Western Digital 2008 Annual Report Download - page 56

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
June 27,
2008
June 29,
2007
June 30,
2006
Years Ended
Revenue, net ................................................... $8,074 $5,468 $4,341
Cost of revenue ................................................. 6,335 4,568 3,512
Gross margin ................................................. 1,739 900 829
Operating expenses:
Research and development ........................................ 464 306 297
Selling, general and administrative .................................. 220 179 166
Acquired in-process research and development .......................... 49 — —
Total operating expenses ....................................... 733 485 463
Operating income ............................................... 1,006 415 366
Non-operating income (expense):
Interest income ............................................... 27 32 20
Interest and other expense ........................................ (52) (4) (4)
Total non-operating income (expense) . ............................. (25) 28 16
Income before income taxes ......................................... 981 443 382
Income tax expense (benefit) ........................................ 114 (121) (13)
Net income .................................................... $ 867 $ 564 $ 395
Income per common share:
Basic ....................................................... $ 3.92 $ 2.57 $ 1.84
Diluted ..................................................... $ 3.84 $ 2.50 $ 1.76
Weighted average shares outstanding:
Basic ....................................................... 221 219 215
Diluted ..................................................... 226 226 224
The accompanying notes are an integral part of these consolidated financial statements.
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