HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
(Unaudited)
(In millions except per share amounts)
|
| Three months ended |
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|
| January 31, 2003(a) |
| October 31, 2002(a),(b) |
| January 31, 2002(b),(c) |
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Net revenue |
| $ | 17,877 |
| $ | 18,048 |
| $ | 11,383 |
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Costs and expenses: |
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Cost of sales |
| 13,141 |
| 13,380 |
| 8,356 |
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Research and development |
| 908 |
| 979 |
| 691 |
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Selling, general and administrative |
| 2,725 |
| 2,819 |
| 1,623 |
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Amortization of goodwill and purchased intangible assets |
| 138 |
| 150 |
| 50 |
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Restructuring charges |
| — |
| 150 |
| — |
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Acquisition-related charges |
| 86 |
| 145 |
| 38 |
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Total costs and expenses |
| 16,998 |
| 17,623 |
| 10,758 |
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Earnings from operations |
| 879 |
| 425 |
| 625 |
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Interest and other, net |
| 51 |
| 68 |
| 10 |
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Net investment (losses) gains |
| (5 | ) | (38 | ) | 9 |
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Earnings before taxes |
| 925 |
| 455 |
| 644 |
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Provision for taxes |
| 204 |
| 65 |
| 160 |
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Net earnings |
| $ | 721 |
| $ | 390 |
| $ | 484 |
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Net earnings per share: |
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Basic |
| $ | 0.24 |
| $ | 0.13 |
| $ | 0.25 |
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Diluted |
| $ | 0.24 |
| $ | 0.13 |
| $ | 0.25 |
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Cash dividends declared per share |
| $ | 0.16 |
| $ | — |
| $ | 0.16 |
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Weighted-average shares used to compute net earnings per share: |
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Basic |
| 3,048 |
| 3,047 |
| 1,941 |
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Diluted |
| 3,065 |
| 3,048 |
| 1,963 |
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(a) The results for the three months ended January 31, 2003 and October 31, 2002 include the results of Compaq for the entire period.
(b) Certain reclassifications have been made to prior year amounts in order to conform to the current year presentation.
(c) The results for the three months ended January 31, 2002 include the results of HP prior to the acquisition of Compaq.
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEET
(In millions)
|
| January 31, |
| October 31, |
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|
| (unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
| $ | 12,641 |
| $ | 11,192 |
|
Short-term investments |
| 223 |
| 237 |
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Accounts receivable, net |
| 7,866 |
| 8,456 |
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Financing receivables, net |
| 3,565 |
| 3,453 |
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Inventory |
| 6,091 |
| 5,797 |
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Other current assets |
| 7,277 |
| 6,940 |
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Total current assets |
| 37,663 |
| 36,075 |
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Property, plant and equipment, net |
| 6,865 |
| 6,924 |
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Long-term investments and other assets |
| 7,692 |
| 7,758 |
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Goodwill |
| 15,112 |
| 15,089 |
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Purchased intangible assets |
| 4,761 |
| 4,864 |
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Total assets |
| $ | 72,093 |
| $ | 70,710 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Notes payable and short-term borrowings |
| $ | 3,033 |
| $ | 1,793 |
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Accounts payable |
| 6,334 |
| 7,012 |
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Employee compensation and benefits |
| 1,678 |
| 2,012 |
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Taxes on earnings |
| 1,582 |
| 1,529 |
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Deferred revenues |
| 3,450 |
| 3,260 |
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Accrued restructuring |
| 1,013 |
| 1,309 |
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Other accrued liabilities |
| 8,107 |
| 7,395 |
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Total current liabilities |
| 25,197 |
| 24,310 |
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Long-term debt |
| 6,187 |
| 6,035 |
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Other liabilities |
| 4,240 |
| 4,103 |
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Stockholders’ equity |
| 36,469 |
| 36,262 |
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Total liabilities and stockholders’ equity |
| $ | 72,093 |
| $ | 70,710 |
|
(a) Certain reclassifications have been made to prior year balances in order to conform to the current year presentation.
