Microsoft 2005 Annual Report Download - page 6

SELECTED FINANCIAL DATA, QUARTERLY STOCK PRICE INFORMATION,
AND ISSUER PURCHASES OF EQUITY SECURITIES
PAGE 5
FINANCIAL HIGHLIGHTS
(In millions, except per share data)
Fiscal Year Ended June 30 2001(1,2) 2002(1,3) 2003(1,4) 2004 2005
Revenue $25,296 $28,365 $32,187 $36,835 $39,788
Operating income 11,720 8,272 9,545 9,034 14,561
Income before accounting change 7,721 5,355 7,531 8,168 12,254
Net income 7,346 5,355 7,531 8,168 12,254
Diluted earnings per share before accounting
change 0.69
0.48 0.69 0.75 1.12
Diluted earnings per share 0.66 0.48 0.69 0.75 1.12
Cash dividends declared per share – – 0.08 0.16 3.40
Cash and short-
t
erm investments 31,600 38,652 49,048 60,592 37,751
Total assets 58,830 69,910 81,732 94,368 70,815
Lon
g
-
t
erm obligations 2,287 2,722 2,846 4,574 5,823
Stockholders’ equity 47,289 54,842 64,912 74,825 48,115
(1) The financial data presented reflects stock-based compensation expense except fiscal year 2001, as prescribed by
Statement of Financial Accounting Standards (SFAS) No. 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 No. 123, Accounting for Stock-Based Compensation as discussed in Note 14. If fiscal year 2001 had
been restated, the operating income and net income would have been $8,343 million and $5,084 million.
(2) Fiscal year 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, Accounting for Derivative Instruments and Hedging Activities. Fiscal year
2001 also includes the acquisition of Great Plains Software, Inc. for approximately $1.1 billion in stock.
(3) Fiscal year 2002 includes a $1.25 billion (pre-tax) gain on the sale of Expedia, Inc.
(4) Fiscal year 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 15, 2005, there were 149,668
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
Y
ear
Fiscal year 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
Fiscal year 2005
Common stock price per share:
High $29.00 $29.98 $26.84 $26.07 $29.98
Low 26.88 26.53 23.92 24.12 23.92
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 year 2004.
See Note 12 – Stockholders’ Equity of the Notes to Financial Statements for information regarding dividends approved by our
Board of Directors in fiscal year 2005.
On July 20, 2004, our Board of Directors approved a plan to buy back up to $30 billion in Microsoft common stock over 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. We repurchased common stock in each quarter of fiscal year 2005 as follows: