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).

Exhibit 4.4. Income Statement is a Summary of a Company’s Revenues and Expenses Over an Entire Fiscal Year
In millions, except per share amountsfiscal 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 margin27,105.022,563.119,725.0
Selling, general and administrative expenses9,901.28,031.26,863.0
Depreciation and amortization7,292.66,079.75,097.7
 Total operating expenses589.1496.8341.7
Operating profit7,881.76,576.55,439.4
Interest expense, net2,019.51,454.71,423.6
Earnings before income tax provision110.558.348.1
Income tax provision1,909.01,396.41,375.5
Net earnings684.3477.6528.2
Preference dividends, net of income tax benefit1,224.7918.8847.3
Net earnings available to common shareholders14.114.214.6
  $1,210.6$904.6$832.7
Basic earnings per common share:
 Net earnings$1.49$1.13$1.06
 Weighted average common shares outstanding811.4797.2788.8
Diluted earnings per common share:$1.45$1.10$1.03
 Net earnings841.6830.8815.4
 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, ...

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