Nutrisystem 2009 Annual Report Download - page 47

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NUTRISYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Year Ended December 31,
2009 2008 2007
REVENUE ..................................................... $527,731 $687,741 $776,767
COSTS AND EXPENSES:
Cost of revenue .............................................. 243,690 326,453 349,891
Marketing .................................................. 147,017 175,027 178,700
General and administrative .................................... 77,389 87,605 79,435
Depreciation and amortization .................................. 16,294 8,508 5,812
Total costs and expenses .................................. 484,390 597,593 613,838
Operating income from continuing operations ................. 43,341 90,148 162,929
OTHER INCOME (EXPENSE) ..................................... 407 (1,145) (39)
EQUITY AND IMPAIRMENT LOSS (NOTE 6) ....................... (4,000) (9,458) (800)
INTEREST INCOME, net ......................................... 106 454 3,728
Income from continuing operations before income taxes ............. 39,854 79,999 165,818
INCOME TAXES ............................................... 10,818 33,572 60,871
Income from continuing operations .............................. 29,036 46,427 104,947
DISCONTINUED OPERATION (NOTE 11):
Loss on discontinued operation, net of income tax benefit of $144 in
2009, $102 in 2008 and $461 in 2007 .......................... (246) (174) (795)
Net income ................................................. $ 28,790 $ 46,253 $104,152
BASIC INCOME PER COMMON SHARE:
Income from continuing operations .............................. $ 0.94 $ 1.48 $ 3.05
Net loss from discontinued operation ............................ (0.01) (0.01) (0.02)
Net income ................................................. $ 0.93 $ 1.47 $ 3.03
DILUTED INCOME PER COMMON SHARE:
Income from continuing operations .............................. $ 0.93 $ 1.46 $ 2.98
Net loss from discontinued operation ............................ (0.01) (0.01) (0.02)
Net income ................................................. $ 0.92 $ 1.45 $ 2.96
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ...................................................... 29,458 30,684 34,397
Diluted .................................................... 29,769 31,172 35,171
The accompanying notes are an integral part of these consolidated financial statements.
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