Garmin 2002 Annual Report Download - page 24

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Years Ended (1)
Dec. 28, 2002 Dec. 29, 2001 Dec. 30, 2000 Dec. 25, 1999 Dec. 26, 1998
(in thousands, except per share data)
Consolidated Statements of Income Data:
Net sales $465,144 $369,119 $345,741 $232,586 $169,030
Cost of goods sold 210,088 170,960 162,015 105,654 82,787
Gross profit 255,056 198,159 183,726 126,932 86,243
Operating expenses:
Selling, general and
administrative 45,453 38,709 32,669 27,063 24,680
Research and
development 32,163 28,164 21,764 17,339 14,876
Total operating expenses 77,616 66,873 54,433 44,402 39,556
Operating income 177,440 131,286 129,293 82,530 46,687
Other income, net (2), (3) 5,294 20,749 11,629 1,602 833
Income before income taxes 182,734 152,035 140,922 84,132 47,520
Income tax provision 39,937 38,587 35,259 19,965 12,354
Net income $142,797 $113,448 $105,663 $64,167 $35,166
Net income per share:
Basic $1.32 $1.05 $1.05 $0.64 $0.35
Diluted $1.32 $1.05 $1.05 $0.64 $0.35
Weighted average common
shares outstanding:
Basic 107,774 108,097 100,489 100,000 99,624
Diluted 108,201 108,447 100,506 100,000 99,624
Cash dividends per share (4) $0.00 $0.00 $0.29 $0.13 $0.12
Consolidated Balance Sheet Data (at end of Period):
Cash and cash equivalents $216,768 $192,842 $251,731 $104,079 $80,360
Marketable securities $245,708 $131,584 $0 $0 $0
Total assets $698,115 $538,984 $463,347 $250,090 $174,532
Total debt (5) $20,000 $32,188 $46,946 $27,720 9,708
Total stockholders' equity $602,499 $453,969 $365,239 $194,599 $135,940
(1) Our fiscal year-end is the last Saturday of the calendar year and does not always fall on December 31.
(2) Other income, net mainly consists of interest income, interest expense and foreign currency gain (loss).
(3) Includes $0.0 million, $11.6 million, and $7.0 million, ($1.5) million, and ($2.2) million of foreign currency gains (losses) during 2002, 2001,
2000, 1999, and 1998 respectively.
(4) Represents cash dividends per share based on the actual number of shares outstanding at the time of the dividend, as adjusted for the
1.12379256 for 1 stock split of our common shares, effected through a stock dividend on November 6, 2000. There were no cash dividends
issued during 2002 or 2001.
(5) Total debt consists of notes payable and long-term debt.
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