GE 2005 Annual Report Download - page 67

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(67)
Statement of Earnings
General Electric Company
and consolidated affiliates
For the years ended December 31 (In millions; per-share amounts in dollars)
2005
(Restated)
2004
(Restated)
2003
(Restated)
REVENUES
Sales of goods $59,837 $ 55,005 $ 49,963
Sales of services 32,752 29,700 22,391
Other income (note 3) 1,683 1,064 602
GECS earnings from continuing operations
before accounting changes –
–
GECS revenues from services (note 4) 55,430 48,712 39,930
GECS commercial paper interest rate swap adjustment (note 1) 540 518 535
Total revenues 150,242 134,999 113,421
COSTS AND EXPENSES (note 5)
Cost of goods sold 46,169 42,645 37,189
Cost of services sold 20,645 19,114 14,017
Interest and other financial charges 15,138 11,611 10,459
Investment contracts, insurance losses and
insurance annuity benefits 5,474 3,583 3,069
Provision for losses on financing receivables (note 14) 3,841 3,888 3,752
Other costs and expenses 35,271 33,096 26,480
Minority interest in net earnings of consolidated affiliates 986 728 308
Total costs and expenses 127,524 114,665 95,274
EARNINGS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES AND ACCOUNTING CHANGES 22,718 20,334 18,147
Provision for income taxes (note 8) (4,085) (3,708 ) (4,056)
EARNINGS FROM CONTINUING OPERATIONS BEFORE
ACCOUNTING CHANGES 18,633 16,626 14,091
Earnings (loss) from discontinued operations, net of taxes (note 2) (1,922) 534 2,057
EARNINGS BEFORE ACCOUNTING CHANGES 16,711 17,160 16,148
Cumulative effect of accounting changes (note 1) –
–
(587 )
NET EARNINGS $16,711 $ 17,160 $ 15,561
Per-share amounts (note 9)
Per-share amounts-earnings from continuing
operations before accounting changes
Diluted earnings per share $1.76 $ 1.59 $ 1.40
Basic earnings per share 1.76 1.60 1.41
Per-share amounts – earnings before accounting changes
Diluted earnings per share 1.57 1.64 1.60
Basic earnings per share 1.58 1.65 1.61
Per-share amounts – net earnings
Diluted earnings per share 1.57 1.64 1.54
Basic earnings per share 1.58 1.65 1.55
DIVIDENDS DECLARED PER SHARE $0.91 $ 0.82 $ 0.77
The notes to consolidated finance statements are an integral part of this statement.