Intro Letter to Shareholders Our History We Are Everywhere Financial Highlights Shareholder Information Downloads

FINANCIAL HIGHLIGHTS

CONDENSED STATEMENT OF OPERATIONS

(In millions, except per share amounts)

  

2004

  

2003

2002

Net sales

$

5,715

$

4,864

$

5,001

Cost of sales

  

3,575

  

3,451

3,763

Gross margin

  

2,140

  

1,413

1,238

Selling, general and administrative

799

649

604

Research and development

965

1,005

993

Reorganization of businesses

36

63

1,156

Separation expenses

  

74

  

–

–

Operating earnings (loss)

  

266

  

(304)

(1,515)

Other income (expense):

Interest expense, net

(31)

(114)

(163)

Gains on sales of investments and businesses, net

41

106

15

Other

  

(13)

  

(7)

(18)

Total other expense

  

(3)

  

(15)

(166)


Net earnings (loss) before income taxes

263

(319)

(1,681)

Income tax expense

  

52

  

47

86

Net earnings (loss)

$

211

$

(366)

$

(1,767)


Net earnings per common share

        

Basic

$

1.08

N/A

N/A

Diluted

$

1.06

N/A

N/A


Weighted average common shares outstanding

        

Basic

195

N/A

N/A

Diluted

200

N/A

N/A


Pro forma earnings per common share

        

Basic

$

0.63

N/A

N/A

Diluted

$

0.62

N/A

N/A


Pro forma average common shares outstanding*

        

Basic

334

N/A

N/A

Diluted

339

N/A

N/A



* Pro forma weighted shares as if the Contribution occurred on January 1, 2004

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