Barnes and Noble 1997 Annual Report Download - page 24

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20
CONSOLIDATED STATEMENTS OF OPERATIONS
FISCAL YEAR 1997 1996 1995
(Thousands of dollars, except per share data)
Revenues $ 2,796,852 2,448,124 1,976,900
Cost of sales and occupancy 2,019,291 1,785,392 1,444,555
Gross profit 777,561 662,732 532,345
Selling and administrative expenses 540,423 465,687 383,692
Depreciation and amortization 76,951 59,806 47,881
Pre-opening expenses 12,918 17,571 12,160
Restructuring charge — — 123,768
Operating profit (loss) 147,269 119,668 (35,156)
Interest (net of interest income of $446, $2,288 and $2,138, respectively)
and amortization of deferred financing fees 37,666 38,286 28,142
Earnings (loss) before provision (benefit) for income taxes and extraordinary charge 109,603 81,382 (63,298)
Provision (benefit) for income taxes 44,935 30,157 (10,322)
Earnings (loss) before extraordinary charge 64,668 51,225 (52,976)
Extraordinary charge due to early extinguishment of debt, net of tax benefits of $7,991 11,499 — —
Net earnings (loss) $ 53,169 51,225 (52,976)
Earnings (loss) per common share
Basic
Earnings (loss) before extraordinary charge $ 0.96 0.77 (0.85)
Extraordinary charge due to early extinguishment of debt, net of tax benefits $ 0.17 — —
Net earnings (loss) $ 0.79 0.77 (0.85)
Diluted
Earnings (loss) before extraordinary charge $ 0.93 0.75 (0.85)
Extraordinary charge due to early extinguishment of debt, net of tax benefits $ 0.17 — —
Net earnings (loss) $ 0.76 0.75 (0.85)
Weighted average common shares outstanding
Basic 67,237,000 66,103,000 62,434,000
Diluted 69,836,000 67,886,000 62,434,000
See accompanying notes to consolidated financial statements. BARNES
&
NOBLE 1997