Dell 2003 Annual Report Download - page 18

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Table of Contents
ITEM 6 — SELECTED FINANCIAL DATA
The following selected financial data should be read in conjunction "Item 7 — Management's Discussion and Analysis of Financial Condition and Results of
Operations" and "Item 8 — Financial Statements and Supplementary Data."
Fiscal Year Ended
January 30, January 31, February 1, February 2, January 28,
2004 2003 2002(a) 2001(b) 2000(c)
(in millions, except per share data)
Results of Operations:
Net revenue $ 41,444 $ 35,404 $ 31,168 $ 31,888 $ 25,265
Gross margin 7,552 6,349 5,507 6,443 5,218
Operating income 3,544 2,844 1,789 2,663 2,263
Income before cumulative effect of change in accounting principle(d) 2,645 2,122 1,246 2,236 1,666
Net income $ 2,645 $ 2,122 $ 1,246 $ 2,177 $ 1,666
Earnings per common share:
Before cumulative effect of change in accounting principle:
Basic $ 1.03 $ 0.82 $ 0.48 $ 0.87 $ 0.66
Diluted $ 1.01 $ 0.80 $ 0.46 $ 0.81 $ 0.61
After cumulative effect of change in accounting principle:
Basic $ 1.03 $ 0.82 $ 0.48 $ 0.84 $ 0.66
Diluted $ 1.01 $ 0.80 $ 0.46 $ 0.79 $ 0.61
Number of weighted average shares outstanding:
Basic 2,565 2,584 2,602 2,582 2,536
Diluted 2,619 2,644 2,726 2,746 2,728
Cash Flow and Balance Sheet Data:
Net cash provided by operating activities $ 3,670 $ 3,538 $ 3,797 $ 4,195 $ 3,926
Cash, cash equivalents and investments 11,922 9,905 8,287 7,853 6,853
Total assets 19,311 15,470 13,535 13,670 11,560
Long-term debt 505 506 520 509 508
Total stockholders' equity $ 6,280 $ 4,873 $ 4,694 $ 5,622 $ 5,308
(a) Includes a pre-tax charge of $742 million. Approximately $482 million relates to employee termination benefits, facilities closure costs, and other asset impairments and exit costs,
while the balance of $260 million relates to other-than-temporary declines in the fair value of equity securities.
(b) Includes a pre-tax charge of $105 million related to employee termination benefits and facilities closure costs.
(c) Includes a pre-tax charge of $194 million related to a purchase of in-process research and development.
(d) Effective January 29, 2000, Dell changed its accounting for revenue recognition in accordance with the SEC's Staff Accounting Bulletin ("SAB") No. 101, Revenue Recognition in
Financial Statements. The cumulative effect of the change on retained earnings as of the beginning of fiscal 2001 resulted in a charge to fiscal 2001 income of $59 million (net of
income taxes of $25 million). With the exception of the cumulative effect adjustment, the effect of the change on net income for the fiscal year ended February 2, 2001 was not material.
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