Barnes and Noble 2004 Annual Report Download - page 23

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[CONSOLIDATED STATEMENTS OF OPERATIONS ]
21
2004 Annual Report Barnes & Noble, Inc.
Fiscal Year 2004 2003 2002
(In thousands, except per share data) Restated Restated
Sales
$4,873,595 4,372,177 3,916,544
Cost of sales and occupancy
3,386,619 3,060,462 2,731,588
Gross profit
1,486,976 1,311,715 1,184,956
Selling and administrative expenses
1,052,345 910,448 816,597
Depreciation and amortization
181,553 166,825 154,844
Pre-opening expenses
8,862 8,668 11,933
Impairment charge
-- -- 25,328
Operating profit
244,216 225,774 176,254
Interest (net of interest income of $3,461, $726
and $1,501, respectively) and amortization
of deferred financing fees
(11,028 ) ( 20,944 ) ( 22,136 )
Debt redemption charge
(14,582 ) -- --
Equity in net loss of Barnes & Noble.com
-- (14,311 ) ( 26,795 )
Other expense
-- -- ( 16,498 )
Earnings before taxes and minority interest
218,606 190,519 110,825
Income taxes
94,001 78,779 44,609
Earnings before minority interest
124,605 111,740 66,216
Minority interest
(1,230 ) (536 ) --
Earnings from continuing operations
123,375 111,204 66,216
Earnings from discontinued operations (net of income tax)
20,001 40,571 33,262
Net earnings
$143,376 151,775 99,478
Basic earnings per common share
Earnings from continuing operations
$1.79 1.69 1.00
Earnings from discontinued operations
0.29 0.61 0.50
Net earnings
$2.08 2.30 1.50
Diluted earnings per common share
Earnings from continuing operations
$1.68 1.57 0.99
Earnings from discontinued operations
0.25 0.50 0.40
Net earnings
$1.93 2.07 1.39
Weighted average common shares outstanding
Basic
69,018 65,989 66,362
Diluted
75,696 77,105 77,680
See accompanying notes to consolidated financial statements.