TICKER: IBM

SIC: 3570
INTL BUSINESS MACHINES CORP
ANNUAL INCOME STATEMENT
($ MILLIONS EXCEPT PER SHARE)
Dec-96 Dec-95 Dec-94 Dec-93 Dec-92
Sales 75947 71940 64052 62716 64523
Cost of Goods Sold 41732 37618 34571 32790 25848
Gross Profit 34215 34322 29481 29926 38675
Selling, General & Administrative Expense21508 20448 20279 23840 26048
Operating Income Before Deprec. 12707 13874 9202 6086 12627
Depreciation & Amortization 3676 3955 4197 5778 9221
Operating Profit 9031 9919 5005 308 3406
Interest Expense 747 748 1247 1319 1461
Non-Operating Income/Expense 738 970 1397 1159 674
Special Items -435 -2328 @CF -8945 -11645
Pretax Income 8587 7813 5155 -8797 -9026
Total Income Taxes 3158 3635 2134 -810 -2161
Income Before Extraordinary
Items & Discontinued Operations 5429 4178 3021 -7987 -6865
Preferred Dividends 20 62 84 47 0
Available for Common 5409 4116 2937 -8034 -6865
Extraordinary Items 0 0 0 -114 1900
Discontinued Operations 0 0 0 0 0
Adjusted Net Income 5409 4116 2937 -8148 -4965

Earnings Per Share (Primary) -

Excluding Extra Items & Disc Op 5.12 3.62 2.51 -7.01 -6.01
Earnings Per Share (Primary) -
Including Extra Items & Disc Op 5.12 3.62 2.51 -7.11 -4.35
Earnings Per Share (Fully Diluted)
Excluding Extra Items & Disc Op 5.01 3.53 2.47 -7.01 -6.01
Earnings Per Share (Fully Diluted)
Including Extra Items & Disc Op 5.01 3.53 2.47 -7.11 -4.35
EPS from Operations 5.52 5.51 2.46 0 0.71
Dividends Per Share 0.65 0.5 0.5 0.79 2.42
TICKER: IBM
SIC: 3570
INTL BUSINESS MACHINES CORP
ANNUAL BALANCE SHEET
($ MILLIONS)
Dec-96 Dec-95 Dec-94 Dec-93 Dec-92
ASSETS
Cash & Equivalents 8137 7701 10554 7133 5649
Net Receivables 23167 23402 21533 19412 21604
Inventories 5870 6323 6334 7565 8385
Other Current Assets 3521 3265 2917 5092 4054
Total Current Assets 40695 40691 41338 39202 39692
Gross Plant Property & Equipment 41893 43981 44820 47504 52786
Accumulated Depreciation 24486 27402 28156 29983 31191
Net Plant Property & Equipment 17407 16579 16664 17521 21595
Intangibles 1067 870 427 646 274
Deferred Charges 3357 2558 1549 532 905
Other Assets 18606 19594 21113 23212 24239
TOTAL ASSETS 81132 80292 81091 81113 86705
LIABILITIES
Long Term Debt Due In One Year 2922 2881 4049 4006 3256
Notes Payable 10035 8688 5521 8091 13211
Accounts Payable 4767 4511 3778 3400 3147
Taxes Payable 3029 2634 1771 1589 979
Accrued Expenses 9607 9465 10632 12489 12828
Other Current Liabilities 3640 3469 3475 3575 3316
Total Current Liabilities 34000 31648 29226 33150 36737
Long Term Debt 9872 10060 12548 15245 12853
Deferred Taxes 1627 1807 1881 1803 2030
Other Liabilities 14005 14354 14023 11177 7461
EQUITY
Preferred Stock - Redeemable 0 0 0 0 0
Preferred Stock - Nonredeemable 253 253 1081 1091 0
Total Preferred Stock 253 253 1081 1091 0
Common Stock 636 685 735 727 715
Capital Surplus 7116 6803 6607 6253 5848
Retained Earnings 13758 14723 15024 11667 21086
Less: Treasury Stock 135 41 34 0 25
Common Equity 21375 22170 22332 18647 27624
TOTAL EQUITY 21628 22423 23413 19738 27624
TOTAL LIABILITIES & EQUITY 81132 80292 81091 81113 86705

COMMON SHARES OUTSTANDING 1015.96 1095.55 1175.42 1162.77 1142.87

 GPA Data

Sample Data
College High-school Verbal SAT
Student GPA GPA Score
1 3.8 4 750
2 2.7 3.7 380
3 2.3 2.2 580
4 3.2 3.8 510
5 3.5 3.8 620
6 2.4 2.8 440
7 2.6 3 540
8 3 3.4 650
9 2.7 3.3 480
10 2.8 3 550
Prediction Data
11 ? 3.4 550
12 ? 2.8 400
13 ? 3.2 650
14 ? 3.7 450

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 Labor Force

Labor Force Participation Experience of the Urban Poor

New York City, 1970
% in Mean Mean
Labor Family Family Unemployment
Tract No. Force Income Size Rate
137 64.30 1998 2.95 4.40
139 45.40 1114 3.40 3.40
141 26.60 1942 3.72 1.10
142 87.50 1998 4.43 3.10
143 71.30 2026 3.82 7.70
145 82.40 1853 3.90 5.00
147 26.30 1666 3.32 6.20
149 61.60 1434 3.80 5.40
151 52.90 1513 3.49 12.20
153 64.70 2008 3.85 4.80
155 64.90 1704 4.69 2.90
157 70.50 1525 3.89 4.80
159 87.20 1842 3.53 3.90
161 81.20 1735 4.96 7.20
163 67.90 1639 3.68 3.60

Source: Census Tracts: New York, Bureau of the Census, U.S. Dept. of Commerce, 1970

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