Apple 2004 Annual Report Download - page 64

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CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share amounts)
See accompanying notes to consolidated financial statements.
61
Three fiscal years ended September 25, 2004
2004
2003
2002
Net sales
$
8,279
$
6,207
$
5,742
Cost of sales
6,020
4,499
4,139
Gross margin
2,259
1,708
1,603
Operating expenses:
Research and development
489
471
446
Selling, general, and administrative
1,421
1,212
1,109
Restructuring costs
23
26
30
Purchased in
-
process research and development
—
—
1
Total operating expenses
1,933
1,709
1,586
Operating income (loss)
326
(1
)
17
Other income and expense:
Gains (losses) on non
-
current investments, net
4
10
(42
)
Interest and other income, net
53
83
112
Total other income and expense
57
93
70
Income before provision for income taxes
383
92
87
Provision for income taxes
107
24
22
Income before accounting changes
276
68
65
Cumulative effects of accounting changes, net of income taxes
—
1
—
Net income
$
276
$
69
$
65
Earnings per common share before accounting changes:
Basic
$
0.74
$
0.19
$
0.18
Diluted
$
0.71
$
0.19
$
0.18
Earnings per common share:
Basic
$
0.74
$
0.19
$
0.18
Diluted
$
0.71
$
0.19
$
0.18
Shares used in computing earnings per share (in thousands):
Basic
371,590
360,631
355,022
Diluted
387,311
363,466
361,785