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Weight Watchers Announces Fourth Quarter and Full Year 2007 Results
Date:2/14/2008

NEW YORK, Feb. 14 /PRNewswire-FirstCall/ -- Weight Watchers International, Inc. (NYSE: WTW) today announced results for the fourth quarter and the full year ended December 29, 2007.

Fourth Quarter 2007 Results

For the fourth quarter of 2007, net revenues increased 21%, or $58.6 million, to $344.0 million. Fully diluted earnings per share in the fourth quarter of 2007 were $0.50 versus $0.45 in the prior year period. The prior year included a benefit of $0.06 per share resulting from a $6.3 million reversal of tax reserves. Excluding this benefit, fully diluted earnings per share increased by 28% to $0.50 from $0.39 in the prior year's fourth quarter.

Net income in the fourth quarter of 2007 was $39.8 million versus $44.3 million in the fourth quarter of 2006. As previously explained, the Company reversed a tax reserve in the fourth quarter of 2006. In addition, during the first quarter of 2007, the Company increased its debt level to finance its self-tender and repurchase of 19.1 million shares. As a result of these transactions, interest expense in the fourth quarter of 2007 was $26.7 million, up from $13.6 million in the fourth quarter of 2006, while fully diluted shares of the Company in the fourth quarter of 2007 decreased to 79.7 million shares from 98.1 million shares in the fourth quarter of 2006.

Full Year 2007 Results

For the full year 2007, net revenues increased 19%, or $233.8 million, to $1,467.2 million. Fully diluted earnings per share were $2.48 in 2007 versus $2.11 in the prior year period. Excluding non-recurring items in both years, fully diluted earnings per share were up 21% to $2.50 as compared to $2.06 in the prior year period. These items consist of early extinguishment of debt expe
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SOURCE Weight Watchers International, Inc.
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