Starwood 2007 Annual Report Download - page 167
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Note 25. Quarterly Results (Unaudited)
March 31 June 30 September 30 December 31 Year
Three Months Ended
(In millions, except per Share data)
2007
Revenues .............................. $1,431 $1,572 $1,540 $1,610 $6,153
Costs and expenses ....................... $1,250 $1,383 $1,294 $1,368 $5,295
Income from continuing operations ........... $ 123 $ 145 $ 129 $ 146 $ 543
Discontinued operations ................... $ (1) $ — $ — $ — $ (1)
Net income............................. $ 122 $ 145 $ 129 $ 146 $ 542
Earnings per Share:
Basic —
Income from continuing operations ......... $ 0.58 $ 0.69 $ 0.63 $ 0.77 $ 2.67
Discontinued operations ................. $ — $ — $ — $ — $ —
Net income ........................... $ 0.58 $ 0.69 $ 0.63 $ 0.77 $ 2.67
Diluted —
Income from continuing operations ......... $ 0.56 $ 0.67 $ 0.61 $ 0.74 $ 2.57
Discontinued operations ................. $ — $ — $ — $ — $ —
Net income ........................... $ 0.56 $ 0.67 $ 0.61 $ 0.74 $ 2.57
2006
Revenues .............................. $1,441 $1,505 $1,461 $1,572 $5,979
Costs and expenses ....................... $1,286 $1,300 $1,251 $1,303 $5,140
Income from continuing operations ........... $ 77 $ 680 $ 155 $ 203 $1,115
Discontinued operations ................... $ — $ — $ — $ (2) $ (2)
Cumulative effect of accounting change, net of
tax................................. $ (72) $ — $ — $ 2 $ (70)
Net income............................. $ 5 $ 680 $ 155 $ 203 $1,043
Earnings per Share:
Basic —
Income from continuing operations ......... $ 0.35 $ 3.16 $ 0.73 $ 0.98 $ 5.25
Discontinued operations ................. $ — $ — $ — $(0.01) $ (0.01)
Cumulative effect of accounting change ...... $(0.33) $ — $ — $ — $ (0.33)
Net income ........................... $ 0.02 $ 3.16 $ 0.73 $ 0.97 $ 4.91
Diluted —
Income from continuing operations ......... $ 0.34 $ 3.01 $ 0.71 $ 0.94 $ 5.01
Discontinued operations ................. $ — $ — $ — $(0.01) $ (0.01)
Cumulative effect of accounting change ...... $(0.32) $ — $ — $ — $ (0.31)
Net income ........................... $ 0.02 $ 3.01 $ 0.71 $ 0.93 $ 4.69
F-47
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)