True Value 2008 Annual Report Download - page 34

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2008 FINAN CIA L REP OR T :: 13
consolidated statement of operations
January 3, December 29, December 30,
For the Years Ended 2009 2007 2006
Net revenue $ 2,012,658 $ 2,040,602 $ 2,049,976
Cost of revenue 1,785,379 1,805,485 1,817,365
Gross margin 227,279 235,117 232,611
Operating expenses:
Logistics and manufacturing expenses 61,154 60,218 58,805
Selling, general and administrative expenses 96,920 100,560 94,527
Arbitration and litigation (beneļ¬ts)/provisions (3,007) 600 (5,745)
Other income, net (2,206) (2,524) (2,400)
Operating income 74,418 76,263 87,424
Interest expense to members 4,694 4,386 4,450
Third-party interest expense 5,435 8,081 10,141
Net margin before income taxes 64,289 63,796 72,833
Income tax expense 61 29 54
Net margin $ 64,228 $ 63,767 $ 72,779
The accompanying notes are an integral part of the Consolidated Financial Statements.
($ in thousands)