Coca Cola 2004 Annual Report Download - page 63
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CONSOLIDATED STATEMENTS OF INCOME
The Coca-Cola Company and Subsidiaries
Year Ended December 31, 2004 2003 2002
(In millions except per share data)
NET OPERATING REVENUES $ 21,962 $ 21,044 $ 19,564
Cost of goods sold 7,638 7,762 7,105
GROSS PROFIT 14,324 13,282 12,459
Selling, general and administrative expenses 8,146 7,488 7,001
Other operating charges 480 573 —
OPERATING INCOME 5,698 5,221 5,458
Interest income 157 176 209
Interest expense 196 178 199
Equity income — net 621 406 384
Other income (loss) — net (82) (138) (353)
Gains on issuances of stock by equity investees 24 8—
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF
ACCOUNTING CHANGE 6,222 5,495 5,499
Income taxes 1,375 1,148 1,523
NET INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGE 4,847 4,347 3,976
Cumulative effect of accounting change for SFAS No. 142, net of income taxes:
Company operations —— (367)
Equity investees —— (559)
NET INCOME $ 4,847 $ 4,347 $ 3,050
BASIC NET INCOME PER SHARE:
Before accounting change $ 2.00 $ 1.77 $ 1.60
Cumulative effect of accounting change —— (0.37)
$ 2.00 $ 1.77 $ 1.23
DILUTED NET INCOME PER SHARE:
Before accounting change $ 2.00 $ 1.77 $ 1.60
Cumulative effect of accounting change —— (0.37)
$ 2.00 $ 1.77 $ 1.23
AVERAGE SHARES OUTSTANDING 2,426 2,459 2,478
Effect of dilutive securities 335
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION 2,429 2,462 2,483
Refer to Notes to Consolidated Financial Statements.
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