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

© 2011 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.

                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS                
                                (Unaudited)                                 
                   (In millions except per share amounts)                   
                                                                            
                                              Three months ended            
                                   ---------------------------------------- 
                                    October 31,    July 31,     October 31, 
                                       2011          2011          2010     
                                   ------------  ------------  ------------ 
                                                                            
Net revenue                        $     32,122  $     31,189  $     33,278 
                                                                            
Costs and Expenses:(a)                                                      
  Cost of sales                          25,332        23,929        24,995 
  Research and development                  829           812           814 
  Selling, general and                                                      
   administrative                         3,577         3,402         3,464 
  Amortization of purchased                                                 
   intangible assets                        411           358           424 
  Restructuring charges                     179           150           235 
  Acquisition-related charges               114            18            51 
  Impairment of goodwill and                                                
   purchased intangible assets              885             -             - 
                                   ------------  ------------  ------------ 
    Total costs and expenses             31,327        28,669        29,983 
                                   ------------  ------------  ------------ 
                                                                                                                                 
Earnings  from  operations                                        795                  2,520                  3,295  
                                                                                                                                                        
Interest  and  other,  net                                        (401)                  (121)                    (81)
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
Earnings  before  taxes                                              394                  2,399                  3,214  
                                                                                                                                                        
Provision  for  taxes                                                  155                      473                      676  
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
Net  earnings                                              $                239    $            1,926    $            2,538  
                                                                      ============    ============    ============  
                                                                                                                                                        
Net  earnings  per  share:                                                                                                          
    Basic                                                        $              0.12    $              0.94    $              1.13  
    Diluted                                                    $              0.12    $              0.93    $              1.10  
                                                                                                                                                        
                                                                                                                                                        
Cash  dividends  declared  per  share    $                    -    $              0.24    $                    -  
                                                                                                                                                        
Weighted-average  shares  used  to                                                                                          
  compute  net  earnings  per  share:                                                                                        
    Basic                                                                      1,989                  2,054                  2,249  
    Diluted                                                                  2,005                  2,080                  2,297  
                                                                                                                                                        
                                                                                                                                                        
(a)  In  connection  with  organizational  realignments  implemented  in  the  first  
        quarter  of  fiscal  2011,  certain  costs  previously  reported  as  Cost  of        
        Sales  have  been  reclassified  as  Selling,  General  and  Administrative          
        expenses  to  better  align  those  costs  with  the  functional  areas  that          
        benefit  from  those  expenditures.                                                                                
                                                                                                                                                        
                                                                                                                                                        
 

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