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Financial highlights
International Business Machines Corporation and Subsidiary Companies

($ in millions except per share amounts)
For the year: 2008 2007
Revenue $103,630 $98,786
Income from continuing operations $12,334 $10,418
Income/(loss) from discontinued operations (00)
Net income $12,334 $10,418

Earnings/(loss) per share of common stock:
   
Assuming dilution:    
Continuing operations $8.93 $7.18
Discontinued operations (0.00)
Total $8.93 $7.18
Basic:
Continuing operations $9.07 $7.32
Discontinued operations (0.00)
Total $9.07 $7.32

Net cash provided by operating activities from continuing operations
$18,812 $16,094
Capital expenditures, net 4,536 4,968
Share repurchase 10,578 18,828
Cash dividends paid on common stock 2,585 2,147
Per share of common stock 1.90 1.50
At year end: 2008 2007
Cash, cash equivalents and marketable securities $12,907 $16,146
Total assets 109,524 120,431
Working capital 6,568 8,867
Total debt 33,926 35,274
Stockholders’ equity 13,465 28,470
Common shares outstanding (in millions) 1,339 1,385
Market capitalization $112,698 $149,744
Stock price per common share $84.16 $108.10

Number of employees in IBM/wholly owned subsidiaries
398,455 386,558
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