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ITEM 6.
Selected Financial Data
Financial Highlights
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(In
millions, except earnings per share)
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Year Ended June 30
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1999
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2000
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2001(2)
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2002(3)
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2003(4)
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Revenue
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$19,747
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$22,956
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$25,296
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$28,365
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$32,187
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Operating income
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�10,010
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�11,006
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�11,720
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�11,910
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�13,217
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Income before accounting change
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7,785
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9,421
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7,721
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7,829
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9,993
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Net income
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7,785
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9,421
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7,346
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7,829
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9,993
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Diluted earnings per share before accounting change(1)
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0.71
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0.85
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0.69
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0.70
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0.92
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Diluted earnings per share(1)
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0.71
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0.85
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0.66
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0.70
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0.92
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Cash dividends per share
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-
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-
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-
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-
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0.08
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Cash and short-term investments
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�17,236
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�23,798
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�31,600
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�38,652
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�49,048
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Total assets
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�38,321
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�51,694
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�58,830
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�67,646
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�79,571
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Stockholders' equity
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�28,438
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�41,368
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�47,289
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�52,180
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�61,020
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(1)
Earnings per share have been
restated to reflect a two-for-one stock split in February 2003.
(2)
Fiscal year 2001 includes
an unfavorable cumulative effect of accounting change of $375 million or $0.03
per diluted share, reflecting the adoption of SFAS No. 133, and $4.80 billion
(pre-tax) in impairments of certain investments, primarily cable and
telecommunication investments.
(3)
Fiscal year 2002 includes
$4.32 billion (pre-tax) in impairments of certain investments, primarily related
to our AT&T investment and further declines in the fair values of European cable
and telecommunications holdings, and a $1.25 billion (pre-tax) gain on the sale
of Expedia, Inc.
(4)
Fiscal year 2003 includes
$1.15 billion (pre-tax) in impairments of certain investments.
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