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

DELL INC.
Condensed Consolidated Statement of Income and Related Financial Highlights
(in millions, except per share data and percentages)
(unaudited)
         
Fiscal Year Ended % Growth Rates
January 28, January 29,

2011(1)

2010(1)

Yr. to Yr.
 
Net revenue
Products $ 50,002 $ 43,697 14 %
Services, including software related   11,492     9,205   25 %
Net revenue   61,494     52,902   16 %
 
Cost of net revenue
Products 42,068 37,534 12 %
Services, including software related   8,030     6,107   31 %
Total cost of net revenue   50,098     43,641   15 %
 
Gross margin 11,396 9,261 23 %
 
Selling, general and administrative 7,302 6,465 13 %
Research, development and engineering   661     624   6 %
Total operating expenses   7,963     7,089   12 %
 
Operating income 3,433 2,172 58 %
 
Interest and other, net (2)   (83 )   (148 ) 44 %
Income before income taxes 3,350 2,024 66 %
Income tax provision   715     591   21 %
Net income $ 2,635   $ 1,433   84 %
 
Earnings per share:
Basic $ 1.36   $ 0.73   86 %
Diluted $ 1.35   $ 0.73   85 %
 
Weighted average shares outstanding:
Basic 1,944 1,954 (1 %)
Diluted 1,955 1,962 (0 %)
 

Percentage of Total Net Revenue:

Gross margin 18.5 % 17.5 %
Selling, general and administrative 11.9 % 12.2 %
Research and development 1.0 % 1.2 %
Operating expenses 12.9 % 13.4 %
Operating income 5.6 % 4.1 %
Income before income taxes 5.4 % 3.8 %
Net income 4.3 % 2.7 %
Income tax rate 21.3 % 29.2 %
 

Net Revenue by Product Category:

Servers and Networking $ 7,609 $ 6,032 26 %
Storage 2,295 2,192 5 %
Services (1) 7,673 5,622 36 %
Software and Peripherals 10,261 9,499 8 %
Mobility 18,971 16,610 14 %
Desktop PCs   14,685     12,947   13 %
Consolidated net revenue $ 61,494   $ 52,902   16 %
 

Percentage of Total Net Revenue:

Servers and Networking 12 % 11 %
Storage 4 % 4 %
Services (1) 12 % 11 %
Software and Peripherals 17 % 18 %
Mobility 31 % 31 %
Desktop PCs 24 % 25 %
 

Net Revenue by Global Segment:

Large Enterprise $ 17,813 $ 14,285 25 %
Public 16,851 14,484 16 %
Small and Medium Business 14,473 12,079 20 %
Consumer   12,357     12,054   3 %
Consolidated net revenue $ 61,494   $ 52,902   16 %
 

Percentage of Total Net Revenue:

Large Enterprise 29 % 27 %
Public 27 % 27 %
Small and Medium Business 24 % 23 %
Consumer 20 % 23 %
 

Consolidated Operating Income:

Large Enterprise $ 1,473 $ 819
Public 1,484 1,361
Small and Medium Business 1,477 1,040
Consumer   65     107  
Consolidated segment operating income 4,499 3,327
Severance and facility actions (129 ) (481 )
Broad based long-term incentives (350 ) (353 )
Amortization of intangible assets (349 ) (205 )
Acquisition-related (98 ) (116 )
Other (3)   (140 )   -  
Consolidated operating income $ 3,433   $ 2,172  
 
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
 

(1) Includes the results of Perot Systems Corporation ("Perot Systems"), which was acquired on November 3, 2009.

 

(2) Interest and other, net for the fiscal year ended January 28, 2011 includes Dell’s receipt of a $72 million merger termination fee.

 

(3) Other for the fiscal year ended January 28, 2011 includes amounts for the $100 million settlement of the SEC investigation and a $40 million settlement for a securities litigation matter.

 

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