Western Digital 2007 Annual Report Download - page 54

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
June 29,
2007
June 30,
2006
July 1,
2005
Years Ended
Revenue, net ................................................... $5,468 $4,341 $3,639
Cost of revenue ................................................. 4,568 3,512 3,049
Gross margin ................................................. 900 829 590
Operating expenses:
Research and development ........................................ 306 297 240
Selling, general and administrative .................................. 179 166 155
Total operating expenses ....................................... 485 463 395
Operating income................................................ 415 366 195
Non-operating income:
Interest income................................................ 32 20 8
Interest and other expense ........................................ 4 4 3
Total non-operating income ..................................... 28 16 5
Income before income taxes ......................................... 443 382 200
Income tax (benefit) expense ........................................ (121) (13) 4
Net income .................................................... $ 564 $ 395 $ 196
Income per common share:
Basic ....................................................... $ 2.57 $ 1.84 $ .94
Diluted ..................................................... $ 2.50 $ 1.76 $ .90
Weighted average shares outstanding:
Basic ....................................................... 219 215 208
Diluted ..................................................... 226 224 217
The accompanying notes are an integral part of these consolidated financial statements.
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