Raytheon 2005 Annual Report Download - page 76

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RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions except per share amounts) Years Ended December 31: 2005 2004 2003
Net sales $21,894 $20,245 $18,109
Cost of sales 18,230 16,981 15,045
Administrative and selling expenses 1,474 1,385 1,261
Research and development expenses 503 491 487
Total operating expenses 20,207 18,857 16,793
Operating income 1,687 1,388 1,316
Interest expense 312 418 537
Interest income (52) (45) (50)
Other (income) expense, net (13) 436 67
Non-operating expense, net 247 809 554
Income from continuing operations before taxes 1,440 579 762
Federal and foreign income taxes 498 140 227
Income from continuing operations 942 439 535
Loss from discontinued operations, net of tax (71) (63) (170)
Income before accounting change 871 376 365
Cumulative effect of change in accounting principle, net of tax —41 —
Net income $ 871 $ 417 $ 365
Earnings per share from continuing operations
Basic $ 2.11 $ 1.00 $ 1.30
Diluted 2.08 0.99 1.29
Earnings per share
Basic $ 1.95 $ 0.95 $ 0.88
Diluted 1.92 0.94 0.88
The accompanying notes are an integral part of the financial statements.
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