Income Statement
The income statement represents a company’s operating performance over a specific period of time (a fiscal year) through a summary of the company’s revenues and expenses, showing net earnings (profit) or loss (Exhibit 4.4).
| In millions, except per share amounts | fiscal year ended Dec. 31, 2005 (52 weeks) | fiscal year ended Jan. 1, 2005 (52 weeks) | fiscal year ended Jan. 3, 2004 (53 weeks) | |
| Net sales | ||||
| Cost of goods sold, buying and warehousing costs | $ 37,006.2 | $ 30,594.3 | $ 26,588.0 | |
| Gross margin | 27,105.0 | 22,563.1 | 19,725.0 | |
| Selling, general and administrative expenses | 9,901.2 | 8,031.2 | 6,863.0 | |
| Depreciation and amortization | 7,292.6 | 6,079.7 | 5,097.7 | |
| Total operating expenses | 589.1 | 496.8 | 341.7 | |
| Operating profit | 7,881.7 | 6,576.5 | 5,439.4 | |
| Interest expense, net | 2,019.5 | 1,454.7 | 1,423.6 | |
| Earnings before income tax provision | 110.5 | 58.3 | 48.1 | |
| Income tax provision | 1,909.0 | 1,396.4 | 1,375.5 | |
| Net earnings | 684.3 | 477.6 | 528.2 | |
| Preference dividends, net of income tax benefit | 1,224.7 | 918.8 | 847.3 | |
| Net earnings available to common shareholders | 14.1 | 14.2 | 14.6 | |
| $1,210.6 | $904.6 | $832.7 | ||
| Basic earnings per common share: | ||||
| Net earnings | $1.49 | $1.13 | $1.06 | |
| Weighted average common shares outstanding | 811.4 | 797.2 | 788.8 | |
| Diluted earnings per common share: | $1.45 | $1.10 | $1.03 | |
| Net earnings | 841.6 | 830.8 | 815.4 | |
| Weighted average common shares outstanding | ||||
| $0.1450 | $0.1325 | $0.1150 | ||
| Dividends declared per common share | ||||
Source: Used with permission of CVS Corporation. 2005 Annual Report, 2005 10-K, © CVS Corporation, 2005.
Looking Ahead: Financial StatementsChapters 5, 6, and 7 of this book will review each of these financial statements—the income statement, the balance sheet, and the statement of cash flows—in full detail. |
Also Referred to As:
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Looking Ahead: Income StatementChapter 5 will discuss the income statement and its individual components in full detail. |
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