Medtronic 2012 Annual Report Download - page 45

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Item 6. Selected Financial Data
Fiscal Year
____________________________________________________________________
2012 2011 2010 2009 2008
____________ ____________ ____________ ____________ ____________
(in millions, except per share data and additional information)
Operating Results for the Fiscal Year:
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,184 $ 15,508 $ 15,392 $14,256 $13,186
Cost of products sold . . . . . . . . . . . . . . . . . . . . . . 3,889 3,700 3,582 3,315 3,249
Gross margin percentage . . . . . . . . . . . . . . . . . . . 76.0% 76.1% 76.7% 76.7% 75.4%
Research and development expense . . . . . . . . . . $ 1,490 $ 1,472 $ 1,424 $ 1,316 $ 1,247
Selling, general, and administrative expense . . . 5,623 5,427 5,282 5,022 4,579
Special charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . –––100 78
Restructuring charges, net . . . . . . . . . . . . . . . . . . 87 259 50 120 41
Certain litigation charges, net . . . . . . . . . . . . . . . 90 245 374 714 366
Acquisition-related items . . . . . . . . . . . . . . . . . . . 12 14 23 621 390
Amortization of intangible assets . . . . . . . . . . . . 335 339 317 281 217
Other expense, net . . . . . . . . . . . . . . . . . . . . . . . . . 364 110 150 115 220
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . 149 278 246 183 36
____________ ____________ ____________ ____________ ____________
Earnings from continuing operations
before income taxes . . . . . . . . . . . . . . . . . . . . . . 4,145 3,664 3,944 2,469 2,763
Provision for income taxes . . . . . . . . . . . . . . . . . . 730 609 861 381 611
____________ ____________ ____________ ____________ ____________
Earnings from continuing operations . . . . . . . . . 3,415 3,055 3,083 2,088 2,152
Earnings (loss) from discontinued
operations, net of tax . . . . . . . . . . . . . . . . . . . . . . 202 41 16 (18) (14)
____________ ____________ ____________ ____________ ____________
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,617 $ 3,096 $ 3,099 $ 2,070 $ 2,138
____________ ____________ ____________ ____________ ____________
____________ ____________ ____________ ____________ ____________
Per Share of Common Stock:
Basic – Earnings from continuing operations . . $ 3.24 $ 2.84 $ 2.79 $ 1.86 $ 1.90
Basic – Net earnings . . . . . . . . . . . . . . . . . . . . . . . 3.43 2.87 2.80 1.85 1.89
Diluted – Earnings from continuing
operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.22 2.82 2.78 1.85 1.88
Diluted – Net earnings . . . . . . . . . . . . . . . . . . . . . 3.41 2.86 2.79 1.84 1.87
Cash dividends declared . . . . . . . . . . . . . . . . . . . . 0.97 0.90 0.82 0.75 0.50
Financial Position at Fiscal Year-end:
Working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,658 $ 4,424 $ 4,718 $ 4,305 $ 3,777
Current ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6:1.0 1.9:1.0 1.9:1.0 2.3:1.0 2.1:1.0
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,083 $30,675 $ 28,539 $24,012 $22,368
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,359 8,112 6,944 6,253 5,127
Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . 17,113 15,968 14,629 13,182 11,966
Additional Information:*
Full-time employees at year-end . . . . . . . . . . . . . 40,601 40,346 38,339 36,626 35,517
Full-time equivalent employees at year-end . . . 44,944 44,315 42,208 39,918 39,168
* Employee counts include continuing operations only.
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