Medtronic 2008 Annual Report Download - page 54

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Fiscal Year
(in millions, except per share data) 2008 2007 2006
Net sales $ 13,515 $ 12,299 $ 11,292
Costs and expenses:
Cost of products sold 3,446 3,168 2,815
Research and development expense 1,275 1,239 1,113
Selling, general and administrative expense 4,707 4,153 3,659
Special charges 78 98 100
Restructuring charges 41 28 —
Certain litigation charges 366 40 —
Purchased in-process research and development (IPR&D) charges 390 — 364
Other expense, net 436 212 167
Interest income, net (109) (154) (87)
Total costs and expenses 10,630 8,784 8,131
Earnings before income taxes 2,885 3,515 3,161
Provision for income taxes 654 713 614
Net earnings
$ 2,231
$ 2,802
$ 2,547
Earnings per share:
Basic
$ 1.97
$ 2.44
$ 2.11
Diluted
$ 1.95
$ 2.41
$ 2.09
Weighted average shares outstanding:
B a s i c 1,130.7 1,149.7 1,204.5
D i l u t e d 1,142.1 1,161.8 1,217.3
Cash dividends declared per common share $ 0.50 $ 0.44 $ 0.39
The accompanying notes are an integral part of these consolidated financial statements.
Consolidated Statements of Earnings
50 Medtronic, Inc.