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30 The Hillshire Brands Company
CONSOLIDATED STATEMENTS OF INCOME
In millions except per share data Years ended June 29, 2013 June 30, 2012 July 2, 2011
CONTINUING OPERATIONS
Net sales $3,920 $3,958 $3,884
Cost of sales 2,758 2,857 2,721
Selling, general and administrative expenses 855 930 883
Net charges for exit activities, asset and business dispositions 98138
Impairment charges 11415
Operating income 297 76 227
Interest expense 48 77 92
Interest income (7) (5) (5)
Debt extinguishment costs –3955
Income (loss) from continuing operations before income taxes 256 (35) 85
Income tax expense (benefit) 72 (15) 27
Income (loss) from continuing operations 184 (20) 58
DISCONTINUED OPERATIONS
Income from discontinued operations net of tax expense (benefit) of $(8), $(603) and $82 15 463 483
Gain on sale of discontinued operations, net of tax expense of $15, $367 and $573 53 405 731
Net income from discontinued operations 68 868 1,214
Net income 252 848 1,272
Less: Income from noncontrolling interests, net of tax
Discontinued operations –39
Net income attributable to Hillshire Brands $÷«252 $÷«845 $1,263
Amounts attributable to Hillshire Brands
Net income (loss) from continuing operations $÷«184 $÷÷(20) $÷«««58
Net income from discontinued operations 68 865 1,205
Net income attributable to Hillshire Brands $÷«252 $÷«845 $1,263
Earnings per share of common stock
Basic
Income (loss) from continuing operations $÷1.50 $«(0.16) $««0.47
Net income $÷2.05 $÷7.13 $10.16
Diluted
Income (loss) from continuing operations $÷1.49 $«(0.16) $««0.46
Net income $÷2.04 $÷7.13 $10.11
The accompanying Notes to Financial Statements are an integral part of these statements.