WeightWatchers 2002 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2002 WeightWatchers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE FISCAL YEARS ENDED DECEMBER 28, 2002 AND DECEMBER 29, 2001,
THE EIGHT MONTHS ENDED DECEMBER 30, 2000, AND
THE FISCAL YEAR ENDED APRIL 29, 2000
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
December 28, December 29, December 30, April 29,
2002 2001 2000 2000
(52 Weeks) (52 Weeks) (35 Weeks) (53 Weeks)
Meeting fees, net .......................... $520,723 $415,680 $184,102 $276,103
Product sales and other, net ................... 288,921 208,190 89,073 123,471
Revenues, net ........................... 809,644 623,870 273,175 399,574
Cost of revenues ........................... 370,290 286,436 139,283 201,389
Gross profit ............................ 439,354 337,434 133,892 198,185
Marketing expenses ......................... 81,233 69,716 26,986 51,453
Selling, general and administrative expenses ........ 61,267 73,029 34,424 53,759
Transaction costs ........................... ———8,345
Operating income ........................ 296,854 194,689 72,482 84,628
Interest expense, net ........................ 42,299 54,537 37,125 31,079
Other expense (income), net .................. 19,020 13,181 14,334 (13,367)
Income before income taxes, minority interest and
extraordinary item ...................... 235,535 126,971 21,023 66,916
Provision for (benefit from) income taxes ......... 91,807 (23,198) 5,857 28,323
Income before minority interest and extraordinary
item ................................ 143,728 150,169 15,166 38,593
Minority interest ........................... 34 107 147 834
Income before extraordinary item ............. 143,694 150,062 15,019 37,759
Extraordinary charge on early extinguishment of debt,
net of taxes of $1,784 ...................... — 2,875 ——
Net income ............................. $143,694 $147,187 $ 15,019 $ 37,759
Preferred stock dividends ..................... 254 1,500 1,000 875
Net income available to common shareholders .... $143,440 $145,687 $ 14,019 $ 36,884
Basic net income per share:
Income before extraordinary item ............. $ 1.35 $ 1.37 $ 0.13 $ 0.20
Extraordinary item, net of taxes .............. —(0.03) ——
Net income ............................. $ 1.35 $ 1.34 $ 0.13 $ 0.20
Diluted net income per share:
Income before extraordinary item ............. $ 1.31 $ 1.34 $ 0.13 $ 0.20
Extraordinary item, net of taxes .............. (0.03)
Net income ............................. $ 1.31 $ 1.31 $ 0.13 $ 0.20
Weighted average common shares outstanding:
Basic ................................. 105,959 108,676 111,988 182,206
Diluted ................................ 109,663 111,623 112,171 182,206
The accompanying notes are an integral part of the consolidated financial statements.
F-3