Freeport-McMoRan 2004 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2004 Freeport-McMoRan annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

50฀| FREEPORT-McMoRan COPPER & GOLD INC.
Years฀Ended฀December฀31,฀ 2004฀ 2003฀ 2002
(In฀Thousands,฀Except฀Per฀Share฀Amounts)
Revenues฀ ฀฀ ฀ ฀ ฀฀ ฀ $฀2,371,866฀ $฀2,212,165฀ $฀1,910,462
Cost฀of฀sales:
฀ Production฀and฀delivery฀ ฀ ฀ ฀ ฀ ฀1,450,291฀ ฀1,071,326฀ ฀ 938,462
฀ Depreciation฀and฀amortization฀ ฀ ฀ ฀ ฀ ฀ 206,408฀ ฀ 230,803฀ ฀ 260,446
฀ ฀ Total฀cost฀of฀sales฀ ฀ ฀ ฀ ฀ ฀1,656,699฀ ฀1,302,129฀ ฀1,198,908
Exploration฀expenses฀ ฀ ฀ ฀ ฀ ฀ 8,664฀ ฀ 6,449฀ ฀ 3,112
General฀and฀administrative฀expenses฀ ฀ ฀ ฀ ฀ ฀ 89,927฀ ฀ 80,279฀ ฀ 68,305
Gain฀on฀insurance฀settlement฀ ฀ ฀ ฀ ฀ ฀ (87,000)฀ ฀ —฀ ฀ —
฀ Total฀costs฀and฀expenses฀ ฀ ฀ ฀ ฀ ฀1,668,290฀ ฀1,388,857฀ ฀1,270,325
Operating฀income฀ ฀ ฀ ฀ ฀ ฀ 703,576฀ ฀ 823,308฀ ฀ 640,137
Equity฀in฀PT฀Smelting฀earnings฀(losses)฀ ฀ ฀ ฀ ฀ ฀ 2,045฀ ฀ 5,609฀ ฀ (4,181)
Interest฀expense,฀net฀ ฀ ฀ ฀ ฀ ฀ (148,103)฀ ฀ (197,017)฀ ฀ (171,209)
Losses฀on฀early฀extinguishment฀and฀conversion฀of฀debt฀ ฀ ฀ ฀ ฀ ฀ (14,011)฀ ฀ (34,589)฀ ฀ —
Gains฀on฀sales฀of฀assets฀ ฀ ฀ ฀ ฀ ฀ 28,756฀ ฀ —฀ ฀ —
Other฀income฀(expense),฀net฀ ฀ ฀ ฀ ฀ ฀ 2,121฀ ฀ (13,536)฀ ฀ (15,085)
Income฀before฀income฀taxes฀and฀minority฀interests฀ ฀ ฀ ฀ ฀ ฀ 574,384฀ ฀ 583,775฀ ฀ 449,662
Provision฀for฀income฀taxes฀ ฀ ฀ ฀ ฀ ฀ (330,680)฀ ฀ (338,053)฀ ฀ (245,518)
Minority฀interests฀in฀net฀income฀of฀consolidated฀subsidiaries฀ ฀ ฀ ฀ ฀ ฀ (41,437)฀ ฀ (48,469)฀ ฀ (36,441)
Net฀income฀before฀cumulative฀effect฀of฀changes฀in฀accounting฀principles฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ and฀preferred฀dividends฀ ฀ ฀ ฀ ฀ ฀ 202,267฀ ฀ 197,253฀ ฀ 167,703
Cumulative฀effect฀of฀changes฀in฀accounting฀principles,฀net฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ (15,593)฀ ฀ (3,049)
Net฀income฀ ฀ ฀ ฀ ฀ ฀ 202,267฀ ฀ 181,660฀ ฀ 164,654
Preferred฀dividends฀ ฀ ฀ ฀ ฀ ฀ (45,491)฀ ฀ (27,441)฀ ฀ (37,604)
Net฀income฀applicable฀to฀common฀stock฀ ฀ ฀ ฀ ฀ $฀ 156,776฀ $฀ 154,219฀ $฀ 127,050
Net฀income฀per฀share฀of฀common฀stock:
฀ Basic:
฀ ฀ Before฀cumulative฀effect฀ ฀ ฀ ฀ ฀ $฀ 0.86฀ $฀ 1.09฀ $฀ 0.90
฀ ฀ Cumulative฀effect฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ (0.10)฀ ฀ (0.02)
฀ ฀ Net฀income฀per฀share฀of฀common฀stock฀ ฀ ฀ ฀ ฀ $฀ 0.86฀ $฀ 0.99฀ $฀ 0.88
฀ Diluted:
฀ ฀ Before฀cumulative฀effect฀ ฀ ฀ ฀ ฀ $฀ 0.85฀ $฀ 1.07฀ $฀ 0.89
฀ ฀ Cumulative฀effect฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ (0.10)฀ ฀ (0.02)
฀ ฀ Net฀income฀per฀share฀of฀common฀stock฀ ฀ ฀ ฀ ฀ $฀ 0.85฀ $฀ 0.97฀ $฀ 0.87
Average฀common฀shares฀outstanding:
฀ Basic฀฀ ฀ ฀ ฀ ฀ ฀ ฀ 182,272฀ ฀ 155,805฀ ฀ 144,649
฀ Diluted฀฀ ฀ ฀ ฀ ฀ ฀ 184,923฀ ฀ 159,102฀ ฀ 146,418
฀
Dividends฀paid฀per฀common฀share฀ ฀ ฀ ฀ ฀ $฀ 1.10฀ $฀ 0.27฀ $฀ —
The฀accompanying฀Notes฀to฀Consolidated฀Financial฀Statements฀are฀an฀integral฀part฀of฀these฀financial฀statements.
Consolidated Statements of Income