Federal Express 2005 Annual Report Download - page 85

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 21: SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)
First Second Third Fourth
(In millions, except per share amounts) Quarter Quarter Quarter Quarter
2005
Revenues $ 6,975 $ 7,334 $ 7,339 $ 7,715
Operating income 579 600(1) 552 740
Net income 330 354(1)(2) 317 448
Basic earnings per common share(7) 1.10 1.18 1.05 1.48
Diluted earnings per common share 1.08 1.15(1)(2) 1.03 1.46
2004(3)
Revenues $ 5,687 $ 5,920 $ 6,062 $ 7,041
Operating income 200(4) 183(6) 372 685
Net income 128(4)(5) 91(6) 207 412(7)
Basic earnings per common share(7) 0.43(4)(5) 0.31(6) 0.69 1.38(7)
Diluted earnings per common share 0.42(4)(5) 0.30(6) 0.68 1.36(7)
(1) Includes $48 million ($31 million, net of tax, $0.10 per basic and diluted share) related to an Airline Stabilization Act charge described in Note 1.
(2) Includes an $11 million ($0.04 per basic and diluted share) benefit from an income tax adjustment described in Note 12.
(3) Includes FedEx Kinko’s from February 12, 2004 (date of acquisition). See Note 3.
(4) Includes $132 million ($82 million, net of tax, $0.28 per share, or $0.27 per diluted share) of business realignment costs described in Note 5.
(5) Includes $26 million, net of tax ($0.09 per share or $0.08 per diluted share) related to a favorable ruling on an IRS case described in Note 12.
(6) Includes $283 million ($175 million, net of tax, $0.59 per share, or $0.57 per diluted share) of business realignment costs described in Note 5.
(7) The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.
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