Year Ended December 31 (in millions, except per share data) 2006 2005 2004 2003 2002
Statement of Operations Data
Revenues $ 24,966 $ 21,075 $ 19,221 $ 17,330 $ 7,997
Operating income 4,619 3,521 2,829 1,938 948
Income (loss) from continuing operations 2,235 828 928 (222) (452)
Discontinued operations(a)(b) 298 100 42 3,462 178
Net income (loss) 2,533 928 970 3,240 (274)
Basic earnings (loss) for common stockholders per common share(c)
Income (loss) from continuing operations $ 0.71 $ 0.25 $ 0.28 $ (0.07) $ (0.27)
Discontinued operations(a)(b) 0.09 0.03 0.01 1.02 0.11
Net income (loss) $ 0.80 $ 0.28 $ 0.29 $ 0.95 $ (0.16)
Diluted earnings (loss) for common stockholders per common share(c)
Income (loss) from continuing operations $ 0.70 $ 0.25 $ 0.28 $ (0.07) $ (0.27)
Discontinued operations(a)(b) 0.09 0.03 0.01 1.02 0.11
Net income (loss) $ 0.79 $ 0.28 $ 0.29 $ 0.95 $ (0.16)
Balance Sheet Data (at year end)
Total assets $ 110,405 $ 103,400 $ 105,035 $ 109,348 $ 113,485
Long-term debt 27,992 21,682 20,093 23,835 27,956
Stockholders' equity 41,167 40,219 41,422 41,662 38,329
Statement of Cash Flows Data
Net cash provided by (used in):
Operating activities $ 6,618 $ 4,835 $ 6,082 $ 2,686 $ 2,518
Financing activities 3,546 (933) (2,516) (7,048) (1,005)
Investing activities (9,872) (3,748) (4,512) 5,239 (1,125)

(a) In July 2006, in connection with the transactions with Adelphia and Time Warner, we transferred our previously owned cable systems located in Los Angeles, Cleveland and Dallas to Time Warner Cable. These cable systems are presented as discontinued operations for the years ended on or before December 31, 2006 (see Note 5 to our consolidated financial statements).

(b) In September 2003, we sold our interest in QVC to Liberty Media Corporation. QVC is presented as a discontinued operation for the years ended on and before December 31, 2003.

(c) Adjusted to reflect the Stock Split.