WD-40 Company
Consolidated Statements of Operations
For the Fiscal Years Ended August 31, 2007, 2006 and 2005
| 2007 | 2006 | 2005 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | $ | 307,816,000 | $ | 286,916,000 | $ | 263,227,000 | |||||
| Cost of products sold (including cost of products acquired from related party of $19,067,000, $41,004,000 and $38,384,000 for fiscal years 2007, 2006 and 2005, respectively) |
158,954,000 | 148,516,000 | 133,833,000 | ||||||||
| Gross profit | 148,862,000 | 138,400,000 | 129,394,000 | ||||||||
| Operating expenses: Selling, general and administrative |
78,520,000 | 71,767,000 | 63,529,000 | ||||||||
| Advertising and sales promotion | 20,743,000 | 20,079,000 | 17,893,000 | ||||||||
| Amortization of intangible asset | 583,000 | 532,000 | 552,000 | ||||||||
| 99,846,000 | 92,378,000 | 81,974,000 | |||||||||
| Income from operations | 49,016,000 | 46,022,000 | 47,420,000 | ||||||||
| Other (expense) income: Interest expense, net of interest income of $2,093,000, $1,394,000 and $1,034,000 in fiscal years 2007, 2006 and 2005, respectively |
(2,018,000 | ) | (3,503,000 | ) | (5,133,000 | ) | |||||
| Other income, net | 177,000 | 339,000 | 578,000 | ||||||||
| Income before income taxes | 47,175,000 | 42,858,000 | 42,865,000 | ||||||||
| Provision for income taxes | 15,641,000 | 14,746,000 | 15,067,000 | ||||||||
| Net income | $ | 31,534,000 | $ | 28,112,000 | $ | 27,798,000 | |||||
| Earnings per common share: Basic |
$ | 1.85 | $ | 1.67 | $ | 1.67 | |||||
| Diluted | $ | 1.83 | $ | 1.66 | $ | 1.65 | |||||
| Weighted average common shares outstanding, basic | 17,077,870 | 16,784,473 | 16,629,057 | ||||||||
| Weighted average common shares outstanding, diluted | 17,271,242 | 16,912,355 | 16,807,399 | ||||||||
The accompanying notes are an integral part of these consolidated financial statements.