Income Statements 2004 2005 2006 2007 Net sales 1,624 1,916 2,242 608 Cost of goods sold 1.304 1,535 1,818 499 Gross profit 320 381 424 109 Operating expenses 272 307 347 94 Interest expense 27 30 31 8 Net income before taxes 21 44 46 7 Provision for income taxes 7 15 16 2 Net income 14 29 30 5