Costco 2007 Annual Report Download - page 80

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53 Weeks Ended September 3, 2006
First
Quarter
12 Weeks
Second
Quarter
12 Weeks
Third
Quarter
12 Weeks
Fourth
Quarter
17 Weeks
Total
53 Weeks
REVENUE
Net sales .................. $12,670,792 $13,789,246 $13,007,415 $19,495,727 $58,963,180
Membership fees ............ 262,554 269,766 276,233 379,494 1,188,047
Total revenue ............. 12,933,346 14,059,012 13,283,648 19,875,221 60,151,227
OPERATING EXPENSES
Merchandise costs .......... 11,330,171 12,303,850 11,635,052 17,476,424 52,745,497
Selling, general and
administrative ............ 1,264,092 1,317,804 1,282,276 1,867,969 5,732,141
Preopening expenses ........ 12,377 4,614 10,431 15,082 42,504
Provision for impaired assets
and closing costs, net ...... 1,211 1,428 1,182 1,632 5,453
Operating income ......... 325,495 431,316 354,707 514,114 1,625,632
OTHER INCOME (EXPENSE)
Interest expense ............ (3,724) (2,923) (2,679) (3,244) (12,570)
Interest income and other ..... 25,540 35,225 33,751 43,839 138,355
INCOME BEFORE INCOME
TAXES .................... 347,311 463,618 385,779 554,709 1,751,417
Provision for income taxes .... 131,493 167,415 150,184 199,110 648,202
NET INCOME ................ $ 215,818 $ 296,203 $ 235,595 $ 355,599 $ 1,103,215
NET INCOME PER COMMON
SHARE:
Basic ..................... $ 0.46 $ 0.63 $ 0.50 $ 0.76 $ 2.35
Diluted .................... $ 0.45 $ 0.62 $ 0.49 $ 0.75 $ 2.30
Shares used in calculation (000’s)
Basic ..................... 472,717 471,889 470,516 465,542 469,718
Diluted .................... 486,367 482,127 480,533 474,449 480,341
Dividends per share ........... $ 0.115 $ 0.115 $ 0.13 $ 0.13 $ 0.49
Certain reclassifications have been made to conform to the presentation adopted in the fourth quarter
of fiscal 2006.
Note 14—Subsequent Event
On October 17, 2007, the Company’s wholly-owned Japanese subsidiary issued promissory notes
through a private placement in the aggregate amount of $55,400, bearing interest at 2.695%. Interest
is payable semi-annually and principal is due in October 2017.
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