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IBM Reports 2013 Second-Quarter Results

Financing

Global Financing segment revenues decreased 6 percent (down 4 percent, adjusting for currency) in the second quarter at $487 million. Pre-tax income for the segment increased 4 percent to $550 million, excluding the impact of workforce rebalancing, pre-tax income increased 5 percent to $552 million.

Gross Profit

The company’s total gross profit margin was 48.7 percent in the 2013 second quarter compared with 47.6 percent in the 2012 second-quarter period. Total operating (non-GAAP) gross profit margin was 49.7 percent in the 2013 second quarter compared with 48.2 percent in the 2012 second-quarter period, with increases in Global Technology Services, Global Business Services, Software and Global Financing.

Expense

Total expense and other income increased 12 percent to $8.0 billion compared with the prior year period. Total expense and other income was $7.0 billion, excluding the impact of workforce rebalancing. S,G&A expense of $6.7 billion increased 14 percent year over year. S,G&A expense was $5.7 billion, excluding the impact of workforce rebalancing. R,D&E expense of $1.5 billion decreased 2 percent compared with the year-ago period. Intellectual property and custom development income decreased to $247 million compared with $289 million a year ago. Other (income) and expense was income of $91 million compared with prior-year income of $132 million. Interest expense decreased to $98 million compared with $117 million in the prior year.

Total operating (non-GAAP) expense and other income increased 11 percent to $7.8 billion compared with the prior-year period. Total operating (non-GAAP) expense and other income was $6.8 billion, excluding the impact of workforce rebalancing. Operating (non-GAAP) S,G&A expense increased 14 percent to $6.5 billion compared with the prior-year period. Operating (non-GAAP) S,G&A expense, excluding the impact of workforce rebalancing, was $5.5 billion. Operating (non-GAAP) R,D&E expense of $1.5 billion was down 4 percent compared with the year-ago period.

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