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(in millions, except per share amounts)
Years Ended
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May 26, May 28, May 29,
1996 1995 1994
------- ------- -------
Net sales $2,623.1 $2,379.4 $2,295.4
Operating costs and expenses:
Cost of sales 1,560.9 1,384.5 1,336.3
Research and development 361.3 283.1 257.8
Selling, general and administrative 486.8 433.3 429.4
Restructuring of operations - (5.5) (2.6)
-------- --------- --------
Total operating costs and expenses 2,409.0 2,095.4 2,020.9
-------- --------- --------
Operating income 214.1 284.0 274.5
Interest income, net 13.3 14.6 10.9
Other income, net 19.8 30.6 18.1
-------- -------- --------
Income before income taxes and
cumulative effect of accounting change 247.2 329.2 303.5
Income taxes 61.8 65.0 44.4
-------- -------- --------
Income before cumulative
effect of accounting change 185.4 264.2 259.1
Cumulative effect of accounting change - - 4.9
-------- -------- --------
Net income $ 185.4 $ 264.2 $ 264.0
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Earnings per share before cumulative
effect of accounting change:
Primary $ 1.36 $ 2.02 $ 1.98
Fully diluted $ 1.34 $ 1.92 $ 1.83
Earnings per share:
Primary $ 1.36 $ 2.02 $ 2.02
Fully diluted $ 1.34 $ 1.92 $ 1.87
Weighted average shares:
Primary 132.5 125.2 121.4
Fully diluted 138.6 137.5 141.4
Net income used in primary earnings per
common share calculation (reflecting
preferred dividends, if applicable) $ 179.8 $ 253.0 $ 245.3
Net income used in fully diluted earnings
per share calculation (reflecting
adjustment for interest on convertible
notes when dilutive, if applicable) $ 185.4 $ 264.2 $ 264.0
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