Western Digital 1996 Annual Report Download - page 12

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10
Condensed Consolidated Statements of Income Western Digital Corporation
(in thousands, except per share data)
Years ended
June 30, 1994 July 1, 1995 June 29, 1996
Revenues, net $1,539,680 $2,130,867 $2,865,219
Cost of revenues 1,221,749 1,736,761 2,483,155
Research and development expense 112,827 130,789 150,112
Selling, general and administrative expense 113,224 130,286 154,497
Operating income 91,880 133,031 77,455
Net interest and other income (expense) (5,838) 12,002 30,409
Income before income taxes 86,042 145,033 107,864
Provision for income taxes 12,906 21,731 10,970
Net income $00,73,136 $0,123,302 $0,096,894
Fully diluted earnings per common and common equivalent share $00,001.70 $0,0002.47 $0,0002.01
*Includes $17.3 million gain on sale of multimedia business
Condensed Consolidated Statements of Cash Flows
(in thousands)
Years ended
June 30, 1994 July 1, 1995 June 29, 1996
Net income $073,136 $123,302 $096,894
Adjustments to net income 105,702 (1,985) (38,613)
Cash flows from operating activities 178,838 121,317 58,281
Cash flows from investing activities:
Capital expenditures, net (16,282) (54,774) (108,696)
Proceeds from sale of facility and businesses 110,677 — 85,486
Change in short-term investments and other assets — (96,464) 46,391
94,395 (151,238) 23,181
Cash flows from financing activities:
Common stock transactions, net 82,760 4,495 (116,428)
Repayment of long-term debt (146,346) (527) —
(63,586) 3,968 (116,428)
Net increase (decrease) in cash and cash equivalents 209,647 (25,953) (34,966)
Cash and cash equivalents at beginning of year 33,837 243,484 217,531
Cash and cash equivalents at end of year $243,484 $217,531 $182,565
*