WeightWatchers 2007 Annual Report Download - page 66

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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)
December 29,
2007
December 30,
2006
December 31,
2005
(52 weeks) (52 weeks) (52 Weeks)
Meeting fees, net ........................................... $ 880,724 $ 723,088 $ 681,097
Product sales and other, net ................................... 434,818 380,817 360,497
Internet revenues ........................................... 151,625 129,420 109,657
Revenues, net ......................................... 1,467,167 1,233,325 1,151,251
Cost of meetings, products and other ........................... 620,455 528,052 493,910
Cost of Internet revenues ..................................... 32,776 29,113 26,772
Cost of revenues ....................................... 653,231 557,165 520,682
Gross profit ........................................... 813,936 676,160 630,569
Marketing expenses ......................................... 205,336 158,942 158,252
Selling, general and administrative expenses ..................... 172,993 137,170 169,825
Operating income ...................................... 435,607 380,048 302,492
Interest expense ............................................ 109,277 49,532 20,969
Other (income)/expense, net .................................. (3,182) (1,447) 2,208
Early extinguishment of debt ................................. 3,021 1,321 —
Income before income taxes .............................. 326,491 330,642 279,315
Provision for income taxes ................................... 125,311 120,817 104,913
Net income ....................................... $ 201,180 $ 209,825 $ 174,402
Earnings Per Share:
Basic ................................................ $ 2.50 $ 2.13 $ 1.70
Diluted ............................................... $ 2.48 $ 2.11 $ 1.67
Weighted average common shares outstanding:
Basic ................................................ 80,583 98,719 102,747
Diluted ............................................... 81,107 99,426 104,203
Dividends declared per common share .......................... $ 0.70 $ 0.70 —
The accompanying notes are an integral part of the consolidated financial statements.
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