Coca Cola 2003 Annual Report Download - page 54

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CONSOLIDATED STATEMENTS OF INCOME
The Coca-Cola Company and Subsidiaries
Year Ended December 31, 2003 2002 2001
(In millions except per share data)
NET OPERATING REVENUES $ 21,044 $ 19,564 $ 17,545
Cost of goods sold 7,762 7,105 6,044
GROSS PROFIT 13,282 12,459 11,501
Selling, general and administrative expenses 7,488 7,001 6,149
Other operating charges 573 ——
OPERATING INCOME 5,221 5,458 5,352
Interest income 176 209 325
Interest expense 178 199 289
Equity income—net 406 384 152
Other income (loss)—net (138) (353) 39
Gains on issuances of stock by equity investees 8—91
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF
ACCOUNTING CHANGE 5,495 5,499 5,670
Income taxes 1,148 1,523 1,691
NET INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGE 4,347 3,976 3,979
Cumulative effect of accounting change for SFAS No. 142, net of income taxes:
Company operations —(367) —
Equity investees —(559) —
Cumulative effect of accounting change for SFAS No. 133, net of income taxes —— (10)
NET INCOME $ 4,347 $ 3,050 $ 3,969
BASIC NET INCOME PER SHARE:
Before accounting change $ 1.77 $ 1.60 $ 1.60
Cumulative effect of accounting change —(0.37) —
$ 1.77 $ 1.23 $ 1.60
DILUTED NET INCOME PER SHARE:
Before accounting change $ 1.77 $ 1.60 $ 1.60
Cumulative effect of accounting change —(0.37) —
$ 1.77 $ 1.23 $ 1.60
AVERAGE SHARES OUTSTANDING 2,459 2,478 2,487
Effect of dilutive securities 35—
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION 2,462 2,483 2,487
Refer to Notes to Consolidated Financial Statements.
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