WeightWatchers 2012 Annual Report Download - page 86

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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 29,
2012
December 31,
2011
January 1,
2011
(52 weeks) (52 weeks) (52 weeks)
Meeting fees, net ........................................... $ 934,933 $ 990,296 $ 819,646
Product sales and other, net ................................... 387,541 429,365 393,635
Internet revenues ........................................... 504,338 399,495 238,756
Revenues, net .......................................... 1,826,812 1,819,156 1,452,037
Cost of meetings, products and other ............................ 680,384 716,311 621,679
Cost of Internet revenues ..................................... 63,642 55,705 39,728
Cost of revenues ........................................ 744,026 772,016 661,407
Gross profit ........................................... 1,082,786 1,047,140 790,630
Marketing expenses ......................................... 343,513 292,350 217,120
Selling, general and administrative expenses ..................... 228,468 208,462 183,165
Operating income ....................................... 510,805 546,328 390,345
Interest expense ............................................ 90,537 59,850 76,204
Other expense, net .......................................... 1,979 3,386 963
Early extinguishment of debt .................................. 1,328 0 0
Income before income taxes .............................. 416,961 483,092 313,178
Provision for income taxes .................................... 159,535 178,748 120,656
Net income ............................................ 257,426 304,344 192,522
Net loss attributable to the noncontrolling interest ................. 0 523 1,713
Net income attributable to Weight Watchers International, Inc. . . . $ 257,426 $ 304,867 $ 194,235
Earnings Per Share attributable to Weight Watchers International, Inc.
Basic ................................................. $ 4.27 $ 4.16 $ 2.57
Diluted ............................................... $ 4.23 $ 4.11 $ 2.56
Weighted average common shares outstanding
Basic ................................................. 60,294 73,344 75,661
Diluted ............................................... 60,923 74,131 75,880
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