Raytheon 2003 Annual Report Download - page 37

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P35 333 RAYTHEON COMPANY 333
CONSOLIDATED STATEMENTS OF OPERATIONS
33333333333333333333333333
(In millions except per share amounts) Years Ended December 31: 2003 2002 2001
Net sales $18,109 $16,760 $16,017
Cost of sales 15,000 13,358 13,664
Administrative and selling expenses 1,306 1,170 1,131
Research and development expenses 487 449 456
Total operating expenses 16,793 14,977 15,251
Operating income 1,316 1,783 766
Interest expense 537 497 696
Interest income (50) (27) (36)
Other expense, net 67 237 6
Non-operating expense, net 554 707 666
Income from continuing operations before taxes 762 1,076 100
Federal and foreign income taxes 227 320 98
Income from continuing operations 535 756 2
Loss from discontinued operations, net of tax (170) (887) (757)
Income (loss) before accounting change 365 (131) (755)
Cumulative effect of change in accounting principle, net of tax —(509) —
Net income (loss) $365 $ (640) $ (755)
Earnings per share from continuing operations
Basic $ 1.30 $ 1.88 $ 0.01
Diluted 1.29 1.85 0.01
Earnings (loss) per share
Basic $ 0.88 $ (1.59) $ (2.12)
Diluted 0.88 (1.57) (2.09)
The accompanying notes are an integral part of the financial statements.