Henry Schein 2009 Annual Report Download - page 66

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See accompanying notes.
54
December 26,
2009
December 27,
2008
December 29,
2007
(Adjusted - Notes 1, 7 & 9) (Adjusted - Notes 1, 7 & 9)
Net sales .......................................................................................... 6,538,336$ 6,380,413$ 5,889,884$
Cost of sales .................................................................................... 4,621,516 4,506,118 4,183,792
Gross profit ................................................................................ 1,916,820 1,874,295 1,706,092
Operating expenses:
Selling, general and administrative ............................................ 1,449,715 1,431,769 1,319,153
Restructuring costs ..................................................................... 3,020 23,240 -
Operating income .................................................................. 464,085 419,286 386,939
Other income (expense):
Interest income ........................................................................... 9,979 16,355 16,531
Interest expense .......................................................................... (23,370) (34,605) (29,607)
Other, net ................................................................................... 2,026 (5,587) 4,646
Income from continuing operations before taxes,
equity in earnings (losses) of affiliates and
noncontrolling interests .................................................... 452,720 395,449 378,509
Income taxes ................................................................................... (127,521) (131,210) (128,556)
Equity in earnings (losses) of affiliates ........................................... 5,243 5,037 (73)
Income from continuing operations ................................................. 330,442 269,276 249,880
Income (loss) from discontinued operations, net of tax ............. 2,715 (7,902) (20,704)
Net income ...................................................................................... 333,157 261,374 229,176
Less: Net income attributable to noncontrolling interests .......... (22,004) (21,917) (17,442)
Net income attributable to Henry Schein, Inc. ................................ 311,153$ 239,457$ 211,734$
Amounts attributable to Henry Schein, Inc.:
Income from continuing operations ............................................... 308,551$ 247,347$ 232,529$
Income (loss) from discontinued operations, net of tax ................ 2,602 (7,890) (20,795)
Net income .................................................................................... 311,153$ 239,457$ 211,734$
Earnings (loss) per share attributable to Henry Schein, Inc.:
From continuing operations:
Basic .......................................................................................... 3.47$ 2.78$ 2.63$
Diluted ....................................................................................... 3.41$ 2.71$ 2.55$
From discontinued operations:
Basic .......................................................................................... 0.03$ (0.09)$ (0.24)$
Diluted ....................................................................................... 0.03$ (0.08)$ (0.23)$
From net income:
Basic .......................................................................................... 3.50$ 2.69$ 2.39$
Diluted ....................................................................................... 3.44$ 2.63$ 2.32$
Weighted-average common shares outstanding:
Basic .......................................................................................... 88,872 89,080 88,559
Diluted ....................................................................................... 90,556 91,221 91,163
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Years ended