CDW 2006 Annual Report Download - page 8

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Financial Summary
For the years ended December 31, 2006, 2005, 2004, 2003 and 2002 (in millions, except per share data)
(1) U.S. Generally Accepted Accounting Principles
(2) 2006 non-GAAP results exclude an expense of $25.0 million in connection with the negotiated settlement of litigation involving the company’s 2003
purchase of selected assets of Micro Warehouse. The impact on 2006 results was $25.0 million on income from operations, $15.4 million on net income,
and $0.19 per diluted share. These non-GAAP measurements are included to provide a meaningful comparison to current and prior periods.
(3) 2003 non-GAAP results exclude $22.3 million of total transition and transaction expenses associated with the purchase of selected U.S. assets
and the Canadian operations of Micro Warehouse in September 2003. The impact on 2003 results was $22.0 million on income from operations,
$13.5 million on net income, and $0.16 per diluted share. These non-GAAP measurements are included to provide a meaningful comparison to current
and prior periods.
(4) Non-applicable
2006 2006 2005 2004 2003 2003 2002
Operating Results GAAP1 Non-GAAP2 GAAP1 GAAP1 GAAP1 Non-GAAP3 GAAP1
Net sales $6,785 N/A4 $6,292 $5,738 $4,665 N/A4 $4,265
Income from operations $396 $421 $420 $393 $284 $306 $298
Net income $266 $281 $272 $241 $175 $189 $185
Earnings per share (diluted) $3.30 $3.49 $3.26 $2.79 $2.03 $2.19 $2.10
Cash, cash equivalents
& marketable securities $392 N/A4 $611 $604 $562 N/A4 $505
Shareholders' equity $1,387 N/A4 $1,265 $1,241 $1,061 N/A4
$924
Highlights
$1,057
$829
'05
'04
'03
'02
Direct Web Sales (millions)
1,924
1,320
'05
'04
'03
'02
Sales Force, End-of-Period
$505
'05
'04
'03
'02
Cash,
Cash Equivalents & Marketable Securities (millions)
$1,526
$1,769
$1,982
'06
2,012 2,153
2,589
'06
$562
'06
$604 $611
$392
0
400
1,200
800
1,000
200
400
300
2,000
500
$600
1,600
$2,000
0
0
100
CDW is a registered trademark of CDW Corporation. Other company and product names may be trademarks of their respective owners.