HP 2008 Annual Report Download - page 87
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Consolidated Statements of Earnings
For the fiscal years ended October 31
2008 2007 2006
In millions, except per share amounts
Net revenue:
Products ......................................... $ 91,697 $ 84,229 $73,557
Services .......................................... 26,297 19,699 17,773
Financing income ................................... 370 358 328
Total net revenue ................................. 118,364 104,286 91,658
Costs and expenses:
Cost of products ................................... 69,342 63,435 55,248
Cost of services .................................... 20,250 15,163 13,930
Financing interest ................................... 329 289 249
Research and development ............................ 3,543 3,611 3,591
Selling, general and administrative ...................... 13,104 12,226 11,266
Amortization of purchased intangible assets ................ 967 783 604
In-process research and development charges ............... 45 190 52
Restructuring charges ................................ 270 387 158
Acquisition-related charges ............................ 41 — —
Pension curtailments and pension settlements, net ........... — (517) —
Total operating expenses ............................ 107,891 95,567 85,098
Earnings from operations ............................... 10,473 8,719 6,560
Interest and other, net ................................. — 458 631
Earnings before taxes .................................. 10,473 9,177 7,191
Provision for taxes .................................... 2,144 1,913 993
Net earnings ........................................ $ 8,329 $ 7,264 $ 6,198
Net earnings per share:
Basic ............................................ $ 3.35 $ 2.76 $ 2.23
Diluted .......................................... $ 3.25 $ 2.68 $ 2.18
Weighted-average shares used to compute net earnings per share:
Basic ............................................ 2,483 2,630 2,782
Diluted .......................................... 2,567 2,716 2,852
The accompanying notes are an integral part of these Consolidated Financial Statements.
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