WeightWatchers 2011 Annual Report Download - page 88

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME FOR THE FISCAL YEARS ENDED
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
December 31,
2011
January 1,
2011
January 2,
2010
(52 weeks) (52 weeks) (52 weeks)
Meeting fees, net ............................................ $ 990,296 $ 819,646 $ 817,523
Product sales and other, net ................................... 429,365 393,635 385,405
Internet revenues ............................................ 399,495 238,756 195,985
Revenues, net .......................................... 1,819,156 1,452,037 1,398,913
Cost of meetings, products and other ............................ 716,311 621,679 634,932
Cost of Internet revenues ..................................... 55,705 39,728 36,007
Cost of revenues ........................................ 772,016 661,407 670,939
Gross profit ............................................ 1,047,140 790,630 727,974
Marketing expenses ......................................... 292,350 217,120 200,479
Selling, general and administrative expenses ...................... 208,462 183,165 170,845
Operating income ....................................... 546,328 390,345 356,650
Interest expense ............................................ 59,850 76,204 66,722
Other expense (income), net ................................... 3,386 963 (228)
Income before income taxes ............................... 483,092 313,178 290,156
Provision for income taxes .................................... 178,748 120,656 115,585
Net income ............................................ 304,344 192,522 174,571
Net loss attributable to the noncontrolling interest .................. 523 1,713 2,773
Net income attributable to Weight Watchers International, Inc. . . . $ 304,867 $ 194,235 $ 177,344
Earnings Per Share attributable to Weight Watchers International, Inc.
Basic ................................................. $ 4.16 $ 2.57 $ 2.30
Diluted ............................................... $ 4.11 $ 2.56 $ 2.30
Weighted average common shares outstanding
Basic ................................................. 73,344 75,661 77,004
Diluted ............................................... 74,131 75,880 77,117
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