HP Reports First Quarter 2013 Results - Page 5

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                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                                (Unaudited)
                   (In millions except per share amounts)

                                                Three months ended
                                      -------------------------------------
                                      January 31,  October 31,  January 31,
                                          2013         2012         2012
                                      -----------  -----------  -----------

Net revenue                           $    28,359  $    29,959  $    30,036

Costs and expenses:
  Cost of sales                            22,029       22,711       23,313
  Research and development                    794          909          786
  Selling, general and administrative       3,300        3,227        3,367
  Amortization of purchased
   intangible assets                          350          372          466
  Impairment of goodwill and
   purchased intangible assets                  -        8,847            -
  Restructuring charges                       130          378           40
  Acquisition-related charges                   4            3           22
                                      -----------  -----------  -----------
    Total costs and expenses               26,607       36,447       27,994
                                      -----------  -----------  -----------

Earnings (loss) from operations             1,752       (6,488)       2,042

Interest and other, net                      (179)        (188)        (221)
                                      -----------  -----------  -----------

Earnings (loss) before taxes                1,573       (6,676)       1,821

Provision for taxes                          (341)        (178)        (353)
                                      -----------  -----------  -----------

Net earnings (loss)                   $     1,232  $    (6,854) $     1,468
                                      ===========  ===========  ===========

Net earnings (loss) per share:
  Basic                               $      0.63  $     (3.49) $      0.74
  Diluted                             $      0.63  $     (3.49) $      0.73

Cash dividends declared per share     $      0.26  $         -  $      0.24

Weighted-average shares used to
 compute net earnings (loss) per
 share:
  Basic                                     1,953        1,964        1,981
  Diluted                                   1,956        1,964        1,998


                  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
                     2013     share     2012      share     2012     share
                   -------  --------  -------   --------  -------  --------

GAAP net earnings
 (loss)            $ 1,232  $   0.63  $(6,854)  $  (3.49) $ 1,468  $   0.73

Non-GAAP
 adjustments:
  Amortization of
   purchased
   intangible
   assets              350      0.18      372       0.19      466      0.24
  Impairment of
   goodwill and
   purchased
   intangible
   assets(a)             -         -    8,847       4.51        -         -
  Restructuring
   charges             130      0.07      378       0.19       40      0.02
  Acquisition-
   related charges
   in earnings
   from operations       4         -        3          -       22      0.01
  Adjustments for
   taxes(b)           (111)    (0.06)    (465)     (0.24)    (164)    (0.08)
                   -------  --------  -------   --------  -------  --------
Non-GAAP net
 earnings          $ 1,605  $   0.82  $ 2,281   $   1.16  $ 1,832  $   0.92
                   =======  ========  =======   ========  =======  ========


GAAP earnings
 (loss) from
 operations        $ 1,752            $(6,488)            $ 2,042

Non-GAAP
 adjustments:
  Amortization of
   purchased
   intangible
   assets              350                372                 466
  Impairment of
   goodwill and
   purchased
   intangible
   assets(a)             -              8,847                   -
  Restructuring
   charges             130                378                  40
  Acquisition-
   related charges
   in earnings
   from operations       4                  3                  22
                   -------            -------             -------
Non-GAAP earnings
 from operations   $ 2,  
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