Barnes and Noble 1998 Annual Report Download - page 44

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C O N S O L I DATED STATEMENTS OF OPERAT I O N S
Fiscal Year 1998 1997 1996
(In thousands of dollars, except per share data)
Sales $ 3 , 00 5 , 6 0 8 2,796,852 2,448,124
Cost of sales and occupancy 2 ,14 2 ,717 2 , 0 19, 2 91 1,785,392
Gross profit 862,891 7 7 7, 5 61 662,732
Selling and administrative expenses 5 7 7,19 5 540,423 465,687
Depreciation and amortization 88,345 76,951 59,806
Pre-opening expenses 8,795 12,918 17,571
Operating profit 188,556 147,269 119,668
Interest (net of interest income of $976, $446 and $2,288,
respectively) and amortization of deferred financing fees (24,412) (37,666) (38,286)
Equity in net loss of barnesandnoble.com llc (71,334) — —
Gain on formation of barnesandnoble.com llc 63,759 — —
Earnings before provision for income taxes and
extraordinary charge 156,569 109,603 81,382
Provision for income taxes 64,193 44,935 30,157
Earnings before extraordinary charge 92,376 64,668 51,225
Extraordinary charge due to early extinguishment of debt,
net of tax benefits of $7,991 — 11,499 —
Net earnings $ 92,376 53,169 51,225
Earnings per common share
Basic
Earnings before extraordinary charge $ 1.35 0.96 0.77
Extraordinary charge due to early extinguishment
of debt, net of tax benefits $ — 0.17 —
Net earnings $ 1.35 0.79 0.77
Diluted
Earnings before extraordinary charge $ 1.29 0.93 0.75
Extraordinary charge due to early extinguishment of debt,
net of tax benefits $ — 0.17 —
Net earnings $ 1.29 0.76 0.75
Weighted average common shares outstanding
Basic 68,435,000 67,237,000 66,103,000
Diluted 71, 6 7 7, 000 69,836,000 67,886,000
See accompanying notes to consolidated financial statements. Barnes & Noble, Inc. 1998
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