Apple 2003 Annual Report Download - page 45

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See accompanying notes to consolidated financial statements.
56
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share amounts)
358,958,989 shares issued and outstanding, respectively
1,926
1,826
Deferred stock compensation
(62
)
(7
)
Retained earnings
2,394
2,325
Accumulated other comprehensive income (loss)
(35
)
(49
)
Total shareholders' equity
4,223
4,095
Total liabilities and shareholders' equity
$
6,815
$
6,298
Three fiscal years ended September 27, 2003
2003
2002
2001
Net sales
$
6,207
$
5,742
$
5,363
Cost of sales
4,499
4,139
4,128
Gross margin
1,708
1,603
1,235
Operating expenses:
Research and development
471
446
430
Selling, general, and administrative
1,212
1,109
1,138
Restructuring costs
26
30
—
Purchased in
-
process research and development
—
1
11
Total operating expenses
1,709
1,586
1,579
Operating income (loss)
(1
)
17
(344
)
Other income and expense:
Gains (losses) on non
-
current investments, net
10
(42
)
88
Unrealized loss on convertible securities
—
—
(
13
)
Interest and other income, net
83
112
217
Total other income and expense
93
70
292
Income (loss) before provision for (benefit from) income taxes
92
87
(52
)
Provision for (benefit from) income taxes
24
22
(15
)
Income (loss) before accounting changes
68
65
(37
)
Cumulative effects of accounting changes, net of income taxes
1
—
12
Net income (loss)
$
69
$
65
$
(25
)
Earnings (loss) per common share before accounting changes:
Basic
$
0.19
$
0.18
$
(0.11
)
Diluted
$
0.19
$
0.18
$
(0.11
)
Earnings (loss) per common share:
Basic
$
0.19
$
0.18
$
(0.07
)
Diluted
$
0.19
$
0.18
$
(0.07
)