Microsoft 2004 Annual Report Download - page 5

PAGE 5
SELECTED FINANCIAL DATA AND QUARTERLY STOCK PRICE INFORMATION
FINANCIAL HIGHLIGHTS
(In millions, except per share data)
Y
ear Ended June 30 2000(1) 2001(1,2) 2002(1,3) 2003(1,4) 2004
Revenue $22,956 $25,296 $28,365 $32,187 $ 36,835
Operating income 11,006 11,720 8,272 9,545 9,034
Income before accounting change 9,421 7,721 5,355 7,531 8,168
Net income 9,421 7,346 5,355 7,531 8,168
Diluted earnings per share before accounting change 0.85 0.69 0.48 0.69 0.75
Diluted earnings per share 0.85 0.66 0.48 0.69 0.75
Cash dividends per share
–
– – 0.08 0.16
Cash and short-term investments 23,798 31,600 38,652 49,048 60,592
Total assets 51,694 58,830 69,910 81,732 92,389
Stockholders’ equity 41,368 47,289 54,842 64,912 74,825
(1) The financial data presented for fiscal 2002 and 2003 has been restated as prescribed by SFAS 148, Accounting for Stock-Based
Compensation – Transition and Disclosure and amendment of FASB Statement No. 123, to reflect the retroactive adoption of the
fair value recognition provisions of SFAS 123, Accounting for Stock-Based Compensation as discussed in Note 13. The
information presented for 2000 and 2001 has not been restated. If fiscal 2000 had been restated, the operating income and net
income would have been $9,113 million and $8,172 million. If fiscal 2001 had been restated, the operating income and net
income would have been $8,343 million and $5,084 million.
(2) Fiscal 2001 includes an unfavorable cumulative effect of accounting change of $375 million or $0.03 per diluted share, reflecting
the adoption of SFAS No. 133. Fiscal 2001 also includes the acquisition of Great Plains Software, Inc. for approximately $1.1
billion in stock.
(3) Fiscal 2002 includes a $1.25 billion (pre-tax) gain on the sale of Expedia, Inc.
(4) Fiscal 2003 includes the acquisition of Navision a/s, Rare Ltd. and Placeware, Inc. for a total of $1.23 billion in cash and $788
million in stock and other consideration.
Our common stock is traded on The NASDAQ Stock Market under the symbol MSFT. On August 10, 2004, there were 141,975
registered holders of record of our common stock. The high and low common stock prices per share were as follows:
Quarter Ended Sep. 30 Dec. 31 Mar. 31 June 30 Year
Fiscal 2003
Common stock price per share:
High $27.43 $29.12 $28.49 $26.37 $29.12
Low 21.42 21.89 22.80 23.67 21.42
Fiscal 2004
Common stock price per share:
High $29.96 $29.35 $28.80 $28.57 $29.96
Low 25.54 25.10 24.15 25.08 24.15
In September 2003, our board of directors declared a common stock dividend of $0.16 per share, which was paid in
November 2003. That was the only dividend declared or paid in fiscal 2004. Our dividend policy is based on, among other
considerations, our views on potential future capital requirements relating to research and development, creation and expansion
of sales distribution channels, investments and acquisitions, share dilution management, legal risks, and challenges to our
business model.
On July 20, 2004, our board of directors approved a quarterly dividend of $0.08 per share payable on September 14, 2004, to
shareholders of record on August 25, 2004. In addition, the board approved a plan to buy back up to $30 billion in Microsoft
common stock over the next four years. The specific timing and amount of repurchases will vary based on market conditions,
securities law limitations, and other factors. The repurchases will be made using our cash resources. The repurchase program
may be suspended or discontinued at any time without prior notice. The board also approved a one-time special dividend of
$3.00 per share, or approximately $32 billion, subject to shareholder approval of stock plan amendments that will allow certain
adjustments to employee equity compensation awards to offset the impact of the special dividend. The special dividend
will be payable on December 2, 2004, to shareholders of record on November 17, 2004, conditioned upon shareholder
approval of amendments to the employee stock plans at the annual meeting of shareholders scheduled to be held
November 9, 2004