HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions except per share amounts)
Three months ended
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October 31, July 31, October 31,
2011 2011 2010
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Net revenue $ 32,122 $ 31,189 $ 33,278
Costs and Expenses:(a)
Cost of sales 25,332 23,929 24,995
Research and development 829 812 814
Selling, general and
administrative 3,577 3,402 3,464
Amortization of purchased
intangible assets 411 358 424
Restructuring charges 179 150 235
Acquisition-related charges 114 18 51
Impairment of goodwill and
purchased intangible assets 885 - -
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Total costs and expenses 31,327 28,669 29,983
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Earnings from operations 795 2,520 3,295
Interest and other, net (401) (121) (81)
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Earnings before taxes 394 2,399 3,214
Provision for taxes 155 473 676
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Net earnings $ 239 $ 1,926 $ 2,538
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Net earnings per share:
Basic $ 0.12 $ 0.94 $ 1.13
Diluted $ 0.12 $ 0.93 $ 1.10
Cash dividends declared per share $ - $ 0.24 $ -
Weighted-average shares used to
compute net earnings per share:
Basic 1,989 2,054 2,249
Diluted 2,005 2,080 2,297
(a) In connection with organizational realignments implemented in the first
quarter of fiscal 2011, certain costs previously reported as Cost of
Sales have been reclassified as Selling, General and Administrative
expenses to better align those costs with the functional areas that
benefit from those expenditures.
