HP Reports First Quarter 2012 Results



(a)  In connection with organizational realignments implemented in the first
     quarter of fiscal year 2012, 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.                                       



                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
  ADJUSTMENTS TO GAAP NET REVENUE, 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   
                      2012     share     2011     share     2011     share  
                    -----------------  -----------------  ----------------- 
                                                                            
GAAP net revenue    $30,036            $32,122            $32,302           
                                                                            
Non GAAP                                                                    
 adjustment:                                                                
  webOS device                                                              
   contra revenue,                                                          
   net(a)                 -                142                  -           
                    -------            -------            -------           
Non GAAP net                                                                                
  revenue                        $30,036                        $32,264                        $32,302                      
                                        =======                        =======                        =======                      
                                                                                                                                                        
                                                                                                                                                        
GAAP  net  earnings      $  1,468    $      0.73    $      239    $      0.12    $  2,605    $      1.17  
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
    Amortization  of                                                                                                                      
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets                              466            0.24            411            0.20            425            0.19  
    Restructuring                                                                                                                          
      charges                              40            0.02            179            0.09            158            0.07  
    Acquisition-                                                                                                                            
      related  charges                                                                                                                    
      in  earnings  from                                                                                                                  
      operations                        22            0.01            114            0.06              29            0.01  
    Impairment  of                                                                                                                          
      goodwill  and                                                                                                                          
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets(b)                            -                  -            885            0.44                -                  -  
    Wind  down  of  the                                                                                                                    
      webOS  device                                                                                                                          
      business(c)                        -                  -            755            0.38                -                  -  
    Acquisition-                                                                                                                            
      related  charges                                                                                                                    
      in  interest  and                                                                                                                    
      other,  net(d)                    -                  -            276            0.14                -                  -  
    Adjustments  for                                                                                                                      
      taxes                              (164)        (0.08)        (509)        (0.26)        (187)        (0.08)
                                        -------    --------    -------    --------    -------    --------  
Non-GAAP  net                                                                                                                                
  earnings                      $  1,832    $      0.92    $  2,350    $      1.17    $  3,030    $      1.36  
                                        =======    ========    =======    ========    =======    ========  
                                                                                                                                                        
                                                                                                                                                        
GAAP  earnings  from                                                                                                                    
  operations                  $  2,042                        $      795                        $  3,394                      
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
    Amortization  of                                                                                                                      
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets                              466                                411                                425                      
    Restructuring                                                                                                                          
      charges                              40                                179                                158                      
    Acquisition-                                                                                                                            
      related  charges                                                                                                                    
      in  earnings  from                                                                                                                  
      operations                        22                                114                                  29                      
    Impairment  of                                                                                                                          
      goodwill  and                                                                                                                          
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets(b)                            -                                885                                    -                      
    Wind  down  of  the                                                                                                                    
      webOS  device                                                                                                                          
      business(c)                        -                                755                                    -                      
                                        -------                        -------                        -------                      
Non-GAAP  earnings                                                                                                                      
  from  operations        $  2,570                        $  3,139                        $  4,006                      
                                        =======                        =======                        =======                      
                                                                                                                                                        
GAAP  operating                                                                                                                            
  margin                                      7%                                  2%                                11%                    
Non-GAAP                                                                                                                                        
  adjustments                            2%                                  8%                                  1%                    
                                        -------                        -------                        -------                      
                                                                                                                                                        
Non-GAAP  operating                                                                                                                    
  margin                                      9%                                10%                                12%                    
                                        =======                        =======                        =======                      
                                                                                                                                                        
 

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