Item 6. Selected Financial Data.(1)

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Item 6. Selected Financial Data.(1)


(dollars in thousands, except per share data)	2010			2009			2008			2007			2006

RESULTS OF OPERATIONS
Net sales	$	1,513,073		$	1,329,661		$	1,489,471		$	1,358,631		$	1,154,940
Gross profit		618,483			522,386			597,433			566,161			474,172
Selling, general and administrative expenses		358,272			325,453			343,392			313,366			260,201
Goodwill impairment		—			—			30,090			—			—
Restructuring expenses		11,095			12,079			17,995			—			—
Operating income		249,116			184,854			205,956			252,795			213,971
Other income (expense) — net		(1,092	)		1,151			5,123			3,434			1,040
Interest expense		16,150			17,178			18,852			23,353			16,353
Provision for income taxes		74,774			55,436			65,201			78,457			67,038
Income from continuing operations		157,100			113,391			127,026			154,419			131,620
Income/(loss) from discontinued operations-net of tax		—			—			—			(719	)		12,949
Net income		157,100			113,391			127,026			153,700			144,569
FINANCIAL POSITION
Current assets	$	692,758		$	451,712		$	480,688		$	617,622		$	400,724
Current liabilities		353,668			189,682			219,869			198,953			187,252
Working capital		339,090			262,030			260,819			418,669			213,472
Current ratio		2.0			2.4			2.2			3.1			2.1
Capital expenditures		32,769			25,525			28,358			26,496			21,198
Depreciation and amortization		58,108			56,346			48,599			38,038			29,956
Total assets		2,381,695			2,098,157			2,151,800			1,970,078			1,653,637
Total borrowings		527,895			400,100			554,000			454,731			361,980
Shareholders’ equity		1,375,660			1,268,104			1,144,783			1,143,207			962,088
PERFORMANCE MEASURES
Percent of net sales:
Gross profit		40.9	%		39.3	%		40.1	%		41.7	%		41.0	%
SG&A expenses		23.7			24.5			23.1			23.1			22.5
Operating income		16.5			13.9			13.8			18.6			18.5
Income before income taxes		15.3			12.7			12.9			17.1			17.2
Income from continuing operations		10.4			8.5			8.5			11.4			11.4
Effective tax rate		32.2			32.8			33.9			33.7			33.7
Return on average assets(2)		7.0			5.3			6.2			8.5			9.1
Borrowings as a percent of capitalization		27.7			24.0			32.6			28.5			27.3
Return on average shareholders’ equity(2)		11.9			9.4			11.1			14.7			14.9
PER SHARE DATA(3)(4)
Basic
— income from continuing operations	$	1.93		$	1.41		$	1.55		$	1.90		$	1.65
— net income		1.93			1.41			1.55			1.89			1.81
Diluted
— income from continuing operations		1.90			1.40			1.53			1.88			1.62
— net income		1.90			1.40			1.53			1.87			1.78
Cash dividends declared		.60			.48			.48			.48			.40
Shareholders’ equity		16.76			15.66			14.26			14.01			11.94
Stock price
— high		40.29			32.85			40.75			44.99			35.65
— low		27.54			16.67			17.70			30.41			26.00
— close		39.12			31.15			24.15			36.13			31.61
Price/earnings ratio at year end		21			22			16			19			20
Other Data
Employees at year end		5,966			5,300			5,813			5,009			4,863
Shareholders at year end		7,000			7,000			7,000			7,000			6,700
Shares outstanding (in 000s)(3):
Weighted average
— basic		80,466			79,716			81,123			80,666			79,527
— diluted		81,983			80,727			82,320			82,086			80,976
At year end (net of treasury)		82,070			80,970			80,302			81,579			80,546


(1)		For additional detail, see Notes to Consolidated Financial Statements in Part II. Item 8. “Financial Statements and Supplementary Data”.

(2)		Return calculated based on income from continuing operations.

(3)		All share and per share data has been restated to reflect the three-for-two stock splits effected in the form of a 50% stock dividend in May 2007.

(4)		Adjusted to reflect the accounting guidance provided in Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”.

Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Item 6. Selected Financial Data.(1)

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