Federal Express 1998 Annual Report Download - page 36

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P34 FDX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Years ended May 31
In thousands,
except Earnings Per Share 1998 1997 1996
REVENUES
$15,872,810 $14,237,892 $12,721,791
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Operating Expenses:
Salaries and employee benefits 6,647,140 6,150,247 5,557,962
Purchased transportation 1,481,590 1,252,901 1,064,925
Rentals and landing fees 1,285,655 1,131,543 1,014,024
Depreciation and amortization 963,550 926,089 851,992
Maintenance and repairs 884,280 781,708 686,185
Fuel 726,768 734,722 612,243
Merger expenses 88,000 —- —
Restructuring and impairment charges (16,000) 225,036 —
Other 2,801,167 2,528,644 2,154,908
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14,862,150 13,730,890 11,942,239
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OPERATING INCOME
1,010,660 507,002 779,552
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Other Income (Expense):
Interest, net (124,413) (104,195) (90,190)
Other, net 13,271 23,058 12,732
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(111,142) (81,137) (77,458)
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Income from Continuing Operations Before Income Taxes
899,518 425,865 702,094
Provision for Income Taxes
401,363 229,761 301,908
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Income from Continuing Operations
498,155 196,104 400,186
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DISCONTINUED OPERATIONS, NET OF INCOME TAXES:
Loss from discontinued operations — — (69,950)
Income (loss) from discontinuance 4,875 — (49,664)
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4,875 — (119,614)
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NET INCOME
$ 503,030 $ 196,104 $ 280,572
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EARNINGS (LOSS) PER COMMON SHARE:
Continuing operations $ 3.40 $ 1.35 $ 2.76
Discontinued operations .03 — (.82)
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$ 3.43 $ 1.35 $ 1.94
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EARNINGS (LOSS) PER COMMON SHARE—
ASSUMING DILUTION:
Continuing operations $ 3.34 $ 1.33 $ 2.74
Discontinued operations .03 — (.82)
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$ 3.37 $ 1.33 $ 1.92
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.