HP Reports Q1 2007 Results

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
     ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
               OPERATING MARGIN AND EARNINGS PER SHARE
                             (Unaudited)
                (In millions except per share amounts)


                 Three             Three             Three
                  Months            Months            Months
                  Ended  Diluted    Ended  Diluted    Ended  Diluted
                 January  Earnings October  Earnings January  Earnings
                   31,      Per      31,      Per      31,      Per
                  2007     Share    2006     Share    2006     Share
                 ------- --------- ------- --------- ------- ---------

GAAP net
 earnings        $1,547     $0.55  $1,697     $0.60  $1,227     $0.42

Non-GAAP
 adjustments:
  Amortization
   of purchased
   intangible
   assets           201      0.07     153      0.05     147      0.05
  In-process
   research and
   development
   charges          167      0.06       -         -      50      0.02
  Restructuring     (41)    (0.02)    152      0.05      15      0.01
  Pension
   curtailment       (9)        -       -         -       -         -
  (Gains) losses
   on
   investments
   (a)                -         -     (14)        -       2         -
  Adjustments
   for taxes        (39)    (0.01)    (83)    (0.02)    (48)    (0.02)
                 ------- --------- ------- --------- ------- ---------

Non-GAAP net
 earnings        $1,826     $0.65  $1,905     $0.68  $1,393     $0.48
                 ======= ========= ======= ========= ======= =========


GAAP earnings
 from operations $1,843            $1,901            $1,492
Non-GAAP
 adjustments:
  Amortization
   of purchased
   intangible
   assets           201               153               147
  In-process
   research and
   development
   charges          167                 -                50
  Restructuring     (41)              152                15
  Pension
   curtailment       (9)                -                 -
                 -------           -------           -------

Non-GAAP
 earnings from
 operations      $2,161            $2,206            $1,704
                 =======           =======           =======

GAAP operating
 margin               7%                8%                7%
Non-GAAP
 adjustments          2%                1%                1%
                 -------           -------           -------

Non-GAAP
 operating
 margin               9%                9%                8%
                 =======           =======           =======

(a) Beginning in fiscal 2007, HP no longer excludes gains or losses on
 investments when calculating financial measures presented on a non-
 GAAP basis.

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                CONSOLIDATED CONDENSED BALANCE SHEETS
                            (In millions)


                                               January 31, October 31,
                                                  2007            2006
                                                                                              -----------  -----------
                                                                                              (unaudited)

ASSETS

Current  assets:
    Cash  and  cash  equivalents                                              $10,057          $16,400
    Short-term  investments                                                            306                    22
    Accounts  receivable                                                            10,403            10,873
    Financing  receivable                                                            2,511              2,440
    Inventory                                                                                  8,380              7,750
    Other  current  assets                                                          10,862            10,779
                                                                                              -----------  -----------

        Total  current  assets                                                      42,519            48,264
                                                                                              -----------  -----------

Property,  plant  and  equipment                                              7,045              6,863

Long-term  financing  receivables  and  other
  assets                                                                                          7,392              6,649

Goodwill  and  purchased  intangible  assets                      24,358            20,205
                                                                                              -----------  -----------

Total  assets                                                                            $81,314          $81,981
                                                                                              ===========  ===========


LIABILITIES  AND  STOCKHOLDERS'  EQUITY

Current  liabilities:
    Notes  payable  and  short-term  borrowings                    $3,337            $2,705
    Accounts  payable                                                                  11,360            12,102
    Employee  compensation  and  benefits                                2,120              3,148
    Taxes  on  earnings                                                                  1,673              1,905
    Deferred  revenue                                                                    4,750              4,309
    Accrued  restructuring                                                              324                  547
    Other  accrued  liabilities                                                11,480            11,134
                                                                                              -----------  -----------

        Total  current  liabilities                                            35,044            35,850
                                                                                              -----------  -----------

Long-term  debt                                                                            2,438              2,490
Other  liabilities                                                                      5,789              5,497

Stockholders'  equity                                                              38,043            38,144
                                                                                              -----------  -----------

Total  liabilities  and  stockholders'  equity                $81,314          $81,981
                                                                                              ===========  ===========
 


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