GNC 2008 Annual Report Download - page 118
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Table of Contents
GENERAL NUTRITION CENTERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Supplemental Condensed Consolidating Statements of Operations
Combined Combined
Predecessor Parent/ Guarantor Non-Guarantor
Year ended December 31, 2006 Issuer Subsidiaries Subsidiaries Eliminations Consolidated
(in thousands)
Revenue $ — $ 1,413,308 $ 84,405 $ (10,597) $ 1,487,116
Cost of sales, including costs of warehousing, distribution and occupancy — 932,705 61,422 (10,597) 983,530
Gross profit — 480,603 22,983 — 503,586
Compensation and related benefits — 247,314 13,511 — 260,825
Advertising and promotion — 50,078 667 — 50,745
Other selling, general and administrative 5,142 83,854 3,314 — 92,310
Subsidiary (income) expense (43,224) (1,807) — 45,031 —
Other (income) expense — (52) 589 — 537
Operating income (loss) 38,082 101,216 4,902 (45,031) 99,169
Interest expense, net 3,856 34,457 1,255 — 39,568
Income (loss) before income taxes 34,226 66,759 3,647 (45,031) 59,601
Income tax (benefit) expense (3,149) 23,535 1,840 — 22,226
Net income (loss) $ 37,375 $ 43,224 $ 1,807 $ (45,031) $ 37,375
Supplemental Condensed Consolidating Statements of Operations
Combined Combined
Predecessor Parent/ Guarantor Non-Guarantor
Year ended December 31, 2005 Issuer Subsidiaries Subsidiaries Eliminations Consolidated
(in thousands)
Revenue $ — $ 1,255,357 $ 72,898 $ (10,547) $ 1,317,708
Cost of sales, including costs of warehousing, distribution and occupancy — 855,900 53,387 (10,547) 898,740
Gross profit — 399,457 19,511 — 418,968
Compensation and related benefits — 216,437 12,189 — 228,626
Advertising and promotion — 44,179 482 — 44,661
Other selling, general and administrative 1,923 72,657 1,531 — 76,111
Subsidiary (income) expense (24,185) (3,067) — 27,252 —
Other income — (2,441) (614) — (3,055)
Operating income (loss) 22,262 71,692 5,923 (27,252) 72,625
Interest expense, net 6,715 34,788 1,575 — 43,078
Income (loss) before income taxes 15,547 36,904 4,348 (27,252) 29,547
Income tax (benefit) expense (3,119) 12,719 1,281 — 10,881
Net income (loss) $ 18,666 $ 24,185 $ 3,067 $ (27,252) $ 18,666
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