Circuit City 1998 Annual Report Download - page 24

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GLOBAL DIRECTMAIL CORP
CONSOLIDATED STATEMENTS OF NET INCOME
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
(IN THOUSANDS, EXCEPT PER COMMON SHARE AMOUNTS)
1998 1997 1996
---- ---- ----
NET SALES $ 1,435,654 $1,145,388 $ 911,893
COST OF SALES 1,147,098 879,846 662,277
---------- --------- ----------
GROSS PROFIT 288,556 265,542 249,616
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 224,208 206,280 180,142
---------- --------- ----------
INCOME FROM OPERATIONS 64,348 59,262 69,474
INTEREST AND OTHER INCOME (3,225) (3,261) (2,431)
INTEREST EXPENSE 497 425 521
---------- --------- ----------
INCOME BEFORE INCOME TAXES 67,076 62,098 71,384
PROVISION FOR INCOME TAXES 25,824 23,286 27,680
---------- --------- ----------
NET INCOME $ 41,252 $ 38,812 $ 43,704
========== ========= ==========
NET INCOME PER COMMON SHARE:
BASIC $ 1.11 $ 1.02 $ 1.16
=========== ========== ============
DILUTED $ 1.11 $ 1.02 $ 1.15
=========== ========== ============
See notes to consolidated financial statements.