Costco 1998 Annual Report Download - page 20

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MERRILL CORPORATION NETWORK COMPOSITION SYSTEM CPICARD // 3-DEC-98 18:48 DISK004:[98SEA7.98SEA2097]DQ2097A.;9
IMAGES:[PAGER.PSTYLES]MRLL.BST;4 pag$fmt:mrll.fmt Free: 1315DM/ 0D Foot: 0D/ 0D VJ R Seq: 1 Clr: 0
COSTCO COMPANIES A/R (Y/E 8-31-98) Proj: P1826SEA98 Job: 98SEA2097 File: DQ2097A.;9
Merrill/Seattle (206) 623-5606 Page Dim: 8.250N X 10.750NCopy Dim: 38. X 54.3
COSTCO COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
52 Weeks 52 Weeks 52 Weeks
Ended Ended Ended
August 30, August 31, September 1,
1998 1997 1996
REVENUE
Net sales ................................... $23,830,380 $21,484,118 $19,213,866
Membership fees and other ...................... 439,497 390,286 352,590
Total revenue .............................. 24,269,877 21,874,404 19,566,456
OPERATING EXPENSES
Merchandise costs ............................ 21,379,691 19,314,485 17,345,315
Selling, general and administrative ................. 2,069,900 1,876,759 1,691,187
Preopening expenses ........................... 27,010 27,448 29,231
Provision for impaired assets and warehouse closing costs . 6,000 75,000 10,000
Operating income ........................... 787,276 580,712 490,723
OTHER INCOME (EXPENSE)
Interest expense .............................. (47,535) (76,281) (78,078)
Interest income and other ....................... 26,662 15,898 10,832
INCOME BEFORE PROVISION FOR INCOME TAXES . 766,403 520,329 423,477
Provision for income taxes ...................... 306,561 208,132 174,684
NET INCOME ................................ $ 459,842 $ 312,197(a) $ 248,793
NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE:
Basic ...................................... $ 2.13 $ 1.51 $ 1.27
Diluted .................................... $ 2.03 $ 1.47 $ 1.22
Shares used in calculation (000’s)
Basic ...................................... 215,506 207,379 195,662
Diluted .................................... 231,685 224,668 217,890
(a) Net income and net income per common and common equivalent share (diluted) would have been
$350,872 and $1.64, respectively, without the effect of adopting SFAS No. 121, using 224,668 diluted
shares.
The accompanying notes are an integral part of these financial statements.
18
9 C Cs: 49722