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Results of Operations
The following table sets forth for the periods indicated certain income and expense items as a percentage of net sales:
Fiscal Year Ended June 30,
2007 2006 2005
Statement of income data:
Net sales 100.0% 100.0% 100.0%
Cost of goods sold 89.4 89.9 89.8
Gross profit 10.6 10.1 10.2
Selling, general and administrative expenses 6.8 6.3 6.2
Operating income 3.8 3.8 4.0
Interest expense (income), net 0.3 0.1 0.1
Other expense (income), net — — —
Total other expense 0.3 0.1 0.1
Income before income taxes and minority interest 3.5 3.7 3.9
Provision for income taxes 1.3 1.3 1.5
Minority interest in income of consolidated subsidiaries, net of income taxes — — —
Net income 2.2% 2.4% 2.4%
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