Night Writer..."No pain, yet still a gain"
Cost of sales up 3+%
Invetory okay
SGA under control
AR up
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COMPAQ COMPUTER CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three Months Ended
March 31,
(In millions, except per share amounts) 2000 1999
Revenue:
Products $ 7,820 $ 7,819
Services 1,693 1,600
Total Revenue 9,513 9,419
Cost of sales:
Products 6,111 6,007
Services 1,213 1,085
Total cost of sales 7,324 7,092
Selling, general and administrative 1,401 1,477
Research and development 356 404
Other (income) expense, net (46) 34
1,711 1,915
Income before provision for income taxes 478 412
Provision for income taxes 153 131
Net income $ 325 $ 281
Earnings per common share:
Basic $ 0.19 $ 0.17
Diluted $ 0.19 $ 0.16
Shares used in computing earnings per
common share:
Basic 1,697 1,689
Diluted 1,740 1,750
COMPAQ COMPUTER CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
March 31, December 31,
(In millions, except par value) 2000 1999
Assets
Current assets:
Cash and cash equivalents $ 3,175 $ 2,666
Short-term investments --- 636
Accounts receivable, net 7,226 6,685
Inventories 2,016 2,008
Deferred income taxes 1,356 1,460
Other assets 387 394
Total current assets 14,160 13,849
Property, plant and equipment, net 3,362 3,249
Other assets, net 10,479 10,179
$ 28,001 $ 27,277
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 1,552 $ 453
Accounts payable 3,973 4,380
Deferred income 1,056 972
Accrued restructuring costs 862 1,002
Other current liabilities 4,816 5,031
Total current liabilities 12,259 11,838
Postretirement and other
postemployment benefits 667 605
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:
1,723 million and 1,698 million shares,
respectively, at march 31, 2000 and
1,715 million and 1,694 million shares,
respectively, at December 31, 1999) 7,724 7,627
Retained earnings 5,231 4,948
Accumulated other comprehensive income 2,865 2,919
Treasury stock (745) (660)
Total stockholders' equity 15,075 14,834
$ 28,001 $ 27,277
COMPAQ COMPUTER CORPORATION
SEGMENT INFORMATION
(Unaudited)
Three months ended March 31,
(In millions) 2000 1999
Enterprise Solutions and Services
Revenue $ 4,726 $ 4,930
Operating income 568 652
Commercial Personal Computing
Revenue 2,872 3,098
Operating income (loss) (19) 24
Consumer
Revenue 1,832 1,357
Operating income 82 82
Other
Revenue 83 34
Operating income (loss) 18 (76)
Consolidated segment totals
Revenue $ 9,513 $ 9,419
Operating income $ 649 $ 682 |
