Ford 2004 Annual Report Download - page 56

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5 4
SECTOR STATEMENT OF INCOME
Ford Motor Company and Subsidiaries
For the Years Ended December 31, 2004, 2003 and 2002
(in millions, except per share amounts)
2004 2003 2002
AUTOMOTIVE
Sales (Note 2) $ 147,134 $ 138,260 $ 134,120
Costs and expenses (Note 2)
Cost of sales 135,856 129,685 125,027
Selling, administrative and other expenses 11,455 10,131 9,697
Total costs and expenses 147,311 139,816 134,724
Operating income/(loss) (177) (1,556) (604)
Interest expense 1,221 1,323 1,333
Interest Income and other non-operating income/(expense), net 988 897 974
Equity in net income/(loss) of affiliated companies 255 74 (91)
Income/(loss) before income taxes – Automotive (155) (1,908) (1,054)
FINANCIAL SERVICES
Revenues (Note 2) 24,518 26,078 28,138
Costs and expenses (Note 2)
Interest expense 5,850 6,320 7,468
Depreciation 6,618 8,771 10,154
Operating and other expenses 5,830 5,492 5,345
Provision for credit and insurance losses 1,212 2,248 3,053
Total costs and expenses 19,510 22,831 26,020
Income/(loss) before income taxes - Financial Services 5,008 3,247 2,118
TOTAL COMPANY
Income/(loss) before income taxes 4,853 1,339 1,064
Provision for/(benefit from) income taxes (Note 3) 937 123 342
Income/(loss) before minority interests 3,916 1,216 722
Minority interests in net income/(loss) of subsidiaries 282 314 367
Income/(loss) from continuing operations 3,634 902 355
Income/(loss) from discontinued operations (Note 4) (147) (143) (333)
Cumulative effect of change in accounting principle (Note 16 and 9) - (264) (1,002)
Net income/(loss) $ 3,487 $ 495 $ (980)
Income/(loss) attributable to Common and Class B Stock
after Preferred Stock dividends $ 3,487 $ 495 $ (995)
Average number of shares of Common and Class B
stock outstanding 1,830 1,832 1,819
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK (NOTE 17)
Basic income/(loss)
Income/(loss) from continuing operations $ 1.99 $ 0.49 $ 0.19
Income/(loss) from discontinued operations (0.08) (0.08) (0.19)
Cumulative effect of change in accounting principle - (0.14) (0.55)
Net income/(loss) $ 1.91 $ 0.27 $ (0.55)
Diluted income/(loss)
Income/(loss) from continuing operations $ 1.80 $ 0.49 $ 0.19
Income/(loss) from discontinued operations (0.07) (0.08) (0.18)
Cumulative effect of change in accounting principle - (0.14) (0.55)
Net income/(loss) $ 1.73 $ 0.27 $ (0.54)
Cash dividends $ 0.40 $ 0.40 $ 0.40
The accompanying notes are part of the financial statements.