E-Z-GO 2004 Annual Report Download - page 55

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34
Consolidated Statements of Operations
For each of the years in the three-year period ended January 1, 2005
(In millions, except per share amounts)
2004 2003 2002
Revenues
Manufacturing revenues $ 9,697 $ 9,220 $ 9,687
Finance revenues 545 572 584
Total revenues 10,242 9,792 10,271
Costs, expenses and other
Cost of sales 7,894 7,595 7,893
Selling and administrative 1,383 1,287 1,286
Interest expense, net 248 275 299
Provision for losses on finance receivables 58 81 111
Special charges 131 152 131
Gain on sale of businesses — (15) (25)
Total costs, expenses and other 9,714 9,375 9,695
Income from continuing operations before income taxes and distributions on preferred
securities of subsidiary trusts 528 417 576
Income taxes (155) (112) (176)
Distributions on preferred securities of subsidiary trusts, net of income taxes — (13) (26)
Income from continuing operations 373 292 374
Loss from discontinued operations, net of income taxes (8) (33) (10)
Income before cumulative effect of change in accounting principle 365 259 364
Cumulative effect of change in accounting principle, net of income taxes — — (488)
Net income (loss) $ 365 $ 259 $ (124)
Per common share:
Basic:
Income from continuing operations $ 2.72 $ 2.15 $ 2.69
Loss from discontinued operations, net of income taxes (.06) (.24) (.07)
Cumulative effect of change in accounting principle, net of income taxes — — (3.52)
Net income (loss) $ 2.66 $ 1.91 $ (.90)
Diluted:
Income from continuing operations $ 2.66 $ 2.13 $ 2.66
Loss from discontinued operations, net of income taxes (.05) (.24) (.06)
Cumulative effect of change in accounting principle, net of income taxes — — (3.48)
Net income (loss) $ 2.61 $ 1.89 $ (.88)
See notes to the consolidated financial statements.