From: bhandarkar@wrksys.enet.dec.com (Dileep Bhandarkar)
Subject: Re: financial statements
Organization: Digital Equipment Corporation
Distribution: comp
Date: 27 JUL 92 14:29:04    

>In article <199224.1119.6652@dosgate>, "stephen dawson" <stephen.dawson@canrem.com> writes...
>>Can someone on the net who has Digital's latest annual financial
>>statements post them?
>> 
>>I don't need the notes, just the Balance Sheet, Income Statement,
>>Statement of Changes in Financial Position and Statement of Retained
>>Earnings.
>> 

                         Digital reports year-end results  

  Digital today announced operating results for the fourth quarter and full 
  fiscal year that ended June 27, 1992.

  For the quarter, the Company absorbed an operating loss of $188,069,000, 
  before a restructuring charge of $1.5 billion.  This charge was primarily 
  for employee separations, facility consolidations, and related 
  administrative costs.  The net result for the quarter was a loss of 
  $ 1,855,132,000 or $14.76 a share, compared with a loss of $871,318,000 or 
  $7.08 per share for the same period a year ago.

  For the full fiscal year ended June 27, 1992, net loss was $2,795,507,000 
  compared with a loss of $617,427,000 last year.  The current year's loss 
  includes a charge of $485,495,000, applied retroactively to the first 
  quarter of the fiscal year, for the one-time cumulative effect of an 
  accounting change, created by the implementation of an Employer's Accounting
  Digital reports year-end results,
  for Postretirement Benefits other than Pensions. Results for the first three
  quarters also have been restated to reflect the impact of $51 million 
  additional expense resulting from the change in accounting as of the 
  beginning of the fiscal year. On a per share basis, the loss for the year 
  was $22.39, including $3.89 for the one-time cumulative effect of the 
  accounting change.  This compares with a loss of $5.08 last year.

  For the quarter, the Company reported total operating revenues of 
  $3,905,784,000 down 1% from the $3,944,859,000 of a year ago.  For the full
  fiscal year, total operating revenues were $13,930,872,000, essentially flat
  with $13,911,004,000 last year.

                                   FOURTH QUARTER ENDED:

                                JUNE 27, 1992     JUNE 29, 1991

PRODUCT SALES                   $2,143,345,000    $2,343,195,000
SERVICE & OTHER REVENUES         1,762,439,000     1,601,664,000
TOTAL OPERATING REVENUES         3,905,784,000     3,944,859,000
COST OF PRODUCT SALES            1,220,059,000     1,113,891,000
SERVICE EXPENSE                  1,085,419,000       910,255,000
TOTAL COST OF SALES              2,305,478,000     2,024,146,000
RESEARCH & ENGINEERING             485,241,000       445,572,000
SELLING
 GENERAL & ADMINISTRATIVE        1,303,134,000     1,281,016,000
RESTRUCTURING CHARGE             1,500,000,000     1,100,000,000
NET INTEREST (INCOME)/EXPENSE      (13,783,000)      (16,091,000)
LOSS BEFORE INCOME TAXES        (1,674,286,000)     (889,784,000)
INCOME TAXES                       180,846,000       (18,466,000)
NET LOSS                        (1,855,132,000)     (871,318,000)
AVERAGE NUMBER OF SHARES           
 OUTSTANDING                       125,691,368       122,986,814
NET LOSS PER SHARE                     $(14.76)           $(7.08)

          OPERATING RESULTS FOR THE TWELVE MONTHS ENDED:

