Western Digital 1999 Annual Report Download - page 40

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Bowne Conversion 35
WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Years ended
June 28,
1997
June 27,
1998
July 3,
1999
Revenues, net (Note 7)................................................ $4,177,857 $3,541,525 $2,767,206
Costs and expenses:
Cost of revenues........................................................ 3,527,574 3,441,475 2,770,054
Research and development (Note 8).......................... 150,157 203,733 216,986
Selling, general and administrative............................. 198,530 192,142 195,958
Restructuring charges (Note 8) .................................. — — 61,000
Total costs and expenses................................... 3,876,261 3,837,350 3,243,998
Operating income (loss) .............................................. 301,596 (295,825) (476,792)
Net interest income (expense) (Note 2) ...................... 13,223 3,817 (15,898)
Income (loss) before income taxes .............................. 314,819 (292,008) (492,690)
Provision (benefit) for income taxes (Note 5)............. 47,223 (1,791) —
Net income (loss) ........................................................ $ 267,596 $ (290,217)$ (492,690)
Earnings (loss) per common share (Note 9):
Basic ......................................................................... $ 3.07 $ (3.32)$ (5.51)
Diluted...................................................................... $ 2.86 $ (3.32)$ (5.51)
Common shares used in computing per share amounts
(Note 9):
Basic ......................................................................... 87,261 87,525 89,478
Diluted...................................................................... 93,522 87,525 89,478
See notes to consolidated financial statements.