Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter and Full Year

Consolidated statements of income, financial position and cash flows and other financial data follow.
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DELL INC.
Condensed Consolidated Statement of Income and Related Financial Highlights
(in millions, except per share data and percentages)
(unaudited)
           
Three Months Ended % Growth Rates
January 28, October 29, January 29,
2011 2010 2010 Sequential   Yr. to Yr.
 
Net revenue
Products $ 12,751 $ 12,520 $ 12,096 2 % 5 %
Services, including software related   2,941     2,874     2,804   2 % 5 %
Net revenue   15,692     15,394     14,900   2 % 5 %
 
Cost of net revenue
Products 10,337 10,415 10,501 (1 %) (2 %)
Services, including software related   2,064     1,976     1,930   4 % 7 %
Total cost of net revenue   12,401     12,391     12,431   0 % (0 %)
 
Gross margin 3,291 3,003 2,469 10 % 33 %
 
Selling, general and administrative 1,977 1,816 1,780 9 % 11 %
Research, development and engineering   169     163     179   4 % (6 %)
Total operating expenses   2,146     1,979     1,959   8 % 10 %
 
Operating income 1,145 1,024 510 12 % 124 %
 
Interest and other, net (1)   (18 )   52     (41 ) (134 %) 57 %
Income before income taxes 1,127 1,076 469 5 % 140 %
Income tax provision   200     254     135   (21 %) 49 %
Net income $ 927   $ 822   $ 334   13 % 177 %
 
Earnings per share:
Basic $ 0.48   $ 0.42   $ 0.17   14 % 182 %
Diluted $ 0.48   $ 0.42   $ 0.17   14 % 182 %
 
Weighted average shares outstanding:
Basic 1,924 1,939 1,957 (1 %) (2 %)
Diluted 1,938 1,949 1,971 (1 %) (2 %)
 

Percentage of Total Net Revenue:

Gross margin 21.0 % 19.5 % 16.6 %
Selling, general and administrative 12.6 % 11.8 % 12.0 %
Research and development 1.1 % 1.0 % 1.2 %
Operating expenses 13.7 % 12.8 % 13.2 %
Operating income 7.3 % 6.7 % 3.4 %
Income before income taxes 7.2 % 7.0 % 3.2 %
Net income 5.9 % 5.3 % 2.2 %
Income tax rate 17.8 % 23.6 % 28.7 %
 

Net Revenue by Product Category:

Servers and Networking $ 2,090 $ 1,844 $ 1,804 13 % 16 %
Storage 574 543 599 6 % (4 %)
Services 1,943 1,924 1,922 1 % 1 %
Software and Peripherals 2,651 2,579 2,477 3 % 7 %
Mobility 4,850 4,858 4,653 (0 %) 4 %
Desktop PCs   3,584     3,646     3,445   (2 %) 4 %
Consolidated net revenue $ 15,692   $ 15,394   $ 14,900   2 % 5 %
 

Percentage of Total Net Revenue:

Servers and Networking 13 % 12 % 12 %
Storage 4 % 3 % 4 %
Services 12 % 12 % 13 %
Software and Peripherals 17 % 17 % 17 %
Mobility 31 % 32 % 31 %
Desktop PCs 23 % 24 % 23 %
 

Net Revenue by Global Segment:

Large Enterprise $ 4,692 $ 4,326 $ 4,197 8 % 12 %
Public 3,973 4,442 3,820 (11 %) 4 %
Small and Medium Business 3,749 3,665 3,336 2 % 12 %
Consumer   3,278     2,961     3,547   11 % (8 %)
Consolidated net revenue $ 15,692   $ 15,394   $ 14,900   2 % 5 %
 

Percentage of Total Net Revenue:

Large Enterprise 30 % 28 % 28 %
Public 25 % 29 % 26 %
Small and Medium Business 24 % 24 % 22 %
Consumer 21 % 19 % 24 %
 

Consolidated Operating Income:

Large Enterprise $ 502 $ 400 $ 281
Public 366 451 333
Small and Medium Business 450 391 282
Consumer   69     -     9  
Consolidated segment operating income 1,387 1,242 905
Severance and facility actions (17 ) (31 ) (86 )
Broad based long-term incentives (101 ) (75 ) (107 )
Amortization of intangible assets (85 ) (89 ) (86 )
Acquisition-related   (39 )   (23 )   (116 )
Consolidated operating income $ 1,145   $ 1,024   $ 510  
 
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
 

(1) Interest and other, net for the three months ended October 29, 2010 includes Dell’s receipt of a $72 million merger termination fee.

 

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