March 31, December 31,
(In millions, except par value) 1999 1998
----------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 3,609 $ 4,091
Accounts receivable, net 6,989 6,998
Inventories 2,149 2,005
Deferred income taxes 1,556 1,602
Other current assets 483 471
------- -------
Total current assets 14,786 15,167
Property, plant and equipment, less
accumulated depreciation 2,948 2,902
Deferred income taxes 1,640 1,341
Intangible and other assets 3,626 3,641
------- -------
$23,000 $23,051
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,106 $ 4,237
Income taxes payable 469 282
Accrued restructuring costs 895 1,110
Other current liabilities 4,908 5,104
------- -------
Total current liabilities 10,378 10,733
------- -------
Postretirement and other
postemployment benefits 542 545
------- -------
Minority interest 422 422
------- -------
Stockholders' equity:
Preferred stock, $.01 par value
(authorized: 10 million
shares; issued: none) -- --
Common stock and capital in
excess of $.01 par value
(authorized: 3 billion shares;
issued and outstanding: 1,706
million and 1,691 million
shares at March 31, 1999 and
1,698 and 1,687 million
shares, respectively, at
December 31, 1998) 7,469 7,270
Retained earnings 4,699 4,465
Treasury stock (at cost) (510) (384)
------- -------
Total stockholders' equity 11,658 11,351
------- -------
$23,000 $23,051
======= =======
COMPAQ COMPUTER CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Quarter ended
March 31,
-------------------------
(In millions, except per share amounts) 1999 1998
---------------------------------------------------------------------
Revenue:
Products 7,819 5,574
Services 1,600 113
------- -------
Total revenue $ 9,419 $ 5,687
------- -------
Cost of sales:
Products 6,007 4,601
Services 1,085 63
------- -------
Total cost of sales $ 7,092 $ 4,664
------- -------
Selling, general and administrative
expense 1,477 785
Research and development costs 404 245
Other income and expense, net 34 (30)
------- -------
1,915 1,000
------- -------
Income before provision for income
taxes 412 23
Provision for income taxes 131 7
======= =======
Net income $ 281 $ 16
======= =======
s per common share:
Basic $ 0.17 $ 0.01
======= =======
Diluted $ 0.16 $ 0.01
======= =======
Shares used in computing earnings per
common share:
Basic 1,689 1,523
======= =======
Diluted 1,750 1,584
======= =======
*T
--30--LS/na*
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