Supercuts 2008 Annual Report Download - page 29

$96.8 million, respectively. As of June 30, 2008, $73.5 million remains to be spent on share repurchases under this program.
The Company did not repurchase any of its common stock through its share repurchase program during the three months ended June 30,
2008.
CEO and CFO Certifications
The certifications by our chief executive officer and chief financial officer required under Section 302 of the Sarbanes-Oxley Act of 2002,
have been filed as exhibits to this Annual Report on Form 10-K. Our CEO's annual certification pursuant to NYSE Corporate Governance
Standards Section 303A.12(a) that our CEO was not aware of any violation by the company of the NYSE's Corporate Governance listing
standards was submitted to the NYSE on October 30, 2007.
Item 6. Selected Financial Data
The following table sets forth, in thousands (except per share data), for the periods indicated, selected financial data derived from the
Company's Consolidated Financial Statements in Part II, Item 8.
a)
2008 2007 2006 2005 2004
Revenues(a)
$
2,738,865
$
2,626,588
$
2,430,864
$
2,194,294
$
1,923,143
Operating income(b)(c)
174,297
164,613
204,491
137,890
178,748
Net income(b)(c)(d)
85,204
83,170
109,578
64,631
104,218
Net income per diluted share(b)(c)(d)
1.95
1.82
2.36
1.39
2.26
Total assets
2,235,871
2,132,114
1,985,324
1,725,976
1,271,859
Long
-
term debt, including current portion
764,747
709,231
622,269
568,776
301,143
Dividends declared
$
0.16
$
0.16
$
0.16
$
0.16
$
0.14
Revenues from salons, schools or hair restorations centers acquired each year were $132.3, $108.0, $165.7, $181.2, and $122.3 million
during fiscal years 2008, 2007, 2006, 2005, and 2004, respectively. Revenues from the 51 accredited cosmetology schools contributed to
Empire Education Group, Inc. on August 1, 2007 were $5.6, $68.5, $48.2, $18.2 and $1.0 million in fiscal years 2008, 2007, 2006, 2005
and 2004, respectively. Revenues from the deconsolidated European franchise salon operations were $36.2, $57.0, $52.7, $55.1 and
$47.3 million in fiscal years 2008, 2007, 2006, 2005 and 2004, respectively.
b)
The following significant items affected operating, net income, and net income per diluted share:
•
Operating (loss) income from the 51 accredited cosmetology schools contributed to Empire Education Group, Inc. on August 1,
2007 was ($0.3), ($18.6), $2.3, $2.5 and $0.1 million in fiscal years 2008, 2007, 2006, 2005 and 2004, respectively. Operating
(loss) income from the deconsolidated European franchise salon operations was $5.1, $7.5, $4.8, ($31.0) and $6.7 million in fiscal
years 2008, 2007, 2006, 2005 and 2004, respectively.
• An impairment charge of $23.0 million ($19.6 million net of tax) associated with the Company's accredited cosmetology schools
was recorded in fiscal year 2007. An impairment charge of $4.3 million ($2.8 million net of tax) related to a cost method
investment was recorded in fiscal year 2006. An impairment charge of $38.3 million ($38.3 million net of tax) related to goodwill
associated with the Company's European business was recorded in fiscal year 2005.
• A net settlement gain of $33.7 million ($21.7 million net of tax) was recognized during fiscal year 2006 stemming from a
termination fee collected from Alberto-Culver Company due to the
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