Medtronic 2012 Annual Report Download - page 77

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Medtronic, Inc.
Consolidated Statements of Earnings
Fiscal Year
___________________________________________
2012 2011 2010
___________ ____________ ____________
(in millions, except per share data)
________________________________
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,184 $ 15,508 $ 15,392
Costs and expenses:
Cost of products sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,889 3,700 3,582
Research and development expense . . . . . . . . . . . . . . . . . . . 1,490 1,472 1,424
Selling, general, and administrative expense . . . . . . . . . . . . . 5,623 5,427 5,282
Restructuring charges, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 259 50
Certain litigation charges, net . . . . . . . . . . . . . . . . . . . . . . . . . 90 245 374
Acquisition-related items . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 14 23
Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . 335 339 317
Other expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364 110 150
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 278 246
___________ ____________ ____________
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,039 11,844 11,448
___________ ____________ ____________
Earnings from continuing operations before income taxes . . 4,145 3,664 3,944
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730 609 861
___________ ____________ ____________
Earnings from continuing operations . . . . . . . . . . . . . . . . . . . . 3,415 3,055 3,083
Discontinued operations, net of tax:
Earnings from operations of Physio-Control . . . . . . . . . . . . 32 43 16
Physio-Control divestiture-related costs . . . . . . . . . . . . . . . . (34) (2) –
Gain on sale of Physio-Control . . . . . . . . . . . . . . . . . . . . . . . 204 ––
___________ ____________ ____________
Earnings from discontinued operations . . . . . . . . . . . . . . 202 41 16
___________ ____________ ____________
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,617 $ 3,096 $ 3,099
___________ ____________ ____________
___________ ____________ ____________
Basic earnings per share:
Earnings from continuing operations . . . . . . . . . . . . . . . . . . $ 3.24 $ 2.84 $ 2.79
___________ ____________ ____________
___________ ____________ ____________
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.43 $ 2.87 $ 2.80
___________ ____________ ____________
___________ ____________ ____________
Diluted earnings per share
Earnings from continuing operations . . . . . . . . . . . . . . . . . . $ 3.22 $ 2.82 $ 2.78
___________ ____________ ____________
___________ ____________ ____________
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.41 $ 2.86 $ 2.79
___________ ____________ ____________
___________ ____________ ____________
Basic weighted average shares outstanding . . . . . . . . . . . . . . . 1,053.9 1,077.4 1,106.3
Diluted weighted average shares outstanding . . . . . . . . . . . . . 1,059.9 1,081.7 1,109.4
Cash dividends declared per common share . . . . . . . . . . . . . . . $ 0.97 $ 0.90 $ 0.82
The accompanying notes are an integral part of these consolidated financial statements.
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