WeightWatchers 2008 Annual Report Download - page 69

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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,
2009
December 29,
2007
December 30,
2006
(53 weeks) (52 weeks) (52 weeks)
Meeting fees, net ........................................... $ 908,084 $ 880,724 $ 723,088
Product sales and other, net ................................... 441,922 434,818 380,817
Internet revenues ........................................... 185,806 151,625 129,420
Revenues, net .......................................... 1,535,812 1,467,167 1,233,325
Cost of meetings, products and other ............................ 665,434 620,455 528,052
Cost of Internet revenues ..................................... 35,401 32,776 29,113
Cost of revenues ........................................ 700,835 653,231 557,165
Gross profit ........................................... 834,977 813,936 676,160
Marketing expenses ......................................... 227,437 205,336 158,942
Selling, general and administrative expenses ..................... 182,493 172,993 137,170
Operating income ....................................... 425,047 435,607 380,048
Interest expense ............................................ 92,667 109,277 49,532
Other income, net ........................................... (1,969) (3,182) (1,447)
Early extinguishment of debt .................................. — 3,021 1,321
Income before income taxes and minority interest ............. 334,349 326,491 330,642
Provision for income taxes .................................... 132,002 125,311 120,817
Income before minority interest ............................ 202,347 201,180 209,825
Minority interest ............................................ 1,984 — —
Net income ........................................ $ 204,331 $ 201,180 $ 209,825
Earnings Per Share:
Basic ................................................. $ 2.61 $ 2.50 $ 2.13
Diluted ............................................... $ 2.60 $ 2.48 $ 2.11
Weighted average common shares outstanding:
Basic ................................................. 78,250 80,583 98,719
Diluted ............................................... 78,495 81,107 99,426
Dividends declared per common share .......................... $ 0.70 $ 0.70 $ 0.70
The accompanying notes are an integral part of the consolidated financial statements.
F-4