| WD-40 Company Consolidated Statements of Operations (In thousands, except share and per share amounts) |
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|---|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal Year Ended August 31, | |||||||||||
| 2008 | 2007 | 2006 | |||||||||
| Net sales | $ | 317,118 | $ | 307,816 | $ | 286,916 | |||||
| Cost of products sold (including cost of products acquired from related party of $21,757, $19,067 and $41,004 for fiscal years 2008, 2007 and 2006, respectively) |
168,848 | 158,954 | 148,516 | ||||||||
Gross profit |
148,270 | 148,862 | 138,400 | ||||||||
Operating expenses: Selling, general and administrative |
83,800 | 78,520 | 71,767 | ||||||||
| Advertising and sales promotion | 19,837 | 20,743 | 20,079 | ||||||||
| Amortization of intangible asset | 597 | 583 | 532 | ||||||||
| Impairment of indefinite-lived intangible assets | 1,340 | — | — | ||||||||
| Total operating expenses | 105,574 | 99,846 | 92,378 | ||||||||
Income from operations |
42,696 | 49,016 | 46,022 | ||||||||
Other (expense) income: Interest expense, net of interest income of $1,602, $2,093 and $1,394 for fiscal years 2008, 2007 and 2006, respectively |
(1,679 | ) | (2,018 | ) | (3,503 | ) | |||||
| Other income, net | 982 | 177 | 339 | ||||||||
Income before income taxes |
41,999 | 47,175 | 42,858 | ||||||||
| Provision for income taxes | 14,377 | 15,641 | 14,746 | ||||||||
Net income |
$ | 27,622 | $ | 31,534 | $ | 28,112 | |||||
Earnings per common share: Basic |
$ | 1.66 | $ | 1.85 | $ | 1.67 | |||||
| Diluted | $ | 1.64 | $ | 1.83 | $ | 1.66 | |||||
Shares used in per share calculations: Basic |
16,637,740 | 17,077,780 | 16,784,473 | ||||||||
| Diluted | 16,815,361 | 17,271,242 | 16,912,355 | ||||||||
The accompanying notes are an integral part of these consolidated financial statements.