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34
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year Ended December 31,
2010 2009 2008
Net sales
$ 3,589,989 $ 3,165,995 $ 3,032,961
Cost of sales 3,094,042 2,705,747 2,574,402
Gross profit 495,947 460,248 458,559
Selling, general and administrative expenses 422,913 378,869 374,947
Reorganization and other charges 4,289 7,750 -
Operating income 68,745 73,629 83,612
Foreign currency exchange loss 1,750 187 1,300
Interest and other income, net (840) (1,015) (2,229)
Interest expense 1,802 1,372 798
Income before income taxes 66,033 73,085 83,743
Provision for income taxes 23,482 26,900 30,900
Net income
$ 42,551 $ 46,185 $ 52,843
Net income per
common share:
Basic $ 1.15 $ 1.26 $ 1.43
Diluted $ 1.13 $ 1.24 $ 1.40
Weighted average common and common equivalent shares:
Basic 36,996 36,706 36,950
Diluted 37,601 37,343 37,705
See notes to consolidated financial statements.