National Oilwell Varco 2003 Annual Report Download - page 53

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52
12. Quarterly Financial Data (Unaudited)
Summarized quarterly results, were as follows (in thousands, except per share data):
1st Quarter 2nd Quarte
r
3rd Quarter 4th Quarter Total
Year ended December 31, 2003 (as restated)
Revenues 500,576$ 475,398$ 498,600$ 530,346$ 2,004,920$
Gross Profit 118,211 106,624 118,843 120,499 464,177
Income before taxes 29,152 27,969 32,943 26,587 116,651
Minority interest (1,926) (1,112) (1,002) (2,105) (6,145)
Net income 17,341 18,267 21,704 19,509 (a) 76,821
Net income per basic share 0.21 0.22 0.26 0.23 0.91
Net income per diluted share 0.21 0.21 0.25 0.23 0.90
Year ended December 31, 2003 (as
p
reviousl
y
re
p
orted)
Revenues 500,576$ 475,398$ 498,600$ 530,346$ 2,004,920$
Gross Profit 120,445 109,117 119,781 114,834 464,177
Income before taxes 31,914 30,990 34,409 19,338 116,651
Minority interest (1,926) (1,112) (1,002) (2,105) (6,145)
Net income 19,166 20,360 22,714 14,581 76,821
Net income per basic share 0.23 0.24 0.27 0.17 0.91
Net income per diluted share 0.23 0.24 0.27 0.17 0.90
Year ended December 31, 2002
Revenues 388,986$ 372,390$ 366,929$ 393,641$ 1,521,946$
Gross Profit 93,045 87,404 88,533 92,882 361,864
Income before taxes 33,102 26,501 27,743 25,992 113,338
Minority interest - - - (873) (873)
Net income 21,185 16,961 17,756 17,167 73,069
Net income per basic share 0.26 0.21 0.22 0.21 0.90
Net income per diluted share 0.26 0.21 0.22 0.21 0.89
(a) Reflects an income tax benefit of $2.7 million related to a revision of the annual effective tax rate to 29%.
During the 4th quarter of 2003 we identified a clearing account problem within the Distribution
Group’s purchasing system that had accumulated over a three year period. As a result, a $10.6
million pre-tax charge ($6.9 million after-tax) was recorded in the 4th quarter of 2003 to correct
the problem. We determined that approximately $6.3 million of this amount relates to periods
prior to 2003 and have not restated prior periods as the impact is not considered material. This
amount is included in the results of operations for the 4th quarter of 2003. Quarterly periods for
2003 have been restated to reflect the impact of the clearing account problem in 2003 on
previously reported quarterly results.