Cracker Barrel 2008 Annual Report Download - page 57

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55
C B R L G R O U P, I N C .
Consolidated Statement of Income
(In thousands except share data)
Fiscal years ended
August 1, August 3, July 28,
2008 2007 2006
Total revenue $ 2,384,521 $ 2,351,576 $ 2,219,475
Cost of goods sold 773,757 744,275 706,095
Gross profit 1,610,764 1,607,301 1,513,380
Labor and other related expenses 909,546 892,839 832,943
Impairment and store closing charges 877 — 5,369
Other store operating expenses 422,293 410,131 384,442
Store operating income 278,048 304,331 290,626
General and administrative expenses 127,273 136,186 128,830
Operating income 150,775 168,145 161,796
Interest expense 57,445 59,438 22,205
Interest income 185 7,774 764
Income before income taxes 93,515 116,481 140,355
Provision for income taxes 28,212 40,498 44,854
Income from continuing operations 65,303 75,983 95,501
Income from discontinued operations, net of tax 250 86,082 20,790
Net income $ 65,553 $ 162,065 $ 116,291
Basic net income per share:
Income from continuing operations $ 2.87 $ 2.75 $ 2.23
Income from discontinued operations, net of tax 0.01 3.11 0.48
Net income per share $ 2.88 $ 5.86 $ 2.71
Diluted net income per share:
Income from continuing operations $ 2.79 $ 2.52 $ 2.07
Income from discontinued operations, net of tax 0.01 2.71 0.43
Net income per share $ 2.80 $ 5.23 $ 2.50
Basic weighted average shares outstanding 22,782,608 27,643,098 42,917,319
Diluted weighted average shares outstanding 23,406,044 31,756,582 48,044,440
See Notes to Consolidated Financial Statements.