Western Digital 2009 Annual Report Download - page 60

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
July 3,
2009
June 27,
2008
June 29,
2007
Years Ended
Revenue, net ................................................... $7,453 $8,074 $5,468
Cost of revenue ................................................. 6,116 6,335 4,568
Gross margin ................................................. 1,337 1,739 900
Operating expenses:
Research and development ........................................ 509 464 306
Selling, general and administrative .................................. 201 220 179
Restructuring and other, net ...................................... 94 — —
Acquired in-process research and development . . . ....................... 14 49 —
Total operating expenses ....................................... 818 733 485
Operating income................................................ 519 1,006 415
Other income (expense):
Interest income................................................ 9 27 32
Interest and other expense ........................................ (27) (52) (4)
Total other income (expense), net ................................. (18) (25) 28
Income before income taxes ......................................... 501 981 443
Income tax expense (benefit) ........................................ 31 114 (121)
Net income .................................................... $ 470 $ 867 $ 564
Income per common share:
Basic ....................................................... $ 2.12 $ 3.92 $ 2.57
Diluted ..................................................... $ 2.08 $ 3.84 $ 2.50
Weighted average shares outstanding:
Basic ....................................................... 222 221 219
Diluted ..................................................... 226 226 226
The accompanying notes are an integral part of these consolidated financial statements.
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