Apple 2008 Annual Report Download - page 58

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Table of Contents
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands and per share amounts)
See accompanying Notes to Consolidated Financial Statements.
55
Three fiscal years ended September 27, 2008
2008
2007
2006
Net sales
$
32,479
$
24,006
$
19,315
Cost of sales (1)
21,334
15,852
13,717
Gross margin
11,145
8,154
5,598
Operating expenses:
Research and development (1)
1,109
782
712
Selling, general, and administrative (1)
3,761
2,963
2,433
Total operating expenses
4,870
3,745
3,145
Operating income
6,275
4,409
2,453
Other income and expense
620
599
365
Income before provision for income taxes
6,895
5,008
2,818
Provision for income taxes
2,061
1,512
829
Net income
$
4,834
$
3,496
$
1,989
Earnings per common share:
Basic
$
5.48
$
4.04
$
2.36
Diluted
$
5.36
$
3.93
$
2.27
Shares used in computing earnings per share:
Basic
881,592
864,595
844,058
Diluted
902,139
889,292
877,526
(1) Includes stock-based compensation expense as follows:
Cost of sales
$
80
$
35
$
21
Research and development
$
185
$
77
$
53
Selling, general, and administrative
$
251
$
130
$
89