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The following is an excerpt from a 10-K SEC Filing, filed by 7 ELEVEN INC on 3/15/2004.
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7 ELEVEN INC - 10-K - 20040315 - INCOME_STATEMENT

7-ELEVEN, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands, except per-share data)

 

     Years Ended December 31

 
     2001

    2002

    2003

 
     (Restated)     (Restated)        

REVENUES:

                        

Merchandise sales

   $ 6,672,029     $ 7,020,500     $ 7,412,453  

Gasoline sales

     2,636,634       2,760,576       3,372,279  
    


 


 


Net sales

     9,308,663       9,781,076       10,784,732  

Other income

     111,894       102,924       96,984  
    


 


 


Total revenues

     9,420,557       9,884,000       10,881,716  
    


 


 


COSTS AND EXPENSES:

                        

Merchandise cost of goods sold

     4,338,199       4,524,412       4,777,884  

Gasoline cost of goods sold

     2,382,968       2,506,421       3,045,989  
    


 


 


Total cost of goods sold

     6,721,167       7,030,833       7,823,873  

Franchisee gross profit expense

     698,128       742,848       798,002  

Operating, selling, general and administrative expenses

     1,771,381       1,943,170       2,047,543  

Interest expense, net

     62,693       64,721       71,318  
    


 


 


Total costs and expenses

     9,253,369       9,781,572       10,740,736  
    


 


 


EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE

     167,188       102,428       140,980  

INCOME TAX EXPENSE

     65,203       40,971       53,572  
    


 


 


EARNINGS FROM CONTINUING OPERATIONS BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE

     101,985       61,457       87,408  

LOSS ON DISCONTINUED OPERATIONS (net of tax benefit of $5,382, $13,694 and $8,011)

     (8,418 )     (20,541 )     (13,070 )

CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of tax benefit of $6,295, $18,759 and $6,550)

     (9,847 )     (28,139 )     (10,244 )
    


 


 


NET EARNINGS

   $ 83,720     $ 12,777     $ 64,094  
    


 


 


NET EARNINGS PER COMMON SHARE:

                        

Basic

                        

Earnings from continuing operations before cumulative effect of accounting change

   $ .97     $ .59     $ .82  

Loss on discontinued operations

     (.08 )     (.20 )     (.12 )

Cumulative effect of accounting change

     (.09 )     (.27 )     (.10 )
    


 


 


Net earnings

   $ .80     $ .12     $ .60  
    


 


 


Diluted

                        

Earnings from continuing operations before cumulative effect of accounting change

   $ .90     $ .56     $ .76  

Loss on discontinued operations

     (.07 )     (.18 )     (.10 )

Cumulative effect of accounting change

     (.08 )     (.25 )     (.08 )
    


 


 


Net earnings

   $ .75     $ .13     $ .58  
    


 


 


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