HP 2012 Annual Report Download - page 176

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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Quarterly Summary
(Unaudited)
(In millions, except per share amounts)
Three-month periods ended in fiscal 2012
January 31 April 30 July 31 October 31
Net revenue .......................................... $30,036 $30,693 $29,669 $29,959
Cost of sales(1) ........................................ 23,313 23,541 22,820 22,711
Research and development ................................ 786 850 854 909
Selling, general and administrative ........................... 3,367 3,540 3,366 3,227
Amortization of purchased intangible assets ..................... 466 470 476 372
Impairment of goodwill and purchased intangible assets ............. — — 9,188 8,847
Restructuring charges ................................... 40 53 1,795 378
Acquisition-related charges ................................ 22 17 3 3
Total costs and expenses .................................. 27,994 28,471 38,502 36,447
Earnings (loss) from operations ............................. 2,042 2,222 (8,833) (6,488)
Interest and other, net ................................... (221) (243) (224) (188)
Earnings (loss) before taxes ............................... 1,821 1,979 (9,057) (6,676)
(Provision) benefit for taxes ............................... (353) (386) 200 (178)
Net earnings (loss) ..................................... $1,468 $ 1,593 $ (8,857) $(6,854)
Net earnings (loss) per share:(2)
Basic ............................................. $ 0.74 $ 0.80 $ (4.49) $ (3.49)
Diluted ........................................... $ 0.73 $ 0.80 $ (4.49) $ (3.49)
Cash dividends paid per share .............................. $ 0.12 $ 0.12 $ 0.13 $ 0.13
Range of per share stock prices on the New York Stock Exchange
Low ............................................. $25.02 $ 22.85 $ 17.73 $ 13.80
High ............................................. $28.88 $ 30.00 $ 25.40 $ 20.26
Three-month periods ended in fiscal 2011
January 31 April 30 July 31 October 31
Net revenue .......................................... $32,302 $31,632 $31,189 $32,122
Cost of sales(1)(3) ....................................... 24,381 23,832 23,901 25,304
Research and development ................................ 798 815 812 829
Selling, general and administrative(3) .......................... 3,117 3,425 3,430 3,605
Amortization of purchased intangible assets ..................... 425 413 358 411
Impairment of goodwill and purchased intangible assets ............. — — — 885
Restructuring charges ................................... 158 158 150 179
Acquisition-related charges ................................ 29 21 18 114
Total costs and expenses .................................. 28,908 28,664 28,669 31,327
Earnings from operations ................................. 3,394 2,968 2,520 795
Interest and other, net ................................... (97) (76) (121) (401)
Earnings before taxes ................................... 3,297 2,892 2,399 394
Provision for taxes ..................................... (692) (588) (473) (155)
Net earnings ......................................... $2,605 $ 2,304 $ 1,926 $ 239
Net earnings per share:(2)
Basic ............................................. $ 1.19 $ 1.07 $ 0.94 $ 0.12
Diluted ........................................... $ 1.17 $ 1.05 $ 0.93 $ 0.12
Cash dividends paid per share .............................. $ 0.08 $ 0.08 $ 0.12 $ 0.12
Range of per share stock prices on the New York Stock Exchange
Low ............................................. $40.77 $ 37.60 $ 33.95 $ 21.50
High ............................................. $47.83 $ 49.39 $ 41.74 $ 35.50
(1) Cost of products, cost of services and financing interest.
(2) EPS for each quarter is computed using the weighted-average number of shares outstanding during that quarter,
while EPS for the fiscal year is computed using the weighted-average number of shares outstanding during the year.
Thus, the sum of the EPS for each of the four quarters may not equal the EPS for the fiscal year.
(3) In connection with organizational realignments implemented in the first quarter of fiscal 2012, certain costs
previously reported as cost of sales have been reclassified as selling, general and administrative expenses to better
align those costs with the functional areas that benefit from those expenditures.
168