Compaq fiancial statements.
Mark
I notice couple of things here.
1)Gross margin down couple of points.
2)Poor performance in the high-end segment.
3)Consumer business robust- that is probably the sub zeros,not 'gonna' cut it..
4)YOY revenue growth rate at +39% something indicating demand for the products looks 'healthy', so obviously the problems lies elsewhere.
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Compaq Computer Corp. Q1 net rises
HOUSTON, April 21 (Reuters) -
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(In millions, except per share amounts)
Quarter ended
March 31,
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
Earnings 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
CONSOLIDATED BALANCE SHEET (Unaudited)
(In millions, except par value)
Mar 31, Dec 31,
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
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