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Newell Rubbermaid Inc. 2007 Annual Report
41
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions, except per share data)
Year Ended December 31, 2007 2006 2005
Net sales $6,407.3 $6,201.0 $5,717.2
Cost of products sold 4,150.1 4,131.0 3,959.1
Gross margin 2,257.2 2,070.0 1,758.1
Selling, general and administrative expenses 1,430.9 1,347.0 1,117.7
Impairment charges
— —
0.4
Restructuring costs 86.0 66.4 72.6
Operating income 740.3 656.6 567.4
Nonoperating expenses:
Interest expense, net of interest income of $27.6, $23.0,
and $15.0 in 2007, 2006, and 2005, respectively 104.1 132.0 127.1
Other expense (income), net 7.3 9.7 (23.1)
Net nonoperating expenses 111.4 141.7 104.0
Income from continuing operations before income taxes 628.9 514.9 463.4
Income taxes 149.7 44.2 57.1
Income from continuing operations 479.2 470.7 406.3
Loss from discontinued operations, net of tax (12.1) (85.7) (155.0)
Net income $ 467.1 $ 385.0 $ 251.3
Weighted average shares outstanding:
Basic 276.0 274.6 274.4
Diluted 286.1 275.5 274.9
Per common share:
Basic:
Income from continuing operations $ 1.74 $ 1.71 $ 1.48
Loss from discontinued operations (0.04) (0.31) (0.56)
Net income $ 1.69 $ 1.40 $ 0.92
Diluted:
Income from continuing operations $ 1.72 $ 1.71 $ 1.48
Loss from discontinued operations (0.04) (0.31) (0.56)
Net income $ 1.68 $ 1.40 $ 0.91
Dividends per share $ 0.84 $ 0.84 $ 0.84
See Notes to Consolidated Financial Statements.