Ace Hardware 2005 Annual Report Download - page 27

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2
CONSOLIDATED STATEMENTS OF EARNINGS
December 31, January 1, January 3,
2005 2005 2004
For the Periods Ended (52 Weeks) (52 Weeks) (53 Weeks)
(In thousands)
Net Sales ................................................................................................ $ 3,465,962 $ 3,288,676 $ 3,159,321
Cost of sales ............................................................................................ 3,140,731 2,980,627 2,850,421
Gross Profit ........................................................................................... 325,231 308,049 308,900
Distribution operations expenses ........................................................... 49,055 55,781 55,509
Selling, general and administrative expenses ........................................ 64,918 68,437 66,990
Retail success and development expenses ............................................. 98,520 75,377 75,103
Total operating expenses ........................................................................ 212,493 199,595 197,602
Interest expense ...................................................................................... (24,673) (21,577) (19,838)
Other income, net .................................................................................. 9,331 8,227 9,549
Income tax benefit (expense) ................................................................ 3,023 6,443 (922)
Income from continuing operations ...................................................... 100,419 101,547 100,087
Discontinued Operation –
Gain on disposal of discontinued operation .......................................... —)400)660
Net Earnings .......................................................................................... $ 100,419 $ 101,947 $ 100,747
Patronage Dividends ............................................................................. $ 103,622 $ 100,348 $ 102,008
December 31, January 1, January 3,
2005 2005 2004
For the Periods Ended (52 Weeks) (52 Weeks) (53 Weeks)
(In thousands)
Net Earnings .......................................................................................... $ 100,419 $ 101,947 $ 100,747
Foreign currency translation, net ........................................................... (481) (103) 584
Unrealized losses on securities ............................................................... (112) (179) (191)
Comprehensive Income ........................................................................ $ 99,826 $ 101,665 $ 101,140
See accompanying notes to consolidated financial statements.
ACE HARDWARE CORP. NEW FRONTIERS. NEW OPPORTUNITIES.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME