Henry Schein 2003 Annual Report Download - page 36

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HENRY SCHEIN, INC
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Years ended
December 27, December 28, December 29,
2003 2002 2001
Net sales $3,353,805 $2,825,001 $2,558,243
Cost of sales 2,426,611 2,030,097 1,858,919
Gross profit 927,194 794,904 699,324
Operating expenses:
Selling, general and administrative 693,475 598,635 551,574
Merger, integration and restructuring credits –– (734) ––
Operating income 233,719 197,003 147,750
Other income (expense):
Interest income 8,746 10,446 10,078
Interest expense (18,311) (17,960) (17,324)
Other, net 1,622 940 (153)
Income before taxes on income, minority interest,
equity in earnings of affiliates and loss
on sale of discontinued operation 225,776 190,429 140,351
Taxes on income from continuing operations (84,378) (70,510) (51,930)
Minority interest in net income of subsidiaries (2,807) (2,591) (1,462)
Equity in earnings of affiliates 931 659 414
Net income from continuing operations 139,522 117,987 87,373
Loss on sale of discontinued operation, net of tax (2,012) –– ––
Net income $ 137,510 $ 117,987 $ 87,373
Net income from continuing operations per common share:
Basic $ 3.19 $ 2.71 $ 2.06
Diluted $ 3.10 $ 2.63 $ 2.01
Loss on discontinued operation, net of tax per common share:
Basic $ (0.04) $ –– $ ––
Diluted $ (0.04) $ –– $ ––
Net income per common share:
Basic $ 3.15 $ 2.71 $ 2.06
Diluted $ 3.06 $ 2.63 $ 2.01
Weighted-average common shares outstanding:
Basic 43,709 43,489 42,366
Diluted 44,988 44,872 43,545
See accompanying notes.
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