Dell 2003 Annual Report Download - page 35

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Table of Contents
DELL INC.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
Fiscal Year Ended
January 30, January 31, February 1,
2004 2003 2002
Net revenue $ 41,444 $ 35,404 $ 31,168
Cost of revenue 33,892 29,055 25,661
Gross margin 7,552 6,349 5,507
Operating expenses:
Selling, general and administrative 3,544 3,050 2,784
Research, development and engineering 464 455 452
Special charges — — 482
Total operating expenses 4,008 3,505 3,718
Operating income 3,544 2,844 1,789
Investment and other income (loss), net 180 183 (58)
Income before income taxes 3,724 3,027 1,731
Income tax provision 1,079 905 485
Net income $ 2,645 $ 2,122 $ 1,246
Earnings per common share:
Basic $ 1.03 $ 0.82 $ 0.48
Diluted $ 1.01 $ 0.80 $ 0.46
Weighted average shares outstanding:
Basic 2,565 2,584 2,602
Diluted 2,619 2,644 2,726
The accompanying notes are an integral part of these consolidated financial statements.
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