WeightWatchers 2003 Annual Report Download - page 57

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE FISCAL YEARS ENDED
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
January 3, December 28, December 29,
2004 2002 2001
(53 Weeks) (52 Weeks) (52 Weeks)
Meeting fees, net ................................... $607,204 $520,723 $415,680
Product sales and other, net ........................... 336,728 288,921 208,190
Revenues, net .................................. 943,932 809,644 623,870
Cost of revenues ................................... 440,398 370,290 286,436
Gross profit .................................... 503,534 439,354 337,434
Marketing expenses ................................. 113,603 81,233 69,716
Selling, general and administrative expenses ................ 73,862 61,267 73,029
Operating income ............................... 316,069 296,854 194,689
Interest expense, net ................................. 33,698 42,299 54,537
Other expense, net .................................. 2,774 19,054 13,288
Early extinguishment of debt ........................... 47,368 — 4,659
Income before income taxes ........................ 232,229 235,501 122,205
Provision for (benefit from) income taxes ................. 88,288 91,807 (24,982)
Net income ...................................... $143,941 $143,694 $147,187
Preferred stock dividends ............................. — 254 1,500
Net income available to common shareholders .......... $143,941 $143,440 $145,687
Earnings Per Share:
Basic .......................................... $ 1.35 $ 1.35 $ 1.34
Diluted ......................................... $ 1.31 $ 1.31 $ 1.31
Weighted average common shares outstanding:
Basic .......................................... 106,676 105,959 108,676
Diluted ......................................... 109,724 109,663 111,623
F-3