Cobra 2003 Annual Report Download - page 14

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P A G E 1 2
C O N S O L I D AT E D S T A T E M E N T S O F I N C O M E
Years Ended December 31,
In฀thousands,฀except฀per฀share฀amounts 2003 2002 2001
Net฀sales฀ $฀114,811฀฀ $฀135,840฀฀ $฀150,031
Cost฀of฀sales฀ ฀ 84,156฀฀ ฀ 101,563฀฀ ฀ 111,042
฀ Gross฀profit฀ ฀ 30,655฀฀ ฀ 34,277฀฀ ฀ 38,989
Selling,฀general฀and฀administrative฀expense฀ ฀ 27,515฀฀ ฀ 31,074฀฀ ฀ 28,404
Expenses฀for฀the฀terminated฀Lowrance฀acquisition฀ ฀ –฀฀ ฀ –฀฀ ฀ 1,402฀
Operating฀income฀ ฀ 3,140฀฀ ฀ 3,203฀฀ ฀ 9,183
Other฀income฀(expense):
฀ Interest฀expense฀ ฀ (162฀)฀ ฀ (228฀)฀ ฀ (787฀)
฀ Other฀income฀(expense),฀net฀ ฀ 165฀฀ ฀ 91฀฀ ฀ (117฀)
Income฀before฀income฀taxes฀ ฀ 3,143฀฀ ฀ 3,066฀฀ ฀ 8,279
Tax฀provision฀ ฀ 1,302฀฀ ฀ 1,346฀฀ ฀ 3,594
Net฀income฀ $฀ 1,841฀฀ $฀ 1,720฀฀ $฀ 4,685
Net฀income฀per฀common฀share:
฀ Basic฀ $฀ 0.29฀฀ $฀ 0.27฀฀ $฀ 0.75
฀ Diluted฀ $฀ 0.28฀฀ $฀ 0.26฀฀ $฀ 0.73
Weighted฀average฀shares฀outstanding:
฀ Basic฀ ฀ 6,420฀฀ ฀ 6,373฀฀ ฀ 6,236
฀ Diluted฀ ฀ 6,495฀฀ ฀ 6,505฀฀ ฀ 6,403