Circuit City 1997 Annual Report Download - page 19

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GLOBAL DIRECTMAIL CORP
STATEMENTS OF CONSOLIDATED INCOME
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
(IN THOUSANDS, EXCEPT PER COMMON SHARE AMOUNTS)
1997 1996 1995
---- ---- ----
NET SALES $1,145,388 $ 911,893 $ 634,484
COST OF SALES 879,846 662,277 437,179
---------- --------- ----------
GROSS PROFIT 265,542 249,616 197,305
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 206,280 180,142 143,034
---------- --------- ----------
INCOME FROM OPERATIONS 59,262 69,474 54,271
OTHER (INCOME) EXPENSE, net (including $4,707 of
Shareholders' compensation in 1995) (6) 39 4,748
INTEREST INCOME (3,255) (2,470) (1,246)
INTEREST EXPENSE 425 521 2,394
---------- --------- ----------
INCOME BEFORE INCOME TAXES 62,098 71,384 48,375
PROVISION FOR INCOME TAXES 23,286 27,680 12,655
---------- --------- ----------
NET INCOME $ 38,812 $ 43,704 $ 35,720
========== ========= ==========
NET INCOME PER COMMON SHARE:
BASIC $ 1.02 $ 1.16
========== =========
DILUTED $ 1.02 $ 1.15
========== =========
PRO FORMA INCOME DATA (UNAUDITED)
Historical income before income taxes $ 48,375
Pro forma other adjustments 5,684
----------
Pro forma income before income taxes 54,059
Pro forma income taxes 21,008
----------
Pro forma net income $ 33,051
==========
Pro forma net income per common share - basic and diluted $ 0.93
==========
See notes to consolidated financial statements.