Extracted Text (may have errors)

Financial HigHligHts international business macHines corporation and subsidiary companies (Dollars in millions except per share amounts) For the year 2006 2005 Revenue $  91,424 $ 91,134 Income from continuing operations $    9,416 $ 7,994 Income/(loss) from discontinued operations 76 (24) Income before cumulative effect of change in accounting principle 9,492 7,970 Cumulative effect of change in accounting principle** — (36) Net income $    9,492 $ 7,934 Earnings/(loss) per share of common stock: Assuming dilution: Continuing operations $      6.06 $ 4.91 Discontinued operations 0.05 (0.01) Before cumulative effect of change in accounting principle 6.11 4.90 Cumulative effect of change in accounting principle** — (0.02) Total $      6.11 $ 4.87* Basic: Continuing operations $      6.15 $ 4.99 Discontinued operations 0.05 (0.02) Before cumulative effect of change in accounting principle 6.20 4.98* Cumulative effect of change in accounting principle** — (0.02) Total $      6.20 $ 4.96 Net cash provided by operating activities from continuing operations $  15,019 $ 14,914 Capital expenditures, net 4,737 3,527 Share repurchase 8,084 7,739 Cash dividends paid on common stock 1,683 1,250 Per share of common stock 1.10 0.78 at year end 2006 2005 Cash, cash equivalents and marketable securities $  10,657 $ 13,686 Total assets 103,234 105,748 Working capital 4,569 10,509 Total debt 22,682 22,641 Stockholders’ equity 28,506 33,098 Common shares outstanding (in millions) 1,506 1,574 Market capitalization $146,355 $129,381 Stock price per common share $    97.15 $ 82.20 Number of employees in IBM/wholly owned subsidiaries 355,766 329,373 * Does not total due to rounding. ** Reflects implementation of FASB Interpretation No. 47. See note B, “Accounting Changes,” on page 72 for additional information. 10 2006 Annual Report