Intel 2007 Annual Report Download - page 54

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Table of Contents
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
See accompanying notes.
47
Three Years Ended December 29, 2007
(In Millions, Except Per Share Amounts)
2007
1
2006
1
2005
Net revenue
$
38,334
$
35,382
$
38,826
Cost of sales
18,430
17,164
15,777
Gross margin
19,904
18,218
23,049
Research and development
5,755
5,873
5,145
Marketing, general and administrative
5,401
6,096
5,688
Restructuring and asset impairment charges
516
555
—
Amortization of acquisition
-
related intangibles and costs
16
42
126
Operating expenses
11,688
12,566
10,959
Operating income
8,216
5,652
12,090
Gains (losses) on equity investments, net
157
214
(45
)
Interest and other, net
793
1,202
565
Income before taxes
9,166
7,068
12,610
Provision for taxes
2,190
2,024
3,946
Net income
$
6,976
$
5,044
$
8,664
Basic earnings per common share
$
1.20
$
0.87
$
1.42
Diluted earnings per common share
$
1.18
$
0.86
$
1.40
Weighted average shares outstanding:
Basic
5,816
5,797
6,106
Diluted
5,936
5,880
6,178
1
Cost of sales and operating expenses for the years ended December 29, 2007 and December 30, 2006 include share-based
compensation. See
“
Note 2: Accounting Policies
”
and
“
Note 3: Employee Equity Incentive Plans.
”