True Value 2010 Annual Report Download - page 34

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Financial Report 2010 13
CONSOLIDATED STATEMENT OF OPERATIONS
January 1, January 2, January 3,
For the Years Ended 2011 2010 2009
Net revenue $ 1,804,018 $ 1,823,325 $ 2,012,658
Cost of revenue 1,588,312 1,603,099 1,785,095
Gross margin 215,706 220,226 227,563
Operating expenses:
Logistics and manufacturing expenses 57,433 57,876 61,438
Selling, general and administrative expenses 92,608 92,784 93,913
Other income, net (2,640) (3,592) (2,206)
Operating income 68,305 73,158 74,418
Interest expense to members 4,811 4,495 4,694
Third-party interest expense 2,749 3,168 5,435
Net margin before income taxes 60,745 65,495 64,289
Income tax expense 29 49 61
Net margin $ 60,716 $ 65,446 $ 64,228
The accompanying notes are an integral part of the Consolidated Financial Statements.
($ in thousands)