CDW 2004 Annual Report Download - page 39

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31
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Years Ended December 31,
2004 2003 2002
Net sales $ 5,737,774 $ 4,664,616 $ 4,264,579
Cost of sales 4,867,650 3,990,824 3,700,744
Gross profit 870,124 673,792 563,835
Selling and administrative expenses 386,563 325,205 261,611
Net advertising expense 90,802 64,129 4,046
Income from operations 392,759 284,458 298,178
Interest income 8,968 7,225 9,548
Other expense, net (1,867) (2,119) (1,529)
Income before income taxes 399,860 289,564 306,197
Income tax provision 158,415 114,378 120,948
Net income $ 241,445 $ 175,186 $ 185,249
Earnings per share:
Basic $ 2.90 $ 2.10 $ 2.18
Diluted $ 2.79 $ 2.03 $ 2.10
Weighted-average number of
common shares outstanding:
Basic 83,391 83,329 84,862
Diluted 86,552 86,175 88,296
Dividends per share $ 0.36 $ 0.30 $ 0.00
The accompanying notes are an integral part of the consolidated financial statements.