QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(in millions, except per-share data)
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Full
Year |
|||||||||||
|
2007 |
|||||||||||||||
|
Revenues |
$ | 3,836 | $ | 4,208 | $ | 4,302 | $ | 4,882 | $ | 17,228 | |||||
|
Costs and Expenses |
3,507 | 3,893 | 3,978 | 4,412 | 15,790 | ||||||||||
|
Income from Continuing Operations before Income Taxes, Equity Income, Discontinued Operations and Cumulative Effect of Change in Accounting Principle |
329 | 315 | 324 | 470 | 1,438 | ||||||||||
|
Income tax expenses |
102 | 76 | 97 | 125 | 400 | ||||||||||
|
Equity in net income of unconsolidated affiliates (1) |
6 | 27 | 27 | 37 | 97 | ||||||||||
|
Net Income |
$ | 233 | $ | 266 | $ | 254 | $ | 382 | $ | 1,135 | |||||
|
Basic Earnings per Share (2) |
$ | 0.25 | $ | 0.28 | $ | 0.27 | $ | 0.41 | $ | 1.21 | |||||
|
Diluted Earnings per Share (2) |
$ | 0.24 | $ | 0.28 | $ | 0.27 | $ | 0.41 | $ | 1.19 | |||||
|
2006 |
|||||||||||||||
|
Revenues |
$ | 3,695 | $ | 3,977 | $ | 3,844 | $ | 4,379 | $ | 15,895 | |||||
|
Costs and Expenses (3) |
3,487 | 3,712 | 3,753 | 4,135 | 15,087 | ||||||||||
|
Income from Continuing Operations before Income Taxes, Equity Income, Discontinued Operations and Cumulative Effect of Change in Accounting Principle |
208 | 265 | 91 | 244 | 808 | ||||||||||
|
Income tax expenses (benefits) (4) |
47 | 22 | (416) | 59 | (288) | ||||||||||
|
Equity in net income of unconsolidated affiliates |
39 | 17 | 29 | 29 | 114 | ||||||||||
|
Net Income |
$ | 200 | $ | 260 | $ | 536 | $ | 214 | $ | 1,210 | |||||
|
Basic Earnings per Share (2) |
$ | 0.20 | $ | 0.27 | $ | 0.55 | $ | 0.22 | $ | 1.25 | |||||
|
Diluted Earnings per Share (2) |
$ | 0.20 | $ | 0.26 | $ | 0.54 | $ | 0.22 | $ | 1.22 | |||||
| (1) The first, third and fourth quarters of 2007 include $23, $5, and $2 of charges, respectively, for our share of Fuji-Xerox restructuring charges. |
| (2) The sum of quarterly earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because securities that are anti-dilutive in certain quarters may not be anti-dilutive on a full-year basis |
| (3) Costs and expenses include restructuring and asset impairment charges of $36, $110 and $239 for the second, third and fourth quarters of 2006, respectively. In addition, the third quarter 2006 includes $68 for litigation matters related to probable losses on Brazilian labor-related contingencies (See Note 16). |
| (4) The first and third quarters of 2006 include $24 and $448 of income tax benefits, respectively, related to the favorable resolution of certain tax matters from the 1999-2003 IRS audit. The second quarter of 2006 included $46 of income tax benefits from the resolution of certain tax issues associated with foreign tax audits. |
