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  1. Newsgroups: comp.sys.dec
  2. Path: sparky!uunet!usc!zaphod.mps.ohio-state.edu!caen!deccrl!news.crl.dec.com!rdg.dec.com!ryn.mro4.dec.com!wrksys.enet.dec.com!bhandarkar
  3. From: bhandarkar@wrksys.enet.dec.com (Dileep Bhandarkar)
  4. Subject: Re: financial statements
  5. Message-ID: <1992Jul27.183220.13248@ryn.mro4.dec.com>
  6. Sender: news@ryn.mro4.dec.com (USENET News System)
  7. Organization: Digital Equipment Corporation
  8. Distribution: comp
  9. Date: 27 JUL 92 14:29:04    
  10. Lines: 151
  11.  
  12. >In article <199224.1119.6652@dosgate>, "stephen dawson" <stephen.dawson@canrem.com> writes...
  13. >>Can someone on the net who has Digital's latest annual financial
  14. >>statements post them?
  15. >> 
  16. >>I don't need the notes, just the Balance Sheet, Income Statement,
  17. >>Statement of Changes in Financial Position and Statement of Retained
  18. >>Earnings.
  19. >> 
  20.  
  21.                          Digital reports year-end results  
  22.  
  23.   Digital today announced operating results for the fourth quarter and full 
  24.   fiscal year that ended June 27, 1992.
  25.  
  26.   For the quarter, the Company absorbed an operating loss of $188,069,000, 
  27.   before a restructuring charge of $1.5 billion.  This charge was primarily 
  28.   for employee separations, facility consolidations, and related 
  29.   administrative costs.  The net result for the quarter was a loss of 
  30.   $ 1,855,132,000 or $14.76 a share, compared with a loss of $871,318,000 or 
  31.   $7.08 per share for the same period a year ago.
  32.  
  33.   For the full fiscal year ended June 27, 1992, net loss was $2,795,507,000 
  34.   compared with a loss of $617,427,000 last year.  The current year's loss 
  35.   includes a charge of $485,495,000, applied retroactively to the first 
  36.   quarter of the fiscal year, for the one-time cumulative effect of an 
  37.   accounting change, created by the implementation of an Employer's Accounting
  38.   Digital reports year-end results,
  39.   for Postretirement Benefits other than Pensions. Results for the first three
  40.   quarters also have been restated to reflect the impact of $51 million 
  41.   additional expense resulting from the change in accounting as of the 
  42.   beginning of the fiscal year. On a per share basis, the loss for the year 
  43.   was $22.39, including $3.89 for the one-time cumulative effect of the 
  44.   accounting change.  This compares with a loss of $5.08 last year.
  45.  
  46.   For the quarter, the Company reported total operating revenues of 
  47.   $3,905,784,000 down 1% from the $3,944,859,000 of a year ago.  For the full
  48.   fiscal year, total operating revenues were $13,930,872,000, essentially flat
  49.   with $13,911,004,000 last year.
  50.  
  51.                                    FOURTH QUARTER ENDED:
  52.  
  53.                                 JUNE 27, 1992     JUNE 29, 1991
  54.  
  55. PRODUCT SALES                   $2,143,345,000    $2,343,195,000
  56. SERVICE & OTHER REVENUES         1,762,439,000     1,601,664,000
  57. TOTAL OPERATING REVENUES         3,905,784,000     3,944,859,000
  58. COST OF PRODUCT SALES            1,220,059,000     1,113,891,000
  59. SERVICE EXPENSE                  1,085,419,000       910,255,000
  60. TOTAL COST OF SALES              2,305,478,000     2,024,146,000
  61. RESEARCH & ENGINEERING             485,241,000       445,572,000
  62. SELLING
  63.  GENERAL & ADMINISTRATIVE        1,303,134,000     1,281,016,000
  64. RESTRUCTURING CHARGE             1,500,000,000     1,100,000,000
  65. NET INTEREST (INCOME)/EXPENSE      (13,783,000)      (16,091,000)
  66. LOSS BEFORE INCOME TAXES        (1,674,286,000)     (889,784,000)
  67. INCOME TAXES                       180,846,000       (18,466,000)
  68. NET LOSS                        (1,855,132,000)     (871,318,000)
  69. AVERAGE NUMBER OF SHARES           
  70.  OUTSTANDING                       125,691,368       122,986,814
  71. NET LOSS PER SHARE                     $(14.76)           $(7.08)
  72.  
  73.           OPERATING RESULTS FOR THE TWELVE MONTHS ENDED:
  74.  
  75.                                 JUNE 27, 1992     JUNE 29, 1991
  76.  
