CDW 2003 Annual Report Download - page 43

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30
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Years Ended December 31,
2003 2002 2001
Net sales $ 4,664,616 $ 4,264,579 $ 3,961,545
Cost of sales 3,990,824 3,700,744 3,434,510
Gross profit 673,792 563,835 527,035
Selling and administrative expenses 325,205 261,611 253,328
Net advertising expense 64,129 4,046 5,509
Income from operations 284,458 298,178 268,198
Interest income 7,225 9,548 12,637
Other expense, net (2,119) (1,529) (859)
Income before income taxes 289,564 306,197 279,976
Income tax provision 114,378 120,948 111,290
Net income $ 175,186 $ 185,249 $ 168,686
Earnings per share:
Basic $ 2.10 $ 2.18 $ 1.97
Diluted $ 2.03 $ 2.10 $ 1.89
Weighted-average number of
common shares outstanding:
Basic 83,329 84,862 85,803
Diluted 86,175 88,296 89,136
Dividends per share $ 0.30 $ 0.00 $ 0.00
The accompanying notes are an integral part of the consolidated financial statements.