CDW 2003 Annual Report Download - page 11

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Financial Highlights
For the years ended December 31, 2003, 2002, and 2001
(in millions, except per share data)
Recognition
• No. 381 on the FORTUNE®500
• NASDAQ-100 Index
• No. 11 – 100 Best Companies to Work
for in America (FORTUNE®magazine)
• No. 1 – Most Admired Company in Wholesalers:
Electronics and Office Equipment Industry
(FORTUNE®magazine)
Active Commercial
Customers (thousands) Net Sales (billions)
Net Income (millions)
'99
0
100
200
300
400
500
'03'02'01'00
309
357 361
416
285
'03'02'01'00
0
1
2
3
4
$5
‘99
$3.842 $3.962
$4.265
$4.665
$2.561
$1,057
$829
$416
$615
'03
'02
'01
'00
Direct Web Sales (millions)
'99
$163
0
$1,200
800
400
Earnings per Diluted Share
'99 '03'02'01'00
0.0
0.5
1.0
1.5
2.0
$1.79 $1.89
$2.10 $2.03
$2.19**
$1.11
*Generally Accepted Accounting Principles
**2003 non-GAAP results exclude $22.3 million pre-tax of transition and transaction expenses associated with the purchase of selected U.S. assets and the Canadian operations
of Micro Warehouse in September 2003. The impact on 2003 results was $22.0 million on income from operations, $13.5 million on net income, and $0.16 per diluted share. These
non-GAAP measurements are included to provide a meaningful comparison to prior periods.
***Non-applicable
2003 2003 2002 2001
Operating Results GAAP* Non-GAAP** GAAP* GAAP*
Net sales $4,665 N/A*** $ 4,265 $3,962
Income from operations $ 284 $ 306 $ 298 $ 268
Net income $ 175 $ 189 $ 185 $ 169
Earnings per share (diluted) $ 2.03 $ 2.19 $ 2.10 $ 1.89
Cash, cash equivalents &
marketable securities $ 562 N/A*** $ 505 $ 394
Shareholders’ equity $1,061 N/A*** $ 924 $ 779
$562
$505
$203
$394
'03
'02
'01
'00
Cash,
Cash
Equivalents
&
Marketable
Securities
(millions)
'99
$83
$600
400
0
200
1,924
1,320
1,216
1,301
'03
'02
'01
'00
Sales Force, End-of-Period
'99
798
2,000
0
1,000
20
CDW 2003
'03'02'01'00
0
50
100
150
$200
$162 $169
$185 $175
$189**
$98
'99