  77. PRODUCT SALES                   $7,696,029,000    $8,298,515,000
  78. SERVICE & OTHER REVENUES         6,234,843,000     5,612,489,000
  79. TOTAL OPERATING REVENUES        13,930,872,000    13,911,004,000
  80. COST OF PRODUCT SALES            4,248,118,000     3,905,355,000
  81. SERVICE EXPENSE                  3,883,705,000     3,373,025,000
  82. TOTAL COST OF SALES              8,131,823,000     7,278,380,000
  83. RESEARCH & ENGINEERING           1,753,898,000     1,649,380,000
  84. SELLING
  85.  GENERAL & ADMINISTRATIVE        4,680,822,000     4,471,629,000
  86. RESTRUCTURING CHARGE             1,500,000,000     1,100,000,000
  87. NET INTEREST (INCOME)/EXPENSE      (57,659,000)      (68,665,000)
  88. LOSS BEFORE INCOME TAXES&         
  89.  CUMULATIVE EFFECT OF CHANGE
  90.  IN ACCOUNTING PRINCIPLE        (2,078,012,000)     (519,720,000)
  91. INCOME TAXES                       232,000,000        97,707,000
  92. LOSS BEFORE CUMULATIVE EFFECT
  93.  OF CHANGE IN ACCOUNTING 
  94.  PRINCIPLE                      (2,310,012,000)     (617,427,000)
  95. CUMULATIVE EFFECT OF CHANGE IN
  96.  ACCOUNTING PRINCIPLE, NET OF TAX (485,495,000)            ---
  97. NET LOSS                        (2,795,507,000)     (617,427,000)
  98. AVERAGE NUMBER OF SHARES           
  99.  OUTSTANDING                       124,864,122       121,557,705
  100. LOSS PER SHARE AFTER TAXES
  101.  BEFORE CUMULATIVE EFFECT OF
  102.  ACCOUNTING CHANGE                     $(18.50)           $(5.08)
  103. LOSS PER SHARE ON CUMULATIVE
  104.  EFFECT OF ACCOUNTING CHANGE           $ (3.89)             ---
  105. NET LOSS PER SHARE                     $(22.39)           $(5.08)
  106.  
  107.  
  108.                             Q4 - FY92
  109.  
  110. PRODUCT SALES...................................  $2,143,345,000
  111. SERVICE AND OTHER REVENUES......................   1,762,439,000
  112. TOTAL OPERATING REVENUES........................   3,905,784,000
  113. COST OF PRODUCT SALES...........................   1,220,059,000
  114. SERVICE EXPENSE.................................   1,085,419,000
  115. TOTAL COST OF SALES.............................   2,305,478,000
  116.                                 GROSS MARGIN....             41%        
  117. RESEARCH & ENGINEERING..........................     485,241,000
  118. SG&A (SELLING, GENERAL & ADMINISTRATIVE)........   1,303,134,000
  119. RESTRUCTURING CHARGE............................   1,500,000,000
  120. OPERATING INCOME/(LOSS).........................  (1,688,069,000)   
  121. INTEREST INCOME.................................     (24,447,000)
  122. INTEREST EXPENSE................................      10,664,000
  123.  
  124. INCOME/(LOSS) BEFORE INCOME TAXES...............  (1,674,286,000)    
  125. TAXES (TOTAL FEDERAL, STATE & FOREIGN)..........     180,846,000
  126. NET INCOME/(LOSS)...............................  (1,855,132,000)
  127. EPS.............................................         $(14.76) 
  128. AVERAGE SHARES OUTSTANDING......................     125,691,368
  129.  
  130.                 BALANCE SHEET/CASH FLOWS - Q4 FY92
  131.  
  132. CASH & TEMPORARY CASH INVESTMENTS...............  $1,337,172,000
  133. ACCOUNTS RECEIVABLE (NET).......................   3,594,268,000
  134. (RE:  A.R. DAYS SALES OUTSTANDING)..............         83 days
  135. INVENTORIES:   RAW MATERIALS........ 264,871,000
  136.                WORK IN PROCESS...... 495,632,000
  137.                FINISHED GOODS....... 853,531,000
  138.                         TOTAL INVENTORIES         $1,614,034,000
  139.  
  140. PREPAID EXPENSES................................     352,570,000
  141. DEFERRED INCOME TAX CHARGES, NET................     222,794,000
  142. TOTAL CURRENT ASSETS............................   7,120,838,000
  143. NET PROPERTY, PLANT & EQUIPMENT.................   3,569,702,000
  144. TOTAL ASSETS....................................  11,284,309,000
  145. SHORT TERM DEBT (CURRENT PORTION OF LTD)........      49,061,000
  146. TOTAL CURRENT LIABILITIES.......................   5,106,048,000
  147. DEFERRED TAX CREDITS NET........................      23,033,000
  148. LONG TERM DEBT..................................      41,636,000
  149. POSTRETIREMENT BENEFITS.........................   1,182,658,000
  150. TOTAL LIABILITIES...............................   6,353,375,000
  151. STOCKHOLDER'S EQUITY............................   4,930,934,000
  152. BOOK VALUE PER SHARE............................          $38.58
  153. CAPITAL SPENDING (ADDITION TO PP&E) - QUARTER...     260,987,000
  154. DEPRECIATION & AMORTIZATION     -     QUARTER...     205,198,000
  155.  
  156. CAPITAL SPENDING (ADDITION TO PP&E) - YEAR......     710,436,000
  157. DEPRECIATION & AMORTIZATION      -    YEAR......     832,828,000 
  158. NON U.S. REVENUES      -              QUARTER...   2,479,764,000   
  159.                                                  or          63%
  160. NON U.S. REVENUES      -              YEAR......   8,798,864,000
  161.                                                  or          63%
  162. TOTAL EMPLOYEE POPULATION APPROXIMATELY.........         113,800 
  163.