True Value 2007 Annual Report Download - page 35

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14 | TRUE VALUE COMPANY
CONSOLIDATED S TAT E M E N T O F O P E R AT I O N S
($ in thousands)
December 29, December 30, December 31,
For the Years Ended 2007 2006 2005
Net revenue $ 2,040,602 $ 2,049,976 $ 2,043,034
Cost of revenue 1,806,184 1,817,365 1,812,555
Gross margin 234,418 232,611 230,479
Operating expenses:
Logistics and manufacturing expenses 61,350 58,805 58,863
Selling, general and administrative expenses 98,729 94,527 102,527
Arbitration and litigation provisions/(beneļ¬ts) 600 (5,745) 18,200
(Gain)/loss on sale of assets 173 (1,090) (8,333)
Other income, net (2,697) (1,310) (2,597)
Operating income 76,263 87,424 61,819
Interest expense to members 4,386 4,450 5,507
Third-party interest expense 8,081 10,141 8,706
Net margin before income taxes 63,796 72,833 47,606
Income tax expense 29 54 51
Net margin $ 63,767 $ 72,779 $ 47,555
The accompanying notes are an integral part of the Consolidated Financial Statements.