Henry Schein 2014 Annual Report Download - page 77

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See accompanying notes.
63
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Years Ended
December 27, December 28, December 29,
2014 2013 2012
N
et sales ...............................................................................................................
.
$ 10,371,390 $ 9,560,647 $ 8,939,967
Cost of sales .........................................................................................................
.
7,460,075 6,904,633 6,432,454
Gross profit .....................................................................................................
.
2,911,315 2,656,014 2,507,513
Operating expenses:
Selling, general and administrative ....................................................................
.
2,196,173 1,978,960 1,873,360
Restructuring costs .............................................................................................
.
- - 15,192
Operating income ...........................................................................................
.
715,142 677,054 618,961
Other income (expense):
Interest income ...................................................................................................
.
13,655 12,853 13,394
Interest expense .................................................................................................
.
(24,057) (27,538) (30,902)
Other, net ...........................................................................................................
.
4,572 2,325 2,735
Income before taxes and equity in earnings of affiliates .................................
.
709,312 664,694 604,188
Income taxes .........................................................................................................
.
(215,610) (190,891) (187,858)
Equity in earnings of affiliates .............................................................................
.
11,734 10,194 7,058
Loss on sale of equity investment ........................................................................
.
- (12,535) -
N
et income ...........................................................................................................
.
505,436 471,462 423,388
Less: Net income attributable to noncontrolling interests ..................................
.
(39,359) (39,908) (35,312)
N
et income attributable to Henry Schein, Inc. .....................................................
.
$ 466,077 $ 431,554 $ 388,076
Earnings per share attributable to Henry Schein, Inc.:
Basic ..................................................................................................................
.
$ 5.53 $ 5.02 $ 4.44
Diluted ...............................................................................................................
.
$ 5.44 $ 4.93 $ 4.32
Weighted-average common shares outstanding:
Basic ..................................................................................................................
.
84,265 85,926 87,499
Diluted ...............................................................................................................
.
85,740 87,622 89,823