EMC 2009 Annual Report Download - page 45

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Table of Contents
EMC CORPORATION
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
For the Year Ended December 31,
2009 2008 2007
(As Adjusted) (As Adjusted)
Revenues:
Product sales $ 8,828,145 $ 10,071,816 $ 9,411,976
Services 5,197,765 4,804,347 3,818,229
14,025,910 14,876,163 13,230,205
Costs and expenses:
Cost of product sales 4,406,187 4,663,667 4,359,041
Cost of services 1,874,824 1,990,127 1,659,836
Research and development 1,627,509 1,721,330 1,526,928
Selling, general and administrative 4,595,625 4,601,588 3,912,688
In-process research and development — 85,780 1,150
Restructuring and acquisition-related charges 107,490 244,735 31,310
Operating income 1,414,275 1,568,936 1,739,252
Non-operating income (expense):
Investment income 140,430 247,049 249,264
Interest expense (182,499) (176,355) (169,793)
Other income (expense), net 2,370 (39,405) (4,677)
Gain on sale of VMware stock to Cisco — — 148,585
Total non-operating income (expense) (39,699) 31,289 223,379
Income before provision for income taxes 1,374,576 1,600,225 1,962,631
Income tax provision 252,775 280,396 348,211
Net income 1,121,801 1,319,829 1,614,420
Less: Net income attributable to the non-controlling interest in VMware, Inc. (33,724) (44,725) (15,455)
Net income attributable to EMC Corporation $ 1,088,077 $ 1,275,104 $ 1,598,965
Net income per weighted average share, basic attributable to EMC Corporation common shareholders $ 0.54 $ 0.62 $ 0.77
Net income per weighted average share, diluted attributable to EMC Corporation common shareholders $ 0.53 $ 0.61 $ 0.74
Weighted average shares, basic 2,022,371 2,048,506 2,079,542
Weighted average shares, diluted 2,055,146 2,079,853 2,157,873
The accompanying notes are an integral part of the consolidated financial statements.
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