WeightWatchers 2013 Annual Report Download - page 90
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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 28,
2013
December 29,
2012
December 31,
2011
(52 weeks) (52 weeks) (52 weeks)
Meeting fees, net ........................................... $ 851,626 $ 934,933 $ 990,296
Product sales and other, net ................................... 350,271 400,161 442,703
Internet revenues ........................................... 522,226 504,338 399,495
Revenues, net ......................................... 1,724,123 1,839,432 1,832,494
Cost of meetings, products and other ........................... 652,283 681,972 718,284
Cost of Internet revenues ..................................... 70,728 63,642 55,705
Cost of revenues ....................................... 723,011 745,614 773,989
Gross profit ........................................... 1,001,112 1,093,818 1,058,505
Marketing expenses ......................................... 295,628 353,673 302,923
Selling, general and administrative expenses ..................... 244,727 229,340 209,254
Operating income ...................................... 460,757 510,805 546,328
Interest expense ............................................ 103,108 90,537 59,850
Other expense, net .......................................... 599 1,979 3,386
Early extinguishment of debt ................................. 21,685 1,328 0
Income before income taxes .............................. 335,365 416,961 483,092
Provision for income taxes ................................... 130,640 159,535 178,748
Net income ........................................... 204,725 257,426 304,344
Net loss attributable to the noncontrolling interest ................. 0 0 523
Net income attributable to Weight Watchers International, Inc. . . $ 204,725 $ 257,426 $ 304,867
Earnings Per Share attributable to Weight Watchers International, Inc.
Basic ................................................ $ 3.65 $ 4.27 $ 4.16
Diluted ............................................... $ 3.63 $ 4.23 $ 4.11
Weighted average common shares outstanding
Basic ................................................ 56,144 60,294 73,344
Diluted ............................................... 56,394 60,923 74,131
Dividends declared per common share .......................... $ 0.53 $ 0.70 $ 0.70
The accompanying notes are an integral part of the consolidated financial statements.
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