Pier 1 2007 Annual Report Download - page 38
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Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
2007 2006 2005
Year Ended
Net sales ............................................ $1,623,216 $1,776,701 $1,825,343
Operating costs and expenses:
Cost of sales (including buying and store occupancy costs) . .... 1,149,257 1,175,011 1,121,697
Selling, general and administrative expenses ................ 649,005 588,273 549,635
Depreciation and amortization ........................... 51,184 56,229 55,762
1,849,446 1,819,513 1,727,094
Operating income (loss).............................. (226,230) (42,812) 98,249
Nonoperating (income) and expenses:
Interest and investment income .......................... (12,456) (3,510) (2,635)
Interest expense ..................................... 16,116 2,610 1,735
Other income ....................................... (1,767) — —
1,893 (900) (900)
Income (loss) from continuing operations before income taxes . .... (228,123) (41,912) 99,149
Provision (benefit) for income taxes ........................ (885) (14,441) 36,384
Income (loss) from continuing operations .................... (227,238) (27,471) 62,765
Discontinued operations:
Loss from discontinued operations (including write down of
assets held for sale of $7,441 in 2006) ................... (638) (17,583) (2,308)
Income tax benefit ................................... (231) (5,250) —
Loss from discontinued operations ...................... (407) (12,333) (2,308)
Net income (loss) ...................................... $ (227,645) $ (39,804) $ 60,457
Earnings (loss) per share from continuing operations:
Basic ............................................. $ (2.59) $ (.32) $ .72
Diluted ............................................ $ (2.59) $ (.32) $ .71
Loss per share from discontinued operations:
Basic ............................................. $ (.01) $ (.14) $ (.03)
Diluted ............................................ $ (.01) $ (.14) $ (.03)
Earnings (loss) per share:
Basic ............................................. $ (2.60) $ (.46) $ .69
Diluted ............................................ $ (2.60) $ (.46) $ .68
Dividends declared per share: ............................. $ .20 $ .40 $ .40
Average shares outstanding during period:
Basic ............................................. 87,395 86,629 87,037
Diluted ............................................ 87,395 86,629 88,838
The accompanying notes are an integral part of these financial statements.
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