Fingolfen, can you be specific? Where did these charges come from, exactly, and how do they apply to earnings? Also, $0.84 down from $1.17 is still a pretty sharp decline in earnings.
biz.yahoo.com
ARMONK, N.Y.--(BUSINESS WIRE)--July 17, 2002--IBM (NYSE:IBM - News)-- -- Total net income of $56 million, including $1.4 billion of
incremental charges;
Total revenues $20.0 billion, including $379 million from hard disk drive unit
IBM today announced second-quarter 2002 diluted earnings per common share of $.03, including $.81 per diluted share of incremental charges associated with the realignment of the Microelectronics Division, the agreement to sell the hard disk drive business, and workforce reductions, compared with diluted earnings per common share of $1.15 in the second quarter of 2001. Excluding the charges, diluted earnings per common share would be $.84. Second-quarter net income from all operations was $56 million, including $1.4 billion in incremental charges -- $2.1 billion before tax -- compared with $2.0 billion in net income in the second quarter of 2001. Excluding the charges, net income would be $1.45 billion. Total revenues for the second quarter of 2002 of $20.0 billion, which includes $379 million of revenues from hard disk drive unit, were a 7 percent decrease from the second quarter of 2001. |