                                JUNE 27, 1992     JUNE 29, 1991

PRODUCT SALES                   $7,696,029,000    $8,298,515,000
SERVICE & OTHER REVENUES         6,234,843,000     5,612,489,000
TOTAL OPERATING REVENUES        13,930,872,000    13,911,004,000
COST OF PRODUCT SALES            4,248,118,000     3,905,355,000
SERVICE EXPENSE                  3,883,705,000     3,373,025,000
TOTAL COST OF SALES              8,131,823,000     7,278,380,000
RESEARCH & ENGINEERING           1,753,898,000     1,649,380,000
SELLING
 GENERAL & ADMINISTRATIVE        4,680,822,000     4,471,629,000
RESTRUCTURING CHARGE             1,500,000,000     1,100,000,000
NET INTEREST (INCOME)/EXPENSE      (57,659,000)      (68,665,000)
LOSS BEFORE INCOME TAXES&         
 CUMULATIVE EFFECT OF CHANGE
 IN ACCOUNTING PRINCIPLE        (2,078,012,000)     (519,720,000)
INCOME TAXES                       232,000,000        97,707,000
LOSS BEFORE CUMULATIVE EFFECT
 OF CHANGE IN ACCOUNTING 
 PRINCIPLE                      (2,310,012,000)     (617,427,000)
CUMULATIVE EFFECT OF CHANGE IN
 ACCOUNTING PRINCIPLE, NET OF TAX (485,495,000)            ---
NET LOSS                        (2,795,507,000)     (617,427,000)
AVERAGE NUMBER OF SHARES           
 OUTSTANDING                       124,864,122       121,557,705
LOSS PER SHARE AFTER TAXES
 BEFORE CUMULATIVE EFFECT OF
 ACCOUNTING CHANGE                     $(18.50)           $(5.08)
LOSS PER SHARE ON CUMULATIVE
 EFFECT OF ACCOUNTING CHANGE           $ (3.89)             ---
NET LOSS PER SHARE                     $(22.39)           $(5.08)


                            Q4 - FY92

PRODUCT SALES...................................  $2,143,345,000
SERVICE AND OTHER REVENUES......................   1,762,439,000
TOTAL OPERATING REVENUES........................   3,905,784,000
COST OF PRODUCT SALES...........................   1,220,059,000
SERVICE EXPENSE.................................   1,085,419,000
TOTAL COST OF SALES.............................   2,305,478,000
                                GROSS MARGIN....             41%        
RESEARCH & ENGINEERING..........................     485,241,000
SG&A (SELLING, GENERAL & ADMINISTRATIVE)........   1,303,134,000
RESTRUCTURING CHARGE............................   1,500,000,000
OPERATING INCOME/(LOSS).........................  (1,688,069,000)   
INTEREST INCOME.................................     (24,447,000)
INTEREST EXPENSE................................      10,664,000

INCOME/(LOSS) BEFORE INCOME TAXES...............  (1,674,286,000)    
TAXES (TOTAL FEDERAL, STATE & FOREIGN)..........     180,846,000
NET INCOME/(LOSS)...............................  (1,855,132,000)
EPS.............................................         $(14.76) 
AVERAGE SHARES OUTSTANDING......................     125,691,368

                BALANCE SHEET/CASH FLOWS - Q4 FY92

CASH & TEMPORARY CASH INVESTMENTS...............  $1,337,172,000
ACCOUNTS RECEIVABLE (NET).......................   3,594,268,000
(RE:  A.R. DAYS SALES OUTSTANDING)..............         83 days
INVENTORIES:   RAW MATERIALS........ 264,871,000
               WORK IN PROCESS...... 495,632,000
               FINISHED GOODS....... 853,531,000
                        TOTAL INVENTORIES         $1,614,034,000

PREPAID EXPENSES................................     352,570,000
DEFERRED INCOME TAX CHARGES, NET................     222,794,000
TOTAL CURRENT ASSETS............................   7,120,838,000
NET PROPERTY, PLANT & EQUIPMENT.................   3,569,702,000
TOTAL ASSETS....................................  11,284,309,000
SHORT TERM DEBT (CURRENT PORTION OF LTD)........      49,061,000
TOTAL CURRENT LIABILITIES.......................   5,106,048,000
DEFERRED TAX CREDITS NET........................      23,033,000
LONG TERM DEBT..................................      41,636,000
POSTRETIREMENT BENEFITS.........................   1,182,658,000
TOTAL LIABILITIES...............................   6,353,375,000
STOCKHOLDER'S EQUITY............................   4,930,934,000
BOOK VALUE PER SHARE............................          $38.58
CAPITAL SPENDING (ADDITION TO PP&E) - QUARTER...     260,987,000
DEPRECIATION & AMORTIZATION     -     QUARTER...     205,198,000

CAPITAL SPENDING (ADDITION TO PP&E) - YEAR......     710,436,000
DEPRECIATION & AMORTIZATION      -    YEAR......     832,828,000 
NON U.S. REVENUES      -              QUARTER...   2,479,764,000   
                                                 or          63%
NON U.S. REVENUES      -              YEAR......   8,798,864,000
                                                 or          63%
TOTAL EMPLOYEE POPULATION APPROXIMATELY.........         113,800