Henry Schein 2013 Annual Report Download - page 69

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See accompanying notes.
60
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Years Ended
December 28, December 29, December 31,
2013 2012 2011
N
et sales ...............................................................................................................
.
$ 9,560,647 $ 8,939,967 $ 8,530,242
Cost of sales .........................................................................................................
.
6,904,633 6,432,454 6,112,187
Gross profit .....................................................................................................
.
2,656,014 2,507,513 2,418,055
Operating expenses:
Selling, general and administrative ....................................................................
.
1,978,960 1,873,360 1,835,906
Restructuring costs .............................................................................................
.
- 15,192 -
Operating income ...........................................................................................
.
677,054 618,961 582,149
Other income (expense):
Interest income ...................................................................................................
.
12,853 13,394 15,593
Interest expense .................................................................................................
.
(27,538) (30,902) (30,377)
Other, net ...........................................................................................................
.
2,325 2,735 1,942
Income before taxes and equity in earnings of affiliates .................................
.
664,694 604,188 569,307
Income taxes .........................................................................................................
.
(190,891) (187,858) (180,212)
Equity in earnings of affiliates .............................................................................
.
10,194 7,058 15,561
Loss on sale of equity investment ........................................................................
.
(12,535) - -
N
et income ...........................................................................................................
.
471,462 423,388 404,656
Less: Net income attributable to noncontrolling interests ..................................
.
(39,908) (35,312) (36,995)
N
et income attributable to Henry Schein, Inc. .....................................................
.
$ 431,554 $ 388,076 $ 367,661
Earnings per share attributable to Henry Schein, Inc.:
Basic ..................................................................................................................
.
$ 5.02 $ 4.44 $ 4.08
Diluted ...............................................................................................................
.
$ 4.93 $ 4.32 $ 3.97
Weighted-average common shares outstanding:
Basic ..................................................................................................................
.
85,926 87,499 90,120
Diluted ...............................................................................................................
.
87,622 89,823 92,620