True Value 2009 Annual Report Download - page 28

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2009 Financial Report 13
Consolidated Statement of Operations
January 2, January 3, December 29,
For the Years Ended 2010 2009 2007
Net revenue $ 1,823,325 $ 2,012,658 $ 2,040,602
Cost of revenue 1,603,512 1,785,379 1,805,485
Gross margin 219,813 227,279 235,117
Operating expenses:
Logistics and manufacturing expenses 57,463 61,154 60,218
Selling, general and administrative expenses 92,784 93,913 101,160
Other income, net (3,592) (2,206) (2,524)
Operating income 73,158 74,418 76,263
Interest expense to members 4,495 4,694 4,386
Third-party interest expense 3,168 5,435 8,081
Net margin before income taxes 65,495 64,289 63,796
Income tax expense 49 61 29
Net margin $ 65,446 $ 64,228 $ 63,767
The accompanying notes are an integral part of the Consolidated Financial Statements.
($ in thousands)