Harman Kardon 2010 Annual Report Download - page 70

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CONSOLIDATED STATEMENTS OF OPERATIONS
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
Year Ended June 30,
(in thousands, except per share data) 2010 2009 2008
Net sales .................................................. $3,364,428 $2,854,895 $4,072,359
Cost of sales ............................................... 2,479,270 2,209,545 2,994,709
Gross profit ................................................ 885,158 645,350 1,077,650
Selling, general and administrative expenses ...................... 774,189 831,419 945,483
Loss on deconsolidation of variable interest entity .................. 13,122 — —
Goodwill impairment ........................................ 12,292 317,743 —
Operating income (loss) ...................................... 85,555 (503,812) 132,167
Other expenses:
Interest expense, net ..................................... 30,215 20,574 17,725
Miscellaneous, net ....................................... 6,263 4,224 5,233
Income (loss) from continuing operations before income taxes ........ 49,077 (528,610) 109,209
Income tax expense (benefit), net ............................... 8,610 (107,017) 13,664
Income (loss) from continuing operations, net of income taxes ........ 40,467 (421,593) 95,545
Gain on sale of discontinued operations, net of income taxes ......... 114,197 — —
Income (loss) from discontinued operations, net of income taxes ...... 9,394 (9,159) 5,757
Net income (loss) from discontinued operations ................... 123,591 (9,159) 5,757
Net income (loss) ........................................... 164,058 (430,752) 101,302
Less: Net income (loss) attributable to noncontrolling interest ........ 5,289 752 (421)
Net income (loss) attributable to Harman International Industries,
Incorporated ............................................. $ 158,769 $ (431,504) $ 101,723
Net income (loss) from continuing operations attributable to Harman
International Industries, Incorporated
Income (loss) from continuing operations, net of income taxes .... $ 40,467 $ (421,593) $ 95,545
Less: Net income (loss) attributable to noncontrolling interest .... 5,289 752 (421)
Net income (loss) from continuing operations attributable to Harman
International Industries, Incorporated .......................... $ 35,178 $ (422,345) $ 95,966
Earnings (Loss) per share from continuing operations attributable
to Harman International Industries, Incorporated:
Basic ............................................. $ 0.50 $ (7.19) $ 1.56
Diluted ............................................ $ 0.50 $ (7.19) $ 1.54
Earnings (Loss) per share from discontinued operations:
Basic ............................................. $ 1.76 $ (0.16) $ 0.09
Diluted ............................................ $ 1.75 $ (0.16) $ 0.09
Earnings (Loss) per share:
Basic ............................................. $ 2.26 $ (7.34) $ 1.65
Diluted ............................................ $ 2.25 $ (7.34) $ 1.64
Weighted Average Shares Outstanding:
Basic ............................................. 70,350 58,766 61,472
Diluted ............................................ 70,595 58,766 62,182
See accompanying notes to the consolidated financial statements.
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