,398.6 874.4 525.3 175.8
Income (loss) from discontinued operations,
net of tax – 20.4 4.9 3.3 (41.3)
Income before cumulative effect of
accounting change 1,513.9 2,419.0 879.3 528.6 134.5
Cumulative effect of accounting change,
net of tax – – (0.9) – (5.6)
Net income $ 1,513.9 $ 2,419.0 $ 878.4 $ 528.6 $ 128.9
Per share of common stock:
Income from continuing operations:
Basic $ 4.76 $ 7.26 $ 2.58 $ 1.57 $ 0.52
Diluted 4.73 7.21 2.56 1.57 0.52
Dividends 0.52 0.52 0.475 0.46 0.46
Balance Sheet Data:
Cash, cash equivalents and short-term investments $ 1,054.4 $ 1,103.7 $ 774.0 $ 319.0 $ 98.4
Working capital 3,837.7 3,345.9 2,479.4 1,738.3 1,210.5
Total assets 9,856.6 8,705.7 7,807.4 6,821.3 6,416.5
Long-term debt 1,069.4 1,073.8 1,078.0 1,086.3 1,133.0
Stockholders’ equity 6,305.6 5,242.9 4,697.8 3,895.4 3,350.4