NEW YORK, July 31 /PRNewswire-FirstCall/ -- Weight Watchers International, Inc. (NYSE: WTW) today announced its results for the second quarter ended June 28, 2008.
Second Quarter 2008 Results
For the second quarter of 2008, net revenues increased $13.7 million to $400.0 million, up from $386.3 million in the second quarter of 2007. Excluding charges resulting from the Company's recent U.K. VAT ruling, which were recorded as an offset to revenue, net revenues were up $46.2 million, or 12%, versus the prior year period. In the second quarter of 2008, the Company received an adverse ruling with respect to the imposition of U.K. value added tax, or VAT, on Weight Watchers meeting fees collected since April 1, 2005. As a result of this ruling, the Company recorded incremental reserves as an offset to revenue in the second quarter of 2008 for current and prior year periods in the aggregate amount of $32.5 million.
Net income for the second quarter of 2008 including the U.K. VAT charges was $46.6 million versus $58.0 million in the prior year period. Excluding these charges, net income was $68.6 million, an increase of $10.6 million, or 18%, versus the prior year period. Fully diluted earnings per share, including U.K. VAT charges of $0.28 per fully diluted share, were $0.59 in the second quarter of 2008. Excluding the U.K. VAT charges, fully diluted earnings per share were $0.87, an increase of 19% versus $0.73 in the prior year period.
First Half 2008 Results
In the first half of 2008, net revenues increased $51.3 million to
$837.0 million, up from $785.7 million in the first half of 2007. Excluding
the U.K. VAT charges, net revenues were up $83.8 million, or 11%, versus
$785.7 million in the first half of 200
|SOURCE Weight Watchers International, Inc.|
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