LensCrafters 2007 Annual Report Download - page 67

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> 66 | ANNUAL REPORT 2007
Net income from Continuing operations
Income before taxes increased by Euro 102.5 million, or 15.1%, to Euro 780.7 million in 2007 from
Euro 678.2 million in 2006, despite the inclusion of Oakley’s income before taxes for the period
from the acquisition date of Euro (7.2) million. We expect Oakley in future periods to have a
positive impact on net income from continuing operations. As a percentage of net sales, income
before taxes increased to 15.7% in 2007 from 14.5% in 2006. Minority interests increased to Euro
15.0 million in 2007 from Euro 8.7 million in 2006. Our effective tax rate was 35.0% in 2007, as
compared to 35.2% in 2006.
Net income from continuing operations increased by Euro 61.5 million, or 14.3%, to Euro 492.2
million in 2007 from Euro 430.7 million in 2006, despite the inclusion of Oakley’s net income for the
period from the acquisition date of Euro (4.7) million. Net income from continuing operations as a
percentage of net sales increased to 9.9% in 2007 from 9.2% in 2006.
Basic earnings per share from continuing operations were Euro 1.08 in 2007 as compared to Euro
0.95 in 2006. Diluted earnings per share from continuing operations were Euro 1.07 in 2007 as
compared to Euro 0.94 in 2006.
Discontinued operations
Discontinued operations resulted in a loss in 2006 mainly due to the seasonal nature of the
operations of the discontinued Things Remembered business, in which substantially all operational
profits were realized during the second and fourth quarters. The operations were sold before the
fourth quarter of 2006.
Net income
Net income increased by Euro 67.9 million, or 16.0%, to Euro 492.2 million in 2007 from Euro 424.3
million in 2006. Net income as a percentage of net sales increased to 9.9% in 2007 from 9.1% in
2006.
Basic earnings per share were Euro 1.08 in 2007 as compared to Euro 0.94 in 2006. Diluted
earnings per share were Euro 1.07 in 2007 as compared to Euro 0.93 in 2006.