Express 2010 Annual Report Download - page 75

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EXPRESS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except Per Share Amounts)
2010 2009 2008
NET SALES ............................................... $1,905,814 $1,721,066 $1,737,010
COST OF GOODS SOLD, BUYING AND
OCCUPANCY COSTS ................................. 1,227,490 1,175,088 1,280,018
Gross profit ........................................ 678,324 545,978 456,992
OPERATING EXPENSES:
Selling, general, and administrative expenses .................. 461,073 409,198 447,071
Other operating expense, net ............................... 18,000 9,943 6,007
Total operating expenses .............................. 479,073 419,141 453,078
OPERATING INCOME ...................................... 199,251 126,837 3,914
INTEREST EXPENSE ....................................... 59,493 53,222 36,531
INTEREST INCOME ........................................ (16) (484) (3,527)
OTHER INCOME, NET ...................................... (1,968) (2,444) (300)
INCOME (LOSS) BEFORE INCOME TAXES .................... 141,742 76,543 (28,790)
INCOME TAX EXPENSE .................................... 14,354 1,236 246
NET INCOME (LOSS) ....................................... $ 127,388 $ 75,307 $ (29,036)
Pro forma income (loss) before income taxes (Note 12, unaudited) ..... $ 141,742 $ 76,543 $ (28,790)
Pro forma income tax expense (benefit) (Note 12, unaudited) ......... 58,434 29,622 (11,142)
Pro forma net income (loss) (Note 12, unaudited) .................. $ 83,308 $ 46,921 $ (17,648)
EARNINGS (LOSS) PER SHARE:
Basic ................................................. $ 1.49 $ 1.01 $ (0.40)
Diluted ................................................ $ 1.48 $ 1.00 $ (0.40)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ................................................. 85,369 74,566 72,516
Diluted ................................................ 86,050 75,604 72,516
PRO FORMA EARNINGS (LOSS) PER SHARE (Note 12, unaudited):
Basic ................................................. $ 0.98 $ 0.63 $ (0.24)
Diluted ................................................ $ 0.97 $ 0.62 $ (0.24)
PRO FORMA WEIGHTED AVERAGE SHARES
OUTSTANDING (Note 12):
Basic ................................................. 85,369 74,566 72,516
Diluted ................................................ 86,050 75,604 72,516
See notes to consolidated financial statements.
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