EMC 2008 Annual Report Download - page 53
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Table of Contents
EMC CORPORATION
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
For the Year Ended December 31,
2008 2007 2006
Revenues:
Product sales $10,071,816 $ 9,411,976 $ 8,078,042
Services 4,804,347 3,818,229 3,077,048
14,876,163 13,230,205 11,155,090
Costs and expenses:
Cost of product sales 4,663,667 4,359,041 3,906,771
Cost of services 1,990,127 1,659,836 1,335,120
Research and development 1,721,330 1,526,928 1,254,193
Selling, general and administrative 4,601,588 3,912,688 3,253,274
In-process research and development 85,780 1,150 35,410
Restructuring and impairment charges 244,735 31,310 162,564
Operating income 1,568,936 1,739,252 1,207,758
Gain on sale of VMware stock to Cisco — 148,585 —
Investment income 247,049 249,264 224,949
Interest expense (73,774) (72,855) (34,123)
Other expense, net (39,405) (4,677) (8,566)
Income before taxes, minority interest in VMware and cumulative effect of a change in accounting principle 1,702,806 2,059,569 1,390,018
Income tax provision 312,514 378,446 162,664
Income before minority interest in VMware and cumulative effect of a change in accounting principle 1,390,292 1,681,123 1,227,354
Minority interest in VMware, net of taxes (44,725) (15,455) —
Income before cumulative effect of a change in accounting principle 1,345,567 1,665,668 1,227,354
Cumulative effect of a change in accounting principle, net of taxes of $0, $0 and $107 — — 247
Net income $ 1,345,567 $ 1,665,668 $ 1,227,601
Net income per weighted average share, basic:
Income before cumulative effect of a change in accounting principle $ 0.66 $ 0.80 $ 0.55
Cumulative effect of a change in accounting principle — — —
Net income $ 0.66 $ 0.80 $ 0.55
Net income per weighted average share, diluted:
Income before cumulative effect of a change in accounting principle $ 0.64 $ 0.77 $ 0.54
Cumulative effect of a change in accounting principle — — —
Net income $ 0.64 $ 0.77 $ 0.54
Weighted average shares, basic 2,048,506 2,079,542 2,248,431
Weighted average shares, diluted 2,079,853 2,157,873 2,286,304
The accompanying notes are an integral part of the consolidated financial statements.
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