CDW 2012 Annual Report Download - page 55
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Table of Contents
The accompanying notes are an integral part of the consolidated financial statements.
50
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)
Years Ended December 31,
2012
2011
2010
Net sales
$
10,128.2
$
9,602.4
$
8,801.2
Cost of sales
8,458.6
8,018.9
7,410.4
Gross profit
1,669.6
1,583.5
1,390.8
Selling and administrative expenses
1,029.5
990.1
932.1
Advertising expense
129.5
122.7
106.0
Income from operations
510.6
470.7
352.7
Interest expense, net
(307.4
)
(324.2
)
(391.9
)
Net (loss) gain on extinguishments of long-term debt
(17.2
)
(118.9
)
2.0
Other income, net
0.1
0.7
0.2
Income (loss) before income taxes
186.1
28.3
(37.0
)
Income tax (expense) benefit
(67.1
)
(11.2
)
7.8
Net income (loss)
$
119.0
$
17.1
$
(29.2
)