Barnes and Noble 2006 Annual Report Download - page 23

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CONSOLIDATED STATEMENTS OF OPERATIONS
FISCAL YEAR (In thousands, except per share data) 2006 2005 2004
Sales $ 5,261,254 5,103,004 4,873,595
Cost of sales and occupancy 3,622,962 3,535,837 3,388,985
Gross profi t 1,638,292 1,567,167 1,484,610
Selling and administrative expenses 1,201,673 1,131,448 1,049,979
Depreciation and amortization 170,338 172,957 181,553
Pre-opening expenses 12,897 10,938 8,862
Operating profi t 253,384 251,824 244,216
Interest income (expense) (net of interest income of $5,789, $7,013 and
$3,461, respectively) and amortization of deferred fi nancing fees 1,537 (1,415) (11,028)
Debt redemption charge — — (14,582)
Earnings before taxes and minority interest 254,921 250,409 218,606
Income taxes 102,606 102,042 94,001
Earnings before minority interest 152,315 148,367 124,605
Minority interest (1,788) (1,686) (1,230)
Earnings from continuing operations 150,527 146,681 123,375
Earnings from discontinued operations (net of income tax) — — 20,001
Net earnings $ 150,527 146,681 143,376
Basic earnings per common share
Earnings from continuing operations $ 2.31 2.17 1.79
Earnings from discontinued operations — — 0.29
Net earnings $ 2.31 2.17 2.08
Diluted earnings per common share
Earnings from continuing operations $ 2.17 2.03 1.68
Earnings from discontinued operations — — 0.25
Net earnings $ 2.17 2.03 1.93
Weighted average common shares outstanding
Basic 65,212 67,560 69,018
Diluted 69,226 72,150 75,696
See accompanying notes to consolidated fi nancial statements.
2006 Annual Report 21