Garmin 2002 Annual Report Download - page 41

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Garmin Ltd. and Subsidiaries
Consolidated Statements of Income
(In Thousands, Except Per Share Information)
Year Ended
December 28, 2002 December 29, 2001 December 30, 2000
Net sales $465,144 $369,119 $345,741
Cost of goods sold 210,088 170,960 162,015
Gross profit 255,056 198,159 183,726
Selling, general, and administrative expenses 45,453 38,709 32,669
Research and development expense 32,163 28,164 21,764
77,616 66,873 54,433
Operating income 177,440 131,286 129,293
Other income (expense):
Interest income 6,466 11,164 6,925
Interest expense (1,329) (2,174) (2,287)
Foreign currency 11 11,573 6,962
Other 146 186 29
5,294 20,749 11,629
Income before income taxes 182,734 152,035 140,922
Income tax provision (benefit):
Current 40,510 40,610 39,723
Deferred (573) (2,023) (4,464)
39,937 38,587 35,259
Net income $142,797 $113,448 $105,663
Basic and diluted net income per share (Note 14) $1.32 $1.05 $1.05
See accompanying notes.
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