Big Lots 2007 Annual Report Download - page 106

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ITEM 6. SELECTED FINANCIAL DATA
The following statements of operations and balance sheet data have been derived from our consolidated
financial statements and should be read in conjunction with Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the consolidated financial statements and related notes included herein.
Fiscal Year (a)
2007 (b) 2006 (c) 2005 2004 2003
(In thousands, except per share amounts and store counts)
Net sales.................................... $ 4,656,302 $4,743,048 $4,429,905 $4,149,252 $3,942,653
Cost of sales................................. 2,815,959 2,851,616 2,698,239 2,462,114 2,292,123
Gross margin ................................ 1,840,343 1,891,432 1,731,666 1,687,138 1,650,530
Selling and administrative expenses.............. 1,515,379 1,622,339 1,596,136 1,518,589 1,439,444
Depreciation expense ......................... 88,484 101,279 108,657 99,362 88,960
Operating profit.............................. 236,480 167,814 26,873 69,187 122,126
Interest expense .............................. (2,513) (581) (6,272) (24,845) (16,443)
Interest and investment income ................. 5,236 3,257 313 618 1,061
Income from continuing operations before income
taxes .................................... 239,203 170,490 20,914 44,960 106,744
Income tax expense ........................... 88,023 57,872 5,189 13,528 20,833
Income from continuing operations .............. 151,180 112,618 15,725 31,432 85,911
Income (loss) from discontinued operations, net of
tax ...................................... 7,281 11,427 (25,813) (7,669) (5,691)
Net income (loss) ............................. $ 158,461 $ 124,045 $ (10,088) $ 23,763 $ 80,220
Earnings per common share - basic:..............
Continuing operations ....................... $ 1.49 $ 1.02 $ 0.14 $ 0.28 $ 0.74
Discontinued operations...................... 0.07 0.10 (0.23) (0.07) (0.05)
$ 1.56 $ 1.12 $ (0.09) $ 0.21 $ 0.69
Earnings per common share - diluted:
Continuing operations ....................... $ 1.47 $ 1.01 $ 0.14 $ 0.27 $ 0.73
Discontinued operations...................... 0.07 0.10 (0.23) (0.06) (0.05)
$ 1.55 $ 1.11 $ (0.09) $ 0.21 $ 0.68
Weighted-average common shares outstanding:
Basic..................................... 101,393 110,336 113,240 114,281 116,757
Diluted ................................... 102,542 111,930 113,677 114,801 117,253
Balance sheet data:
Total assets ................................ $ 1,443,815 $1,720,526 $1,625,497 $1,733,584 $1,800,543
Working capital ............................ 390,766 674,815 557,231 622,269 718,620
Cash and cash equivalents .................... 37,131 281,657 1,710 2,521 174,003
Long-term obligations ....................... 163,700 — 5,500 159,200 204,000
Shareholders’ equity......................... $ 638,486 $1,129,703 $1,078,724 $1,075,490 $1,108,779
Cash flow data:
Cash provided by operating activities ........... $ 307,932 $ 381,477 $ 212,965 $ 71,261 $ 188,819
Cash used in investing activities ............... $ (58,764) $ (30,421) $ (66,702) $ (127,756) $ (177,891)
Store data:
Total gross square footage .................... 40,195 40,770 41,413 42,975 40,040
Total selling square footage . . . . . . . . . . . . . . . . . . . 28,902 29,376 29,856 30,943 29,019
Stores opened during the fiscal year ............ 711 73 103 86
Stores closed during the fiscal year ............. (29) (37) (174) (31) (36)
Stores open at end of the fiscal year............. 1,353 1,375 1,401 1,502 1,430
(a) 2006 is comprised of 53 weeks. All other periods presented included 52 weeks.
(b) We adopted FIN No. 48, Accounting for Uncertainty in Income Taxes, in the first quarter of 2007, on
a prospective basis, the impact of which is more fully discussed in notes 1 and 9 to the accompanying
consolidated financial statements.