HP’s Profit Falls 91%, but It Beats Expectations



                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
                    CONSOLIDATED CONDENSED BALANCE SHEETS                   
                                (In millions)                               
                                                                            
                                                                            
                                                  October 31,   October 31, 
                                                      2011          2010    
                                                 ------------- -------------
                                                  (unaudited)               
ASSETS                                                                      
                                                                            
Current assets:                                                             
  Cash and cash equivalents                      $       8,043 $      10,929
  Accounts receivable                                   18,224        18,481
  Financing receivables                                  3,162         2,986
  Inventory                                              7,490         6,466
  Other current assets                                  14,102        15,322
                                                 ------------- -------------
                                                                            
    Total current assets                                51,021        54,184
                                                 ------------- -------------
                                                                            
Property, plant and equipment                           12,292        11,763
                                                                            
Long-term financing receivables and other assets        10,755        12,225
                                                                                                                                                    
Goodwill  and  purchased  intangible  assets                                55,449                46,331
                                                                                                  -------------  -------------
                                                                                                                                                        
Total  assets                                                                          $          129,517  $          124,503
                                                                                                  =============  =============
                                                                                                                                                        
                                                                                                                                                        
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Notes  payable  and  short-term  borrowings                $              8,083  $              7,046
    Accounts  payable                                                                            14,750                14,365
    Employee  compensation  and  benefits                                          3,999                  4,256
    Taxes  on  earnings                                                                            1,048                      802
    Deferred  revenue                                                                              7,449                  6,727
    Other  accrued  liabilities                                                          15,113                16,207
                                                                                                  -------------  -------------
                                                                                                                                                        
        Total  current  liabilities                                                      50,442                49,403
                                                                                                  -------------  -------------
                                                                                                                                                        
Long-term  debt                                                                                    22,551                15,258
                                                                                                                                                        
Other  liabilities                                                                              17,520                19,061
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    HP  stockholders'  equity                                                              38,625                40,449
    Non-controlling  interests                                                                379                      332
                                                                                                  -------------  -------------
                                                                                                                                                        
        Total  stockholders'  equity                                                    39,004                40,781
                                                                                                  -------------  -------------
                                                                                                                                                        
Total  liabilities  and  stockholders'  equity              $          129,517  $          124,503
                                                                                                  =============  =============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                            CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS                              
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                                Three  months    Twelve  months  
                                                                                                      ended                    ended          
                                                                                                October  31,        October  31,    
                                                                                                        2011                      2011          
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  operating  activities:                                                                              
    Net  earnings                                                                  $                  239    $              7,074  
    Adjustments  to  reconcile  net  earnings  to  net                                                            
      cash  provided  by  operating  activities:                                                                      
        Depreciation  and  amortization                                            1,262                    4,984  
        Impairment  of  goodwill  and  purchased                                                                        
          intangible  assets                                                                      885                        885  
        Stock-based  compensation  expense                                          210                        685  
        Provision  for  bad  debt  and  inventory                                    90                        298  
        Restructuring  charges                                                                179                        645  
        Deferred  taxes  on  earnings                                                    (638)                      166  
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                  (3)                    (163)
        Other,  net                                                                                      156                        (46)
                                                                                                                                                        
        Changes  in  assets  and  liabilities:                                                                            
            Accounts  and  financing  receivables                                    (7)                    (227)
            Inventory                                                                                  (113)                (1,252)
            Accounts  payable                                                                      153                        275  
            Taxes  on  earnings                                                                    359                        610  
            Restructuring                                                                          (252)                (1,002)
            Other  assets  and  liabilities                                            (120)                    (293)
                                                                                              -------------    -------------  
                Net  cash  provided  by  operating                                                                            
                  activities                                                                        2,400                  12,639  
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
        Investment  in  property,  plant  and                                                                              
          equipment                                                                                (1,385)                (4,539)
        Proceeds  from  sale  of  property,  plant  and                                                              
          equipment                                                                                      217                        999  
        Purchases  of  available-for-sale  securities                                                            
          and  other  investments                                                              (96)                      (96)
        Maturities  and  sales  of  available-for-sale                                                            
          securities  and  other  investments                                            9                          68  
        Payments  made  in  connection  with  business                                                              
          acquisitions,  net  of  cash  acquired                            (10,211)              (10,480)
        Proceeds  from  business  divestiture,  net                                -                          89  
                                                                                              -------------    -------------  
                Net  cash  used  in  investing  activities                (11,466)              (13,959)
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
        Issuance  (repayment)  of  commercial  paper                                                                
          and  notes  payable,  net                                                            262                  (1,270)
        Issuance  of  debt                                                                      4,644                  11,942  
        Payment  of  debt                                                                            (65)                (2,336)
        Issuance  of  common  stock  under  employee                                                                  
          stock  plans                                                                                    51                        896  
        Repurchase  of  common  stock                                                    (500)              (10,117)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                    3                        163  
        Dividends                                                                                      (239)                    (844)
                                                                                              -------------    -------------  
                Net  cash  provided  by  (used  in)                                                                            
                  financing  activities                                                    4,156                  (1,566)
                                                                                              -------------    -------------  
                                                                                                                                                        
Decrease  in  cash  and  cash  equivalents                                  (4,910)                (2,886)
Cash  and  cash  equivalents  at  beginning  of                                                                      
  period                                                                                              12,953                  10,929  
                                                                                              -------------    -------------  
Cash  and  cash  equivalents  at  end  of  period          $              8,043    $              8,043  
                                                                                              =============    =============  
                                                                                                                                                        
                                                                                                                                                        
 

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