Radio Shack 2004 Annual Report Download - page 36

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Consolidated Statements of Income
RadioShack Corporation and Subsidiaries
34 AR2004
Year Ended December 31,
2004 2003 2002
% of % of % of
(In millions, except per share amounts) Dollars Revenues Dollars Revenues Dollars Revenues
Net sales and operating revenues $ 4,841.2 100.0% $ 4,649.3 100.0% $ 4,577.2 100.0%
Cost of products sold 2,406.7 49.7 2,333.6 50.2 2,338.9 51.1
Gross profit 2,434.5 50.3 2,315.7 49.8 2,238.3 48.9
Operating expenses:
Selling, general and administrative 1,774.8 36.7 1,740.0 37.4 1,728.6 37.8
Depreciation and amortization 101.4 2.1 92.0 2.0 94.7 2.0
Gain on contract termination –– – – (18.5) (0.4)
Impairment of long-lived assets –– – – 8.1 0.2
Total operating expenses 1,876.2 38.8 1,832.0 39.4 1,812.9 39.6
Operating income 558.3 11.5 483.7 10.4 425.4 9.3
Interest income 11.4 0.2 12.8 0.3 9.0 0.2
Interest expense (29.6) (0.5) (35.7) (0.8) (43.4) (0.9)
Other income, net 2.0 – 12.0 0.3 33.9 0.7
Income before income taxes 542.1 11.2 472.8 10.2 424.9 9.3
Provision for income taxes 204.9 4.2 174.3 3.8 161.5 3.5
Net income 337.2 7.0 298.5 6.4 263.4 5.8
Preferred dividends –– – – 4.5 0.1
Net income available to common
stockholders $ 337.2 7.0% $ 298.5 6.4% $ 258.9 5.7%
Net income available per common share:
Basic $ 2.09 $ 1.78 $ 1.50
Diluted $ 2.08 $ 1.77 $ 1.45
Shares used in computing earnings per
common share:
Basic 161.0 167.7 173.0
Diluted 162.5 168.9 179.3
The accompanying notes are an integral part of these consolidated financial statements.